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.
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.
Whether you want to entice prospective renters to sign a lease or you’re looking to nurture the community you’ve built of current residents, email marketing is a key tool to advertise your property. But why is it so important, and where do you even start?
Why Email Marketing is Important in Property Management
The way we like to look at it is this: how do you expect potential renters to know about your property, or residents to know about what’s happening at the property, without marketing? Email marketing is both a cost-effective and productive strategy to reach these goals. Sending the right email to prospects who may have either inquired about a unit or already taken a tour reminds them to take the next step in the application process – and gets you one step closer to securing a new resident. For current residents, email marketing is an easy yet effective way to keep them up to date on property happenings and important announcements. Additionally, it helps create a sense of community – a key draw for renters to multifamily properties.
How to Get Started
The possibilities with email marketing are endless, so where should you start? First, you need people to send your emails to! You’ll want to
1. gather the address of your recipients and
2. segment them into the appropriate email lists.
For your current residents, this is easy as you probably already have their email addresses from resident onboarding – this will be your first segment. For prospects, gather emails from any unit inquiries, tours, or from CTAs on your website – this will be your second segment. If necessary, segment them even further – like by building if you manage multiple. Segmenting your email lists will be important in making sure the right people are getting the appropriate emails, to maximize your efforts.
Once you have your email lists (and of course, always be adding to them!), you’ll want to set a consistent schedule. How many emails will you send a week, what content will you share in each email, and how far in advance will you create them? Knowing this information before you get started will set you up for success between the hustle and bustle of everyday management.
The last thing you’ll want to consider is the tools to help you along the way. We recommend using an email marketing service (like these free ones!) to help you create your email lists, schedule emails in advance, and analyze your results.
5 Email Ideas to Send as a Property Manager
Now that you’re well on your way to crafting a successful email marketing strategy, it’s time to start brainstorming what emails you want to be sending. Here are 5 ideas for every property manager:
1. Weekly Property Round-Up
Think of this email as a type of weekly newsletter, breaking down everything happening at your property. Outline upcoming events, amenity updates, and important announcements, or even highlight residents (or furry friends) of the week! Get creative here while keeping it relevant to the resident experience you offer.
2. Resident Check-Ins
This type of email is a great way to get those crucial reviews and recommendations for your property, as well as gain valuable feedback to improve your services. It’s as simple as asking residents about their experience and adding a call-to-action to leave your property a review.
3. Classes & Events Announcements
Dedicate at least one email a month to outline the upcoming classes and events happening at your property (with a link to register of course). This is also a great time to remind residents of the tools they have available to them, such as a resident portal to view and book classes and events.
4. Resident Appreciation Messages
Expressing appreciation for your residents is a great way to nurture your relationships and increase your chances of great renters signing renewals. These can be short and sweet, as long as they’re genuine, they’ll go a long way!
5. Prospective Outreach
Geared toward those prospective renters, craft an email template following up with anyone who recently received a tour, or has reached out to inquire about a unit. Being proactive is important to getting those new leases signed and letting prospects know you’re here for them.
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!
Picture this: you’re on the hunt for your next apartment. You see from the listing that it’s in the perfect neighborhood, has all the amenities you’re after, and is within your budget. You’re scrolling through photos, and then – BOOM – you get to the kitchen and…
White. Appliances. Everywhere.
You might as well be in the newest Jordan Peele horror movie, with that jump scare.
Aside from the fact that outdated rental units are just plain unattractive, they’re also not helping you as a property manager attract new residents or increase your property’s value overall. Here are five renovations you can make at your multifamily property that are guaranteed to increase its value and keep your units filled.
Replace Your Floors
Speaking of outdated…let’s talk carpet. Not only does it date a space, but it’s also a turn-off for many renters due to its unsanitary stereotype. Resident preferences and style aside, hardwood floors, tile, and laminate offer increased durability – a notable benefit for property owners facing the wear and tear of renters. Plus, pets love ‘em too!
Upgrade Outdated Appliances
If there’s one thing that screams stuffy, 90s home — it’s outdated appliances. The most significant way to modernize a space and attract new renters is by updating these to stainless steel. Start small with a swap of the microwave, or go big and switch out your stoves and refrigerators. We know this can be a pricey undertaking, but rest assured that this type of renovation easily justifies an increase in your rental prices.
Improve Your HVAC Systems
Nothing’s more unpleasant than moving into a new apartment and realizing you’re stuck with a loud, clunky HVAC unit – or worse, you’re responsible for the installation of one yourself. One major upgrade you can make to your units is improving these systems. Maybe you invest in quieter, better-functioning units, or maybe you take the plunge into installing central heating and air conditioning. Either way, this will easily increase your property’s value and add significant appeal to renters.
Update Light Fixtures
For an easy but impactful upgrade, consider switching out light fixtures. It may seem like a small detail, but you’ll be surprised how much a contemporary design elevates an otherwise plain or outdated space. This works particularly well in kitchens and bathrooms but can be done throughout your entire property.
Make Accessibility Changes
An often overlooked renovation, accessibility upgrades can really increase your property value and help your vacant units appeal to an even broader market. If you’re wondering why accessibility is important at your multifamily property, or just need some ideas on accessibility changes you can make, read our dedicated article on the topic!
Whatever renovations you decide to undertake, don’t dive in without the proper management software to get you through. With ManageGo’s modern maintenance platform, you can schedule renovation tasks in advance and automatically assign them to the right team members. Make use of our custom checklists and internal communication tools to keep your renovations running smoothly – and cause as little disruption to your property as 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. 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!
Spring is on the way and with it, we’re bringing new updates to our software! Check out what’s new in ManageGo this month:
Introducing Lvble
Say goodbye to late rent payments and hello to stable cash flow. Lvble pays rent for residents – well, sort of. Thanks to our partnership, residents can now choose Lvble as a flexible payment option. This allows them to pay rent in installments, while Lvble pays youin full by the first of every month – guaranteeing more on-time payments than ever before.
What’s New in the Admin Portal
You can now analyze data on recurring payments! It’s as easy as going to Reports > Payments to generate a report on all recurring payments.
Closing Ticket templates now support links. Add any link to your Closing Ticket messages, like a link directing residents to leave a review of their maintenance experience.
Updates to the Resident Portal
Property managers can now disable the “choose date/time” option available to residents in the Access Granted portion of a maintenance request. If disabled, residents will no longer see this option when filling out a new maintenance request – giving you more flexibility in making repairs.
More Data in the Concierge Portal
You can now enjoy our Reports tool on the Concierge platform! Generate report spreadsheets on any one of our concierge features. Plus, we allow you to create custom columns relevant to the data you need. Once you have your report subject and columns, take it a step further by filtering your report to seethe exact information you’re after – no more and definitelyno less.
Software Improvements & Bug Fixes
You and your residents will now receive a notification if a payment is reversed after a refund.
You’ll now see the balance of a current lease, even if a resident hasn’t been assigned to a lease on the Set RL Lease page.
Rental Application fees are now processed through DeepStack.
We’ve corrected a bug on the Admin Portal where the unit and facility count was showing incorrectly.
We hope you’ll enjoy these new improvements to our platform, and as always, don’t forget to subscribe to our newsletter to be the first to know about all new enhancements to the ManageGo experience!
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!
Myth #1: Owning rental property is passive income.
The Truth:
No, we don’t care what you heard from the TikTok real estate expert. We won’t argue that a multifamily rental property isn’t a great investment…it is! But if you think it’s as simple as collecting your monthly rent checks, think again. Consider all of the maintenance and repairs you’ll be responsible for, the time and energy required in the leasing process, and the management of concierge services like guest access, deliveries, or even amenities. Property management is a lot of work, which is why a lot of owners invest in software to streamline their operations. And yet, it still won’t be as passive as many internet gurus will have you believe.
Myth #2: Having good credit means they’ll be a good resident.
The Truth:
Having good credit is only a small piece of the entire pie that makes someone a great resident. Of course, being able to pay their rent on time is a huge consideration, but don’t stop there. Finding out information on their previous rental history (have they ever been evicted?), doing a proper background check (do they have a criminal record?), and even interviewing them about their lifestyle is key to picking the best applicant for your vacant unit. While they may be able to pay rent, they could end up being a resident that causes havoc at your property if you’re not thorough during the screening process.
Myth #3: Rental prices are firm.
The Truth:
If you’re new to property management or renting in general, you may be surprised to hear that rental prices can be negotiated. A renter’s bargaining power will vary greatly depending on external factors such as the location and time of year, but it’s good to be prepared for the possibility of a negotiation. At the end of the day, you as the property manager will have the final say, but it could be in your best interest to take up a fair offer.
Myth #4: Maintenance is always the responsibility of the property manager.
The Truth:
The truth here will come down to the lease terms you’ve set. Most property managers will take on general maintenance tasks like a broken a/c or lack of hot water, but draw the line at issues caused directly by the resident. Whatever you decide, make sure your residents are well aware of their responsibilities to avoid an uncomfortable situation down the line caused by miscommunication.
Myth #5: Residents can be evicted for any reason.
The Truth:
Of course, you don’t want to have to evict anyone, but if that time comes, it’s best you know your rights. Generally, property managers need a warranted reason, most often proof of a broken lease, to legally evict a resident. Eviction laws vary by jurisdiction, so be sure to do your due diligence before throwing a resident’s belongings on the curb.
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!
Fostering a great relationship with your residents is vital to a thriving property management business with high rates of renewed leases. On the latest episode of the PropTea Podcast, our host Erica Patterson breaks down the four types of residents you’ll encounter as a property manager – by generation and personality type – and the best ways to connect with them for better relationships. The foundation of a great relationship starts with an understanding of who your resident is. In this context, taking a look at the generation they come from can provide great insights into what they value and prioritize when it comes to real estate.
Baby Boomers in the Rental Market
Erica: “…between ages 68 to 76…this group takes up about, I would say, 10% of the renter demographic. Some general characteristics that they have are: they’re approaching retirement, they make big financial decisions, and a lot of their significant decisions are whether or not to maintain a large home or to sell their home and get something smaller. Another viable option for them is simply to just become renters, which is entirely plausible if there aren’t enough retirement savings available for them to upkeep their own home.
Their priorities are usually living in apartments, condos, small houses, or urban areas near medical care. They prefer predictable expenses each month, amenities in the property so they don’t have to go too far for facilities, and the option of shorter leases that provide the ability to move on a whim.”
Qualities of the Gen X Renter
Erica: “…about 42 to 57, this group takes up approximately 28% of the renter demographic. They are working to build back their credit and savings, but have significant mistrust in the economy and the security of property investment…They are part of a group that has seen more demand in the rental market, which has led to higher rents and has made it harder for them to save for a down payment.
Generally, when it comes to looking for a new rental home, Gen X turns to the Internet and landlords. According to Zillow, they rely most on online tools and direct landlords or owner contracts. Additionally, 2 out of 5 Gen X renters pay attention to a yard or open house signs.
Some of their priorities include living near top-rated schools, having easy commutes to those schools and their jobs, and having properties with usable backyards. In their apartments, they prioritize space in the form of having three to four bedrooms, a basement, a loft, or a bonus room.”
What Millennial Renters Look For
Erica: “Ages 27 to 41, you’ll likely come into contact with this group the most because they take up about 56% of the renter demographic. Millennial renters are the generation most likely to use online resources, likely preferring mobile access over the desktop. Millennials also generally prefer renting to homeownership for a few reasons: management handles repairs and maintenance, there’s no long-term commitment to the unit or location, renting is more affordable, their credit isn’t good enough to buy, roommates can help pay rent, appealing amenities such as a pool, a gym, or social spaces, and they enjoy socializing in their building and apartment complexes.
They prioritize living in energy-efficient homes with smart home technology and personalized outdoor space in the form of a balcony or small yard. This group loves renovating spaces but has an appreciation for space that has character. They also prefer spaces in the form of open living areas or kitchens with an island. As someone with a kitchen island, I completely second this.”
How to Cater to Gen Z Renters
Erica: “Aged between 12 and 26, you may or may not have come in contact with the group much, as they take up about 6% of the renter demographic, but this will surely grow and it’s beneficial to learn about them early.
As of 2023 most of Gen Z are recently out of college and looking to secure their first rentals, often with roommates. Gen Z will look to the Internet to join the rental search process along with…word of mouth, good or bad. The most defining and unwavering quality of the bunch is their technology fluency.
They like to prioritize flexibility and lease length, affordability, and rent prices, and will often live with roommates to achieve this. The privacy and mobility of renting will likely mean that Gen Z, like their millennial counterparts, will prefer renting to owning and put off families until later in life.”
Now that you have a better idea of the four types of residents you’ll encounter as a property manager, it’s time to talk about the ways to nurture your relationships with them to increase retention at your property. Listen to the full episode above for this discussion, and be sure to stay tuned every month for 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. 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!
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Resident renewal rates are declining from COVID-era highs, bringing them back to industry norms–right around 50%. This leveling out was expected, though it’s still going to impact your business and your NOI.
Of course, we know it’s impossible to retain every single resident that walks through your doors. But resident retention is valuable, and the more you can keep around, the better your bottom line. For more on thetrue value of resident retention, check out our recent blog.
Read on for the 3 best ways you can increase renewal rates at your multifamily property!
Create Meaningful Resident Relationships
Resident retention starts with how much they enjoy renting from you. After all, why would they renew their lease if you’d made their home lives miserable? A good rapport will ease the stressors of renting that may eventually push residents away and builds a foundation of trust–a valuable asset in terms of securing long-term renters.
Creating meaningful relationships encompasses everything from offering exceptional communication to listening to their needs and delivering on them. Whether it has to do with maintenance requests, amenity management, or anything in between, the easiest way to implement this is by employing property management software. In fact, over 72% of ManageGo software users report better relationships with their residents.
Use Marketing to Your Advantage
Don’t let your residents forget why they love renting from you. Whether it’s the classes and events you host, reminders of your great amenities, or promos you’re running, it’s important to keep them up to date on everything happening at your property. This also shows your residents that you’re an active part of the community, and helps those valuable relationships we covered earlier. Your marketing should include regular email newsletters and a healthy social media presence at the bare minimum to see the results you’re after. If you’re not sure where to start, check out our tips on social media marketing for property managers!
Simplify the Renewal Process
The last barrier to retaining residents is how difficult you make the lease renewal process. Considering what they’re going to do when their lease is up is a stressful decision, and being slammed with a random, 30-day notice of renewal (likely with a rent increase notice) isn’t helping keep your residents around.
With property management software like ManageGo, automate the process and start renewals early. Automatically set reminders for expiring leases–however early works for you. Then, it’s as simple as customizing a template and sending it over to your residents to be signed digitally in minutes. The easier you make the process of renewing, the more incentivized your residents will be to resign.
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!
It’s a new year and with that, a new chance to engage the residents at your multifamily property. We’ve talked before about the importance of resident retention in property management, and we stand by the fact that classes and events are a great way to achieve it. The hard part? Coming up with ideas that are both fun and practical for everyone. Because let’s face it, the same old stale yoga classes aren’t cutting it anymore. Read on to discover 5 unique classes that will engage your residents and boost retention in 2023!
Mixology Masterclass
Shake up your normal class schedule with this fun one just for the adults–because we all need a break after the holidays, am I right? Bring in a local bartending professional to teach your residents-of-age the art of cocktail making. Plan this one around a holiday like Valentine’s Day or St. Patrick’s Day and incorporate a themed menu!
Dance the Day Away
Of course, we had to throw in a fitness class to put your property’s fitness centers to good use. The best part: dancing is so fun that you’ll forget how great of a workout it is. Pick your style, whether it’s a Latin dance like the salsa or a social dance like line dancing, and hire a dance instructor to show your residents the moves.
Knitting (…is cool again?)
That’s right, the consensus is in. Gen Z gave us the go-ahead and confirmed that knitting is in fact cool again. Grandmas rejoice! But really, knitting is an engaging and trending hobby this year, and it’s the perfect family-friendly activity for the winter months. Plus, who doesn’t love a good handmade beanie and scarf?!
Sushi-Making Soirée
Cooking is a classic class to offer, but make it unique with the type of cuisine you choose to teach. Sushi seems like a difficult craft to master, but we promise it’s easier than it looks–and a whole lot of fun. Plus, residents get a free lunch out of it (…okay, we’re sold)!
Self-Defense Seminar
Who knew a valuable life skill like self-defense could also make for a fun multifamily class? This one is especially great for properties located in large cities where staying safe around town is top-of-mind. Partner with a local studio that already offers this kind of instruction and be sure to advertise the benefits to residents. From providing you with skills to protect yourself and improving awareness to building confidence, self-defense is an underrated art and a unique way to bring people together.
The Key to Successful Classes
The secret to hosting a successful class at your multifamily property lies in how convenient you make it for your residents. Exploring and booking classes shouldn’t be a hassle. Make sure residents have an easy way to view classes and availability, and book what they’re interested in. Property management software with a fully built-out resident portal and integrated classes & events system makes this easy and helps you manage your property happenings with confidence.
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!
