Tag: Property management

How to future-proof your technology investments in rental property management

Thinking about going digital in your rental property management business? You’re in good company. Digital transformation is a top priority for 74% of companies. Also, 61% of real estate businesses have adopted technology, with a third embracing one to two solutions. 💪 But in rental property management, there’s a lot to consider, and the stakes are high.  Should we invest in fixed or custom-built solutions? What’s this project going to cost? What’s our ROI? Is this move worth the risk? 🤔 The apprehension is understandable when you consider how quickly solutions become obsolete. After all, technology like floppy disks and fax machines were once high-tech. You’ll need to plan for longevity to see long-term success in your digital transformation. We’ve got you covered. In this article, we’ll share the key areas to consider when selecting solutions. We’ll also cover some current trends to guide your decisions.    Your future-proofing tech list for rental property management 📋 Do you want to see long-lasting results from digital transformation? Well, as the famous saying goes, you’ve got to “start with the end in mind”. Let’s explore some features to consider. Scalability When you’re running a rental property management company with ambitious growth goals, scaling fast is a possibility, and you’ve got to prepare for it. So, it’s essential your tech stack can grow with your business. 📈 Opting for flexible solutions that allow you to scale usage up and down to support business needs is an effective way to do it. This move will ensure uninterrupted service as your portfolio expands and can reduce costs in market downturns.   Adaptability Things change, and over time, so will your business. Throughout your digital transformation, it’s critical to onboard flexible technology, allowing you to adapt to changes in business and market demands.  Agility will be invaluable to your rental property management company. Compared to non-agile companies, agile businesses report better customer satisfaction (93%), enhanced employee engagement (76%), and increased operational performance (93%). 🔥 The companies you partner with shouldn’t stagnate, neither should their technology. They should have a history and commitment to incorporating new functionalities and processes. Integration 🔗 “If cash is King, data is Queen.” Integrating solutions within your rental property management ecosystem reduces data siloes and unlocks a new level of insight sharing across teams.  You’ll have a more accurate view of your company’s current position on liquidity and compliance. You‘ll eliminate data sharing inefficiencies, making it faster to spot potential opportunities and challenges and giving your company a competitive advantage. For instance, such an integration could involve linking your HR, IoT, property management, HR, accounting, and flexible payment solutions.    Costs for setup and maintenance 👨‍🔧 Tech debt is real. Solutions can be expensive through time investment and cause lost productivity or funds. Companies incur $1,083,000 of technical debt for every 300,000 lines of code. Companies also saw 23-43% in wasted time.  The result? Your business progress stumps. Affordability and good value for money are crucial to future-proofing your technology investment. A cost-effective solution should balance upfront investment, long-term operational savings, and income production. Don’t just look at now but a few years down the road.  Top tip💡: Evaluate both the initial setup costs and ongoing maintenance expenses.     Automation 🤖 What would your team’s work day look like if they didn’t manually battle rent week or admin? We’ll set the scene for you: more efficient, productive, and happier.  The not-so-secret digital transformation hack is automation, and every solution you pick should leverage it. 73% of IT leaders say automation saves 50% of their time. Also, 51% believe automation slashes costs by 10% to 50%.  Selecting solutions with built-in automation will ensure that every new tool takes tasks off your team’s hands instead of creating new ones. Automation can also reduce errors, resulting in increased accuracy rates. For best results, look for systems that offer rent payments and collections automation, maintenance scheduling, rental property management tools, and communication features.  User-friendly interface Have you ever had to send money by bank transfer, money transfer service, or online rent payment portal? Using these solutions involves a lot of clicking, double-checking, and hoping the details are right. If not, your company or the tenant could be footing the bill. 😟 Yet, many tenants endure this stress monthly. There’s also no leeway for split rent payments without going through the laborious admin again. Then there’s the notorious rent week [Link to rent week blog post], where many teams battle collections month in and month out. To eliminate these battles, ensure every rent payment and rental property management solution you select balances ease and convenience with security and affordability. For example, a long-term approach to digital transformation could look like implementing a rent payments app like Flex. Our solution allows you to offer flexible payments on a mobile app with a UX-optimized interface. This setup will allow painless rent processing for tenants and your team.    Data security and compliance Whether it’s the typical tenant or a mega-corporation, fears surrounding data security are rising. It’s easy to see why. Between 2021 and 2023, data breaches skyrocketed by 72%, obliterating the previous record. Additionally, 40% of US consumers are concerned about their digital privacy. 😰  Protecting tenants’ personal and financial data is essential to building trust and maintaining good relationships. To achieve this, ensure that each technology complies with relevant data protection and compliance regulations and has robust security measures. For instance, end-to-end encryption, security certificates, firewalls, pen tests, and security audits to safeguard data. Mobile accessibility 📱 These days, it’s a challenge for most people to spend a day without using their phones. We use them to execute routine tasks, from paying rent to booking repairs. So, it’s unsurprising that mobile payments are tipped to make up 79% of all digital transactions by 2025. Mobile apps are the future. Your rental property management tech should reflect this. Every solution you select should facilitate on-the-go property management for tenants and staff. For example, tech-savvy property managers use

A simple guide to money management for property managers

Imagine this: It’s rent week, and you have 3000 units and over 4000 renters to manage. Late payments and revenue fluctuations are recurrent issues. Over a third of tenants have dodged rent so far. 300 residents won’t be renewing their lease. At the same time, a bunch of water heaters are out, and contractors are quoting an eye watering, five-digit figure to fix them. Oh, and your best administrator just handed in their notice. These issues have one consequence in common. More costs for your business. And just like that, your profits nosedives.😰 Sadly, this is the daily reality for many landlords and property managers. 7% of landlords missed mortgage payments during the pandemic due to tardy rent from tenants. Landlords in Miami and New York, where cash reserves were lower, experienced such losses disproportionately. Some landlords also couldn’t pay property taxes and maintain properties due to delinquencies and tenant evictions. The good news? While the economy may keep swinging, you can block some of the impact with some sharp money management blows, namely a financial cushion. In this article, we’ll explore why and how to build one.    Financial instability: The stressful reality rocking rental property management Cost of living crisis, check. Rising operating costs, check. Increasing compliance and sustainability obligations, check. These issues add up to a hefty bill for which your rental property management company is on the hook. It’s a huge deal since the demand for rent has fallen, with decreases hitting 0.78% in December 2023. Then there’s the fact that margins in property management can be slim, with fees between 4% and 12%. 🤦 Optimizing your money management may seem like yet another task to execute on your team’s already-packed to-do list. But the payoff is worth it. Once you build a solid financial runway, your business can take off. You’ll have more security, profits, and freedom to take advantage of scaling opportunities. 👍 What does a typical financial cushion look like? 🤔 When it comes to finance management for a rental property management company, what’s a smart decision will depend on its unique circumstances. However, there are some milestones you’ll want to achieve on your money management journey. These include: Funds to cover at least 12 months of expenses, like staff salaries, mortgage payment taxes, and community association fees Affordable credit lines for emergencies Optimized rent payment solutions and processes Streamlined expenses and adequate spending controls    6 Financial management tips for landlords 💰 Whether you’re starting from scratch or have some runway saved up, reaching the next stop in your money management journey will take some planning and sacrifice. Let’s dive into some money management moves to execute and position your rental property management company for success.  Understand your company’s current financial position “If you fail to plan, you are planning to fail,” as Benjamin Franklin quite rightly put it. So, first up on your financial management task list is getting up close and personal with your business’ numbers. Take a look at the figures from the last three to five years and note any trends and inconsistencies. In particular,  Evaluate the company’s capital needs. Include past, present, and future obligations. For example, mortgage, ops, insurance, and property renovation costs Assess the company’s profitability by property, area, and segment to highlight top performers and laggards 📊 Examine the company’s liquidity (a.k.a. working capital) and solvency ratios. Use these figures to understand how well your company can meet its obligations, stay in operation, and remain viable long-term. If number crunching isn’t your forte, call in reinforcements from an accountant for cash flow management and forecasting help. Some records and metrics that will be useful here include: Historical and current financial statements, e.g., cash flow statements, balance sheets, income statements, and Accounts Payable ageing reports  Performance figures, e.g., revenue, net income, gross profit margin, net profit margin, leverage, working capital, current ratio, and return on assets Cash flow metrics, e.g., Operating Cash Flow (OCF), Days Sales Outstanding (DSO), Average Days Delinquent, Current Accounts Receivable (CAR), Current Accounts Payable (CAP), Cash Conversion Cycle (CCC)  Capital structure, e.g., Debt to Equity ratio, Weighted Average Cost of Capital (WACC) and Debt Service Coverage Ratio (DSCR) Comparative analysis. Compare the company’s capital structure with industry peers and competitors to assess its relative leverage, liquidity, and financial risk. Look for deviations from industry norms and investigate underlying reasons     Set achievable, cash flow-boosting goals 🎯 Now you’ve got an idea of company finances, it’s time to set some money management goals. They should empower your business to eliminate monetary burdens and create more financial freedom. For instance, you could focus on: Optimizing cash flow management, e.g. increasing cash reserves by negotiating payment terms with suppliers Reducing debt Increasing revenue, e.g., through maximizing rent occupancy Improving rent collection efficiency, e.g. offering split rent payments and having tenants pay rent online (more on this later) Streamlining expenses Creating an emergency fund for unexpected expenses Top tips💡: Be specific in your money management plans. Set S.M.A.R.T. goals. Also, pick three to focus on initially. Then once you’ve nailed the goal, move on to the next. Automate finance-related processes to support money  management 🤖 If your team spends umpteen hours on admin, it’s costing your business big time. Labor can consume up to 70% of business expenses. That’s money that could be going into your financial cushion. So, it pays to reduce the administrative burden in your business through automation. In practice, calling in the bots to uplevel your finance management could look like: Implementing digital tools for bookkeeping and expense tracking. Including spend controls like company cards and automated categorization and approvals  Setting up automated invoice generation and distribution for recurring expenses like utility bills and vendor payments Automating savings into different accounts for specific functions, e.g. the emergency fund or investment account Generating financial reports automatically by using tools with in-built reporting features and accounting software integrations Automating budgeting and forecasting processes to track financial performance and plan for future expenses

Tenant screening: Flags to watch out for in rental property management

Picture this. It’s February. Lease sign-ons are sluggish, and profits have dipped. Eagerly wanting to get tenants through the door, your team skips key tenant screening steps. A few renters have moved in, and everything has been going well for a while. At least, that’s what you thought. But now, the cracks are starting to show. A few tenants refuse to pay rent, and you get daily disturbance complaints. Worse, one tenant moved out, taking your furniture with them. The other has pulled a Houdini, but not before turning their unit upside down. 😔 If you’ve ever experienced something similar, you’re not alone. In 2022, 85% of landlords said they were rental fraud victims, up from the 66% pre-pandemic level. Also, 52% of landlords say disruptive tenants are now somewhat or extremely common. So, it’s not surprising evictions average 2.6 million a year, costing landlords thousands in legal fees. But don’t worry. In this article, we’ll cover the issues property managers and landlords face in the changing rental property management landscape. We’ll also reveal the red and yellow flags to look out for when screening tenants. Plus, we’ll cover hassle-free ways to structure your tenant screening process to secure better residents.    Common tenant screening challenges Sophisticated fraud schemes 👀 As technology advances, fraudsters have developed more cunning ways to deceive landlords and property managers. The issues start at the beginning of the rental process, with plots ranging from criminals using falsified rental applications, pay stubs, employer verifications, and stolen identities.    Savvier tenants backed by law👩‍⚖️ Today’s tenants are more informed of their rights and have increasing legal protections. While these changes can have positives, they can also make it harder to manage problematic tenants who know how to exploit loopholes. Take New Jersey’s law on evictions, for example. Landlords can’t evict or force a tenant to vacate the property without probable cause. This allows tenants to stay in their unit until their tenancy ends, provided they don’t break any rules. A volatile rental market 📉 Economic fluctuations and housing crises impact your company’s pockets, but they also affect your tenants’. As a result, renters’ behavior can become unpredictable. For example, you could experience tenants becoming more transient. Residents could also want lower rates than typical and be at higher risk of rent payment arrears and defaults. You’ll need to adapt continually to stay on track with your occupancy and revenue goals.   7 Tenant screening red flags for rental property management🚩 Red flags are serious warning signs that a potential tenant is bad news. Spotting these tell-tale signs early on is critical to protect your rental property management business from wasted time, money, and stress. Let’s run through a few of them. Red flag #1: Previous evictions  If a prospective tenant got the boot from previous landlords for significant issues they caused, you could have a problem on your hands. These scenarios could look like a renter evicted for non-payment or disturbing the peace. Red flag #2: Unsteady or unverifiable income Have you found inconsistencies in a potential tenant’s income frequency, or can they not prove their declared pay? It’s time to hit the “Stop” button. 🛑 If their income is questionable, the security of your revenue and profits will be, too.  Red flag #3: Frequent payment issues Say a tenant has built a reputation for failing to pay rent or other bills. Well, this habit could signal future problems. If the potential tenant’s credit score shows many late payments for bills or the previous landlord shares that it was an issue, this is a major red flag. Get this: 73% of landlords say late rent payments are somewhat to extremely common. Red flag #4: A checkered past, a.k.a., criminal history 👮 While it’s important not to discriminate, checking a potential renter’s criminal background for actions that could pose safety or security issues is essential. For instance, if a tenant has convictions for violent crime, terrorism, drug offences, or fraud, don’t ignore this information. Look into parole terms and recent activity to determine whether they could pose a threat.  Red flag #5: Gaps in rental history This issue may not seem like a red flag. After all, a tenant could have gaps in their rental history due to time living abroad or with family. But this is a bad sign if your investigations uncover reasons like time spent incarcerated for serious crime or non-payment leading to eviction. Red flag #6: Multiple recent addresses 🏘️ While “variety is the spice of life,” constant address switching can suggest a tenant has difficulty maintaining stable housing. A long-term tenancy is also unlikely. Considering costs for things like wear and tear maintenance, having high tenant turnover can lower profits, so it’s a “no” for such renters. Red flag #7: False documentation and information Shady documentation and information, whether fake references or shady employment details are serious red flags. Such moves could be the start of a fraudulent plot that will put your business at risk. One out of eight rental application documents is fraudulent.  6 yellow flags in tenant screening for rental property management 🕵🏻‍♀️ Yellow flags aren’t as severe as their red counterparts, but you’ll still need to do some further digging and proceed with caution. Here are a few to look out for. Yellow flag #1: Poor credit history 💳 While not as bad as an eviction, a poor credit history can signal a lack of financial savvy, inexperience, or irresponsibility. So, looking closer at reports for signs like late payments and young credit history will help you distinguish which one you’re dealing with. Yellow flag #2: Limited or no rental history New renters may be model tenants, but they still pose a risk to your business since there’s no track record to assess. So, you may need to do some more checks and put in place security measures. For example, if you’ve got a recent graduate trying to secure their first apartment, you could use higher deposits, guarantors,

The secret to increasing profits without raising rent

“12 boilers on the east wing just went out”, Carl from maintenance emails. The same day, your leasing team reveals they’re swamped and need some extra hands to stay afloat. Then there’s your business insurance, which is due for renewal any day now. All these challenges have one thing in common: they need money. Unless you’ve got a substantial financial cushion  you’ll need a huge cash injection to make it all happen.😨 With spiraling costs, increased consumer expectations, and market instability, passing the piling bills on to your tenants can be tempting. But raising rent isn’t always the right or only choice. For example, rent jumped by 30.4% between 2019 and 2023, outpacing salary increases by 10.2%.  In this article, we’ll share some instances when increasing rent could make sense and when it’s best to seek alternative income sources. We’ll also share some ways you can increase profits that don’t involve a rent hike.    Raising rent: When to hold and when to fold  To increase rent or not to increase rent? 🤷That is the question. We’ve got you covered. Let’s cover some circumstances that warrant a rent hike or holding off.    When to uphold raising rent👍 Your property just had a makeover  If you’ve made significant upgrades to a property, you’ve likely racked up some eyebrow-raising costs. But the good new is sprucing up a property, whether through a new kitchen, co-working, or fitness amenities, can make it more appealing to tenants. In such cases, tenants may be willing to pay higher rent if you communicate the benefits of the improvements. 🖌️   Operational costs are going through the roof Even when you’re trying to avoid increasing rent, rising costs for things wages, supplies, and utilities can force your hand. Take the rising cost of utilities over the last decade, for example. In 2022, US electricity prices jumped by 10.7%, the highest spike since the beginning of the century. However, if you go ahead with increasing rent, it’s critical to be transparent about the reasons with tenants to maintain tenant satisfaction and trust.   The local economy is picking up 📈 Are your properties in a growing tech hub, student city, or the like? Such circumstances can lead to a surge in demand. The demand for rental units can outpace supply, making it a good time to consider increasing rent. This move can align your pricing with the market to capture the property’s increased value. Just be sure to tailor your rental to your target demographic to increase lease signups.   Similar properties in your area are charging tons more If your neighbors with similar units have substantially higher rent asking pricing, it could be time to charge your property’s worth. Underpricing could raise flags in some renters’ eyes. It can also create an opportunity cost. For example, undercharging by $200 per month across ten units is a $24,000 loss annually, which you could have used on strategic initiatives. Raising rents helps you avoid such losses.    You’ve had tenants at the same rate for three years or more 🤝 A lot can change over a few years, from inflation rates to renters’ financial position. So, if a tenant has been paying at the same rate for multiple, raising rent could be reasonable. This is especially true if your property’s market value and operating costs have increased. To lessen the shock factor of raising rent, offer ample notice and explain the rationale behind the increase like upgraded amenities.   When to hold off increasing rent 👎   Competition is stiff in the rental market   Competition is part and parcel of rental property management. But if competition is too stiff, raising rent could backfire. For example, in states like Texas and Florida, there’s been a surge in property development. This fact has made it challenging to secure tenants without offering perks like lower rent, a one-month free stay, or reduced security deposits. So, raising rent could cause tenants to look elsewhere for more affordable options, leaving you with vacancies.     Your tenants are already struggling financially 💸 The cost of living crisis is raging on. Half of renters in the U.S. are considered cost-burdened or rent-burdened, spending more than 30% of their 2022 salary on rent and utilities. Also, 15 million tenants are paying more for rent than they can afford, a.k.a rent-burdened. Knowing these facts, it’s possible that some of your tenants may be facing financial difficulty. This is especially likely in areas with high unemployment or tenants on social assistance. Some tenants could view raising rent as unsympathetic, leading to issues like late payments, delinquencies, and breaking leases early. Next comes high turnover and costly vacancies.   You’ve raised rent recently Let’s be honest. No one likes paying more for things, especially if they once had a lower rate. Most renters want value for their money. So, if your company has been steadily increasing rent, another hike too soon could cause dissatisfaction. This issue could lead to higher tenant turnover, even if they were initially happy with your property and service. If keeping tenants as many units as possible in your units is a priority, it’s best to delay increasing rent.   Rent controls make increases move sketchy 📜 Raising rent has always been a source of contention among landlords, property managers, and tenants. Some states have caught on to issues like unfair rent increases and brought in rent control laws. These laws limit how much and how often you can hike rent. Failing to obverse these regulations can land your business in legal hot water. Tenant lawsuits, fines, and penalties could soon follow. For example: San Fransico limits rent increases to 60% of the consumer price index (CPI) up to a maximum of 7%, and landlords can only evict tenants for just causes  In July 2024, the “Junk Fees” law went into effect. The aim is to ensure Californian tenants pay the price they receive with no add-ons This January, a Colorado tenant won

Unlock the power of tech with these 6 must-have rental property management tools

Technology in rental property management has come a long way. In a short time, we’ve gone from relying on Rolodexes, spreadsheets, and checks to using digital payments and AI-backed property management tools. So, if you want to get ahead in rental property management, it’s time to reevaluate your tech stack. Investing in digital transformation can pay huge dividends for years to come. 92% of companies that have become digital leaders have seen a 17% increase in profit margins over three years, polished off with a 72% digital tool adoption rate.🔥 In this article, we’ll trace the issues that kickstarted digital transformation in property management and their consequences. We’ll also reveal some of the latest and greatest solutions to invest in to take your business to the next level.🚀 The problems with traditional tools fueling the tech takeover Paper invoices, payment logbooks, postal orders—remember those? You may even still use them. These were once rental property management staples. Then, in the 1980s, PCs and spreadsheets like Lotus 1-2-3 and Microsoft Excel came along. Suddenly, there was a formula for almost every task, including record-keeping, accounting, and even communication with tenants and vendors (we’re looking at you, Mail Merge!😜). These technologies were a step up from their predecessors. But, some issues reared their ugly heads continually, setting property managers back. These include: Human error: Mistakes are common when using manual tools, whether it’s entering the wrong information into an Excel cell or forgetting to process a paper invoice. The consequences can be catastrophic. Take Citigroup, for example. An admin error while wiring funds caused an eye watering $900 million loss. 😨 Time-consuming processes: Not all tech is good tech. In fact, some simply switch out the typical issues that manual tools bring with a whole new set of problems. A great example of this is online rental payment portals. While they’ll let a tenant pay rent online, some are inefficient, hard to understand, and expensive.  Lack of real-time updates: Speed is everything when closing tenants on leases. But it’s hard to be fast when you’ve got to dig through physical documents and spreadsheets while relying on memory or calendar invites. And just like that, leads go cold, and your business misses out on precious revenue.  Limited data accessibility: Imagine being off-site at a viewing, and you need access to a prospective tenant’s data to close the deal. The problem is that the sales file is in paper form. So, you call your colleagues, but they’re at lunch and in meetings. Now you’re stuck, and your hard work is on the line. Such are the consequences of manual and paper-based processes. The result? You guessed it—more lost sales. 💸 Ineffective communication: Keeping prospective and current tenants updated is critical in property management for rentals. Except, reliance on traditional comms channels like phone calls, physical mail, and email leaves the door open for mistakes. For example, you might not record key data or miss messages, creating a poor tenant experience and financial losses. Data security concerns: Cybercrime is at an all-time high and shows no signs of slowing down. Losses could hit a record $13.82 trillion by 2028. Also, 98% of US consumers worry about the existing cybercrime threat. So, common practices like writing sensitive information like bank details and tenant profiles on paper and using unencrypted tools, won’t cut it. They’re a recipe for financial and reputation losses. Growing demand for more efficient and automated solutions: Imagine paying rent by bank transfer or verifying payments by eye. Every. Single. Month. This process gets old quickly. Soon, procrastination can set in, making on-time rent payments less likely. Those staff that power through pay for it with overwhelmed schedules and burnout. Lost opportunities, admin errors galore, and frustrated tenants soon follow. All of which negatively impact your bottom line. 😩 6 must-have tools for successful rental property management Perhaps you’re using some of the traditional tools we just covered and experiencing the headaches that come with them. Or maybe you’re using newer technologies but not seeing the gains you’d like. We’ve got you covered. Let’s explore some game-changing solutions and their perks. (AI-powered) property management software 🏢 First up, an industry favorite. Property management software is like a marketing, sales, bookkeeping, and administrator platform rolled into one. This solution acts like your very own assistant, streamlining and digitizing processes. Some benefits of property management software include:  Less busy work, increasing productivity Maintain accountability by tracking actions Comprehensive task management spanning lease management, maintenance tracking, accounting marketing, sales, and more Reduce the administrative workload by automating tasks like managing tenant inquiries and maintenance requests Improved response times that enhance tenant satisfaction Streamline important administrative tasks like document processing and renewal reminders Increase data democracy and sustainability by going paperless Flexible rent payments app📱 In a world where 2 billion people use mobile payments, it was only a matter of time before renters started to expect more modern rent payment options. A huge leap forward in payment technology is a rent payment app. Residents pay rent through a few clicks. This technology can replace checks, bank transfers, standing orders, and the tedious admin associated with them, making life easier for all. For example, a solution like Flex, a rent payments app, residents can split rent payments and manage them when and where they want. Some more perks of a flexible rent payments app are:  Stabilized cash flow (Flex pays out full rent to you at the beginning of every month) Improved financial visibility, reducing late payments and administrative overhead Higher NOI and ROI Streamlined and automated rent collection, allowing your team to reclaim their time  More resources to focus on other strategic initiatives Increased leads, sales, and renewals Higher tenant satisfaction AI customer support solutions 🦾 Answering tenant queries and concerns is a given in property management for rentals. So, you need tools that’ll make your customer service flawless. That’s where AI-backed support solutions come in. From chatbots and virtual assistants to automated ticketing and case

Automated rent collection with Flex: What’s in it for you?

Inconsistent payments, late nights completing admin, and cash flow disruptions.  These are just a few of the battles you’ll face when managing rent collection with manual tools and processes. If you can relate, don’t stress. There’s hope in sight.  50% of employee tasks can be automated, and rent collection is one of them.👍   We’ve built an innovative rent payment solution that takes the stress out of getting paid. In this article, we’ll share how Flex automates rent collection and why it’s the best way to collect rent as a landlord or property manager.   How Flex puts rent collection on autopilot ✈️ You’ve probably heard countless businesses claiming to have the solution to beat all rent payment solutions. You may have even tried a few, but the trials fell flat. So, what makes Flex the best way to collect rent as a landlord or property manager? 🤔 Automated and flexible rent payments.  Flex allows tenants to split rent into two bills, making payments more manageable. Let’s zoom in on how our solution works to guarantee rent: Your company uploads the new rent bills for each tenant to our solution before the end of the month. This includes any extra charges for things like utilities you’d like to include 🧾 Flex then collects the first rent payment (plus the membership fee and any payment fees) from tenants, typically between the first and fifth of the month. If there are any issues with getting the first payment, we’ll let your company and the tenant know quickly Once Flex secures the first portion of rent from the tenant, we’ll pay your company the full rent 💰 Next, we’ll schedule the second rent payment with the tenant. Then we’ll collect the payment from the renter on the 15th of the month or their chosen date And that’s it! Your rent payments are on cruise control. 🎊   Offering flexible payments: What’s in it for us? By now, you’ve likely heard about all about the perks tenants get using flexible payments via an automated rent collection system. But what does your rental property management company stand to gain? We’ve got you covered. Here’s a breakdown of the benefits your business can expect from using Flex: Clawback precious time to boost efficiency 🚀 Rental property management has become an increasingly demanding role with many moving parts. The hustle and bustle is taking its toll on staff—so much so that 1 in 4 is leaving the industry. This trend negatively affects the remaining team, who must work even harder to keep rent coming in. However, since Flex takes over the task, your team can reclaim time and enhance its performance. This feature allows staff to focus on other important tasks to drive their career and the business’ progress. Eliminate boring, repetitive tasks to drive staff productivity and satisfaction Did you know that the average worker spends 4 hours and 38 minutes on repetitive tasks every week, amounting to 219 hours each year? Now imagine dedicating this much time or more to manual rent collection with an already packed to-do list. The chances are it’s not your idea of fun or good use of time, and your staff probably feel the same. This setup isn’t just painstaking; it drags down output and morale.😔 But with Flex, your team won’t have to spend hours executing rent collection by hand. Our solution also removes the administrative burden, reducing the need for manual data entry, reconciliation, and error correction. Take Sage Ventures, for example. The property management team now saves 5 hours per week per Assistant Manager using Flex. Razor-sharp accuracy that reduces costly errors Processes involving manual entry, like rent collection, aren’t just a chore; they’re costly, too. But it’s not just the extra hours that drive up costs. It’s the inevitable mistakes that creep in and wreak havoc. In 2008, business professor Raymond R. Panko published a paper covering various research on manual entry. They found tasks like putting data into documents and spreadsheets had a human error rate between 18% and 40%. With Flex, you’ll eliminate the manual entry from rent collection tasks, minimizing discrepancies and disputes. We even offer integrations with property management solutions like MRI, RealPage, Yardi, and Entrata to reduce data silos and errors.  Uplevel your cash flow and net operating income 📈 Securing rent on time is essential for healthy cash flow. So, it’s unsurprising that 75% of landlords want to be paid the first of every month. But it’s challenging to hit this target with clunky and slow rent payment tools and processes. Here’s where Flex comes in. You get paid every month, which is guaranteed. Our solution also reduces the risk of payment failures and delinquencies. These features mean you’ll gain more stability in your income. You’ll no longer have to wonder about where your next cash injection will come from, enabling you to budget more effectively.  This perk is invaluable for unexpected costs and covers hefty bills like property improvements and maintenance. Plus, the automated rent collection process means fewer staff members oversee it, making it more profitable, too. Get and stay in tenants’ good books Miscommunication on rent due dates, forgetfulness, and tenants who dodge calls when rent is due are all common issues in rental property management. Those hard-to-use and manual solutions make on-time payments even more unlikely. Worse, if your team can’t secure rent in time, your company will be footing the bill. 😨  The good news is our automated, mobile-based rent collection solution removes such friction points, allowing you to offer a smooth experience for tenants and staff. So much so, property managers and landlords using Flex see an average boost in tenant satisfaction of 85%. Here are a few things Flex does without your team’s manual effort, making it the best way to collect rent as a landlord or property manager: Send consistent reminders to avoid late fees and credit report hits 📅 Send payment receipts automatically to maintain regulatory compliance Facilitates tenants’ paying rent

Housing types that thrive with Flex

Will Flex work for us? Will our staff and tenants use the solution? Can Flex actually make us money? 🤔 If you’re asking any questions along these lines, don’t sweat it. It’s normal to want to make the right decision. Rent payments are a huge deal—so much so that how you collect them can make or break your business. But this fact isn’t always reflected in rent collection solutions and processes. 79% of renters say they’ve received incorrect, delayed, or lost payments from their property management company, which led them to cut ties.💸 On the other hand, 78% of residents say making and receiving online rent payments would improve their view of their property management company.  Like many property managers and landlords, you’re probably searching for a rent payment solution that your renters and team will love. You may have even tried a few options, like an online rental payment portal. Now, you’ve found Flex and wondering what makes our app so special compared to the other rent payment solutions out there. We get it. To help you decide whether Flex is right for your business, we’ll be covering the housing types that have done well with Flex.   So, what is Flex, and why is it a good call for property managers and landlords?  Have you ever paid for goods through a phone app? Chances are it was quick and easy, allowing you to complete your transactions with little thought. Well, Flex allows users to do just that, only this time for rent payments. 🤳 Our innovative technology simplifies paying and managing rent while making it more affordable. Using Flex, your tenants can split rent payments into two affordable portions and adjust the second installment date to suit them (subject to credit checks and terms and conditions). Once your company is all signed up, we’ll pay rent on the 1st of each month, no matter what. Additionally, our solution will chase tenants who pay rent late, not your team. Your team will get access to real-time data and analytics on your tenants to help your team forecast quicker and more accurately.  If you’re worried about how much this is all going to cost you, don’t be. Flex is free for your company, with low fees for renters. Plus, if you’ve got staff living on the property, they can use our app on the house. As a result, you can look forward to perks like: ✔️More on-time payments ✔️ Optimized cash flow ✔️ Increased ROI  ✔️ Higher net operating income and efficiency ✔️  Less rent collection admin ✔️ Happier tenants and staff ✔️Less admin and risk ✔️ More time to focus on growth initiatives   Flex for success: Housing types that flourish with Flex One of the great things about Flex is its versatility. This feature allows it to cater to different tenants’ preferences and help property managers and landlords succeed. Let’s break down some of the housing types and renter profiles that are winning with Flex.   Student housing 🧑‍🎓 From books and tuition fees to lump sum rent payments and food costs, students have a lot of costs to cover. Some have demanding study schedules and extracurricular activities. These commitments can make it difficult to work enough hours to cover bills. Others are dependent on loan or scholarship installments, resulting in irregular income.  So, many students face the reality of too many expenses and too little time and funds. Flex helps students stretch cash further and provides more time to pay rent. This feature increases the odds of on-time payments, stabilizing cash flow in your business. You’ll also ease the administrative load on your team since they’ll no longer have to chase payments.   Class A “luxury properties” 💎 It’s easy to think you don’t need flexible rent payments when you’re managing luxury properties, but the opposite is true. “Cash is king”, especially in this choppy economy. Class A renters often prefer being liquid throughout the month. It’s also common to see those with good credit using credit cards to stretch out payment dates.  Others pay for high-end purchases in installments to preserve cash periodically. Around 68% of financially stable BNPL users have leveraged the solution at least twice in the past year. The same reasoning fuels many Americans with large mortgages opting for biweekly payments. While Flex isn’t a BNPL solution, renters can still access similar perks like split rent payments to achieve this. Every little helps.   Affordable housing and Section 8 housing 🏠 Did you know more than 80% of households in Section 8 housing earn less than $20,000?  Between rising living costs, 24% rent price hikes, rent controls fuelling housing shortages, and a spike in unemployment, cash can get tight for these tenants. Such circumstances make them ideal users, increasing the odds of adoption.  This is because implementing Flex can help tenants in affordable and subsided housing catch a financial break by addressing affordability immediately with split rent payments. Our solution also promotes financial inclusion and wellness,[Link to resident financial health blog post] helping more people to afford a place. For example, Flex extends payment flexibility, automated payments, credit building, and budgeting assistance to renters. These are great benefits since tenants using Section 8 and affordable housing don’t always have access to traditional credit. Using our solution, rent payments can contribute to credit history, allowing tenants to build their credit scores.  You may wonder, “What about the late fees we’ll miss out on by implementing Flex?” However, it’s important to consider the risk associated with late payments. Last year, 7% of landlords missed mortgage payments due to tardy rent from tenants. A better approach is to focus on securing on-time payments using a solution like Flex.   Single property (multifamily unit) SMB landlords 🏢 When you’ve got a handful of properties, rent payments are even higher stakes due to cash coming from fewer avenues. It’s also common to depend on rent payments to cover expenses like salaries or maintenance. This situation can make

The power of happy tenants

Are your tenants happy with your property management efforts? Like shouting from the rooftop, singing your company’s praises kind of happy? 📢 They should be. And if not, it’s the point you should get them to. Residents who are happy with their property’s maintenance are three times more likely to renew leases. Also, a renewing tenant is worth an extra $900 on top of their rent payments.  Put another way, focus on tenant satisfaction, and you’ll hear that almighty cha-ching more often. And let’s not forget the valuable social proof and referrals you’ll receive from having tenants be loud and proud about your business. 🤑 In this article, we’ll explain how tenant satisfaction drives bigger profits and some ways to achieve it in rental property management. Fact check: What’s the link between tenant satisfaction and well-lined pockets?  As a property manager or landlord, you’ve probably heard countless times that keeping tenants happy is essential. But this advice doesn’t always come with a list of what’s in it for you. Let’s cover a list of benefits to expect:  Admin and spending loads get lighter 🧺 Have you ever sat in a good mood at your desk, ready to start your day, then suddenly you’re bombarded with complaints, late rent notifications, and queries? Now, you’ve got a hopelessly long to-do list and angry tenants to deal with. All you can think about is logging out and throwing your laptop in the trash, or better yet, running away. 🏃 We’ve all been there. The good news is it doesn’t have to be this way. Improving tenant satisfaction will reduce your team’s administrative load and its overhead. This is because happy tenants are more likely to adhere to lease terms, make timely payments, and communicate effectively. Lease renewals also become smoother. Staff happiness and engagement improve Another knock-on effect of happy tenants is a happy team. The sad reality is that employee retention in property management is poor, with 1 in 4 leaving the industry. Staff often bear the brunt of residents’ frustrations, which takes a toll on their mental health. 24.3% of property managers say managing aggressive and abusive renters is the most stressful part of their role. Creating a positive tenant experience translates into a harmonious environment for your team. Staff’s stress levels dip, and job satisfaction rises, which fosters a more collaborative and productive workplace. This environment also powers employee engagement.  Make strides in your scaling efforts  When managing multiple rental properties, it’s easy to fall into the trap of busy work. Soon, sending emails, chasing tenants for rent, and filing documents take priority over scaling goals. Months go past, and you’ve made little to no progress toward your growth goals. When you focus on tenant satisfaction, you’ll get routine tasks under control. Having fewer operational bottlenecks creates more bandwidth in your team. This capacity will allow you to explore scaling initiatives. Think exploring new markets, increasing marketing and sales efforts, implementing innovative technologies, and buying new properties or enhancing existing ones. 📈   Preserve and build on your work 🏗️ Like most property managers and landlords, getting the business to where it is now has taken a lot of time, money, and effort. So, it’s important to protect it. Upleveling tenant satisfaction will help you keep and build on your gains. For example, satisfied tenants stick around for longer, increasing tenant retention rates. They’re also more likely to recommend your business promoting growth. This setup is crucial for maintaining your progress, driving cash flow stability, and building a solid reputation in property management. Achieve higher profits and well-optimized cashflow  As someone running a rental property management company, improving NOI and ROI is probably high on your list of priorities. Well, stepping up tenant satisfaction is one way to do it. As we mentioned earlier, satisfied tenants become advocates for the property, which can lead to increased referrals. Here’s where the magic happens. Organic growth reduces the need for extensive marketing efforts and tenant acquisition admin costs. Why? It’s 5X -25X more expensive to acquire customers than to sell to existing ones. Also, increasing customer retention by 5% can scale profits by 25% to 95%. 💰 How to drive tenant satisfaction headache-free Now that it’s clear why tenant satisfaction is crucial to your business’s success, the next question is how to do it without overextending your team or budget. Let’s run through a few tips and tricks.    Get renters’ feedback 📋 Before implementing any changes, it’s essential to understand tenants’ needs. Let your residents point you in the right direction. Here’s where tenant feedback surveys come in handy. While they aren’t the newest way to engage tenants, they can drive smarter decisions. To optimize the effectiveness of your survey, create a structured and professional dialogue covering all facets of the tenant experience. Some questions to include in your resident survey are:  How would you rate the following aspects of the property? (Some points to cover include the leasing process, move-in, cleanliness, noise, maintenance, communication, security, amenities, rent payments, resident services, renewals, and customer support) Have we completed maintenance requests to your liking?  What could we do to improve maintenance? How would you rate the convenience of rent payment solutions, a tenant portal, resident benefits, and amenities? How would you assess the helpfulness and friendliness of our staff?  Are there any unresolved issues in the past year that need attention? Have any services or staff made a positive impression? What’s been the highlight of living in this property? Do you feel safe on the property? Please explain your answer. Are there any areas we’ve missed the mark on? How would you describe living in this community?  How likely are you to recommend us to a friend or relative? Is there anything you’d like to add?  Once you’ve created the survey, get some participants. Some great ways to increase feedback are to:  Ask tenants to fill out a survey or provide a review after offering a service Incentivize participation  Market the survey

How Flex curbs churn and burn to drive staff retention

Are you struggling to keep employees around? If so, you’re not alone. The multifamily property management’s quit rate sits at around 33%, 10% higher than the industry average. Even more worrying, just 49% of property managers plan to stay in the industry, a steep 9% drop from 58% in 2018. 🤯 The labor laws are well underway and are causing instability in the global workforce. To win, you’ll need to call in reinforcements. But where do you start? In this article, we’ll dissect the issues fueling the labor wars and how they impact rental property management. We’ll also reveal how having Flex as a tool in your arsenal will help you build higher staff retention rates and happier teams. How labor wars are rocking rental property management 📉 You don’t have to look far to hear talks of employee shortages and strained operations in countless industries. The rental property management industry is one of those taking a beating. Let’s unpack some of these issues. Generational shifts in the global workforce have spiked turnover rates 🏃 The talent pool as we once knew it is gone. Gen Z has entered the workforce with higher expectations of work-life balance and career development. Millennials face a career identity crisis, realizing that promises of better wages and career opportunities from securing higher education may not happen. Gen X is approaching an era of more responsibility and costs at home, raising families with aging parents. Some Boomers have to work into their retirement, creating an aging workforce. So, it’s no surprise that: 54% of Gen Z aren’t engaged at work 60% of Millennials are open to job-hopping 37% of Gen X left their jobs in 2022, leading the great resignation 79% of Gen X say they feel forgotten about at work 😔 49% of Boomers are or expect to work past 70 or don’t plan to retire Difficulty finding suitable candidates is impacting the existing workforce 🕵🏻 In business, you’re only as good as your staff. But, with the workforce pool shrinking, talent gaps have emerged. As a result, some rental property management companies face challenges in finding qualified candidates to fill vacant positions. These vacancies place more pressure on existing staff, who often already have sizable workloads. This situation can lead to burnout, absenteeism, and disengagement fueling the cycle of employee turnover. The issue has become so common that 59% of employees aren’t engaged at work, and 51% are looking for new jobs if nothing changes. 💨 Intense competition knocks out many businesses in the first round 🥊 Labor shortages have intensified competition among property management companies to attract and keep top talent. At the same time, large companies have entered the market, exacerbating competition for skilled workers. As a result, recruitment in rental property management has become a battle of the budgets. The companies with the deepest pockets and willingness to invest win by offering more perks, so smaller businesses don’t get the chance to land a swing, missing candidates as a consequence. Let’s put this situation into perspective from the view of an employee. Say you’re at the top of your game as a property manager and receive identical salary offers. One company has a basic package, while the other offers a large sign-on bonus, better medical insurance, wellness perks, vacation, and career development resources. Which would you choose?   Service quality falters due to insufficient staffing Labor wars don’t just drag down staff numbers; they negatively impact service quality, too. Stretching teams too thin makes it challenging to provide timely and efficient support to current and prospective tenants. This problem can have undesirable consequences like decreased satisfaction, increased turnover rates, lost sales, and opportunity costs. 💸 How Flex keeps staff happy and around for longer 👌 If you’re ready to step up your staff retention, the chances are you’ve come across some technology staples like property management and workforce management solutions. So, you’re probably wondering how a rent payment app like Flex can encourage employees to stick around. The answer lies in Flex’s features and benefits. Let’s break them down.  Give staff more time to grow their skills and the business 🕒 Ensuring staff meet targets is important, but so is helping them acquire the skills to do so and providing the tools to facilitate it. Yet, just 34% of property managers say they’ve had adequate training to execute their role successfully. Sound familiar? There’s hope. Using Flex will reduce your team’s administrative burden and sharpen their efficiency. From here, employees can focus on other valuable endeavors like career development training and business scaling projects. Such initiatives also boost engagement.  Make the switch to improve staff retention and engagement, and your business could be in line for huge rewards. Companies in the top quartile for employee engagement are 23% more profitable and 18% more productive in sales. They also experience 81% less absenteeism, 64% fewer safety incidents, and 18% lower staff turnover for (high-turnover companies). Make every week Rent Week by putting collections on autopilot Rent payments are critical to keep operations ticking. Knowing this, you may have tried to offer split rent payments as a way to encourage early and on-time payments. But without the right solution, it’s easy for things to go haywire. This is especially true if you’ve got a small team or hit busy seasons. Whether it’s chasing later payers, double-checking payments, or completing paperwork, each admin task adds an extra layer of complexity to your staff’s day. Soon, your team is using their limited bandwidth to put out fires instead of focusing on income generation and tenant satisfaction. 💥  But when you leverage flexible payments through our rent payments app, your staff can work smarter, not harder. Flex allows you to collect rent payments around the clock without needing staff to cover the phones and emails. Flex also automates the rent collection process, meaning no more manual follow-ups, payment recording, and filing admin. That’s a huge load of work your team no longer has to worry

How to go from manual mayhem to rent payment bliss

Warning! A harsh reality is coming. ⚠️  No matter what growth stage your rental property management company is in, manual rent collection and traditional payment methods will keep your company from fulfilling its potential. For example, four out of ten tenants still use checks to pay rent, yet checks are the payment option most vulnerable to fraud. Then there are stressful rent weeks with a hefty admin bill and no guarantee of payment. And let’s forget late and non-payments, which are some of the biggest challenges rental property managers face. 😟 The good news is upgrading your rent payment tools, and processes can pay huge dividends. But how do you go about it? In this article, we’ll delve into the reason why traditional rent collection tools and processes miss the mark. We’ll also share ways to bring rent payments into the future.  Why traditional rent collection doesn’t make the cut in modern rental property management ❌ It’s easy to look at old-school rent collection tools and processes with nostalgia. Soon, you’re putting off change, reasoning that they’re not that bad and how you’ve always done things. But, holding on to traditional rent collection tools and processes will cost you. Let’s explore some reasons why. Bad and siloed data fuels poor results 📉 Have you ever called the wrong number or been told the wrong name, which you then used when speaking to current or potential tenants? If so, chances are such scenarios weren’t just embarrassing. They also wasted time and left everyone confused. You’re not the only one to be struck by bad data. Outdated information, errors, and omissions cost US businesses a whopping $3.1 trillion every year. The lack of data visibility caused by data trapped in spreadsheets, physical files, and disconnected tools also impacts risk management, compliance and decision-making.  Compromised security makes your business an easy target for criminals The reality is that manual payment tools and processes are more vulnerable to manipulation. This fact makes spotting fraud from staff and renters harder. Just think how hard it is to spot a forged check, intentional check bouncing, or expense fraud by eye. Worse, your business ends up on the hook for financial and reputational losses. 💸 Financial losses from manual errors  Did you know 79% of renters say they’ve received incorrect, delayed, or lost payments from their property management company which caused them to not rent from them again?😬Not good. Also, the true cost of rent admin isn’t immediately obvious, and there’s the danger. Admin makes up almost 70% of business costs. So, tasks like filing paper statements and verifying rent payments swipe digits from your bottom line. Plus, there’s always the chance costly errors could slip through when you process rent collections by hand.  Costly workforce inefficiencies  Rent week busywork like calling tenants and tools your team can’t access online or use remotely, like accessing physical records, are set up for failure. A lackluster rent collection strategy creates inefficiencies and low staff morale. They also make it harder for your team to hit targets, slowing business development. Yet, these issues are rife. Half of employees with limited digitization spend a minimum of two or three hours per workday on ineffective processes. Also, 59% of workers say they could save six hours or more if they could automate repetitive parts of their role. 🤦 Poor customer experience 👎 Clunky and manual rent payment tools and processes don’t just impact staff; they can also leave a bitter taste in tenants’ mouths. For instance, say you only let tenants pay rent by check, cash, or bank transfer each month. But you only process payments during business hours in the office. The tenant will have to disrupt their busy schedule to pay your team a visit or call if they have a query or issue, causing inconvenience. Mailing checks and ACH payments can also lead to delays in processing, causing anxiety for tenants waiting for confirmation of their rent payments. The result? Missed payments, wasted time, and strained relationships with renters. Why modernizing rent collection with a rent payments app is always a good idea 👍 If you’ve encountered some of the issues we just covered from traditional rent payment collection, don’t worry. Modern solutions like a rent payment app can help your business turnover a new leaf. Let’s cover a few ways:  End-to-end automation leaves more time and money for valuable tasks In today’s busy digital world, people value speed and efficiency. Modern rent collections fulfill this need with innovative technology. For example, with Flex, your tenants can pay rent via our app in a few taps. Our solution also equips your team to manage rent collection on autopilot 🤖 Improve tenant satisfaction and financial health As market volatility continues, renters seek ways to optimize their financial health through rent payments. More flexibility for tenants keeps them satisfied. In turn, you can expect higher retention rates and fewer tenant-related issues. Get this: More than half of renters would “probably” or “definitely” pay more for more flexible rent payment options 82% of tenants want their rent payments to contribute to their credit score 79% believe flexible attributing rent payments to their credit score will give them more financial opportunities Get more on-time payments, improved cash flow, and fewer evictions When you’ve got to cover payroll and maintenance, the last thing you want is delayed rent payments. Yet, when tenants pay rent late, you’re down an income source. Luckily, a rent payments app helps you gain more predictability in cash flow. With an app-based setup and automation, your tenants no longer have to do tedious checks on banking details, set up standing orders, or make trips to the property management office to pay rent. With tools like Flex, renters also get payment due reminders. These features make on-time payments more likely. Avoiding late rent payments also helps your business dodge those pricey evictions, leaving more cash in your company’s pocket. Enhanced transparency and accountability From intentionally bouncing checks and falsified documents

Personalization in rental property management: A simple guide

Do you remember when adding renters’ names to a mass email or text message was the go-to way to add a personal touch? Personalization in rental property management has come a long way since then. These days, personalization goes beyond surface-level tactics; it extends into the tenant experience, from the amenities you offer to the customer support you provide.  The best part? Personalization can have game-changing effects on your business. 86% of people say personalization impacts their buying decisions. Also, customizing experiences can increase your return on investment by 5X to 8X. 🚀 But to get the most out of this trend, you’ve got to know where to invest and what to expect. In this article, we’ll explore some opportunities and roadblocks to look out for. We’ll also unveil how personalization can look in different areas of rental property management to inspire your execution.   The perks and pits of personalization in rental experiences Personalizing experiences and services for your tenants can pay huge dividends. But such actions can also come with flaws and pitfalls you’ve got to prepare for. Let’s zoom in on a few.    The perks of personalization in rental property management 👍 Boost tenant satisfaction: Making each tenant feel valued and seen is essential to keeping them happy. Personalization can help you do just that. Tailoring renters’ experiences sets a positive tone for their tenancies and enhances satisfaction throughout Increased retention rates: Did you know 76% of consumers are more likely to buy from brands that personalize, and 78% are more likely to make repeat purchases at businesses that personalize? In short, showing renters you value them pays. Tenants are more likely to stay engaged and renew leases. 📈 Build a positive reputation: Customer service experiences spread quickly through online reviews or word-of-mouth. Personalization lets your company leave a good impression on renters and gain social proof. Over time, this perk helps your company a solid brand that drives growth Deeper pockets: Personalization can boost revenue by up to 40%, so it’s a great way to get more cash in the bank. It can drive larger profits by increasing on-time payments and renewals. A retained tenant is worth $900 more on top of rent payments💲 Resolve issues more efficiently: Problems are part and parcel of doing business, but how you manage them counts. Personalization allows you to fix problems fuss-free. For instance, leveraging automation and allowing tenants to report maintenance problems through their preferred channel will equip your team to address them promptly and satisfactorily   The pits of personalization in rental property management 👎 Respecting privacy and data protection laws: In the US, the regulations on personalization aren’t clear-cut, so it’s challenging to know what’s allowed. For instance, there’s no US equivalent to the EU’s GDPR. Some states have enforced data protection laws, like the California Consumer Privacy Act, but you’ll need to do some research to find out your responsibilities Balancing consumers’ desire for personalization and privacy: 36% of consumers want brands to do more to offer personalized experiences. But here’s the catch. 17% won’t share personal data and 52% are concerned about companies knowing too much about them. Also, nine out of ten people say businesses should be more upfront about how they handle the personal data they collect. So, it’s tough to know what counts as going too far in personalization in tenants’ eyes and how to manage it. ⚖️ Maintaining equal treatment: Avoiding favoritism or residents perceiving your personalization efforts as such can be difficult. You’ll need to implement general and personalized services and amenities. You’d also have to communicate why everyone gets services based on preferences and offer the option to switch. Securing enough resources can be challenging: Sometimes, staff don’t have the necessary resources to execute personalization successfully. So, they fail before they’ve even had the chance to fight for success. For example, 42% lack the needed insights, and 31% don’t have the right tech. 41% move too slowly due to internal hierarchies impacting agile decision-making. Additionally, 64% of marketers say getting enough budget for personalization initiatives is a roadblock to success. 🔨 Getting staff buy-in can be tough: Property managers and leasing agents often have busy schedules. So, adding another task to their plates, like switching from manual to technology to execute personalization plans, may receive some pushback if the benefits aren’t obvious    How to execute personalization like a pro in rental property management  You’ve probably seen examples of personalization in your daily life through things like marketing and comms campaigns. But how can you apply this trend to rental property management tasks? Let’s explore some areas to customize your tenant experience for the biggest gains.    Conduct surveys strategically 📝 Did you know over 80% of top-performing property managers get feedback from renters? So, before you start any personalization initiatives, ask your tenants for some pointers. Get to know their interests and use this information as your northern star. Check in at regular intervals to stay informed of current tenant sentiments and tweak your approach.  While collecting information, it’s important not to pry. Frame survey questions to gather insights without being intrusive. For instance, you can use open questions and text boxes and ask about lifestyle preferences indirectly, allowing tenants to decide what information they want to share.  Top tip💡: Be transparent about how you use the data you collect. 76% of people say they want companies to be more upfront about how brands use their personal information. Also, 40% say they would be open to sharing their data if they knew who was using it and why.   Tailor onboarding to tenant preferences Creating a smooth move-in process from start to finish is essential for tenant satisfaction and retention. Using personalization is a great way to do it. Here are a few ways:   Tweak lease lengths to fit each tenant 📜 Cookie-cutter annual leases won’t be the right fit for every tenant, even if you add a break clause. Some may want longer

Upgrading rent payments? Here’s how Flex can help

From chaotic rent weeks to increasing competition in rental property management, many issues can crop up when your payment stack is out of whack. The result? Sluggish rent payments and unsatisfied tenants. Late and non-payment are some of the top issues property managers face, and 40% of tenants say flexible rent is important. Adopting flexible payments to fix these problems could make sense. So, you’re probably thinking it’s time to upgrade your rent payment technology and scoped out a few solutions. Now, you’ve come across Flex and wonder how it could transform your rent payments. You’re in the right place. In this article, we’ll highlight some Flex features that’ll help your business get ahead. We’ll also share when to give Flex the green light or red light for specific scenarios, tenant profiles, and business types.🚦 What makes Flex so special?  Whether it’s an online rental payment portal or a generic Buy Now Pay Later solution, you’ve probably seen many tools claiming to transform rent payments. You may have even tested a few. Now, you found Flex and want to know why you should try it. We get it. Here are a few solid reasons why Flex is the best choice for rent payments: Easy-to-use mobile app 📱 Procrastination is inevitable when tenants have to jump through hoops to pay rent. Clear the way for speedy rent payments with our UX-optimized app, which allows tenants to pay rent in just a few taps. Tenant satisfaction, here we come! Affordable, split rent payments Sometimes, all it takes to increase on-time payments is letting tenants spread rent costs. That’s where Flex comes in. Users can slice rent payments into two affordable portions and adjust the second pay to fit them. (Subject to terms and conditions). Plus, Flex is free for the landlord and has low tenant user fees. Predictable, on-time rent payments to your business – for free No more wondering if or when your business will get paid. We pay rent to landlords on the 1st of the month every month. So, even if a tenant doesn’t pay up, you’ll still have incoming cash, giving you peace of mind. 👌 Automated rent collection processes Flex secures rent payments without your team’s manual effort, from reminders to pay rent to issuing compliant receipts. Taking a load off your team’s back also releases more time for other value-added tasks. As a result, you’ll enhance employee satisfaction and engagement. Free staff user perks  Tenants aren’t the only ones who enjoy Flex. Staff who live on properties that onboard Flex can use our solution gratis. That’s right; your business and staff who live on-site pay zilch. This perk can be a great selling point in your talent acquisition policy. It can also boost employee happiness and financial health. Reliable and proven solution 🥇 Only the best solutions will do with something as mission-critical as rent payments. Flex is vigorously tested and continuously improved, which has allowed it to become a trusted property manager favorite. 5.5 million units across the US use Flex. Flex is also among the top 200 in the US Google App Store. It’s got 83K resident reviews and a 4.6 rating. Also, 84% of current partners see Flex as a strategic solution for growth.  Smooth integrations Create a property management tech stack that drives cashflow mastery, operational excellence and larger profits with our seamless integrations. For example, you can link Flex to popular property management solutions like Zego, Entrata, Rent Manager, Real Page, and Yardi. Boost credit scores 💳 Get your business noticed by fulfilling a growing ask: using on-time rent payments to build credit scores. Flex does precisely that. As a result, your business can help tenants improve their finances while creating more monetary stability for itself.  Who is Flex the best fit for? 🤔 Picking the right rent payment solutions is essential for continued success in rental property management. So, before you sign the dotted line, you’ve got to make sure the solution is a great match. To decide whether Flex will work for your business, let’s zoom in on some instances when Flex could be a hit or miss. Flex is an excellent fit for businesses: ✔️ Serving low-income to mid-income residents: If your resident base primarily consists of tenants receiving Section 8 or other housing subsidies, students, and working professionals, onboarding Flex could be a good shout. You’ll help tenants stretch cash further, relieving money stresses and increasing the odds of on-time payments.  ✔️ Overseeing luxury residences: With costs like large rent payments to cover, many high-income tenants want to preserve cash. Offering Flex can help them stay liquid throughout the month, increasing their satisfaction 💎 ✔️ Looking to end the manual mayhem: Whether it’s chasing payments, filing paper receipts, or verifying details, manual work holds your team back. Onboarding Flex will create space in your staff’s workday to tackle growth-boosting tasks like marketing and sales ⚡ ✔️ Needing more consistent cash injections: Do late payments and delinquent accounts keep you up at night? Onboard Flex and sleep better knowing you’ll get rent payments every month guaranteed ✔️ With small teams wanting to improve productivity: Your team’s size doesn’t need to impact hitting goals. Flex will act as your trusted assistant, securing rent payments and completing the associated admin to maximize your team’s efficiency🙌 ✔️ Receiving requests for better payment options and more flexible terms: If the current tools you offer to pay rent are less than stellar, don’t sweat it. Turn over a new leaf with Flex. Our modern and flexible solution will allow you to keep up with tenants’ latest rent payment preferences easily ✔️ Wanting to diversify or digitize their payment options: Need a powerful rent payments solution to complement your existing payment stack? Flex can help. Our solution is a solid option for renters who want a quick, easy, and digital way to pay 🤳 Flex won’t be the right fit for companies:  ✖️ Whose tenants don’t use or want mobile payments: Say most

The property manager’s guide to sustainability

Attention landlords and property managers! Sustainability measures are no longer just “nice to haves” or admin tasks to check off. How you approach going green can now make or break your business. Even renters are taking note of your company’s commitments. A staggering 80% of landlords and property managers say their sustainability practices are directly influencing their residents’ leasing decisions.  Yet, most property owners don’t have a sustainability strategy. Perhaps you don’t know where to start, and everything seems alien. Or maybe you gave sustainability a go in the past, but things didn’t work out. We’ve got you covered. In this article, we’ll explore why sustainability matters, plus some moves to go green successfully, including how flexible payments can help. Table of contents So, why the global change in attitude towards sustainability? Sustainability is a huge deal in this tricky economy 6 practical tips for sustainable property managemen Champion a greener future one tenant at a time Noticed a decline in on-time payments? Get paid faster with Flex. So, why the global change in attitude towards sustainability? There was a time when sustainability was treated like just another fad by many companies. But times have changed. The reason for this shift is multifaceted, from consumers waking up to the harm emissions cause to our planet to governments needing all hands on deck to achieve their net-zero targets. Then there are the gains sustainability brings. Think tax write-offs, rebates, and subsidies, which make going green an attractive feat. Many governments now offer incentives for adopting initiatives that take care of our environment. For example, money back for recycling in Germany and tax credits and rebates for investing in renewable energy technologies in the US. Sustainability is a huge deal in this tricky economy We’re in a challenging era for property management, where operational costs are high, obligations are plentiful, and renters are picky. So, the sustainability leap should be a top priority. Let’s zoom in on some reasons why. Boost tenant attraction and retention As the segment of sustainability-conscious consumers continues to grow, so does their impact on your company. As we mentioned earlier, renters are keeping a close eye on landlords’ sustainability measures. So, whether you manage one unit or 10,000, it’s a good idea to invest in ESG initiatives if you want to secure more sign-ons and renewals. 77% of businesses say their green practices spike customer loyalty. Also, 63% have experienced a jump in sales growth. 📈 Attract and retain top talent If you’ve managed employees for any length of time in property management, you know just how challenging finding and keeping staff can be. But there’s hope. Around 70% of workers are enticed by companies that are environmentally sustainable and/or socially responsible. And here’s the best part. 56% of workers are more likely to stay with companies that have a strong sustainability record. In short, getting on board the sustainability train will help ease your hiring load and costs. Drive larger sales, cost savings, and profits 💵 Not only are ESG initiatives great for reducing your company’s waste, but they can temper property management spending, too. With sustainability growing in popularity you can now use it to boost takings and profits, making going green a great way to future-proof investments. Check this out: 8 out of 10 consumers are willing to pay more for sustainable goods. Also, after paying certification costs, Leadership in Energy and Environmental Design (LEED) buildings can increase in value by 4%. Stay on the right side of the law Like it or loathe it, regulatory compliance is a huge driving force behind sustainability in property management. Many countries now have laws and regulations on going green that apply whether you manage one unit or 10,000. The US is no exception. Your business is subject to responsibilities in sustainability laws and treaties like the: 6 practical tips for sustainable property managemen Now you know why sustainability deserves closer attention, the question becomes what are some effective ways to go green in property management? Let’s cover a few. Tap into green energy sources ⚡ Did you know that while 57% of companies have begun some kind of energy-efficient practices, machinery, or tech, many are stuck on where to start? If you fall into the latter category, don’t fret. Here are some clean ways to generate electricity: Once you’ve picked your clean energy source(s), connect buildings, units, and equipment. This switch will allow you to power machinery and appliances like lights, boilers, air conditioners, fridges, and ovens without harming the environment. If you can’t invest in green energy solutions just yet, look for an energy-efficient solution in the meantime. For example, a heat pump to keep units warm. Top tip💡: Keep a green or hybrid generator on site to assist in a successful transition and act as a clean power backup. After a successful first run, Sage adopted Flex across its portfolio. Following this move, Sage saw a decline in delinquencies. Sage now also saves 5 hours each month on admin per assistant manager, which they now use on strategic tasks. Plus, Sage has processed $2.2 million in rent payments since July 2023 using Flex.👌(Read more about Sage’s inspiring journey with Flex here). Optimize building operations and maintenance When it comes to sustainability, SMEs are focusing on three areas: minimizing waste, conserving energy, and saving materials. Take their lead and clean up your operations in these areas. Here are some moves to make for quick wins: Educate tenants and staff on the perks of sustainability and track progress 📖 Sustainability is still a new concept for many, so it’s not surprising that 22% of SMEs don’t understand terms like “net zero”. “Knowledge is power,” as the saying goes. So, two great ways to increase adherence to your eco-friendly practices are education and advocacy. Let everyone know why you’re implementing green initiatives and what’s in it for them.  For example, you could: Implement water conservation measures Water is an integral part of property management, whether it’s

How to beat Rent Week (without losing money or your head)

By now, you’re probably well-versed in Rent Week and battling the chaos that comes with it. Working overtime days before rent is due may even be your norm, yet you can never get ahead. You’re not alone. The Rent Week task list is endless, from ensuring renewal rates are accurate for the new month, to calling that one resident over and over before placing yet another eviction letter on his door – only to receive their payment the next day. It’s all hands on deck for many property managers to ensure they secure their rental income on-time, no matter what else is happening in the business. 😰 The Rent Week struggle hinders growth and profitability, especially when renters don’t pay after all your effort chasing. Worse still, the odds of late and non-payments increase when you don’t have the right tools. In 2020, 37% of landlords collected less than 90% of their total due rent value for that year (a 51.9% decrease from 2019). That’s a lot of cash and opportunity in the trash. 🗑️ Thankfully, there’s a better way to navigate Rent Week to ensure you get paid on time, every time, all while reducing your workload. In this article, we’ll take a quick look at how the Rent Week struggle began and highlight some common property management challenges caused by it. Finally, we’ll explore some technology and strategies you can leverage for a profitable and painless Rent Week. Table of contents Are sluggish payments holding your business back? Learn how Flex can help you skyrocket growth. How the Rent Week struggle began Rent Week (a.k.a., the week that rent is due from residents for the coming month) was set up to establish consistent cash flow for property businesses. This liquidity allows the property manager or landlord to cover operating expenses for the period and accumulate profits over time. For example, the residents pay you by the 5th of June, allowing you to cover the month’s bills and put some cash in your pocket. It sounds great in theory, but the reality is that the Rent Week system fails a lot with painful consequences. Here are just a few: Modern solutions to classic Rent Week challenges If the thought of tackling another Rent Week keeps you up at night, don’t fret; there’s hope. Thanks to innovative tech solutions, you can swap Rent Week dread for ease. Let’s take a look at some of the latest technologies and their pros: Flexible payment solutions Collecting payments is one of the most notorious property management challenges. But old-school rent collection tools like direct debits are a key cause of the problem. So, residents are calling for more innovative payment solutions. The response? Flexible rent. Technology now empowers residents to take control of their rent payments and gain a better grip on their finances. This shift is great news for operators as it means you can offer residents payment flexibility without putting rental income on the line. As a result, residents can better align rent payments to their finances, and you’ll still get full rent on time. It’s why payment options like Flex are a hit, with 1 out of 5 property managers now offering Flex to expedite rent, a.k.a. revenue. Flex guarantees rent on the 1st of each month to housing providers. Using the Flex app, residents can split their rent payments into two manageable chunks. The service has nominal fees for users and no extra cost for the operator. Flex is also a set-and-forget solution. Users can adjust the second payment date as needed (subject to credit checks and terms and conditions).🎉 Some additional benefits of innovative payment solutions include: ✔️Increased on-time payments ✔️ Optimized cash flow ✔️ Higher net operating income Tired of the Rent Week busywork? Discover how Flex can put your business in cruise control. Data and analytics Rent collection reports are among the most viewed data in the property management world. It’s easy to see why. Cash flow is the lifeblood of every company, and you’re not in business unless you’re getting paid. So, previously, trawling Excel sheets, sorting paperwork, and tracking essential dates by hand was the norm. These days, you can use technology to do rent collection admin. That’s right. Pool data, extract key insights, pinpoint trends, and generate reports hands-free. For example, some solutions allow you to create reports on things like due payments and tenancy expiration dates on autopilot. Using these tools will free up significant time and energy. You can then redirect these resources to revenue-generating activities.👌 Some more benefits of data and analytics tools include: ✔️Faster data processing ✔️Better data visualization to spot opportunities, risks, and challenges ✔️Centralized insights to fuel data-driven decision-making Automation Whether you’ve got one resident or a thousand, using automation will let you navigate rent week stress-free. The trick is to let technology do the heavy lifting for you. These include collecting deposits, securing the first and last months’ rent, and completing onboarding administrative tasks like contract signing. Some extra benefits of automation include: ✔️Streamlined operations ✔️An upgraded customer experience ✔️Improved employee satisfaction and retention Rapidfire tips for nailing Rent Week like a pro 💪 Rent Week done right 🥇 In property management, success or failure hinges on Rent Week. More worryingly, some property managers live the Rent Week struggle every month, resigned to the belief that it’s just the way things go. The great news is that the battle doesn’t have to be your reality. There are now upgraded ways to manage rent payments and eliminate admin work while keeping your residents and staff happy and pockets lined. To see game-changing wins quickly, begin by optimizing your payment experience. With innovative payment solutions like Flex, you can take the pain out of Rent Week. You’ll have touchless rent collection and management. Plus, you’ll be able to offer residents flexible rent and boost cash flow risk-free. So, don’t delay. Join the 1,000+ property management companies using Flex to conquer Rent Week today. Book a demo.