Welcome to the ManageGo blog

Visit website

Category: Property Management

Posted on

Apartment Life Sucks (And Why It Doesn’t Have To)

Sometimes, apartment life sucks. You know its advantages – think awesome amenities, lifestyle flexibility, and affordability – but there are no doubt drawbacks that leave residents frustrated. Understanding what might cause their dissatisfaction is key to retaining them, which is important to keep your units filled and cash flow stable. So what are the most common frustrations, and how can you minimize them as a property manager?

1) Unreliable maintenance

The only thing worse than a broken appliance is waiting for it to be fixed…only for the property manager to push it back, make excuses, and run in circles over something that seems to be straightforward. Not having to worry about maintenance repairs and costs is a huge reason people decide to rent over buy, so why is it still so complicated? Well, it may be how you manage your maintenance system.

Utilizing a property management software can help you streamline the entire maintenance process. Instead of exchanging emails back and forth only for them to inevitably get mixed up, use ManageGo’s leading maintenance platform to improve communication and get tasks done efficiently. Residents can easily submit maintenance requests and send photos or videos of the issue from our mobile app or website. Property managers can reply in an instant and assign tasks to their staff so everyone is always on the same page. Long gone are forgotten requests, lost updates, and frustrated residents.

2) Inconvenient administrative tasks

If convenience is a fundamental selling point of renting, make sure you’re offering it every chance you get. Don’t burden potential renters with hefty paperwork during the leasing and renewal processes, or burden current residents with old-school payment systems and inefficient communication. The headaches associated with this could be overwhelming your residents or even turning away potential renters. 

All-in-one systems are the ultimate fix for this common frustration. With our newly released leasing solution, you can digitize your leasing and renewal processes and get rid of the hassle that comes with traditional paperwork. All-in-one software is also great for automatic payments and seamless communication between residents and property managers. 

3) Inadequate resident support

Multifamily properties have the unique challenge of supporting a multitude of residents at once. This can present a frustration for residents if staff can’t keep up with the endless support they require. Property management software is also a great way to tackle this issue to optimize communication and automate routine tasks. ManageGo offers residents multiple outlets to get support depending on where they need it – whether it’s a maintenance request, package management, or guest access request. We also offer live phone support for our website and app to take one more thing off your staff’s plate. Really, what’s not to love?

If it’s not already clear, investing in property management software could be the most efficient solution to solving these common frustrations that plague residents. At the end of the day, the easier you make a resident’s life by offering convenience and reliability, the more likely you are to foster a valuable resident-management relationship, and keep them renting with you long-term.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

Subleasing: What Is It and Is It Right for My Multifamily Property?

Subleasing is a hot topic in today’s rental market, and you may be wondering whether it’s the right move for your multifamily property. In fact, we don’t blame you–there are a myriad of pros and cons to consider when evaluating whether or not you should allow your residents to sublet. We’ll guide you through what a sublease is, its advantages and disadvantages, and help you decide whether or not it makes sense for your property.

Subleasing Explained

So what exactly is subleasing? In short, subleasing is when a resident rents out their space to another renter during their lease. Sublets can be short or long-term, and the lease remains in your original resident’s name. This has the potential to be either great for your business or detrimental to your investments. 

Advantages

1) No vacancies

This is likely the biggest advantage to allowing your residents to sublet. By allowing sublets, you’re avoiding a vacancy at your property if your resident would break their lease otherwise. This means uninterrupted income and steady cash flow for your business.

2) Residents do the heavy lifting

When your resident decides to sublet, they are agreeing to do the work of finding a subletter. This saves you serious time and resources it would require to find a replacement resident in the case of an early lease termination. It’s important to note that whoever your resident does choose, it’s still a smart idea to perform a routine background check as a safeguard.

3) Original resident remains responsible

Ultimately, should the subletter cause any issues at your property, your original resident is the one who remains responsible. This gives you peace of mind if you’re worried about a nightmare subletter damaging your property or missing rent payments.

Disadvantages

1) Unreliable subletters

Although your original resident bears the final responsibility, you still risk dealing with the repercussions of an unreliable subletter. If the new tenant is often late making payments, makes excessive noise, or is generally an unpleasant resident, you’ll be the one to have to deal with it. Do keep in mind that a bothersome short-term resident could spoil the experience of your other residents, and those relationships are valuable.

2) Increased risk of property damage

Simply put, the more people in and out of your property, the higher the chance of damage occurring. You should be especially wary of short-term renters who have less to lose.

3) Lease violations

Subletters often skip important move-in procedures that you require of your normal residents, and this could result in unawareness of your property rules. Lease violations are a real concern–whether it’s noise, pet, or parking related–and could result in eviction.

Is It Right For Your Property?

The most important thing to consider when addressing the question of subleasing is the laws of your area. Once you’ve done this research, it’s up to you to weigh the advantages and disadvantages and create sublease terms that align with your business needs and safeguard it against potential liabilities. Keep in mind your current residents, the property, the location, and your finances to make the most informed decision possible.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

The Value of Resident Retention and How to Achieve It Easily

Attracting prospective renters is no doubt an important task for a property manager, but what are you doing to keep the ones you already have? Of course, resident turnover can’t be entirely avoided as it’s typically a result of factors outside of your control. But that doesn‘t mean you should discount retention altogether. Here are three reasons why resident retention is essential to your success, and the best ways you can achieve higher retention rates at your properties. 

Why Resident Retention Is Valuable

The value of resident retention boils down to one main thing: improving your bottom line. Think about all you do to bring in new residents. From marketing costs to offering concessions such as a free month’s rent, it can add up and seriously affect your margins. The more residents you’re able to keep renewing their leases year after year, the more you’ll save in these areas. If that’s not convincing enough, consider the fact that long-term renters are more likely to take better care of your property than residents who are in and out. Not to mention, high resident turnover rates are disruptive to your cash flow. Renewed leases mean more predictable cash flow and fewer interruptions to your income stream. 

How To Keep Your Residents Around Long-Term

Now if you’ve found yourself here, there’s a chance you’ve been feverishly googling “how to retain residents,” which turned into “ideas for resident appreciation,” and subsequently you’ve encountered hundreds of Pinterest boards on the topic. Don’t panic–we’ll break it down into two main takeaways you should focus on to increase resident retention at your properties.

1) Prioritize attentiveness and communication

Being attentive to the needs of your residents is a small but meaningful way to show them they’re valued. Inattentiveness and poor communication is a significant way you could be sabotaging your relationship with your residents. When they reach out to you with questions or concerns, make sure you or your staff respond promptly. An easy way to maintain this is through a management software. Another noticeable way you can demonstrate attentiveness is through your preventative maintenance. Not only does it resolve concerns before they turn into real issues, but it also shows your residents that you care. 

2) Create a community they love living in

Due to its flexible nature, renting can often leave residents lacking that special feeling of “home.” Creating a community your residents love being a part of is a great way to give them this and keep them around for the long-term. This can look like countless different things (bring out those Pinterest boards), but the main idea is to bring residents together and make them feel appreciated. Bring in teachers to hold regular classes, whether it’s a group workout class or art lessons. Make sure you have a place for residents to engage with each other virtually, like an online discussion board. Host events around holidays to get residents excited, or even consider weekly experiences such as a happy hour or food truck Friday. However you decide to bring residents together, give them a reason to love their home with you–and convince them to stick around!

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

Why It’s Time to Modernize Your Property Management (And How)

Long gone are the days of managing your multifamily properties with spreadsheets, physical paperwork, and rent checks…at least we hope. No really–you’ve invested in property management technology, right? Well if not, it’s time to modernize your property management. Like, way overdue. Let’s take a look at how investing in PropTech and upgrading your management system, regardless of your management goals, is a smart move for your rental business.

Streamlines Organization

Probably the most apparent benefit to investing in PropTech is how painless it makes the organization of important information. Whether you’re managing rental applications, new leases, concierge services, or lease renewals, there’s an intuitive, organized place for the information you need. Physical paperwork is notoriously hard to keep track of and keep up to date, but by investing in the right technology, you’ll never have to worry about that again. 

Improves Communication

Communication can make or break the success of your operations. It’s important to be attentive to your residents’ needs and concerns, and the reality is, standard email messaging doesn’t cut it when everyone’s inboxes are bursting at the seams. With property management software like ManageGo, you have easy access to communicate with your renters on the go, all in one organized place. 

Even more vital to a smooth rental operation is efficient communication between you and your staff. From assigning staff to specific maintenance requests to communicating within our Shift Notes feature, ManageGo’s tools make it easy for everyone on your team to be on the same page so your properties are always running like well-oiled machines.

Optimizes Efficiency

If your organization and communication are already optimized then you’re off to a great start in increasing your overall efficiency–but it doesn’t stop there. With essentially every responsibility you have as a property manager, PropTech has a tool to optimize the efficiency of that task, or even automate it. 

Take, for example, rent collection, which used to be a burdensome task compared to our current capabilities thanks to tech. Between online and automatic payments, it’s never been easier to collect rent without the hassles of paper checks, money orders, and frequent missed payments. Rent money goes straight to your account every month, without your team lifting a finger. 

Supports Growth

According to iPropertyManagement’s 2022 Property Management Industry Statistics, 47.8% of property managers consider growth a top priority–and rightfully so. If you’re still using outdated processes and systems to manage your properties, you might be scaring away residents who would rather live at a property that’s modern in its management. By investing in PropTech, you’ll draw in a larger market and you’ll see a rise in prospective residents. 

As we’ve learned up to this point, the right software will allow you to streamline your organization, improve your communication, and optimize your efficiency–all of which will minimize the need for manual labor and lower your costs. By setting this foundation, you’ve made it that much easier for your business to scale, and do so successfully when your number of residents grows.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

3 Reasons You Need to Offer Automatic Payments to Your Residents

As a property manager, collecting rent at the beginning of each month is the bread and butter of your business. So why would you not optimize this process in every way you can? The second best thing you can do for your rental business is offer an online payment system to your residents–it is the 21st century after all. But the tool that should be #1 on your radar? Automatic payments. As a crucial aspect of your business, and one that’s often much easier said than done, it’s essential to do everything in your power to make paying rent as easy and mindless as possible. 

How They Work

Automatic payments take online rent payments to the next level. Residents can choose a flexible payment method to be charged monthly on a set day, for a set number of months. After this one-time setup, neither you nor your residents have to worry about their rent being paid on time. Here are the top 3 reasons offering automatic payments to your residents is a no-brainer.

Saves You Time and Money

Online payments already cut out the manual processing associated with paper checks and money orders, but with automatic payments, you’ll be saving even more time (and we all understand that time equals money). Even with the ease of online payments, you’re still subject to chasing down missing payments and calculating late fees. By giving residents the option to set up automatic payments, you’re cutting down on both the time and cost of these administrative tasks when residents forget to pay on time. 

Predictable Cash Flow

Ahhh–uninterrupted, steady cash flow. That’s music to our ears. Rent is due the same day every month, yet life gets busy and your residents are bound to forget at some point. In reality, missing rent payments are more often a result of your residents forgetting than being unable to pay. 

Allowing your residents to set up automatic payments increases the predictability of your cash flow. You know exactly how much money you’ll be getting from who each month, without the interruption of missing payments. Having a predictable, steady flow of cash reduces your stress as a business owner and makes long-term planning more feasible. 

Resident Retention

Resident retention: we don’t shut up about it because we truly believe that once you’ve found great renters, it’s invaluable to keep them around. The benefits of automatic payments start with the obvious convenience. After the one-time setup, residents can forget about it. Not only are automatic payments convenient, but they also reduce stress. Seriously, who isn’t stressed out by a deadline–especially when missing that deadline results in late fees? To top it off, this type of payment system allows residents to choose a flexible payment method, receive digital receipts for convenient budgeting, and can even help them boost their credit score. 

Now that you understand why offering automatic payments is advantageous for everyone involved, it’s time to make sure your property management software offers automatic payments for residents.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

Three Useful KPIs Every Property Manager Should Track

Is your business performing well?  If you’re not tracking important metrics, it’s difficult to say for sure.  Keeping tabs on certain key performance indicators (KPIs) will give you some objective criteria by which to judge your success and help illuminate where things are working well and where there may be some room for improvement.  If you’re not sure what KPIs to track, we’ve got you covered; let’s take a look at three of the most useful metrics for property managers.

Occupancy rate

Your occupancy rate at any time is simply your number of units with a resident divided by the total number of available units you manage.  There’s not necessarily a single benchmark to aim for here — occupancy rates can fluctuate based on factors outside of your control, like the state of the rental market generally and the location of your property.  Generally speaking, you want your occupancy rate to be roughly in line with the average in your area.  If your rate is lower than the average, it can indicate that other property management companies are doing a better job attracting residents, but if your rate is much higher than the average, it might indicate that your rent prices are below the true market value.  If you’re staying close to the local average, that’s usually a good sign.

Resident turnover rate

You can calculate your turnover rate for a year by dividing the number of residents who moved out that year by the total number of residents under your management.  You’ll always want to aim to lower this when possible, because every time a resident moves out, it costs you. The unit stays vacant for some period of time, so you’re missing out on some rent money, plus you need to spend time and money working to get the unit filled again.

The best way to evaluate your resident turnover rate is to track how it changes over time.  If it declines, you’re moving in the right direction; if it starts drifting upward, try to find out why and see if there’s anything you can do to reverse the trend.

Lead sources

Whenever any prospective resident expresses an interest in one of your properties, try to find out how they heard about the property.  Keep track of their responses and see what percentage of leads come from each source.  You’ll be able to see what sources are effective for you, which can be a big help in crafting your future marketing strategies.

Posted on

How to Make Preventive Maintenance Easy as a Property Manager

You know how important preventive maintenance is.  You probably also know that the best way to make sure it all gets done is by making a list and sticking with it until everything is done.  But did you know that there are a few tricks to help ensure that you’re maximizing the utility of your checklist? Here are some of our favorites:

Prioritize appropriately.

Try to make sure the first checklist items you complete are the most important ones.  Things like electrical work, roof work, and plumbing should be your highest priorities, because problems in those areas can cause fires, leaks, and floods.  Start from there and work your way down, saving the least important work for the end.  That way, you’ll knock the biggest tasks out first and minimize the risk that can come with waiting too long to perform important tasks.

Don’t delay work you can do yourself.

Certain jobs — think plumbing and electrical work — are complicated and will likely need to be handled  by a qualified outside vendor.  That may mean some unavoidable delays as you try to fit into someone else’s busy schedule.  Most tasks, though, are simpler jobs that can be performed by you or your in-house team, and there’s no reason to delay that sort of work; take care of it as soon as you can and move on with the knowledge that it’s done.

Estimate costs realistically.

Making a meaningful estimate of the cost of each task on your checklist before it’s underway offers a couple of important benefits.  First, you’ll go in with an idea of how much you’re likely to spend, and consequently, you’ll be less likely to be surprised by costs later on.  Second, you’ll be able to compare your estimates with the actual costs, which allows some analysis of where you might be able to improve your cost efficiency in the future.

Save your checklists.

After everything on your checklist is completed, don’t throw it out; instead, file it away in your records.  You’ll be able to pull it out in future years and see how work played out in the past.  That can guide your planning in the future, letting you improve your maintenance processes over time and get better and better with each passing year.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

Our Top Tips for Successful Renovations at Your Multifamily Property

Have you ever given any thought to renovations at your multifamily property?  If not, it might be worth thinking about.  Renovations can be hugely valuable for your properties, helping to modernize them and make them more appealing to potential residents.  Interested yet?  Then read on to find answers to a few renovation FAQs!

Why should I renovate my properties?

Renovations are the most straightforward way to add value to your properties.  A renovated property will attract and retain residents in larger numbers.  You’ll also stand to make more money, since you’ll be able to charge more for rent once your renovations are complete, and, depending on the type of renovations you undertake, you may also be able to save money in other ways — environmentally-minded projects, for example, can result in savings on utility bills or eligibility for tax breaks.  With all the money you’ll earn and save, carefully planned and well-executed renovations can more than pay for themselves in time.

What will renovations cost me?

It’s impossible to say for sure — costs can vary widely depending on the size of your property and the type of renovations you have in mind.  One tip we do have when considering project costs, though, is to generally assume costs will fall on the high side of any cost estimate you might come up with.  That way, you won’t be caught unprepared if the amount you’re spending on renovations starts to rise.

Do you have any tips for getting a renovation project started?

Before starting any renovation, you should fully plan how the project will go.  That means choosing an appropriate project, estimating how long it will take, planning how each stage should be completed, estimating costs, budgeting, and fully financing the entire project.  Having a detailed plan in place will make for a much smoother project from start to finish.

If renovations sound appealing to you but you’re not sure what project to take on, you can always ask your current residents.  They already live at the property and see it every day, so they’d know better than anyone what aspects of it are already great and what aspects could benefit the most from a makeover.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

The Advantages of Letting Your Residents Build Credit (& How They Can)

One relatively recent innovation in the world of property management is the ability for residents to build credit when they pay their rent.  Essentially, rent payments are reported to major credit bureaus, which gives residents a new way to show that they make payments on time and allows them a path to increasing their credit score.

The advantage of a service like this for residents is obvious: they can increase their credit score with no extra effort just by paying rent, which they already do anyway.  But the arrangement offers some perks for property managers as well.  Here are top 3 reasons to consider offering this type of program to your residents.

1. You’ll increase your on-time payment rates

Residents can increase their credit score by paying rent — but that only works if they pay on time.  That means that, if you offer a way for your residents to build credit by paying rent, you’ll be giving them an extra incentive to make sure their payments are submitted on time.  Unlike most other incentives to pay on time (like late fees or the threat of eviction), which are negative incentives and can create awkward situations between you and your residents, the opportunity to build credit is a positive incentive — a reward, as opposed to a punishment to be avoided.  That’s an important difference, and offering this type of incentive will make some of your residents far more willing to always pay on time.

2. You’ll boost digital signup rates

Usually, for a rent payment to be reported to a credit bureau as part of a program like this, it has to be made digitally.  This will encourage some residents who might not otherwise be willing to make their rent payments online to give it a try — and the more residents who pay online, the better it is for you.  Digital payments are far easier for property managers, because they eliminate the need for you to deal with paper checks, money orders, and cash.  If a credit-building program can get more online payments coming in, it will make your life a lot easier.

3. You’ll have an advantage over your competitors

Think about it:  if the opportunity to build credit through rent payments is so good for your residents, of course they’ll want to live at a property that offers them that opportunity.  If your properties offer a credit-building program and other comparable properties in your area don’t, you’ll be able to attract more potential residents and give yourself a better chance of retaining them when their leases are up.  That, in turn, allows you to avoid expensive and stressful resident turnover, which can be a big boost for your business.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

How to Maximize Maintenance Efficiency (& Increase Property Value)

Maintenance is hard work.  Between inspections, preventative maintenance, repair requests, and major renovations, it’s a lot for any property manager to handle.  With so much to do, you certainly don’t want to make any of it harder than it has to be!  Here are some of our top tips to maximize maintenance efficiency and work smarter, not harder, on maintenance tasks at your properties.

Divide work appropriately.

You probably have a method of dividing maintenance tasks and responsibilities among members of your staff.  It’s worth taking a look from time to time to make sure that your procedures are splitting up the work in a way that makes sense.  After all, if one employee or group of employees is overwhelmed, they won’t be able to do their best work and your efficiency can slip.  If you spot any indications that some staff members are overworked, see what you can do to alleviate the issue.

Work with the best outside vendors and contractors.

Hiring third-party contractors is often a necessity for property maintenance, and it’s important anyone you hire does good, efficient work.  Unfortunately, finding trustworthy, high-quality vendors can be a challenge.  If you need to work with an outside vendor, don’t be afraid to shop around to find the best available.  When you do find a good vendor, make sure to treat them well so they’re willing to continue working with you in the future.  Always communicate clearly and honestly, and you’ll build strong relationships and a positive reputation.

Automate where possible.

If you can automate part of your maintenance administration work, it’s smart to do so.  You’ll save time and have more freedom to focus your energy elsewhere.  So what kind of things can you automate?  Well, ManageGo offers tools to automatically create recurring tickets (great for preventive maintenance and inspections!) and assign maintenance tasks to the right member of your team.  That’s two things off your plate and a big boost to your overall efficiency.

Utilize a mobile maintenance system.

Being tied to a computer for maintenance work is a big drag on efficiency, and working with paper maintenance files is a major headache.  Instead, operate on a mobile-friendly system that your team members can easily use from anywhere — and when it comes to mobile-friendly systems, ManageGo is the very best.  We offer native mobile apps for both residents and property managers, so you and your team will have full access to a comprehensive suite of property management solutions, from anywhere.

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. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!