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
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 [link to rent week blog post], 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
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.
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. Guaranteed 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. [Link to blog post housing types that thrive with Flex] ✔️ 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,
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.
