Month: April 2021

Meet Our April ResMan Rockstars

Posted on by Kristin Gooch
brittany

Brittany — Tier II Customer Support Agent

Where did you grow up? Knoxville, TN Go Vols!

When did you join ResMan? March 4th, 2019

What are three words you’d use to describe ResMan? Challenging, Rewarding, and Engaging

What do you love about your job?  Making an impact and leading by example with adding a little professional fun.

What are your hopes for the multifamily and/or multifamily software industry?  To continue to be innovative. 

It’s Oscar Season! What’s your favorite line from a movie?  “Believe in yourself and there will come a day when other will have no choice but to believe with you.” Lion King – MUFASA

caroline

Caroline — Product Specialist

Where did you grow up? El Paso, Texas

When did you join ResMan? August 2012

What are three words you’d use to describe ResMan? Inspiring, challenging, dynamic

What do you love about your job?  The people. I’ve been lucky enough to work alongside amazing people like Elizabeth Francisco.

What are your hopes for the multifamily and/or multifamily software industry?   I would like to see us make a difference in this industry. 

It’s Oscar Season! What’s your favorite line from a movie?  “You’re going to need a bigger boat.”

ketcher

Ketcher – Software Developer II

Where did you grow up?  Houston, Texas

When did you join ResMan? 4/16/2018

What are three words you’d use to describe ResMan? Fun. Strong. Great.

What do you love about your job?  I love learning more about our software and code base and getting to share what I learn with others. I love being able to fix problems and keep them from happening again. I love getting to add new features to our software that will make life easier for our users. And I love getting to work with fun and interesting people who’s company I enjoy.

What are your hopes for the multifamily and/or multifamily software industry?   My hope is that more and more multifamily PMCs will see the value that ResMan brings to the table and take us on as their software platform. 🙂

It’s Oscar Season! What’s your favorite line from a movie?  “We are not men disguised as mere dogs. We are wolves disguised as men.” — Hajime Handa, Jin-Roh: The Wolf Brigade. This movie is a slow build and it isn’t my absolute favorite, but by the time it reaches the scene where these lines are spoken, they land with impressive force.

lina

Lina — Digital Product Manager

Where did you grow up? Bogota, Colombia

When did you join ResMan? About 2 years ago

What are three words you’d use to describe ResMan? Fun, Supportive, and Forward Thinking

What do you love about your job?  Being able to work with different departments

What are your hopes for the multifamily and/or multifamily software industry?   That they all use our software!

It’s Oscar Season! What’s your favorite line from a movie?  “You is kind, you is smart, you is important” – The Help

scott

Scott — Technical Lead

Where did you grow up?  North Richland Hills, TX

When did you join ResMan?  May 2018

What are three words you’d use to describe ResMan? Happy, Caring, Motivating

What do you love about your job?  The opportunity to use my skills to help people find housing

What are your hopes for the multifamily and/or multifamily software industry?   I hope our software continues to improve and add features that makes our user’s lives easier

It’s Oscar Season! What’s your favorite line from a movie?  “You can’t handle the truth!”

Reeves— Financial Operations Manager

Where did you grow up? Birmingham, Alabama

When did you join ResMan? July 2019

What are three words you’d use to describe ResMan? Dynamic, Growth, Inclusive

What do you love about your job?  Ability to learn every department and work with people in each department

What are your hopes for the multifamily and/or multifamily software industry?   Greater technology

It’s Oscar Season! What’s your favorite line from a movie?  “I’ll be back”-Ahrnold

justin

Justin — Account Executive

Where did you grow up? This is always a tough question for me. My father was in the Navy so I spent my early childhood moving frequently and spent time abroad in Guam, Japan, and Korea. We moved stateside and lived in Little Rock, AR and Como, MS (south of Memphis) which is where I went to high school and college.

When did you join ResMan? March 2018

What are three words you’d use to describe ResMan? Dynamic, Progressive, Family

What do you love about your job?  Interacting with our customers, they are why we exist after all.

What are your hopes for the multifamily and/or multifamily software industry?   Continued engagement with technology that incorporates smart home living. A platform that guides the user through their day to day based on their role.

It’s Oscar Season! What’s your favorite line from a movie?  “Hello. My name is Inigo Montoya. You killed my father, prepare to die.” – The Princess Bride

Looking to join this team of Rockstars? ResMan is hiring! Check out our open positions.

Post Pandemic Technology Trends in Affordable Property Management

Posted on by Kristin Gooch

One of the fastest growing trends in affordable property management during the pandemic has been an increased adoption of and reliance on technology. 67 percent of polled affordable housing professionals report shifting to greater digital reliance in 2020. 22 percent of those polled place technology within their top three priorities for 2021. 

How Technology Streamlines Affordable Property Management  

Leasing 

Affordable property management professionals are using online applications, managing recertifications online and adopting electronic document storage. Having unlimited electronic document storage is key for Management and Occupancy Review (MOR) preparation. With electronic signatures approved by HUD in April 2020, professionals in the industry expect this trend to grow rapidly. 

Changes are ongoing for HUD guidelines on electronic file protocols. Guidance on communicating compliance with EIV reporting requirements, including web meetings, is still pending, but Housing Notice 2020-04 is now obsolete and has been replaced entirely by HN 2020-10, which includes these two additions: 

– Section II.A – Adds 811 PRA to the applicable Multifamily Housing Programs who may use the instruction in the Notice. 

– Section VII.B.5 – Revises the language regarding access to electronic versions of the tenant file to Independent Public Auditors to specifically not allow access to EIV reports. IPAs must comply with the EIV Rules of Behavior which requires that EIV information be reviewed on site or at the management company office. 

Resident Communication 

SMS/text messaging is preferred by many residents of all ages, and affordable property management professionals are adopting this popular communication channel. Phone calls are time-consuming for staff, especially when they go unanswered. Text messaging is convenient for both staff and residents and preserves a written record of conversations and notifications if integrated with your property management software. 

Self-serve accounts are a baseline expectation for consumers today. Resident portals allow residents to manage all their communications, property notifications, payments, service requests, document uploading, and package delivery preferences in one convenient location. This gives your staff more time to focus on higher priority tasks. 

Rent Collections 

Certain legislation has driven the adoption of increased and expanded online payment options for residents in some states, which could become more widespread. The most recent trends we’ve seen include: 

– ACH 

– Card payments (credit/debit) – New Jersey signed a law in January requiring affordable property management companies to accept credit card payments for rent during the COVID-19 emergency and for one year following the end of the emergency. The legislation states that transaction fees can be passed along to residents, and any amounts reversed by the credit card company due to claims of fraudulent activity would be considered unpaid rent. 

– Cash/wire pay (Greendot/Western Union) 

– Flex pay (twice a month/weekly) 

– Credit bureau reporting – California now requires affordable property management companies to give tenants the option to report rent payments to the credit bureaus. HUD is still considering whether to allow residents to be charged for the service. 

Maintenance 

Maintenance is a major component of affordable property management. More properties are leveraging the power and convenience of software to manage critical maintenance processes, such as work orders and inspections across multiple locations. 

Internal Processes 

Some affordable housing professionals are stepping up their technology usage with online training (software, internal company training) and internal collaboration on shared documents, budgets, policies and procedures. 

multifamily-cta

What’s Next for Affordable Property Management Technology? 

The biggest technology adoption trend to date has been online applications, with online payments currently picking up speed.  

The end of the eviction moratoriums will usher in a backlog of cases, clusters of vacancies, and an Increase in vacancy-related activities. So, it will be more important than ever to leverage technology for greater efficiency and revenue generation. Relevant tools to have in place include: 

– Mobile maintenance solutions for unit inspections, work orders and make-readies

–  Leasing solutions such as electronic waitlists and online applications, which allow you to enact the entire leasing process online from start to finish. 

Technology will continue to offer a competitive edge for property managers, enabling more efficient revenue-generating operations and a better experience for prospects and residents. 

See how ResMan Affordable can help you maintain compliance and maximize efficiency!

Credit Builder: How to Help Your Multifamily Residents Improve Credit Scores

Posted on by Kristin Gooch

Credit history plays such an important role in our lives today. It shapes our ability to secure housing, buy a car, qualify for a credit card, and in some industries, it even impacts our ability to get a job. Rent is usually the largest bill we pay each month, yet it rarely factors into our credit score. Why? Because multifamily property management companies generally don’t report rent payments to credit bureaus.  

Many property management platforms now have credit bureau reporting capabilities, allowing property management companies to help residents boost their credit scores and improve their financial stability and flexibility. Often this service is offered as a fee-based amenity, delivering value both for residents and property management companies.  

ResMan’s Credit Builder is an affordable fee-based amenity service that offers residents the opportunity to have on-time rent payments reported to credit bureaus. From every angle, it’s a win for both property management companies and residents. 

Credit Builder Benefits to Property Management Companies 

For property management companies, Credit Builder offers a range of benefits. 

Provides a Competitive Advantage: With fewer than 10 percent of properties offering credit reporting, ResMan Credit Builder is a differentiating amenity that allows properties to offer a valuable service to residents that is likely not available at other properties in your area. 

Easy to Offer and Administer: Because Credit Builder is part of the ResMan platform, making it available to residents as easy as toggling a setting. Marketing and sign up for the service is integrated into the Resident Portal and leasing process. For those who sign up, fees are automatically included with monthly rent, and the platform automatically reports on-time rent payments to credit bureaus each month. It’s hard to go wrong with an automated, affordable service that attracts responsible residents without adding extra work for your staff. 

Increases Revenue and NOI: Most of the revenue properties collect for the amenity flow right to the bottom line, allowing properties to increase revenue and grow NOI.  

Helps Residents Understand and Improve Their Financial Situations: Beyond just reporting rent payments to credit bureaus, Credit Builder includes educational resources and tools to help residents understand and improve their overall financial health.  

Meets State-Level Mandates: As more states consider legislation to require landlords to offer credit bureau reporting for rent payments, having Credit Builder in place will make it easy to comply with new legislation. 

Credit Builder Benefits to Residents 

The effects of poor credit impact consumers at every turn. There are no fast and easy ways to reestablish credit, but over time having on-time rent payments reported to credit bureaus can have a material impact. On average, Credit Builder subscribers see 20 to 40-point increases to their credit score over a 12-month period. And since Credit Builder can even report on up to 24 months of back payments, residents who have been at a property for several years stand to gain even more by signing up for the service.  

Beyond credit bureau reporting, Credit Builder includes financial education as well as budgeting and spend-tracking tools to help residents better manage their finances. Residents who subscribe to the service also receive credit monitoring and identity theft protection, including a $1 million identity theft insurance policy. All these benefits are why 95 percent of Credit Builder subscribers say they’d recommend the service to others. 

For property management companies that are focused on engaging, supporting and retaining their residents, Credit Builder is the type of amenity that can really make a difference in peoples’ lives. Learn how you can offer this amenity to your residents today.

Emergency Rental Assistance Program FAQs for Property Owners

Posted on by Kristin Gooch

Throughout the COVID-19 pandemic, there have been many questions surrounding the Emergency Rental Assistance program, the eviction moratorium, relief packages and other aid. Multiple industry associations and government entities have put out resources for both landlords and renters to better understand different types of aid, who qualifies and how to receive funds.  

Here are a few of the most commonly asked questions surrounding the Emergency Rental Assistance program. To see a list of resources, click here.

Jump to a question:

What is the Emergency Rental Assistance Program?
Who is eligible to receive Emergency Rental Assistance?
How should a grantee document the eligibility of a household?
How much aid can grantees expect to receive?
How can renters apply? Can a property apply on behalf of its renters?
Will the aid be paid directly to property managers or renters?
How has the Treasury Department allocated funds for localities?
A distributing entity provided rental payment on a resident’s behalf under the ERA program. Should I include this in my gross income?
Where can I get information on the eviction moratorium and tips on how to communicate with residents?
Where can I learn more about the Emergency Rental Assistance Program?

What is the Emergency Rental Assistance Program? 

The U.S. Department of the Treasury allocated $25 billion to the Emergency Rental Assistance (ERA) Program to aid households unable to pay rent due to the COVID-19 pandemic. In March 2021, Congress allocated another $27.4 billion to the ERA program. 

Who is eligible to receive Emergency Rental Assistance? 

To qualify for emergency rental assistance, one must be considered an “eligible rental household” and meet the following criteria: 

– one or more individuals within the household has qualified for unemployment benefits or experienced a reduction in household income or experienced financial hardship due to the COVID-19 outbreak, whether directly or indirectly

– one or more individuals within the household can demonstrate a risk of experiencing housing instability or homelessness 

– the household has a household income less than or equal to 80% of area median income 

How should a grantee document the eligibility of a household? 

Applicants must prove in writing that they have experiences financial hardship and meet the above criteria. Due to the challenges brought on by the pandemic, the Department of the Treasury is allowing some flexibility in documentation, including permitting photocopies or digital photographs of documents and/or attestations from landlords, employers, caseworkers or others with knowledge of the household’s circumstances. 

How much aid can grantees expect to receive? 

Grantees can receive up to 12 months of back rent and utility bills. Assistance is awarded in three-month increments, at which point an eligible household must reapply for funds.  

How can renters apply? Can a property apply on behalf of its renters? 

According to federal law, if your resident does not apply for the ERA program directly and is behind on their rent, housing providers may apply on their behalf and receive funds directly.   

To do this, you must have the resident’s signed permission and provide all necessary documentation for said resident. That said, this particular issue may be determined based on jurisdiction. Refer to your state’s ERA program website to ensure they will distribute federal funds to you on behalf of the resident.  

It should be noted that properties do not have to participate in the ERA program. Residents can apply on their own, receive funds, and pay them directly to the property. 

Funds from the Emergency Rental Assistance program are paid directly to property managers or utility companies. 

According to the National Multifamily Housing Association (NMHC), some jurisdictions are requiring property owners to forgive or erase partial back-owed rent and forgo their ability to evict non-paying residents when receiving ERA funds. If this causes your company to not participate in the program, the NMHC says that the “resident can apply on their own and will be directed to deliver any relief they receive to their housing provider. Enforcement of this requirement is undetermined at this point.” 

How has the Treasury Department allocated funds for localities?  

See this list from the Treasury Department. 

A distributing entity provided rental payment on a resident’s behalf under the ERA program. Should I include this in my gross income? 

Yes. Under Section 501 Emergency Rental Assistance of the Consolidated Appropriations Act, 2021, whether you receive payment from your resident or a distributing entity on their behalf, you must include these funds into your gross income. 

Where can I get information on the eviction moratorium and tips on how to communicate with residents? 

Check out this blog post. 

Where can I learn more about the Emergency Rental Assistance Program? 

U.S. Department of the Treasury FAQ 
NMHC Emergency Rental Assistance FAQ 
National Apartment Association Resources 
National Council of State Housing
Agencies State-by-State Assistance Resource 
IRS Emergency Rental Assistance FAQ 

**As information on rental relief can change rapidly, please refer to your state or local apartment association or legal counsel for more details.** 

ResMan Streamlines Annual Income Limit Update Process for Affordable Housing Properties

Posted on by Kristin Gooch

New Capabilities Automatically Update HUD and Tax Credit Income Limits for Each Property 

Plano, TX, April 15, 2021 – ResMan®, a leading property management SaaS platform provider, today announced new capabilities that automatically update income limits for HUD and Tax Credit properties managed through the platform. This new functionality eliminates the risk of data entry errors and provides significant time savings to already stretched affordable property management teams.  

“For too long the time intensive and error prone ritual of keying new income limits into a property management system has been passed over as just another responsibility that comes with managing an affordable housing property,” says Janel Ganim, ResMan’s senior vice president of product. “At ResMan, we are passionate about finding ways to free property teams from the manual and time-intensive activities that take them away from what they want to be focused on – their tenants. Automating the income limit update process is one way that we can give back time to property teams, while also eliminating the risk of a data entry error with data as important as this.” 

These new capabilities don’t just save time for properties that are already on the ResMan platform. Any new properties that are added to the platform can take advantage of these automatic updates, accelerating the onboarding process by not having to locate historical income limits for previous years and eliminating the risk of data entry errors during implementation.  

You can learn more about ResMan Affordable here. ResMan will also be holding a Q2 Affordable Market Update webinar later this quarter to demonstrate these new capabilities. 

ResMan to Showcase New Solutions at Texas Apartment Association Expo

Posted on by Kristin Gooch

Plano, TX, March 30, 2021 – ResMan®, a leading property management SaaS platform provider, today announced it will be participating in the Texas Apartment Association (TAA) ONE Conference and Expo April 14-16 in San Antonio. ResMan will occupy booth 715 on the floor of the exhibition and showcase its newest solutions offered on the property management industry’s most innovative technology platform. Among the featured products that make property investments and operations more profitable and easier to manage, ResMan will be highlighting ResMan Websites, Payments, Online Leasing for Marketrate and Affordable, Boardroom, the ResMan CRM and more.   

“ResMan has participated in this annual TAA event for many years and we are thrilled to be back in person, networking with some of the best and brightest in the industry. Over the past year we have launched several new solutions for ResMan users and we cannot wait to show them to attendees,” says Elizabeth Francisco, president and founder, ResMan. “Our focus continues to be on listening to our customers’ needs and expanding our platform capabilities to meet their changing needs. We are committed to a true partnership with our customers, making their lives easier and more efficient.”  

Additionally, ResMan plans to host a drawing during the event, giving away three ultimate vacation packages, including $1000 towards Airbnb and flight packages.   

If you’d like to schedule some time to discuss ResMan’s solutions at TAA, fill out this form.

5 Signs You Need a Multifamily CRM

Posted on by Kristin Gooch

How Does a Multifamily CRM Improve Lead Management?

Customer relationship management software, or CRMs, are the fastest growing software solutions on the market across industries, and multifamily is no exception. A multifamily CRM helps increase conversion by streamlining the lead management process. 

As a supplement to a high-quality property management software, a multifamily CRM creates a more personalized experience for prospects, helps teams manage leads more efficiently and gives property managers unparalleled access to customer data in real time. It improves lead flow, increases conversion and drives higher occupancy rates. 

 Here are five signs your company could benefit from a multifamily CRM. 

1. You aren’t attracting enough leads to maintain occupancy levels  

Move outs happen, of course, but if leads are down and it’s getting harder to keep your units consistently filled, you most likely need the power of a multifamily CRM to boost your efforts.  

When coming up with a plan to increase conversion, start with the basics. Most leads come via apartment aggregator websites, but some companies struggle to keep their ILS listings updated.  Before you even have a chance to wow prospects with your properties, out-of-date information or incomplete (Internet Listing Services) ILS listings for your property could be driving them away. 

The best multifamily CRM will ensure that your ILS listings stand out on the best apartment aggregator sites, providing up-to-date and appealing details on availability, unit size, price and more. This can give prospects a strong first impression of your property and drive them to engage. From there, your CRM and your staff can get to work doing everything necessary to convert them. 

2. You have duplicate prospect records  

Inefficiency impacts your bottom line.  Duplicate leads across multiple properties and misplaced data makes it hard to effectively engage prospects. If your competition is using modern CRM solutions to manage prospects while you use outdated systems, you may lose out on deals. 

A multifamily CRM centralizes cross-property prospect records and allows you to efficiently manage leads across your portfolio. If you’re relying heavily on ILS listings, you may save money through more efficient sharing of leads across properties, reducing your cost per lead. This effectiveness also reduces prospect and team frustrations. 

3. Leads sometimes fall through the cracks 

Your leasing team is constantly being pulled in different directions. You need a solution to keep them focused. A multifamily CRM with a powerful dashboard alerts them to high priority prospects and activities ensures they follow up promptly. 

Your brand is at stake. Consumers believe the pre-leasing experience your team delivers reflects the ongoing experience they will have as a resident. If they experience hassles before they sign, what will life be like when they live on your property? An integrated property management solution and multifamily CRM enable consistent streamlined experiences that residents have come to expect. 

multifamily-crm-cta

4. You aren’t automating communication 

Being responsive is essential to keeping prosects engaged, but your team can’t be available 24/7. Automating communication through a multifamily CRM simplifies processes for your leasing team and shows prospects that you’re easy to work with. 

More than 50 percent of tours are scheduled outside business hours. Leveraging a multifamily CRM that offers AI-powered chatbots on your website to engage your prospects at any time. While your team is serving other prospects or off the clock, a chatbot can engage website visitors, offer virtual tours, and schedule in-person tours. 

Note that not all CRMs do this effectively. AI-powered chatbots that accurately interpret and respond in context to prospects are best equipped to get prospects the information they need to move to the next stage of the process. 

Multifamily CRMs can also streamline other forms of communication. Consider a solution that automates email and SMS-triggered dialogues to respond to inquiries and further engage prospects. The best CRMs also offer click-to-dial and call-from-anywhere options, increasing team efficiency. 

5. You aren’t sure how your lead sources are performing

Understanding where your leads originate ensures you’re allocating your marketing budget correctly. Without comprehensive lead and conversion data, you may be overspending on low-converting sources or underspending on high-converting sources.  

A multifamily CRM tied to a robust property management platform provides clear marketing attribution reports to help you optimize your marketing investments. With complete data visibility, you can make confident budgeting decisions to maximize conversion.