Trends – Propertyware

How an Open API Unlocks the True Potential of Single-Family Property Management Technology

Anthony Maiella — Tue, 21 Nov 2023 23:00:00 +0000

By: Laurie Mega No matter how hard a single property management technology solution tries, it can rarely solve every single pain point for every single property manager out of the box. There are always workarounds to capture information left out of the system, or to set up workflows unique to your business. This is particularly true for single-family property managers, who may be dealing with multiple owners of one-off properties, or HOAs with unique rules and regulations. Even when a software solution is as customizable as Propertyware, there still may be a few aspects of your business you’re still using other programs to run. But what if you could pull information from those programs into your property management software, or even push information out to spreadsheets or other programs? If your property management software features an open API (like Propertyware), that’s exactly what you can do. It’s customization on top of customization. And here’s how it can make you a more efficient and more profitable property management business. And if you really want to do a deep dive into open API’s check out our guide: Your Business, Your Rules.

What Is an Open API?

API stands for application programming interface. It’s a set of rules that determine how one program can communicate and interact with other systems and applications. When a particular solution or piece of technology in property management includes an open API, it allows you to create a two-way data connection with other programs. Think of an API as a waiter in a restaurant. The customer (outside app) can request specific data from the kitchen (the property management software) off of the menu. The waiter is the one that then fulfills the request and serves up the data. It’s also important to note that you’ll also need a middleware solution that sits between both pieces of software to connect and route the data as you intend. Most property management technology allows only a one-way data connection, which means you can pull data out of the system, but not put it in. With Propertyware, however, you can set up that two-way exchange, allowing you to customize your processes even further. With it, you can connect just about anything, including

Enterprise accounting software
CRM programs
Digital marketing tools
Outside ticketing systems
Vendor software

There’s no limit to the possibilities.

How Can Property Management Technology with Open API Help Me?

There are myriad ways to harness the power of an open API for your property management business and the way you use property management apps. Because, really, all you’re doing is getting your software solution and your other apps and spreadsheets in the same room to talk. What they talk about is up to you—based on what the open API allows. Here are just a few ways some property managers have used an open API to streamline processes, improve efficiency, cut costs, and increase revenue.

Manage Vendors Across Your Business

You may have preferred vendors for all of your properties. But if your properties are located across cities, counties, or even states, you probably have a mixed bag of local vendors serving the needs of your tenants. Allowing vendors to integrate their digital solutions with yours makes it a lot easier to track and manage tasks, projects, and billing. Vendors can see and respond to work orders, enter labor times, and submit invoices, all of which will be pulled into your property management tool or “system of record.”

Turning Property Management Technology Into Your System of Record

Most property management apps come with a set of analytics that help you track processes, forecast budgets, and make informed decisions for your business. For example, digital marketing tools will show you how many people viewed and clicked on a post. Meanwhile, you may have a communication app for employees that gives you analytics on engagement. Meanwhile, billing, shipping, and service information are all saved in those multiple apps, as well. Logging into all those accounts and keeping all those metrics, dates, and payments straight is a time suck, either for you or for someone on your team. By integrating your property management apps into one tool, you can keep track of everything in one place, turning your property management tool into a more complete system of record that makes it easy to view and report important information. For example, Propertyware can integrate with Hubspot for marketing, as well as with services such as Second Nature, a filter subscription service for HVAC and refrigerators. Propertyware can store subscription dates, payments, and shipping confirmations, making it easy for property managers to track filter replacement on each of their properties. For more on API integration, check out our guide: The Power of a Customizable and Open Property Management System.

Customize Processes for Efficiency and Profitability

Most technology in property management already allows you to automate much of the business of being a property manager. Online billing and payments allow tenants to complete all of their transactions online. Listing and syndication become a simple matter of uploading a listing and pushing a button to get it out to several channels. Lead tracking all happens within the system, too. But for automated processes outside the system, for digital marketing or even HOA meetings, working through an open API can cut down on time, and even free up staff for other tasks. One property manager pulled all of their outside apps. They can now log into Propertyware to access Hubspot for their CRM, and other go-to tools for their inspections and renter verifications. By using the API, they have reduced staffing costs. For example, inspections can now be run by one person instead of three.

Consolidated Communications Across Your Company

Property managers can use an open API to consolidate task management and communication internally, as well. Say you’re using Zendesk for calls and live chats with residents and owners. You can pull all of the call logs and chats into your property management software to keep a record of all interactions and help improve customer service. You can also keep track of tasks assigned in Asana, Trello, or other task management software solutions. For our property manager’s full story, check out our guide: 6 Business Goals Attained Through Customization.

The Power of an Open API Coupled with Customizable Property Management Technology

Not all property management tools are built the same. Many don’t have open API capabilities. Some don’t even allow you to customize within their tool. Since no two property management companies (and no two properties, for that matter) are alike, using an out-of-the-box technology in property management is problematic. It forces property managers to come up with work-arounds. They may look to other software solutions, or even to (gasp) spreadsheets. That can create redundancies in work or risky data-entry situations. Propertyware, on the other hand, allows property managers to customize their own tool and take advantage of their open API. If you already use Propertyware, you know how flexible it is. In our customization guide, we talked to property managers who had improved efficiency, reduced staff, and even added revenue streams. Here are just a few examples:

One property manager set up custom workflows for every process in her business. Staff are alerted of upcoming events in each workflow through a color-coded system: green for on time, yellow for upcoming, and red for overdue.
Another property manager added custom fields to track pets at each property. Pet fees and penalty fees could then be applied as necessary.
Property managers have also set up custom tracking for leases and applications, allowing them to split tasks off to overseas staff. One property manager has even moved his entire staff overseas by setting up custom tracking reports.

With the ability to customize so much, is there still room for an open API? Absolutely. Once you are getting everything you can out of Propertyware, you can take it even further to cover tasks property management tools don’t even cover. Track and forecast your marketing strategy without having to log into your digital marketing apps. Budget for the upcoming year by looking at numbers from your accounting software and your rental rates at the same time. We’ve said it before and we’ll say it again. The possibilities are endless. It’s up to you to determine your business’s goals and then ask “How can customization and an open API help me reach those goals?”

The post How an Open API Unlocks the True Potential of Single-Family Property Management Technology appeared first on Propertyware.

Single-Family Property Management Service Trends for 2022

Jake Belding — Thu, 06 Jan 2022 20:28:21 +0000

By: Laurie Mega According to the 2022 State of the Property Management Industry Report, the number of renters living in single-family rentals has risen steadily for the last several years. And further fueled by the pandemic, it’s no secret or surprise. This trend, combined with changes brought about by the pandemic, like the demand for rentals with more space in less-populated locales and owners becoming more investment-minded, has had a strong impact on manager-owner and manager-resident relationships. Owners look to property managers to help them navigate myriad new laws and restrictions, while calming fears of income loss from delinquent rents. Meanwhile, property managers are working more closely with residents to keep them in their units despite income loss. As the economy slowly recovers, many of the management service trends that appeared in the last two years most likely won’t fade with the headlines. Single-family property managers we surveyed for the Property Management Industry Report agreed. “Even when the pandemic is over, I think our client base will not be willing to switch back to ‘normal.’ They will expect us to continue to provide the same online and convenient services,” commented one property manager based in Oregon. Here are some of the most important rental owner and resident service trends property managers across the country expect to stick with us in 2022.

On the Owner Side

Rental owners, overall, looked to their property managers to take on a larger role, beyond rent collection and maintenance. In response, property managers turned to tech to help them customize and centralize management.

Investment Services

Where once many single-family rental owners may have been Accidental Landlords—landlords that have come to own their property unexpectedly, such as through inheritance—now many are looking at rentals as an investment business. Since 2018, the number of investors in our survey has increased from 67 to 71 percent. Institutional investors are also starting to take notice and are quickly entering the space. As a result, owners put more value on property managers who can do more than maintain properties and handle rent. They want firms with local market expertise who know where the best investment opportunities are. If they’re looking to expand outside of their current market, they want a property manager who can do the market research for them. They also need more reporting on their current properties to understand how they’re performing in the context of the broader local market.. Their reporting requirements are becoming increasingly more granular and market-focused. One owner from our survey puts it this way: “We work with a management company who creates quarterly presentations about the region we own property in. This has been super helpful to provide insight into areas to purchase rentals in.” Property managers should also be able to advise their clients on improvements and amenities that will add value to their current properties, allowing them to attract their target residents and increase rent.These can include private yards and extra space for pet owners, or even a whole host of other amenities that are piquing lifestyle renters’ interest, especially in build-to-rent communities.

Legal Services

“[The pandemic has] highlighted the need for knowledge around current and legislative events in their local markets,” a property manager in Denver told us. “Landlords and tenants need to know their current rights, and there are so many that don’t.” But eviction moratoria and local restrictions to curb COVID are just the latest legal concern for owners. In recent years the revival of rent control in some major cities have also gotten the attention of rental investors. More recently, good cause eviction laws, which would limit the reasons an owner could evict a resident, have gained some traction in places such as New York. Owners are looking for property managers to stay on top of these laws and restrictions as they arise and help them navigate the compliance issues that accompany them. If they are looking to expand their portfolio, owners may want property managers to help them steer clear of markets where restrictions would make it difficult for owners to turn a profit. While consulting legal professionals is almost always the best course of action, property managers should still be familiar with these trends so they can anticipate clients’ requests and refer them to the right professionals in their network.

An Increased Role as Adviser

Because there are so many new issues to consider with rental investments, owners want their property managers to advise them, not only on legal and investment matters, but also on creating value for current and prospective residents, as well as on effective marketing strategies for their properties. According to our report, rental owners have been grateful for property managers that are both personable and provide expertise in their communities on regulatory changes, property finances, and local market conditions. They’re also looking for an attention to detail when it comes to managing maintenance and residents.

Proptech for Owners

Digital property management tools were already trending before the pandemic, but the need for enhanced reporting and more communication without in-person contact further drove property managers to adopt technologies that made this easier. Owner portals, for example, give property managers a place to store all client-related documents, provide real-time analytics on properties, and communicate with owners more regularly without having to pick up the phone. Property managers can keep tabs on vacancy times, turnover rates, and any other statistics important to them and their clients, making these portals even more effective than many traditional ways of communicating with owners. With a property management software solution like Propertyware, property managers can even set up customized dashboards for owners. That way, owners see only what they need to see to make the best decisions for their investments.

On the Resident Side

In many cases, relationships between residents and property managers grew stronger over the last two years. Meanwhile, property managers worked closely with residents who couldn’t afford rent after a job loss or reduction of hours.

Maintenance and Repairs

Residents now expect more immediate results when they request maintenance and repairs. The pandemic has also reinforced this trend as renters, who were home much more, requested maintenance and repairs more often, and expected much more communication from their property managers. The challenge for property managers moving forward will be labor shortages and supply chain issues, two problems that currently plague many sectors of the U.S. economy. On top of that, the increased price of certain supplies and materials, which economists predict will continue into 2022 and beyond, can lead to some tough decisions about how to handle those expenses and to what extent they’ll be reflected in management fees.

Virtual Tours

In-person tours of vacant units became impossible for many property managers in 2020. So, they turned to a service trend that was already growing before the pandemic: virtual tours. Now that people are used to them, they’re likely not going away. A 2020 survey by Zumper and Matterport, for example, found that 95 percent of renters were more likely to rent a property listed with a 3D tour. As you well know, virtual tours allow prospective residents to conveniently screen properties before they contact property managers, saving themselves time from visiting units that don’t meet their needs. Property managers, in turn, save the time it would take to show the unit to someone who isn’t the right fit. Virtual tours also give prospective residents who are relocating the opportunity to see properties without making a big trip.

Proptech for Residents

Younger generations of renters already expect to conduct most of their business via mobile app. They want to be able to shop and apply for rentals, request maintenance, communicate with property managers, and make payments on the go. In fact, our survey found that online payments, email and text communications, electronic rental applications and lease signing, and online maintenance requests are now considered the industry standard among today’s property managers, renters, and rental owners. Couple that with the ongoing need for contactless interactions, and it’s no wonder property managers are turning to technology to provide more comprehensive service to their residents. Software solutions also allow property managers to keep tabs on their properties, store important documents, and set up customized and automated processes, such as responses to applications, welcome packet delivery, and lease renewals. Propertyware is one such solution. It allows property managers to customize their workflows, communicate on the go with residents and vendors, and even pull outside vendors into their process. Everything about single-family property management has changed in the last two years, from the demographics of both owners and residents to the services they require. If you haven’t already, tune into what your clients and renters are looking for and make the changes that will matter most for your own business.

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Highlights from the First-Ever PM Nation Event

Jake Belding — Tue, 21 Dec 2021 23:46:06 +0000

On November 15 and 16, the property management community came together to share their expertise and explore how technology can solve some of the most pressing challenges facing individual businesses and the entire industry in Buildium’s first-ever PM Nation user conference. More than 350 attendees—including property managers, investors, HOA leaders, and sponsors from 46 states and internationally—converged in Boston to network face-to-face, get filled in on the latest industry research, and sharpen their strategies for succeeding in 2022. From investment opportunities and top renter priorities to Buildium and Propertyware’s latest product roadmaps, we covered a lot. And we wouldn’t want you to miss out on any of it. That’s why—in case you weren’t able to join us in person—we’ve put together some of the biggest takeaways from the event:

Today’s Challenges and Opportunities

Mike Mauseth, Senior Vice President of RealPage presents the findings from the 2022 Property Management Industry Report on Day 1 of PM Nation. (Photo credit: Austin Wilder, South End Digital) Mike’s outlook for the industry was both clear and optimistic, a sentiment shared by those gathered in the room and the wider community of property managers we surveyed. He revealed that 86% of respondents are forecasting revenue growth in 2022 and 73% plan to grow their portfolios, the highest percentage we’ve seen since 2017. Much of that growth will come from residential rentals, an area that investors see tremendous potential in. The keynote laid the groundwork for how smaller investors can compete with larger companies zeroing in on the residential market, sharing how personalized service, a hallmark of property management businesses, can give them an advantage. On that same note, Mike shared feedback from owners and renters on what they value most from property managers. Owners are increasingly looking to PMs for their expertise on local market conditions, regulatory changes, and investing advice. The technology they’re most often looking for is digital payment options, followed by lease signing tech and maintenance request and tracking capabilities. Residents have similar priorities. They now expect more digital-first interactions throughout their rental experience. The data reveal that, in many cases, PMs aren’t delivering these digital interactions to the degree that residents want. In fact, if residents had their way, the use of electronic payments would jump 23 percentage points higher than where they currently stand. All this led up to Mike’s biggest takeaway: changing habits and resident expectations, largely influenced by the pandemic, have made technology an essential part of the renting experience. In light of the pandemic, new technologies are now central to doing business. They’re helping property management companies of all sizes play to their strengths and exceed both residents’ and property owners’ expectations. “First you start off and you’re building your accounts. 25, 50 accounts. Then you realize you need help and you have to hire people and institute software and systems to do it. It takes a lot… [Technology] has been a big part of our growth being able to leverage and build the company up. It’s a great partnership.” – Jason Born, Born Property Management

The PM Nation Experience

And that’s what attendees pointed to as a defining benefit of coming to PM Nation. For many, it was a first-of-its-kind experience, one that combined the breadth of possibility that technology can bring to the industry with a deeper look at the personalized service and distinct value each property management offers; that special “X factor” that defines successful relationships with customers. We weren’t alone in championing the benefits of that combination. A dozen partners joined us at PM Nation, each with their own approach to improving the nuts and bolts of property management through technology. Attendees explore partner solutions and get their questions answered at the Discovery Lounge. (Photo credit: Austin Wilder, South End Digital) The Discovery Lounge quickly became a hub of activity at the event, serving as a space for attendees to have one-on-one conversations with partners, share their specific challenges, and build plans to help them integrate the right technology in the right way for their business. “[Our software] helps us look back and understand how and why we got here. Whether it be a first-time investor or a seasoned management company, it is the tools that will help build a young business and it’s the tools that will help a mature business perfect itself. [The technology] is invaluable.” -Aram Gosdanian, Abbeyhill Realty and Management At PM Labs, attendees were also able to speak directly with product experts from Propertyware and Buildium who helped them learn how to get the most out of new, relevant features and strengthen their skills with the tools they use every day. “The biggest and best improvement we made was using the e-lease feature…..When we we’re doing leases in Word, it probably took 20-30 minutes to get a lease done. Now, we can approve an applicant, start an e-lease, and email the e-lease out in 5 minutes. It’s such a time saver.” -Jeannie Connors, Realty Solutions NJ Breakout sessions during the first day served as an opportunity to dig into the details of some of those features. Speakers from Buildium, Propertyware, and third-party partners shared their experience on how to make the most of new processes, service offerings, and tech in every part of a business, from accounting efficiency to communicating with residents. Barbara Kaplan, Industry Principal, RealPage, David Do, Propertyware Consultant, APM Help, and Paul Rozelle, Senior Vice President, GOAL Property Services talk accounting efficiency during a Day 1 breakout session (Photo credit: Austin Wilder, South End Digital) Customers like Logical Property Management’s Drew Sygit and PRANDI Property Management’s Shirley Lopez-Cano joined in on the discussion to reveal how they put these features into practice to not only work more effectively, but also market new capabilities as a competitive advantage that attracts prospective clients. Attendees gather to learn about the latest Buildium and Propertyware partner solutions (Photo credit: Austin Wilder, South End Digital) The resident experience was another big focus during many discussions. Partners like Tenant Turner spoke to packed rooms about the opportunities for digital experiences that surfaced during the pandemic and how to cut through the noise to find technologies that truly matter to residents. Presenters highlighted solutions like automated lockboxes, maintenance and viewing scheduling, and tools that cut down on response times. All these conveniences simplify the everyday aspects of finding and renting properties, which, in the eyes of renters, ultimately adds value.

Looking Ahead

PM Nation wasn’t just about what works now. Attendees also got insight into how to prepare their businesses for 2022 and beyond. Attendees take their seats ahead of futurist Crystal Washington’s, Day 2 keynote (Photo credit: Austin Wilder, South End Digital) In her Day 2 keynote, futurist Crystal Washington, CSP, used the context of our always online, hyper-connected lifestyles to share advice for delivering distinctive experiences for customers. She walked attendees through how to focus on changing customer needs, find gaps where expectations outpace existing services, and then seize those opportunities so that they’re the first companies to offer what customers truly want. Her strategies set the stage for sessions on Propertyware and Buildium’s product roadmaps, where a variety of new features were announced to help property managers make the most of the digital-first interactions both residents and homeowners have come to expect. PM Nation was a first-of-its kind experience, but it won’t be the last. Stay tuned in 2022 for details on what’s coming up next. The event may be over, but it’s not too late to get the insight you need to be successful in the new year. Check out the 2022 Property Management Industry Report, featuring the voices and preferences from thousands of property managers, renters, and rental owners. Our partner on the Industry Report, NARPM, will also be hosting their annual convention and trade show on October 17-20 2022, where they’ll take a closer look at the major trends affecting property management. The response from this year’s attendees and sponsors showed that PM Nation is more than just a conference, it’s a community. By connecting and sharing experiences we are able to learn from each other, lift each other up through challenging times, and elevate the way business is done. We hope you join us at future events as we build the future of property management, together.

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8 Pro Tips to Refine Your Move-Out Process

Anthony Maiella — Fri, 04 Jun 2021 14:00:33 +0000

By: Laurie Mega This is the fourth in a series of posts to help single-family property managers make their leasing processes more efficient, reduce costs, and increase profits. This article will highlight the top lessons taught by Propertyware’s training team and focus on move-out process enhancements by way of technology. When you, your tenant, or your rental owner decide to terminate a lease, it sets in motion a move-out process with several stages. Often, this can feel like a rush to the finish line because there’s so much your team has to get right in a short amount of time to avoid too many days of vacancy. There are opportunities to make the process more efficient and get the next tenant lined up before the lease has even expired. And if you have several properties coming on the market at once, finding those efficiencies is key so you aren’t caught with multiple vacancies that put a damper on your rental owners’ cash flows. In this article, we’ve provided eight areas of the move-out process where property managers can get faster (with reduced turn times) and leaner—from optimizing maintenance to security deposit dispositions.

1. Encourage Two-Way Tenant Communication Early On

In the previous post, we discussed specific steps you should take at 120, 90, 60, and 30 days to reach out to determine tenants’ renewal eligibility, their intent to renew, and then sign a new lease. If they don’t intend to stay, or if they aren’t eligible for a renewal, it’s important to know that early, so you can list the property as soon as possible. As a refresher, at 120 days, begin the process by looking at each tenant’s eligibility to renew. Keep a record of which tenants are and which ones are not. A software solution that lets you create custom fields for your renewal and termination processes will help you do just that. At 90 days, determine rental owner intent, and at 60 days, communicate with tenants about their intent. Record all of that information in a scheduling system customized to your process. To make communication quick and easy, give tenants (and rental owners) the option to communicate their preference to renew the lease through a tenant portal with the click of a button if you prefer.

2. Leverage Tenant Referrals

If a tenant decides to move out, there’s still room to turn the loss into an opportunity. By referring them to another property or broker, you’re still able to generate revenue for your business in the case they’d like to rent or purchase another property outside of your portfolio. Keep a record of all tenants referred to you, so you can call up their name when they decide to move out. If they were referred to you, you can send them back to that particular broker if you prefer. While this won’t generate a referral fee, it still strengthens the relationship you have with your network of agents and brokers along with the likelihood of future referrals. In a software solution such as Propertyware, you can track all of your referrals more closely in the Move-Out Dashboard.

3. Organize the Lease Termination Process

If you’re terminating a lease for reasons other than expiration, you know that local laws will generally dictate the process you must follow to be compliant. States and jurisdictions have different laws concerning when and how to notify tenants of a lease termination. Most notices of nonrenewal have to be sent within a certain period of time. To that effect, having an automated email process can help you comply with the law. If you have several notices of nonrenewal to send out at once, try setting up a mail merge to complement your digital communication. Again, just make sure your lawyer approves them before you start using them. If your tenant wishes to end the lease, a tenant portal can provide an easy way for them to trigger a notice to vacate. It can include fields that capture move-out date, date of notice, forwarding address, and reason for leaving. Once the move-out procedures are triggered, use the portal to follow up with tenants and rental owners on key dates and actions that have to be taken.

4. Get Ahead of Move-Out Prep

Once a tenant has been given a move-out date, it’s time to start prepping for turnover. There are four main areas in the move-out prep process where property managers can find efficiencies: inspection, maintenance, utilities, and follow-up.

Inspection

Using a mobile inspection app, you’ll want to conduct a pre-move-out inspection. A mobile inspection will allow you to record any damages in real time and then generate reports for tenants and rental owners once the inspection is completed—and can sync with your property management software. Tenants can use their report to repair damage ahead of their move-out date. That gives them the opportunity to get their full deposit back and avoids any last-minute surprises from their perspective. You’ll also want to provide the report to rental owners so that they’re aware of any damage and can approve funds for mandatory and recommended repairs. Finally, you can use the inspection report to assess the marketability of the home, so you can take the right actions to get it on the market as soon as possible. This also could be the perfect opportunity to recommend a renovation that will help maximize property rents.

Maintenance

With your inspection report in hand and a move-out date set, you can start notifying maintenance crews and vendors about tasks on upcoming vacancies. First, you’ll want to make sure that you pause or adjust any maintenance that’s planned given the timing of the move-out. Additionally, it’s a good chance to make sure that you have the funds to cover the estimated turnover expenses. Through Propertyware’s exclusive vendor app, vendors can be notified of upcoming work and then record when work begins and ends. Invoices can also be uploaded directly into the vendor portal.

Follow-Up

Finally, use a tenant and owner portal to follow up with all parties. Communicate inspection, maintenance, and move-out dates, and keep rental owners in the loop about needed repairs and tenant turnover.

5. Take Possession of the Property Judiciously

When a tenant is ready to move out, both the property manager and a tenant may have to sign a written agreement stating that the tenant is turning over possession, and the property manager is accepting it. In some states, however, simply handing over the keys is enough to constitute surrendering the home. If a formal agreement is needed, this is another opportunity to create and store a template (with your lawyer’s okay) that you can send to your tenant to sign. When it comes time to collect keys, remotes, and other devices for the home, use a tracking system within your software solution to ensure everything is collected at the time of move-out. Provide tenants with a move-out envelope, which they can use to deposit all items connected to the home. If you haven’t already, use your property management software to start the inspection process and mobilize staff and vendors to get the home ready to go on the market.

6. Support Your Maintenance Process with Technology

Let’s dive a little deeper into the maintenance process. This is a crucial and time-sensitive step that can become a key factor in the amount of time a home remains vacant, and there are efficiencies you can put in place to speed it up. Using a mobile app, for example, can help you create projects or tasks and track progress on the go. You can also follow the money, collecting estimates, and tracking resources and costs by providing reporting fields for maintenance staff, as well as vendors, using that open API.

7. Templatize Your Security Deposit Disposition

This is another area where you lawyer should be involved. Every state has its own laws surrounding keeping and distributing security deposits kept in escrow accounts over the term of the lease. To speed up the process and remain compliant with local and state laws, consider using direct deposit to release security deposit funds. Use lawyer-approved templates to provide any documentation needed for security deposits and record when and how each tenant received their deposit.

8. Track the Most-Essential KPIs

To get a sense of how well your move-out process is working, we recommend following the list of eight KPIs (key performance indicators) below. With a software solution such as Propertyware, you can track essential KPIs and make improvements where you need to. Vacate Notifications: Track the number of vacate notifications every month to keep tabs on your turnover rate. Referred Tenants: Track referral fees as well as the name of the brokers and property management company to which they were referred. Terminated Lease-Reason: Track the reasons why leases were terminated. If a pattern begins to emerge, you can look into solutions to adjust your properties and remain competitive. Pre-Move-Out Inspections and Move-Out Inspections: Keep tabs on the number of pre-move-out and move-out inspections scheduled each month. You can then use that information to follow up with rental owners. Scheduled Move-Outs: Monitor of all move-outs each month so that you can follow up on possession procedures and security deposit dispositions. You can even look at the number of move-outs over the course of a year, by month. Move-Out Pending Security Deposit Disposition: Keep an eye on which of your former tenants has not yet received their security deposit to remain compliant with local and state laws. Ready to Market: This is a list of all properties that are ready to go on the market and whether or not they are already listed. You could compare this list with vacate notifications and scheduled move-outs to assess how long it’s taking to move homes through the move-out process. A successful – and quick – turnover process saves you and your rental owners money, while making sure your team is staying compliant. It also takes the worry of a vacant property off your owners’ minds and helps to deliver a solid tenant experience. With all of these boxes checked, you’ll be able to refine your move-out process in pragmatic ways that can strengthen your entire leasing cycle. When you focus on making your move-outs more efficient and a great experience for all, you’ll be surprised at how this last part of the leasing process can actually be a lucrative beginning. While this article is a high-level overview of the leasing process, Propertyware gives users detailed guides to unlimited customizations. If you’re interested in learning more about Propertyware’s software or the detailed onboarding provided to our clients, contact us.

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Mastering Your Lease Renewal Process: Pro Tips for a Full 120-Day Cycle

Anthony Maiella — Tue, 18 May 2021 13:00:53 +0000

By: Laurie Mega This is the third in a series of posts to help single-family property managers make their leasing processes more efficient, reduce costs, and increase profits. This article will highlight the top lessons taught by Propertyware’s training team and focus on lease renewal process enhancements by way of technology. Unsurprisingly, in 2020, lease renewals hit an all-time high—fueled by tenants’ inability or hesitancy to move during the pandemic. But as the economy continues to reopen, along with more options and tenants’ willingness to move, the lease renewal process could quickly become one of the most critical areas for single-family property managers. In fact, Propertyware and Buildium fielded a survey of tenants, owners, and property managers for their 2021 Rental Owners’ Report. Of the owners they surveyed, filling vacancies ranked number two as their top sources of stress, and this is bound to continue. For property managers, it’s always been a matter of making the process as efficient as possible to maximize renewal rates and resident retention. Still, to truly realize efficiency in the months ahead, you have to play the long game and start planning now. In this article, we’ll take you through efficiencies and the pragmatic improvements you can make at 120, 90, 60, and 30 days ahead of a renewal decision.

120 Days Out

The lease renewal process should start four months before leases expire. By taking the first steps this far out, you ensure a smooth process without any hiccups or last-minute issues as the lease renewal date looms. Here are three things you can do 120 days ahead to get an efficient process kicked off.

Standardize the Lease Renewal Process

Before you even get to 120 days out, you should have standardized forms and procedures locked and ready. You can start by setting up shared documents that record every step of the renewal process. If you’re using a property management software solution, set up custom fields that keep track of every part of the process – from assessing renewal eligibility to signing the new lease. For lease types that follow a unique time table and have similar needs, you can set up subcategories within your custom fields to group them together in Propertyware. For example, you can group all of your six-month leases under the same sub-category. This is also an opportunity to encourage tenants and owners to put all communications through your tenant and owner portals. Propertyware, for example, provides tenants with the ability to communicate their intent to stay or vacate with just a click of a button through the portal. Having that capability keeps all communications in one place and allows property managers to trigger other actions based on tenant responses. Outside of the portal, you can use notifications (or automated emails) to keep tenants informed. Use this time to set up a cadence with your owners, as well. Communicate at regular intervals and set expectations on your availability to meet and answer questions.

Ask for Tenant Feedback

At this point, you don’t want to make any commitments to tenants, but you do want to get an idea of their intent to stay or leave. If they’re staying, you can update your fields to reflect that and start putting the wheels in motion for renewal. You can also ask about pending maintenance, repair issues and create work orders to get those fixed before the lease renewal date. If they don’t intend to stay, you should find out why. You can also walk tenants through the steps they need to take to terminate their lease officially. It’s recommended that they submit their intent to vacate within a tenant portal that will inevitably lead to a pre-move-out inspection.

Determine Lease Eligibility

This is where a good software solution really comes in handy. Use the reporting functionality to pull up rent payment history, maintenance requests, or other issues connected to each tenant. It’s all recorded in one place, so you don’t have to go hunting for check stubs or emails between you and each tenant up for renewal. Share the reports with owners, as well, so you both can determine how you want to proceed with upcoming renewals.

90 Days Out

Determine Renewal Rates & Terms

Once you know which leases are up for renewal, you can figure out lease renewal terms and rates. Take the time to hash out rate increases or new terms that you recommend (or your renters would like to include in leases). Be sure to get a sense of what’s happening in the rental market by:

conducting an MLS comparative analysis
looking at data on Internet Listing Services (ILSs)
taking a look at other similar properties in your portfolio

You’ll also want to take into account seasonality. It’s never good to be caught with a lease ending during the slow season, as that will limit your ability to get the rental price that the property is worth.

Verify Owner’s Intent to Renew

Now is the time to bring owners into the mix to verify that they intend to renew the lease before reaching out to a tenant. One of the most critical steps in this process is getting their response on the record, officially. The good news is that property management software makes it easy to communicate with your owners through a variety of channels such as email, texts, mail merges, and conversations inside an owner portal.

Tracking Owner Responses

While most owners will get back to you quickly, it’s still important to stay on top of your owners and their responses in an organized fashion so that too much time doesn’t go by. Again, all of this followup and communication is easily more efficient and organized in property management software. A huge benefit is also that it’s easy for everyone on your team and your owners to have access to the same up-to-date information. To facilitate communication, a best practice is to share your renewal recommendation of eligibility, rental rates, and terms with the owner through a published letter, which can be sent through your software requesting an esignature. Note that you can also rescreen tenants at the time of renewal—and it’s a good best practice to again check for criminal history. With Propertyware, you can also get this done with the click of a button, at a reduced rate.

60 Days Out

At 60 days, tenants should give you written confirmation on their intent to stay or leave. Again, if you’re using a tenant portal, they should be able to do that just by clicking a button if you want to enable that option. Even if they do that, it’s still a must to get a lease renewal agreement signed. This just takes a few clicks in Propertyware. You simply have to select the lease agreement you wish to send and use the mail merge functionality to send it to your renewing tenants. They can use eSignature to sign the new lease.

30 Days Out

At 30 days, run a report to verify that all leases are signed. If some are outstanding, follow up with your tenants through the tenant portal. You can also use your reports to confirm move-out dates and trigger staff and vendor requests for maintenance, inspections, and cleaning. You can also use custom lease views to track if there’s anything still outstanding, which is helpful because there’s so much ground to cover. The lease renewal process is inherently a complex one with back-and-forth communication between property managers, tenants, and owners. The ability to create and tweak a process flow through software that leverages customized fields, simplifies communications, and allows document storage will make lease renewals more transparent and efficient for everyone involved. Every 120 days offers up a new opportunity to get it right. While this article is a high-level overview of the leasing process, Propertyware gives users detailed guides to unlimited customizations. If you’re interested in learning more about Propertyware’s software or the detailed onboarding provided to our clients, contact us.

The post Mastering Your Lease Renewal Process: Pro Tips for a Full 120-Day Cycle appeared first on Propertyware.

4 Pro Tips to Level Up Your Move-In Process

Anthony Maiella — Mon, 26 Apr 2021 15:00:08 +0000

By: Laurie Mega This is the second in a series of posts to help single-family property managers make their leasing processes more efficient, reduce costs, and increase profits. This article will highlight the top lessons taught by Propertyware’s training team and focus on move-in process enhancements by way of technology. Property managers are always looking for efficiencies and cost-saving measures in every corner of their business that will benefit their owners, while delighting their renters—and you’re no different. A good place to examine in your leasing cycle is your move-in process. Why? It sets the tone for how you do things with your residents and can kick off healthy, long-term relationships that solidify your retention rates. Not to mention individually coordinating every detail of move-ins across multiple properties leaves you vulnerable to measures that take up precious time and resources. Finding room for improvement in your move-in process has some quick-hit benefits:

It finds those efficiencies and cost savings you’re looking for.
You can do more with fewer team members.
It will save your existing team time.
A smoother move-in process will leave a good impression with tenants, who will be more likely to recommend you and become long-term tenants.
A faster move-in process reduces vacancy time and turnover complications, which makes owners happy.

To get you started, here are six pro tips to increase efficiency and reduce costs at every stage of your move-in process.

1. Automate, Centralize, Monitor Your Payments

According to 2021 Rental Owners’ Report from Propertyware and Buildium, payments are the number one process that rental owners want their property managers to handle digitally. In fact, 73% of single-family rental owners would like the option of making and receiving payments electronically. You may have found yourself in a situation where your team is spending far too much time collecting your rent payments, and physical checks. Allowing renters more options to pay doesn’t have to complicate the rent-collection process. You can automate and centralize your rent collection using property management software and a tenant portal. In general, property management software allows you to accept rent payments in three ways: ACH (electronic check), credit card, or cash payments through approved payment centers. And the more types of payment options are available, the more convenient paying rent becomes for tenants, reducing the number of late or missing payments and getting those funds to your owners even faster—especially with features like recurring payments. If you want to give tenants the flexibility of cash payments, but you don’t want to handle the cash yourself, you can offer a service such as Propertyware Cash Payments, which syncs you up with bill pay services through retail locations like Walmart. Even if you already have multiple options set up, you should still be monitoring each payment channel across your portfolio to determine which are the most effective—and where there might be some adoption gaps. Usually, education takes clear and concise communication with tenants at all the right points in their tenancy. Consider where you might be able to set payment expectations from the start along with where to communicate their options on a regular clip.

2. Go Mobile With Your Inspections

When you have multiple move-in and move-out inspections happening at once, it’s hard to sync up all that information. Between the tenant reports, damage logs, and repair tickets, there are just so many moving parts. Consider using a mobile app to help conduct and record inspections, and then create reports and repair tickets on the go. An app with camera mode will also allow your inspectors to take pictures of damage, tag it, and log it in your reporting system. Once the inspection is completed and the mobile device is connected to the internet, everything will synch automatically. Later, you can compare previous inspection reports with current ones, and create repair and maintenance tickets based on what your inspectors found.

3. Stay on Top of Your Turnover Maintenance and Repairs

Before a move-in happens, you’ll want to closely manage your maintenance expenses during the vacancy period. While you never want an extended vacancy, making sure your routine maintenance is appropriately transitioned can save you money. First, you’ll want to make sure you pause any unnecessary routine maintenance. This might include lawn or pool service, for example. Second, you’ll want to make sure you prepare for any special agreements that were outlined as part of the impending tenancy. You can also manage your vendors for repairs, maintenance, landscaping, and other work all in one place. Look for ways to standardize costs, make work orders easier to generate, and create recurring tasks across properties.

4. Lean Into Your Delivery of Possession Experience

Communication with your tenants will always be a central part of your move-in regimen to make a smooth handoff of the property happen. Setting the tone from the moment a new tenant signs a lease is key to starting the relationship off with the right expectations in place and everything they’ll need to know for a solid move-in experience. You’ll want to create orientation content and welcome communications to provide next-level service and save your staff from answering the same questions on repeat. You can include information such as trash pick-up, utility services (if you’re not using a centralized bill-paying system), area schools, and even local restaurants. Think about the information that tenants should receive at the different stages leading up to move-in. Next, build an outline of a series of emails that supports the intended experience—emphasizing the most important information. You’ll want to get them logged into their tenant portal right away so they can find all the same information 24/7. You can also take this time to introduce opt-in services like the AssetProtect Insurance Program as an added bonus that heightens the tenant experience, safeguards all parties, and gives your business an additional revenue stream. When it comes to running a successful property management business, you’re always looking for ways to make processes more efficient, improve services for tenants and owners, and create new revenue streams that improve your bottom line. We’ve already talked about the lead-to-lease process in the previous article. Now, take a look at your move-in process. Where is there room for improvement? How can you leverage software to standardize tasks and pull everything into one central location, ensuring nothing falls through the cracks? With customizable technology (and your imagination), you’ll be surprised with the process efficiencies that you can make happen. Check out the first post from our leasing technology series: 7 Pro Tips to Improve the Lead-to-Lease Conversion Process. While this article is a high-level overview of the leasing process, Propertyware gives users detailed guides to unlimited customizations. If you’re interested in learning more about Propertyware’s software or the detailed onboarding provided to our clients, contact us.

The post 4 Pro Tips to Level Up Your Move-In Process appeared first on Propertyware.

Smart Home Tech for Single-Family Rentals

Mary Rose Hogaza — Wed, 23 Sep 2020 06:05:17 +0000

By: Laurie Mega These days, it seems that everything is “smart,” from toothbrushes to diapers (yes, MIT has invented the smart diaper). It’s questionable whether we need some of this tech. But smart tech in homes actually makes a lot of sense. It can increase water and energy efficiency while reducing costs. Smart security systems add another layer of protection to properties. If your business runs on a build-to-rent model, it’s worth considering smart tech and smart home hubs in new builds, as well as in updates of your current properties. If you are a management-only firm, it might be worth discussing smart tech upgrades with owners. With everything out there, it’s tough to know where to start. So, we’ve rounded up some of our favorite ways to add smart tech to single family properties.

The Smart Tech Hub

Before we talk about individual smart tech options, we first have to start with the hub. A voice-activated device or a smart home hub will be the central control for all of the smart tech you install. After all, the convenience factor is completely lost if you and your tenants have to download a bunch of apps and remember a whole lot of credentials to get anything to work. Most smart devices work with Google Home, Siri, and Alexa. You can also install a panel in the home or a central app on a device to bring everything together.

In the Kitchen

The kitchen is a busy place. When you’re in a full meal-prep mode, it can feel like you need more than two hands. And how often do you reach for the faucet or a recipe book and realize your hands are covered in something? If you’re looking to attract tenants, smart tech in the kitchen, from voice-activated appliances to AI tech in the fridge is a great place to start.

Smart Faucets

Faucets, particularly those in the bathroom, are one of the germiest spots in a home. So, a touchless faucet is an attractive feature. But smart faucets are more than just touchless. They respond to voice commands through Alexa, Google Home, or Siri. You can ask it to dispense a particular amount of water, such as 3 cups or 12 ounces, and some even allow you to save certain amounts for future use. So, when you say “teapot” you’ll always get eight ounces of water, for instance. Smart faucets let users review their water consumption, as well.

Appliances

You can pretty much make any kitchen appliance smart, and they all run on voice command from your home device. For mealtime, there are microwaves that scan barcodes for cooking instructions and stoves you can send recipes to and preheat on your way home. Refrigerators do everything from keeping a grocery list to tell you the weather. And smart dishwashers can be voice- or app-controlled. They automatically adjust water and temperature to the size of the load, as well, saving water and energy. All of these appliances can be a major selling point for tenants who are looking for hands-free convenience in the kitchen.

Heating and HVAC

Converting heating and HVAC to smart devices is a big win for property managers and owners who are looking for an easy way to cut heating and cooling costs. They’re also attractive to tenants, who can control their climate more easily.

Thermostats

Smart thermostats are incredibly useful devices. They will run on pre-programmed temperature settings, like most thermostats, but they’ll also use motion detectors and AI to learn the daily patterns of tenants and adjust accordingly. This is a big advantage over programmable thermostats since most people don’t bother to program them in the first place. If your units have more than one zone, the thermostats will “talk” to one another to keep a consistent temperature throughout the house. Smart thermostats let you monitor your energy consumption, as well. And you can adjust temperatures from afar. Let’s say your tenant goes on vacation for a few weeks and an unexpected cold snap strikes the region. Rather than worry about broken pipes, your tenant can raise the temperature in their home from wherever they are.

Smart Window Shades

You might wonder why we put window shades in this category. It’s because the right window shades can reduce heat loss through windows by 40 percent and heat gain through windows by 80 percent, according to Energy.gov. Smart shades can be raised or lowered on a schedule or through an app, to maximize the amount of heat gained and minimize the heat lost through your windows. You can also use voice commands to raise and lower blinds, handy if your tenant gets out of the shower and realizes the blinds are still up.

Doors and Locks

Ensure the safety of your properties and your tenants with the use of smart locks and garage doors. Here’s how.

Smart Locks

Smart locks have a number of benefits for both tenants and property managers. First, they allow touchless entry, which is garnering more attention in the age of COVID-19. Viruses can live on doorknobs for up to 24 hours, and bacteria such as MRSA can live even longer – up to a few weeks. Smart locks also allow tenants to lock and unlock doors remotely. So, if they forgot to lock the door in their rush to leave, they can do it from anywhere. They can also open the door for children coming home from school or even members of your staff coming to complete maintenance requests. Finally, smart locks allow you to show vacant properties without having to be there. As lockdown protocols constantly change throughout the U.S., many real estate agents and property managers are conducting self-showings to maintain social distancing. A scheduling app and smart lock will allow you to open and close the property at certain times so prospective tenants can access to your vacant units.

Garage Door

How many times have you left the house and wondered if you closed the garage door? A smart garage door eliminates that worry. Amazon even has a garage delivery service called Amazon Key. Tenants can take delivery of their packages in a safe, contactless way. And if they’re not home, delivery personnel can leave packages in the garage instead of on the front steps, where they can be stolen.

Lighting and Electrical

Because smart bulbs are more energy-efficient and the ability to schedule lights means they’re only on when they need to be, your tenants can save money. It’s worth noting that some of these smart devices do draw some wattage even when not in use, but the amount is negligible, only about a watt.

Interior and Exterior Lights

Lights have been programmable for ages, and solar tech made it easy to control outdoor lights without having to worry about seasonal changes. But smart lights take lighting technology even further. Smart lights can be controlled through an app or through voice command with a home device. If a tenant forgets to turn the lights off, they can do it from anywhere. If they’re coming home late at night, they can turn on the lights before they arrive. If you install smart lightbulbs, though, tenants can program different lighting “moods.” For instance, they can ask their home device to set the lights to “work mode” for brighter light or “evening mode” for more subdued lighting that uses less energy. Smart lightbulbs even change color, which can be fun for kids in the house. Smart lightbulbs are LED, so they use only 20 to 25 percent of the energy traditional bulbs do, and they last 15 to 25 times longer. And if a tenant can control all of their lights with one command, they may be more likely to turn them on and off only when they need them, saving money. Property managers can use waterproof smart bulbs for exterior pathways, decks, and driveways.

Smart Plugs

There are two kinds of smart plugs. The first plug into existing sockets that allow you to turn regular electrical devices on and off using voice commands or an app. But they can do some other pretty cool things, too. Some can detect flooding in the home and can alert you when standing water hits their sensors. They can reduce wattage with certain appliances and can help you monitor energy consumption through an app. Smart outlets pretty much work the same way. They’re just more permanent.

Security

Of all the reasons to install smart tech, security is one of the top ones, according to the National Association of Realtors.

Smart Doorbells

Smart doorbells, like Amazon’s Ring, include a security camera and alerts that pop up on your phone when someone rings the doorbell. Even if they don’t, the motion detector will alert you to movement outside your door. You can also talk to someone at the door through a two-way communication system, and you can communicate with other Ring users in your area through message boards.

Smart Security Cameras

Smart security cameras work much the same way as Ring and other smart doorbells. You can see what’s happening on your properties at any time from your phone. A word of caution, however. You cannot violate the privacy of your tenants by using the cameras to look in on them whenever you like. There are so many other smart home devices we haven’t even mentioned here. There are smart sprinklers that adjust to temperature and rainfall. Smart fireplaces can be controlled remotely and come with safety detectors. There are even WiFi-enabled smart ceiling fans. The kind of tech you choose all depends on what you, your tenants, and your owners are looking for. Is it security? Energy efficiency? Convenience? Maybe all three? Survey your tenants and work with your owners to determine the best kinds of smart tech for your properties.

The post Smart Home Tech for Single-Family Rentals appeared first on Propertyware.

Training Your Staff to Protect Tenant and Owner Data

Mary Rose Hogaza — Thu, 02 Jul 2020 18:00:40 +0000

By Laurie Mega

A property management business gathers a lot of valuable information from tenants and owners. That information is used to collect rent, transfer money, keep emergency contacts, and verify prospective tenants. Information such as credit history, social security numbers, addresses, and credit card numbers should be kept only as long as you need them and then deleted. But as long as this information is in your possession, you need to do everything you can to protect it from hackers. In 2019, 86 percent of cyberattacks were financially motivated, according to Verizon. All of that data you hold is very valuable to hackers, who can either use it to commit identity theft or sell it to the highest bidder on the dark web. It’s important that both you and your staff are aware of the dangers. Your staff should have a basic knowledge of cybersecurity and what they can do to protect tenants and owner data.

Threats to Your Business

Before you can train your staff on how to prevent cyberattacks, they first need to know what they’re up against. Of course, there are hackers who simply access your network remotely (usually through your wifi) and try to guess your passwords to get at the information. But there are more sophisticated ways they can gain entry to your system, as well.

Malware

First, let’s talk about what malware is since it’s involved in so many different kinds of cyber threats. Malware is a program that hackers use to infect computers. A piece of malware can be programmed for a number of ill-begotten goals. It can track keystrokes to get passwords and other important information. It can download files from your computer. Or it can lock your computer entirely, holding it hostage until you pay a ransom to hackers. There are different types of malware, such as trojan horses, viruses, and botnets. Some are meant to merely cause mayhem by slowing down your system or preventing apps from working, while others, like trojan horses, hide inside your computer system stealing information. Malware can be picked up through a phishing scam or a malicious website.

Phishing Scams

A phishing scam is usually an email or a message through social media that entices the recipient to click on a link. Scammers do that by pretending to be someone the recipient knows or an institution they trust, such as a bank or a local municipal department. The link usually downloads some kind of malware, or it may direct you to a site and prompt you to enter private information. For example, a hacker may send an email posing as your bank, requesting your account or social security number (or both) to complete a transaction. Note that a reputable bank would never ask for that kind of information in an email. A hacker would then use that information to access your accounts or even steal your identity. If they get the information for your business account, they could do serious damage to your business.

Malicious Sites

A malicious website may look legitimate on the surface, but it’s really set up to do harm. Some are simply there to disseminate false information or fake news. But others lure in users with promises of useful downloads that really hide malware. A lot of times, these sites show up as ads in social media feeds, particularly Facebook. When students were first sent home during the COVID-19 outbreak, for example, numerous ads popped up on Facebook for websites with free downloads for teaching resources. The sites looked legit, but when an unsuspecting parent tried to download a worksheet, they were hit with malware, instead.

Phone Scams

Finally, there are good old fashioned phone scams. You’ve probably received one of these, where a robotic voice or even a real person threatens you with the freezing of your assets, the possibility of malware on your computer, or even your arrest if you don’t give up vital information to help them fix the problem. Educate your staff on how to recognize phishing scams through emails, social media, and phone calls. The National Cybersecurity Alliance provides resources to help you get started.

How to Train Your Staff

Once a hacker is in your network, they can access your information as well as that of residents, prospective residents, and owners, as well as your own. If a well-intentioned staff member receives any of these scams and gives up company information, it could put your business, your residents, and your owners at risk. That’s why it’s important to make your employees aware of the risks and how to avoid them. Knowing is half the battle. The other half is a good defense.

Strong Passwords and Two-Step Verification

Train your staff on using strong passwords and two-step verification. Strong passwords are random and are made up of enough characters to contain a variety of letters, numbers, and special symbols, such as # and @. Weak passwords are shorter, using just letters, and are related somehow to you, your business, or your employees. For example, you wouldn’t want to use a password like propmanagement123. It’s too obvious. You and your staff shouldn’t use the same password across apps and programs, either. Make every password unique to make it harder for hackers to get into multiple systems. Finally, train your employees on two-step verification and use it wherever you can. When you enable two-step verification, after you enter a password, the app or account you’re using sends a security code to your phone or email. Only after you enter that code can you access the program.

Restrict Internet Use in the Office

It’s important to teach your staff how to recognize a bogus site. But even the savviest user can be fooled into clicking on what looks like a legit site. That’s why you should consider restricting internet use on company devices. Allowing staff to use the company network for personal browsing may seem harmless, but it can put your company and your data in danger. If an employee falls for a phishing scam from their personal email or clicks on an ad from their social media newsfeed, it can affect your computer system. There are plugins that can assess a website’s security before you even click on it. Avast, for example, is a Chrome plugin that assesses the safety of websites on Google search results page. Safe pages will appear in search with a green check mark next to them. Websites that appear to be unsafe will appear with an orange x. Questionable sites will have a gray question mark. A plugin like this can be really helpful for keeping staff off of questionable websites. But it doesn’t work for sites navigated to through social media platforms such as Facebook or Pinterest.

Use Encryption, Anti-Virus Software and Firewalls

There are safety measures you can put in place to keep your data secure, as well. Firewalls restrict incoming and outgoing network activity based on a set of rules that you set up for your network and your devices. If a piece of malware should breach your network, antivirus software can help identify and eliminate the threat. Finally, and this is particularly important when you’re handling tenant data, use encryption software to secure data entered into your website. Of course, you may have thought to implement all these measures on your desktop or laptop computers in the office. But did you think about your mobile devices in the field, as well? Phones and tablets are especially vulnerable to attacks since they often connect to public wi-fi. Make sure your employees are using only company-issued devices to access your network and that the devices are as protected as your in-office computers. It’s not enough to educate yourself on keeping your data safe. Your staff has to be in the loop, as well. They should be able to recognize phishing scams and know to stay away from shady sites. They should know how to create strong passwords, and ensure the proper software is installed on their company devices. It’s really hard to keep hackers at bay once you’ve become a target, but arming your staff with the right knowledge and tools will go a long way in helping you protect data for your business, your owners, and your tenants.

The post Training Your Staff to Protect Tenant and Owner Data appeared first on Propertyware.

Pet Screenings: When Are They Useful and When Are They Not a Good Idea?

Mary Rose Hogaza — Wed, 24 Jun 2020 18:00:29 +0000

By Laurie Mega

Allowing pets in your units is a calculated risk. There’s always the chance a dog, cat, or other pet could cause damage to your property. On the other hand, 72 percent of American renters have pets, according to the Humane Society. So prohibiting animals may cost you. But you can minimize the risk pets can pose by implementing a pet screening process and creating rules around pets in your properties. You may even consider adding a monthly pet fee to the rent. Of course, this only applies to animals considered pets. If you have a current or prospective tenant making what’s called a reasonable accommodation request for a service animal, you can’t restrict or prohibit the animal. In this article, we’ll discuss the pet screening process and when it is not appropriate to require one.

How Does a Pet Screening Work?

When a prospective tenant applies for one of your units, you can include a pet application along with your human one. A current tenant can also fill one out for a new pet. A pet application, also called a pet resume, collects basic information, including:

Number, names, types, and sizes of pets
A photo of each pet
Registration information
Veterinary information
History of destructive or aggressive behavior
Training certifications
The name of a renters insurance policy (if you require it)

Basically, you’re trying to get as much information about each pet as you can. What you do with this information is up to you. You can use it to approve or deny pets on your properties, or you can simply keep it on file should you ever have an issue with your tenant’s animals. If your city bans certain breeds of dogs as house pets, you can determine if your tenant will be violating that ban. If they have more unusual pets such as ferrets or exotic birds, you can decide if these are the kinds of animals you’re okay within your properties. It’s also helpful information for members of your staff, as well. If a property needs maintenance, for example, you can share information about animals on the property with your crew. Making them aware of a pet on the property ahead of time can prevent an animal from escaping or an allergic reaction. If a dog doesn’t like strangers, you can instruct your tenant to restrain the animal before your maintenance team arrives. Want help managing all your pet screening needs? Visit PetScreening.com for more information.

Pets vs. Service and Emotional Support Animals

There are instances where a property manager or owner can’t require a pet application or screening. That’s when an animal, usually a dog, qualifies as a service animal for a disabled person. When a disabled person makes a reasonable accommodation request, owners can’t charge pet fees or require a deposit. Any restrictions your owner may have on the size or weight don’t apply, either. Nor do city restrictions on breeds. Keep in mind, though, that service animals still have to meet city and state requirements on registration and vaccinations. When an animal qualifies as a service animal under the Fair Housing Act (FHA), there is only one instance where a service animal can be restricted or banned. That is if the animal poses a direct threat to the health and safety of others. In January of this year, the Department of Housing and Urban Development (HUD) released new guidelines on service and emotional support animals. The regulations are based on both the FHA and the Americans With Disabilities Act (ADA), and discuss when an animal is allowed as a reasonable accommodation and when it isn’t.

What Is a Service Animal?

Under the ADA, a service animal is

any dog that is individually trained to do work or perform tasks for the benefit of an individual with a disability, including a physical, sensory, psychiatric, intellectual, or other mental disability. Other species of animals, whether wild or domestic, trained or untrained, are not service animals for the purposes of this definition. The work or tasks performed by a service animal must be directly related to the individual’s disability.

Note that the definition covers dogs only. Service animals of any other species are considered pets under the FHA, but there may be state or city regulations that include other animals under the service definition. A person with a disability can also make a reasonable accommodation request for another type of animal if they can prove they can’t use a dog; for example, if they are allergic. If a current or prospective tenant requests an accommodation for a service animal, there are only two questions an owner or property manager can ask:

Is the animal required because of a disability?
What work or task has the animal been trained to perform?

You cannot ask about the person’s disability, nor can you require documentation to prove that they are disabled.

What Is an Emotional Support Animal?

Under the FHA and the ADA, an emotional support animal doesn’t count as a service animal and can be treated as a pet. Just keep in mind that state and local laws may make accommodations for certain types of emotional support animals. An emotional support animal is different from a service animal in that it doesn’t perform specific work or tasks for its owner. Instead, its presence provides emotional stability. There have been a lot of stories in the news about accommodations for emotional support animals from cats and dogs to miniature horses and snakes. Essentially, it’s up to you and your owner to determine what you will allow, provided you stick to state and local regulations. If you want to make sure you’re compliant, NOLO provides a list of each state’s laws and regulations. Allowing pets opens up a larger pool of prospective tenants, and putting measures in place to protect your properties is a good idea. But it’s important to remember that accommodations have to be made for tenants with disabilities. According to HUD, 60 percent of the FHA complaints made concerned denial of reasonable accommodations and disability access. “In fact,” writes HUD “such complaints are one of the most common types of fair housing complaints that HUD receives.” Understanding when and how to screen pets and the FHA and ADA laws around service animals will keep you on the right side of the law and allow you to provide a wonderful rental experience for all of your tenants.

The post Pet Screenings: When Are They Useful and When Are They Not a Good Idea? appeared first on Propertyware.

Rent Payment Options: Why Online Payments Will Now Dominate

Murphy McNutt — Tue, 23 Jun 2020 23:52:48 +0000

By Laurie Mega

Even before the coronavirus outbreak, rental payments were going through something of a revolution. The once ubiquitous check or money order has been giving way to more secure and immediate forms of payment, from credit cards to payment apps to online portals. There were several reasons for this, from sheer convenience to security, to the demand for mobile availability from millennials and Gen Z. The current pandemic is now the straw that broke the camel’s back. As property managers search for ways to keep their businesses running and their residents happy while practicing social distancing, mobile and electronic payment options are becoming a more appealing choice over paper checks, money orders, and cash that requires interactions with residents, bankers, and postal workers. So will online rent payments eliminate more traditional options? We think they just may.

The Pros and Cons of Traditional Rent Payment Options

Traditional rental payments are still popular, especially with certain demographics. Cash, Check, or Money Order In a 2014 study by the Federal Reserve Bank of Boston, the most recent data, 22 percent of American renters paid with cash, 43 percent paid with check, and 16 percent paid with a money order. In a 2017 survey, the FDIC found that 25 percent of Americans either don’t have a bank account or use financial services outside their bank account to make payments. And half of them said it was because they don’t have enough money to keep a minimum balance. Paying with cash or purchasing a money order are still go-to methods of paying the rent with low-income renters. Or they may pay through a walk-in payment system (WIPS) available at many chains or big box stores. With a WIPS, residents pay in cash at a participating store. The store then transfers the money directly to the property manager. For residents who do have bank accounts, money orders and certified or cashier’s checks have traditionally been preferable for both property managers and residents. Both cashier’s and certified checks are guaranteed by the bank that issues them, which means they won’t bounce. Money orders also guarantee funds. All of these methods are trackable, so there can be no dispute overpayment.

The Disadvantages of Traditional Payment Methods

All of these payment options may serve your residents best. But there are disadvantages for both residents and property managers with each of these. First, cash is hard to trace. Even with banking statements and deposit slips, it’s easy to lose track of cash payments, especially if you’re getting the same cash amount for multiple tenants. There’s no name or check number attached to cash, after all. Personal checks can bounce. And certified or cashier’s checks can be a hassle to obtain and cost your residents extra money (up to $10 per check). Money orders, too, cost a little bit extra (up to $5 per order), and as with WIPS, your residents have to go to a physical location to get one.

Traditional Payments and COVID-19

And that’s the final nail in the coffin for payments of these types. They have to be made in person or sent through either a store, a bank, or the mail. Experts now fear a second virus spike could happen in the fall and winter of this year. And a vaccine will not be available to the public for at least a year, by researchers’ best estimates. That means social distancing will remain the norm for some time to come. The fewer residents and property managers have to come in contact with each other, the better. And rent payments is one area where property managers can proactively reduce infection risk.

Electronic Payment Options

Electronic payment options eliminate the need for contact. But there are some facts.

Credit or Debit Card

In April 2020, credit card payments for rent were up 30 percent over the previous month as people avoided going out for even the simplest walk to the mailbox. Credit and debit card payments are indeed becoming a more popular way to pay for rent. Not only is it convenient, but residents with cashback or points cards can benefit from a large, regular charge to their card.

Wire Transfer

Some property managers allow wire transfers, but this isn’t really a good idea. In order for a wire transfer to happen, you would have to share account and bank routing information with your residents.

Online Payment

Millennials now make up a large portion of the rental market, and their preference for online and mobile convenience is well known. At the same time, Gen Z, who have never lived in a world without the internet, are starting to enter the rental market. These new populations, coupled with the new need to remain socially distant, are driving a surge in popularity with both payment apps and online portals. There are a whole host of payment apps you can use to charge and collect rent money from tenants, but you should really use a payments platform integrated with your property management system so that you don’t have to rekey entries, eliminating potential mistakes. Pro Tip: If you use a payment app for rent, spell out in the lease which app you use, what the service charge is, and how that affects the rent. You may even want to look into an online portal for charging and accepting rent. Online solutions such as Propertyware handle rent payments seamlessly while providing a whole host of other services for residents, owners, and property managers. You can use them to sign and store lease agreements and other documents, track work orders, send messages to residents, and the PMC can even interact with owners through their own portal. There will still be resident populations who will use more traditional forms of rent payment. But as younger renters flood the market and the current pandemic continues to act as a catalyst for change, online payments just may replace check, cash, and money orders as the principal way residents pay for rent.

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