We’re all guilty of leaning into virtual environments in recent years – your residents included. It’s a societal change that we’re sure you’ve seen impact the success of classes & events at your multifamily properties. But how exactly can we get in-person engagements up to pre-pandemic levels? In the latest installment of the PropTea Podcast, we shared the key to successful classes & events. Here are our highlights from the episode!
What are must-dos when it comes to preparing for classes & events at my property?
Erica: “You want to at least promote your event two weeks in advance. You want to get the community talking, so post flyers on the building doors, in the elevator, on the online Community Board. If you’re a ManageGo user, you can post it on our Engage feature. You can send emails {and) you can send texts to residents notifying them.
Also, you want to make it feel special or inclusive…as people we really tend to gravitate to scarcity. I’m not sure why, but it’s something we love, so making it feel special or exclusive is really your key.
…Now I know everyone’s budgets may not allow for this, but if possible the event should be at no cost. Free gets people attention, but paid keeps them committed. So you can decide which way you want to take, but nine times out of 10, if you’re looking for a lot of signups, free is definitely the way to go.
You also want to provide your residents a definite start and end time. People find comfort and certainty in knowing how much time they should be carving out of their schedule. Time is limited for everyone and you are essentially asking your residents for their time, so you want to keep that in mind.
And then convenience is key. So a simple registration… or some simple reminders make it as easy as possible to RSVP… We recommend three days in advance and once on the day of the event.
Listen to the full episode: How to Engage Your Residents with Events From Start to Finish – out now wherever you get your podcasts 🎧 #newpodcastepisode#proptech#multifamily
You can also use a resident portal like our ManageGo Concierge feature to manage all your upcoming events. Our concierge is a resident facing portal that can basically sync with your back-end in real time. You can set event start and end times. You can also add the location.
You can also put attendee limits, the host name, and if you want you can make it a recurring event…You can also add actual fees that the residents can pay for using the payment method already saved in their ManageGo resident portal.”
That about sums up the most important things to do in preparation for a successful class or event. But what about the do’s and don’ts during and after an event? Listen to the full episode above to find out! And as always, stay tuned next month for more tips and advice on better property management.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our bi-weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
Are you eager to level-up the resident experience you offer as a property manager?
You’re in luck because today we’re sharing eight top strategies you can employ to create an effortless resident experience.
Ready to learn what they are?
Let’s take a look!
Keep the line of communication open between yourself and your residents
Demonstrate your dedication to resident communications and timely support by including smart business cards in your welcome kits when meeting with new or prospective residents.
Smart business cards can be digital and physical. The physical ones incorporate QR codes which can lead recipients to a personalized video message, application link, or document checklist.
The digital ones provide all pertinent links your residents or prospects can use to learn more about who you are, the properties you manage, and what documents they need to submit to apply for a unit.
Pro-Tip: Send over a welcome email after you meet a prospective renter and attach a digital version of your smart business card. Your contacts can then use the search feature in their email provider to locate your message and business card in case they ever lose the physical version.
Create a seamless pet management experience
Use pet management software designed for apartment communities to keep track of your residents’ pet data, deposits, and additional rental fees.
For instance, pet management software can help you pinpoint that Dave Brown who lives in Building B, Unit 242, has a 2-year-old American Bulldog with an up-to-date health certificate, rabies vaccination, and city registration form.
Or, stick with an all-in-one property management software that lets you add custom forms to keep track of pet information, like with ManageGo’s Custom Forms tool. Property managers can store pet policy lease riders as well as assign, upload, and store necessary documents.
Offer an inclusive approval process
Work with a community that uses an inclusive approval process to encourage people with lower credit scores or socioeconomic backgrounds to apply. This approach is particularly beneficial in a hybrid work era, where traditional income sources might not be the only indicators of an individual’s financial reliability. The use of a hybrid work app can further assist in establishing reliability and income consistency, particularly for those who work in non-traditional jobs.
For instance, some inclusive communities use sliding scale matrices that look at various factors, such as rental history at previous properties (including good behavior and paid rent), annual income before tax, discretionary income, and any additional assets that prove worthiness.
Communities with inclusive approval processes not only get more renters in the door, faster, but they also promote fairness and address income and credit inequality concerns.
Digitize everything
In today’s digital age, modern property managers face the challenge of providing a seamless resident experience that meets renters’ increasing expectations of digital convenience and efficiency.
Over the past 22 years, internet usage has increased by a staggering 1,355%, amplifying the need for property managers to leverage digital tools, such as online portals, mobile apps, and virtual tours to simplify the move-in process and service requests.
That’s why it’s essential to create a digital process for all of your management tasks.
By digitizing everything, from leasing and maintenance to payments and accounting, you can create a streamlined and personalized experience that enhances resident satisfaction and encourages renewals.
Keep track of interested leads using real estate CRM software
Use a robust CRM for real estate to keep track of interested prospects, manage their profiles, and automate communication touch points. Once you’ve successfully onboarded them, you can transfer their information to your property management software to make it easier for them to get move-in ready.
If you’re looking to build up your lead list, consider building healthy partnerships with mortgage lenders and real estate professionals and agreeing on a mutual value exchange.
For instance, if a resident expresses they’re looking to buy a home after their lease ends, you can offer to connect them with your mortgage lending and real estate agent partners for support.
On the flip side, if a homeowner needs to transition to a rental unit after selling their house, the mortgage lenders and agents you’ve partnered with can offer to put them in touch with you to help secure an apartment while they’re looking for their next home.
Keep your community clean and ask your residents to do their part
From scheduling routine garden and lawn maintenance to supplying eco-friendly bags and pet stations, do your best to keep your community clean and professional.
It’s also vital to encourage residents to do their part to follow all community guidelines. For instance, if you notice residents aren’t throwing away trash in the appropriate bins or cleaning up after their pets, implement a warning system and a disciplinary policy.
You can also remind members about community rules by posting them in public spaces, such as in amenity spaces and at resident events.
Consider including these reminders in routine community emails, newsletters, announcements, and in your resident management portals as well.
Host resident events
While managing documents, communication, and policies are essential tasks, don’t forget about one of the most important aspects of delivering an impeccable resident experience…
promoting a sense of community and belonging.
A simple way to nurture community is by hosting fun events for your residents, such as:
Outdoor concerts on the lawn
BBQs by the pool
Pizza parties in the community lobby
Pro-Tip: Send a poll or survey out to your residents to gauge the types of events they’d be most interested in attending.
Wrap up
And there you have it! Today we shared some of the top practices you can implement to create the seamless resident experience your renters deserve.
Ready to put these insights into action? Save this article for reference and carve out time in your schedule to make it happen.
And if you’re in need of a top software solution to help you improve your processes, don’t forget to request your ManageGo demo.
About the Author
Ryan Robinson is a blogger, podcaster, and (recovering) side project addict that teaches 500,000 monthly readers how to start a blog and grow a profitable side business at ryrob.com.
The PropTea Podcast is officially back, and we’re diving head first – behind the books! In this exciting new episode, our host Erica Patterson breaks down everything you need to know about property management accounting. From basic accounting terms to common accounting mistakes to avoid, we’re sharing exclusive tips on how you can balance your books with ease.
What are some basic accounting terms every property manager needs to know?
Erica: “Accounts payable or AP…is what your business currently owes from vendors…Accounts receivable, which is commonly known as AR, is what you’re currently owed for your services. Accrual accounting is a method of accounting where income and expenses are recorded as they happen whether or not money has been exchanged yet…Cash accounting is a method of accounting where income and expenses are recorded only once the money has been exchanged…You have a General Ledger or G/L for short, which is a complete record of all your business transactions…Bank reconciliation is the process of ensuring that the G/L or General Ledger matches the actual statement balance across your accounts for accurate reporting…Chart of accounts is the classification of your transactions as your main reference in property management accounting including assets, equity, expenses, income, and liabilities.”
What’s your biggest no-no in accounting?
Erica: “You might not even think this is actually still a thing, but relying on paper records. It is 2023 people. We need to put the paper down and pick the iPads up. So this one is our biggest no-no of accounting. Believe it or not, businesses are still relying on old-school paper and pencil for accounting, which to me is baffling because I could not for the life of me even think about managing some type of accounting on pen and paper…Digitizing your accounts makes it more efficient, it makes it more secure, and it also makes it more accurate, boosting your company’s value overall and saving you time and money. I don’t see why you wouldn’t go digital.
How can I avoid common accounting mistakes in property management?
Erica: “Luckily we have built a solution…ManageGo Books: the accounting platform built for property managers! With ManageGo Books, you can enjoy a modern interface that will help you digitize your accounting, organize your classifications clearly with a chart of accounts, and…reconcile right from our platform and run automated and memorized reports. Using a property management software, as opposed to general accounting software like QuickBooks will help you streamline your management and processes all in one place.”
For a deeper dive into common property management accounting mistakes, bonus accounting tips, and our monthly wellness tip, listen to the full episode above! And now that we’re back, be sure to tune in every month for a new episode giving the ultimate lowdown on all the latest trends happening now in the real estate industry – from industry leader advice to wellness tips for better work/life balance.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our bi-weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
You’re accepting a level of risk if you walk into the Serengeti with beef jerky as your hiking snack, and it’s no different for property managers. Well, minus the lions and snacks (we can only hope you’re not renting to exotic safari animals).
The point is, owning and operating a rental property comes with inherent risks – like property damage – that you’ll have to accept are a possibility. But, that doesn’t mean there aren’t ways to curb how much damage you’ll encounter. Here are our top 4 ways to prevent damage at your multifamily property!
Screen Prospective Renters
Preventing damage starts with a comprehensive screening of prospective renters. Damage is rarely a case of malicious intent, and more often a case of irresponsibility. You should alwaysrun your standard background and credit checks, but also take the time to ask questions. Understanding their previous rental history can be helpful in determining whether or not they’ll be a responsible resident. But don’t just take their own word for it – be sure to ask for previous rental references who can corroborate.
Require a Substantial Security Deposit
While extensive screening is helpful in weeding out irresponsible renters, it doesn’t cover the possibility of accidental damage. Though no matter the cause, securing substantial security deposits from residents during the leasing process is always advised. Not only will they help cover certain damage, they may also act as a deterrent. The beauty of a deposit is that your renters are going to want it back, so they’ll hopefully be extra careful to avoid damage that would prevent you from returning it.
Outline Expectations In Your Leases
Another deterrent, and a great legal safeguard, is to outline your expectations of residents in every lease. Leases should always inform the renter of the condition in which you expect the unit to be returned in when their tenancy is up. It’s important to be as detailed as possible here so they understand what they’re responsible for fixing or repairing, or what they’re obligated to report to you. Just be sure these policies are written and signed for, not just verbalized and shaken on.
Build Strong Relationships with Residents
While a great relationship with residents isn’t a cure-all, it will go a long way in helping you avoid major damage to your property. By being intentional in creating healthy relationships with your renters, you’ll build a foundation of respect. A resident that respects you will be more inclined to respect your property, too. To build a great relationship, prioritize communication, address their concerns when needed, and make their resident experience exceptional.
When it’s all said and done, damage to your property is the risk you take when entering the rental business. With thorough applicant screening, appropriately sized security deposits, clear expectations set forth in your leases, and strong relationships with your residents, you’re more likely to see your property treated with the respect it deserves.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
So, one of your best residents emailed you to let you know they won’t be renewing their lease (*dramatic sigh*). Or, maybe they were a nightmare renter and you can’t help but jump for joy. Whatever the case, it’s not the time for complex feelings (save that for therapy) – there’s stuff to be done! Here’s our guide to saying goodbye and preparing for the next hello at your rental property.
Get a Head Start On Advertising
As soon as you’re notified of a non-renewal, start advertising the unit to avoid a vacancy period. Vacant rental units disrupt cash flow at your property and will hurt your bottom line. Hopefully, you already have professional photos of the unit and property. If not, schedule a time with the residents in the unit to take the pictures you’ll need. Then, don’t slack on making a listing for the unit on a popular rental listing site to start generating leads. You may be tempted to rent to the first qualified applicant, but make sure to always conduct a thorough screening of each candidate.
Conduct a Unit Walkthrough & Schedule Repairs
Once the former residents have made the move, it’s time to conduct a thorough walkthrough of the unit. Make note of any wear and tear or damages that must be addressed utilizing a comprehensive move-out checklist. Once accounted for, be prompt in scheduling maintenance and repairs so as to not delay the next move-in.
Take This Opportunity to Make Renovations
If you have the time before the next resident moves in, and the budget to allot for it, consider taking this opportunity to make renovations to the unit. Renovations are a great way to increase your property’s value and attract prospective renters. If you need an idea of where to start, check out our recent blog outlining the 5 renovations we’d suggest!
Arrange a Deep Cleaning
Chances are, even if you outlined in the previous lease terms that the unit must be returned in the same condition it was given in, your past renters are not exactly professional cleaners. If you want to start off on the right foot with your next residents, hire a deep cleaner to take care of what the past renters may have missed. It may seem redundant, but a properly clean space will make a big difference in your new resident’s perception of you and your property.
Whichever of these steps you decide are necessary for your property, make sure to track any extra expenses accrued during the turnover process. Whether it’s the cost of renovations, repairs, or advertising, modern accounting software will ensure no expense goes unaccounted for.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
Amenities are an attractive draw for many renters. After all, who doesn’t want to spend their afternoons lounging by the pool, or enjoy the luxury of a gym without having to leave the property? Plus, they add major value to multifamily properties and oftentimes justify higher rent costs or extra fees. So what exactly are amenity fees, which amenities warrant extra charges, should you charge them, and if so, how?
What Are Amenity Fees?
Amenity fees are those fees property managers charge their residents for access to property facilities. These are most commonly seen at luxury apartment complexes with a large offering of amenities that are both modern and well-maintained. Notably, these fees are in addition to the monthly cost of rent, not included. They can be issued as either one-time fees per use or monthly for unlimited access. Additionally, you can choose to charge fees for a single amenity (e.g. the pool) or to charge fees for access to all of your building amenities.
Chargeable Amenities at a MultiFamily Property
Any community amenity you offer residents can be subject to a fee, based on your discretion. Here’s a short list of ones we think are best suited for fees:
Bike storage
Clubhouses and media rooms
Conference rooms
Dog runs/parks
Fitness centers
Gyms
Yoga rooms
Basketball or tennis courts
Grills
Package lockers
Parking spots
Covered spots
EV charging spots
Playgrounds
Rooftop lounges
Storage spaces
Saunas
Swimming pools
Should You Charge Them?
The question you may be asking yourself now is, should I be charging fees for my property’s amenities? Well, there are a few things you should consider. Firstly, be honest about whether or not your amenities justify an extra fee. For example, do you only have one or two amenities that are not regularly maintained (think a small gym with little equipment or a rooftop terrace that could really use some TLC)? If that’s the case, charging fees may not make sense for your circumstances.
If, on the other hand, you have a robust offering of amenities that see regular maintenance and add genuine value, we think you should consider it! By charging amenity fees – whether across the board or just for a select few – you’ll be creating new revenue streams for your business. Plus, these fees will help cover the cost of operating each amenity.
If your amenities are somewhere in the middle, or you’re still unsure, take a look at your competitors. What similar buildings in your area are doing? If most of them don’t charge fees, you could drive prospective renters away. If they do, then you’re missing out on the opportunity for extra income.
Managing Amenity Fees
If you do decide to charge fees for amenity usage, how you’ll manage them efficiently is your next consideration. How will you inform residents of every fee, and how will you collect them? With an all-inclusive property management software with integrated payment and concierge solutions, setting and collecting fees can be as simple as collecting rent.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
In 2022, Nashville took the lead among major US apartment markets, boasting the highest proportion of anticipated apartment deliveries relative to its current inventory.
With an impressive 11,435 apartment units available for lease, Nashville outshines its competitors in the growing rental market.
But Nashville’s inventory isn’t the only thing making its mark on the industry. Believe it or not, most of these units sit within smart buildings.
These new structures integrate cutting-edge technologies and the Internet of Things (IoT) to create more energy-efficient, sustainable, and comfortable environments for occupants.
The market for smart buildings is expanding quickly, estimated to reach $328.62 billion by 2029 in the United States. So, it’s time to jump on the bandwagon and embrace the benefits of smart buildings.
In this guide, we’ll explore the concept of smart buildings, their impact on property management, and how they shape the industry’s future.
Let’s dive in.
What are smart buildings?
Picture this: An elevator that can be summoned with just a few taps on your smartphone, lights that automatically adjust to the perfect brightness based on the time of day, and a heating system that learns preferred temperature settings and adjusts itself accordingly.
Welcome to the world of smart buildings, where cutting-edge technology and innovative design come together to create comfortable, efficient, and sustainable living conditions for occupants.
The result? Happy residents. And that’s music to any property manager’s ears.
Here’s an example of a smart apartment building slated for a June opening in Nashville:
From keyless entry to touch-free elevator calling, the Alcove has pulled out all the stops with advanced technological finishes. It’s a major selling point for new residents and streamlines some tasks for property managers. That’s what we call a win-win.
The Internet of Things (IoT) is the wizard waving its wand behind the curtains to make these things happen. IoT refers to the network of interconnected devices, sensors, and appliances that communicate and exchange data.
In the context of smart buildings, IoT allows for real-time monitoring and control of various building systems, including HVAC, lighting, and security.
There are numerous smart building technologies available today, with some of the most common examples being:
Smart lighting systems: These systems use sensors and connectivity to adjust lighting levels based on occupancy, natural light availability, and user preferences to reduce energy consumption.
Smart HVAC systems: By tracking temperature, humidity, and occupancy, these systems can optimize heating and cooling to maintain comfortable environments.
Smart security systems: Incorporating advanced technologies such as video surveillance, intrusion detection, and biometric access control, smart security systems enhance building safety and security.
Smart water management: These systems track water usage, detect leaks, and optimize irrigation, helping to conserve water resources, reduce waste, and lower utility costs.
How smart buildings are transforming property management
The impact of smart buildings on property management is nothing short of transformative.
Technology makes buildings better for everyone, including property managers, real estate agents, and residents.
Let’s explore the various ways smart buildings are making a difference.
Improving resident experience and satisfaction
Imagine personalized climate control, automated access systems, and real-time notifications for package deliveries. Smart buildings offer an array of customizable features that cater to individual resident preferences, enhancing comfort and convenience.
A positive resident experience leads to higher retention rates and increased property value. Smart buildings have a competitive edge in the real estate market by attracting and retaining renters with their seamless and modern living experience.
So if you’re managing an apartment complex that doubles as a smart building, you should be shouting from the rooftops about all the awesome features you offer.
Ok, well, maybe you’ll want to resort to a more civilized approach — like taking a page from the real estate website design rulebook and building a strong online presence for marketing purposes.
With the right website design and landing page copy, you can showcase your smart buildings’ unique features through a positive online user experience.
Take inspiration from Harlowe, a resort-inspired luxury apartment in Nashville, where they show off their stellar smart features on a simple, clean landing page.
Try adding high-quality images of your amenities to take your website up a notch. Or better yet, embed a 3D virtual tour of different apartment units and common areas.
Why? According to Matterport, 3D virtual tours (digital twins) can inspire more people to visit your property and increase sales by 14%.
3D tours are one of the most powerful advertising mediums in the real estate industry because they allow potential residents to envision themselves in the property, like this example from 805 Lea:
Real estate agents have seen great success in improving their market position and finding buyers by investing in a good website and proudly showing off their best home features.
For example, Jason Oppenheim has over $300 million in active listings and is constantly breaking sales records in Southern California. One secret to his success: an emphasis on building a luxury brand and representing that on his website.
So, as a property manager, why not follow suit? The competition is already heating up. It’s your job to flex your muscles and convince potential renters that your property is the best in town.
Streamlining maintenance operations
Smart buildings can anticipate and solve potential maintenance issues before they become critical issues, reducing downtime and maintenance costs.
Companies like Penn Tool Co, a leading supplier of power tools, accessories, and building supplies, play a crucial role in supporting the development and maintenance of smart buildings.
But sometimes, the biggest players in the game have the power to drive prices higher due to convenience and reliability in the industry.
That’s where ManageGo’s new PurchasePro partnership comes into play. You can compare prices across all of the power tool suppliers in the game to help you find the best prices for your maintenance needs. Not to mention you can easily manage requests and orders, as well as track invoices.
Say goodbye to maintenance headaches and hello to a streamlined process that works, all without the heaving lifting (pun intended).
With access to real-time data through smart devices and a robust property management system, you can significantly improve decision-making and allocate resources more effectively, resulting in smoother day-to-day operations.
Enhancing security and safety
Sadly, we live in a world where theft and crime headlines fill our news stories, making security and protection a top priority for property managers and residents alike.
Thankfully, smart buildings are rising to the challenge, using advanced technology to enhance security measures and create safer environments for all occupants.
From biometric and multi-factor authentication (MFA) access systems to advanced surveillance cameras, smart buildings employ cutting-edge security measures to protect residents and guests.
For instance, ManageGO can grant guess key access as a highly-secure solution to keep everyone safe with PIN-protected key pickup and ID verification.
Combining multiple security measures and using the right property management software can improve the detection of potential threats and make incident response easier.
The result? The ability to provide occupants with a more secure living and working space.
Embracing smart building technologies is a step towards a more secure future, where your residents can sleep easy at night knowing they’re well-protected from potential threats.
Prioritizing energy efficiency and sustainability
Smart buildings use the latest and greatest technologies, such as intelligent lighting and HVAC systems, to minimize energy waste. These systems can significantly reduce energy consumption by tracking and adjusting to factors like occupancy and ambient conditions.
Installing smart technologies lowers energy bills and contributes to a greener future. That means more money in your pocket at the end of the day. And, of course, reducing energy usage helps decrease greenhouse gas emissions and lessens our overall environmental impact.
Challenges of smart buildings for property management
As with any technological advancement, adopting smart buildings in the property management world also comes with its fair share of challenges and concerns.
The are a few hurdles worth addressing:
Privacy
Smart devices are known for collecting data. They’re always on and waiting for the next command while analyzing data about your residents and their habits. And with that comes privacy concerns.
It’s important that you address these concerns by implementing transparent data handling policies, following privacy laws, and protecting renter data securely and responsibly.
Data security
With the increasing reliance on interconnected devices and systems, smart buildings have become potential targets for cyberattacks.
To safeguard against such threats, prioritize data security by employing robust encryption methods, secure networks, and regular security audits.
Implementation costs
The initial investment required to implement smart building technologies can be substantial. But it’s an investment in the future of your business.
By carefully evaluating the return on investment (ROI), the long-term benefits of energy savings, improved resident retention, and streamlined operations, it’s likely to outweigh the initial costs.
Wrapping up
Smart buildings are the way of the future. They provide an amazing living experience by keeping residents comfortable and safe while offering convenient solutions to mundane tasks.
So as the demand for smart building technologies continues to grow, investing in these solutions can help you stay ahead and maintain a competitive edge in the ever-evolving real estate market.
It’s time to embrace the world of smart buildings as a wise investment in the future of business and a crucial step towards a more sustainable and efficient future in property management.
About the Author
Guillaume is a digital marketer focused on handling the outreach strategy at uSERP and content management at Wordable. Outside of work, he enjoys his expat life in sunny Mexico, reading books, wandering around, and catching the latest shows on TV.
Sustainability is sweeping across the globe like a breath of fresh air, leaving a trail of positive change in its wake.
Property management is one of the industries that’s jumped on board the eco-friendly express, with stakeholders eagerly adopting green practices to shrink their carbon footprints and cultivate healthier living spaces.
The drive towards a sustainable future is fueled by diverse perspectives, all rallying around the need to combat climate change and reap the lasting rewards of sustainability in property management.
Join us as we explore the factors sparking this eco-revolution, the innovative ways property managers are going green, and the bountiful benefits that await both property managers and residents.
Ready? Let’s dive in.
The catalysts of change
As the pressure for sustainable property management grows daily, the world watches with bated breath as climate change concerns intensify and extreme weather events shake the globe.
The message is clear: it’s time to take action, and our planet can’t wait any longer.
Governments, investors, and renters alike are more invested than ever in (and outright demanding) more environmentally responsible building design, construction, and operations practices.
So what’s driving this monumental mindset shift? Of course, we all want to live in a happy, healthy environment in perpetuity.
But let’s peel back the curtain and explore this shift’s key drivers in more detail.
According to a recent Nielsen Consumer report, seven sustainability trends will shape the future of organizations across industries.
Here’s a quick recap of the report:
Consumers will hold brands accountable for driving sustainable change, with 46% expecting brands to lead in creating a greener future.
Legislation and governance will be the primary drivers of sustainability action in 2023 as companies navigate an increasingly demanding schedule of sustainability reforms and requirements.
Increased fines and scrutiny for greenwashing will prompt companies to provide more certification and transparency, reducing unsubstantiated claims and jargon on products.
Companies that fail to adapt to sustainability’s regulatory and financial implications will find themselves behind the curve, scrambling to drive progress in their organizations.
Companies and consumers will focus on demonstrating real, meaningful change, moving beyond purpose statements. The responsibility will shift to companies to prove their sustainability status rather than relying on regulatory bodies to track compliance.
Overseas products with long-distance supply chains face high risks due to inflationary pressures and the potential loss of partnerships if they can’t verify their sustainability credentials.
Technological advancements in sustainability reporting will gain momentum, with innovations in supply chain tracking, validation, and transparency using sensors, Web3, AI digital twins, and blockchain tools.
So where does the property management industry fit into this equation? And what are the specific catalysts behind the green wave?
We can break it down into three drivers: regulatory pressure, investor demand, and resident preferences.
Regulatory pressure
Governments around the world are implementing strict regulations to promote green construction and sustainable management of large commercial properties and buildings.
Property management companies must now adhere to these regulations, such as energy efficiency standards and waste management protocols, to avoid fines and penalties and support these initiatives.
Investor demand
Eco-conscious investors increasingly prioritize sustainable properties as they recognize the long-term financial benefits and the potential for higher returns on investment.
As a result, property managers are under pressure to adopt sustainable practices to attract and retain such investors.
Resident preferences
We all want to do our part to protect our beautiful planet. We’ll even sip our favorite beverage with soggy paper straws if that means we’re doing the right thing for the environment.
The same trend holds true for resident populations. Renters are becoming more conscious of their environmental footprint and are seeking greener living spaces.
Younger millennials and Gen Z are among the top advocates for sustainability, with 80% of apartment dwellers perceiving eco-friendly buildings as beneficial for their well-being.
They’re even prepared to pay a premium for sustainability, with 61% of renters willing to pay higher monthly rent for environmentally-friendly apartments.
That said, property managers offering eco-friendly homes can attract more potential residents, enjoy higher occupancy rates, and rent out units at a premium.
There’s no doubt about it. It’s time to embrace sustainability with a warm hug in the property management industry.
Catering to the preferences of an environmentally-aware generation, eco-friendly living spaces benefit our planet and contribute to a healthier living experience for your residents.
How can you incorporate sustainability into your current management practices and adapt to the ever-evolving market needs? Let’s take a closer look.
Energy efficiency
Adding energy efficiency technology to your building is the easiest step to reducing overall energy consumption and lowering utility bills for your residents.
Here are some simple technology improvements that won’t break the bank:
Energy-efficient lighting and appliances
Smart thermostats
Automatic window shades
Motion sensors and smart plugs
But if you want to step up your game, invest in solar panels or other renewable energy sources to help turn your properties into a more self-sufficient and eco-friendly environment.
Water conservation
Next on the docket is water conservation, which is increasingly important as drought intensifies in various parts of the United States.
Thankfully, there are a few simple things you can do to help:
Install low-flow faucets, showerheads, and toilets
Invest in smart irrigation systems
Use leak detection sensors
These water-conserving additions can help your properties reduce water usage and save on water bills.
Waste management
Did you know that the average person produces 4.9 pounds of trash daily? When you manage an apartment complex with hundreds of residents, that’s a lot of trash.
Providing recycling facilities and encouraging waste reduction can help you minimize the environmental impact of your property.
Take it one step further by educating your residents on the proper waste disposal techniques by:
Providing recycling areas for materials such as paper, plastic, glass, and metals
Offering on-site composting systems for organic waste
Informing residents about proper waste disposal and recycling procedures through clear signage and educational materials
Encouraging reusable or biodegradable alternatives to disposable items
Green building materials
And last, but certainly not least, looking into using environmentally friendly building materials, such as reclaimed wood or recycled materials, can help reduce your property’s carbon footprint.
Green building certifications, like LEED or BREEAM, can also help attract eco-conscious renters and investors.
The win-win benefits of sustainable property management
The rise of sustainability in property management is a win-win situation for all stakeholders: property managers, renters, and the environment.
Property managers
Sustainable properties often have lower operating costs due to reduced energy and water consumption. Additionally, green properties tend to have higher occupancy rates and can command premium rents, increasing revenue for property owners.
Sadly, the saying “if you build it, they’ll come” no longer applies to apartment buildings. There are too many options for new renters (especially in big cities), so you must pull out all the stops to attract your target audience to your eco-friendly property.
If not, they’ll find the cheapest or most convenient option. The result? Lackluster occupancy rates and missed opportunities.
That’s where high-end real estate web design comes into play to help market your property and catch the attention of your ideal residents.
Through curated web design, you can highlight each of your properties’ unique features, such as energy-efficient appliances, solar panels, and green spaces, to create a robust online presence that showcases your properties in a visually appealing and informative way.
And if you add a sprinkle of SEO, you can boost your rankings on search engines and drive organic traffic to your site. A keyword research tool can help you find the right keywords to attract organic traffic. It’s a match made in heaven.
Here’s an excellent example from Vertis Green Hills, a luxury apartment outside of Nashville that proudly displays a few of its sustainable amenities along with high-quality images of its units:
After all, you’ve invested time and money into these sustainable initiatives. Why not show them off?
And when prospective residents can visualize themselves in your apartment building, they’ll likely sign that lease without hesitation. So double down on your website design and start reaping the rewards.
Otherwise, you’re leaving money on the table and the door wide open for your competitors.
Renters
Living in sustainable properties is a smart choice and a delightful experience for renters.
They benefit from lower utility bills with energy-efficient appliances, lighting, and water-saving measures in eco-friendly buildings. These savings might seem small initially, but it adds up over time, making green living an attractive and budget-friendly option.
Sustainable properties also put a strong emphasis on a healthier living environment. Residents can breathe easily (pun intended), knowing their homes have better indoor air quality. That’s thanks to low-VOC materials, enhanced ventilation systems, and lush green spaces for natural air filtration.
Plus, they can enjoy the amenities that encourage a healthy lifestyle, like bicycle storage, walking paths, and community gardens — like having a wellness retreat right at home.
Residents are beaming with pride as they contribute to a greener planet by choosing sustainability in their living quarters. This sense of environmental stewardship brings personal satisfaction and unites a community of like-minded, eco-conscious individuals who share a common goal — a healthier, greener future for all.
Environment
And let’s not forget the reason behind it all: the environment. Every small detail counts in our efforts to reduce climate change and save our planet from the impact of our modern society.
A conscientious focus on sustainable property management helps reduce the environmental impact of the millions of apartment buildings and multi-family homes in the United States.
The main areas of improvement include lowering greenhouse gas emissions, reducing water consumption, and minimizing waste generation.
It’s never too late to do something to help better our planet. And you’ll feel good doing it.
By adopting sustainable practices, you enhance your property’s appeal to a growing environmentally conscious market and contribute to a greener, healthier planet. It’s a win-win situation for both your business and the environment.
So, don’t hesitate to join this exciting movement of sustainability in property management. The benefits are simply too great to ignore. Let’s build a better, more sustainable future for ourselves, our residents, and future generations.
About the Author
Ryan Robinson is a blogger, podcaster, and (recovering) side project addict that teaches 500,000 monthly readers how to start a blog and grow a profitable side business at ryrob.com.
As we briefly covered in our first edition of The Worst Mistakes A Property Manager Could Make, property management is an extensive job. From overseeing rental applications and the leasing process to collecting rent payments and managing property maintenance, property managers regularly oversee an array of moving parts.
The result of that? A lot of opportunity for mistakes.
But don’t stress! Knowing these common mistakes is your first step to avoiding them. Plus, we’ve outlined simple solutions to help keep your property running smoothly.
Let’s dive into property management mistakes #4, #5, and #6. And if you missed it, be sure to catch the first three mistakes you should avoid in part 1!
Mistake #4: Failing to research local laws and regulations
Not reading up on the laws and regulations in the jurisdiction of your property is a surefire way to run into legal trouble as a property owner or manager. With dozens of ever-changing laws to stay compliant with, it’s understandably a daunting task. Regulations are extensive and include laws surrounding rent pricing and payments, security deposits, early termination and eviction, and even housing discrimination.
But like many other things in adult life – it’s gotta be done. Here’s what we recommend:
Solution:
First things first, do your own research. If you’re in New York City, the Housing Preservation & Development’s ABC’s of Housing is a great resource to learn your rights and responsibilities as both an owner and a resident. The big headache associated with staying compliant is the ever-evolving nature of laws. On top of all of your other responsibilities as a property manager, you may want to consider hiring a professional who can keep up-to-date for you, and even offer recommendations based on your unique property needs.
Mistake #5: Not strictly enforcing lease terms
This mistake comes in two parts. To even be able to enforce policies at your property, they need to be written into your leases. Without having them in writing, it will be that much easier for residents to violate rules. Lease terms will differ from lease to lease, but there are three common ones you should make sure are outlined in your leases and enforced accordingly.
Solution:
The easy answer here is to
always outline your property rules in your leases and
well, strictly enforce them!
The problem with being lax when it comes to enforcing lease terms is that residents will notice – and keep doing whatever it is you wish they wouldn’t. Whether it’s letting a guest stay a little too long or smoking in non-smoking areas, or even habitually paying rent late, the more lenient you are, the more you’ll reinforce their behavior. It’s just like parenting! Only, you actually get paid to manage property…
Mistake #6: Poor organization of records
We can’t stress enough that property managers have their hands in a lot of different areas. With that comes a lot of important records that need proper organization. Failing to prioritize organization will be detrimental to your business’ efficiency, cost you time (and we know time = money), and even put you at risk for legal trouble. This goes for all of your company’s information, from leases to vendor paperwork to accounting records.
Solution:
Going digital is your fast-track way to successful record-keeping. This tactic is useful for every type of record but can be especially game-changing in your company’s accounting. From increased accuracy to improved efficiency, switching to a digital accounting method will transform your accounting organization and improve your operations overall.
No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
Lease violations may seem like a taboo subject that residents will avoid at all costs. The truth is, you’re bound to deal with them at some point in your time as a property manager. But what constitutes a lease violation?
A lease violation is anything a resident does that breaches their contract with you. As the property manager, in accordance with local laws, you get to decide how they’re handled. Whether a violation triggers a preset fee the renter must pay, or it’s serious enough to warrant eviction, knowing the most common violations will help you prepare for these inevitable situations. Here are the top 3 lease violations you should watch out for at your multifamily property.
Failing to Pay Rent On Time
Arguably the most common lease violation – and the most consequential – failing to pay rent on time is seen more often than you might imagine. It’s one thing if a late payment happens once or twice, but you may want to consider taking action if a resident makes it a recurring habit. At the end of the day, you need the rent from your occupied units to keep your property running smoothly and your cash flow healthy. If you can’t get this, beginning the eviction process could be an appropriate next step.
The good news is that late payments are often a case of forgetful renters with no bad intentions. Offering residents easy ways to pay is a proven way to curb this issue. In fact, ManageGo users have experienced an over 19% increase in on-time payments. From automatic payment software to integrated payment plans, property management software has made collecting rent on time a reality.
Ignoring Lease Policies and Property Rules
What’s a lease for if not outlining all of your policies and procedures? The types of broken rules you experience will depend on what policies you outlined in your lease agreement, but common ones that go ignored by residents include:
Pet policies (bringing in unauthorized pets or failing to pay pet fees)
Smoking policies (think disarmed fire detectors or smoking in non-smoking amenity spaces)
Long-term guests (allowing guests to stay in their unit for an extended period of time)
No matter the policy that goes ignored by your residents, be prompt in taking action. As soon as you notice a violation, bring it to the attention of the renter in question, and serve them the appropriate consequence as outlined in their lease agreement. The longer these violations go unmanaged, the more leeway your residents will feel they have.
Damaging the Property
Normal wear and tear is to be expected in a rental unit, but property damage is a different story. Except how can you tell the difference? Well, check out our dedicated blog on property damage to learn how! If you’ve done your inspecting and concluded that a resident has caused true damage, holding them accountable financially is fair game (if you’ve outlined it in their lease agreement, of course).
The reality is, lease violations are costly for property managers and owners. Whether your cash flow is interrupted and unstable by frequent late payments, or you’re stuck paying for damages caused around your property, tracking these extra expenses is crucial. Utilize a modern accounting software to guarantee no expense is missed.
No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
