How to Measure Property Management Software ROI

How to Measure Property Management Software ROI

Measuring your property management software return on investment (ROI) can be easier than you think. You just need to look at the right factors. This will ensure you maximize your companies gains or justify the purchase of a new property management software platform to stakeholders.

The Formula to Measure Property Management Software ROI

ROI = (Gains – Cost of Investment)/Cost of Investment x 100

In the ROI calculation gains are any result of increased revenue as a result of your investment in a new property management platform. This could be as a result of software functions that improve processes or even from integrated resident funded programs which may offset cost associated with the platform. Ultimately your property management company needs to evaluate functional requirements and needs as well as determining how those will benefit the bottom line.

See how Rise Residential uses ResMan to Save Time and Money


This is where you can make a case for the benefits you expect. Ask yourself, what are the pain points for my business and my staff? Are you looking for something that is easier to use or maybe your current solution requires constant technical support, which is costing both time and money?
Evaluating Your Property Management Companies Pain Points and Needs

Here are some factors to consider:

– Are you working in multiple systems?

– How efficient is your staff with your current process and system?

– How difficult is it to onboard and train new staff on your current system?

– How much is technical support costing in both time and money?

There’s no set rule regarding what gains should be considered in an ROI calculation. Maybe you prefer to stick to concrete revenue gains from efficiency gains or from resident funded programs like Credit Builder. However, you can also consider opportunity costs as well, ultimately, it’s up to you and your stakeholders to decide what value means to your organization.

Determining the Cost of Your Pain Points and Translating Them to Gains

There are many different reasons for switching property management software. For some it is to increase productivity or maybe you are spending too much time and money on technical support for your current solution. Translating these gains to your bottom line will be essential for your ROI calculation.

For instance, if your staff is currently working in multiple platforms determining the amount of time, they spend each day between systems, then translating that time to either saved payroll or determining opportunity cost of the lost time will give you a concrete potential gain from working in one holistic ecosystem like ResMan.

Finding the property management platform that not only covers the needs of your organization but also creates efficiencies that translates into gains is easy when you know what to look for. Here are the most valuable features a property management software can have, and how those features improve ROI.

Making Your Purchase Decision

Once you have the ROI calculation for the property management software of your choice, you can eliminate the options and begin the decision making process. By taking the time to evaluate the features of property management software and by making a solid calculation, you’ll be able to compare the benefits of upgrading your current property management software to an integrated management platform like ResMan. You’ll also be prepared to make a strong case to your stakeholders about why your choice is the best route for your company.

Whether you define ROI in time savings or as a hardline number, the property management software platform you choose should have quantifiable benefits that you cannot gain from your previous solution.

Don’t gamble on a solution that only meets part of your needs. Discover a solution that increases your ROI and more.

Adjusting Your Marketing Strategy and The Evolution of Leasing

The Florida Multifamily Power Hour is a webinar series designed to bring together industry leaders of Florida to discuss pressing topics in the here and now. We have always been an open industry of networking; however, now more than ever, we need to come together to get through these unprecedented times!

Some are estimating that FL should anticipate 850K evictions in the coming four months. However, according to Harry Heist, even during the peak, FL only saw 160K evictions back in 2008/09. While overall occupancy has remained stable amid the COVID pandemic and rent collections are close to prior years, the sheer number of people unemployed in Florida will ultimately result in increased delinquency and increased vacancy.  The growing number of renters who have opted for a month to month lease rather than renewing is creating another risk factor for multifamily operators.  Given the increase in delinquency, the potential surge of evictions, the flatlining of rents, and unpredictable exposure to the market as a result of Month-to-Month leases there is an evitable impact to the bottom-line looming.

Historically when faced with tough economic challenges stemming from increased vacancy and decreasing effective rents, multifamily operators tend to decrease marketing spend in an effort to cut their way to profitability. As the war for occupancy heats-up in the coming months amid COIVD and eviction moratoriums lifting, I do not think this is the time to cut your marketing spend. It is time to take a hard look at the ROI of the investments you are making.

As your organization evaluates its marketing investments, you need to consider not only what tools you are investing in to attract, convert, and retain customers; you need to understand your ROI.  Consumers have been navigating on-demand experiences for some time now, redefining their expectations for all aspects of their personal lives, including everything from shopping online, dating online, and of course renting online.  Today’s marketing strategies call for more focus on the consumer experience and trends that go well beyond the use of ILS’s, a basic website, and face to face leasing.

Evolved leasing experiences include integrating all channels used to communicate with prospects to deliver a seamless user experience; one that would then transition to scheduling a tour, conducting ID verifications, facilitating self-showings, answering follow-up questions, and then closing the sale by presenting the customer with an online application, all in a consumer-grade package that feels human-like.  The goal, again, is not to eliminate humans from the process but instead create efficiency, instant gratification, and level up the roles of the on-site staff to focus on trust-building and guiding the customer through the renter lifecycle to ultimately retain renters.

To learn more about these topics, check out this video to see what multifamily leaders had to say!

If you are interested in joining our next Multifamily Power Hour we will meet again on Friday, September 18, 2020. Be on the lookout to register and complete the survey to help determine our next topics.

Authored by:

Katie Wrenn | Director of Training & Development at WRH Realty Services, Inc | 2019-2020 President of the Florida Apartment Association

Elizabeth Francisco | President & Co-Founder ResMan, LLC

Watch the recap of the first Florida Multifamily Power Hour

With attendees representing over 300,000 units, we’ve learned a lot in our first two meetings. Join us on the next one to share your insights and network with your peers.

 

Resources to help you stay ahead

4 Website Necessities for Converting Prospects to Residents

Read More

4 Affordable Housing Software Features That Improve Productivity

Read More

The 9 Essential Skills of a Property Manager and How to Build Them

Read More

Using Texting to Safely Communicate During Covid-19

Read More

Florida Multifamily Power Hour June Meeting Recap

What’s Keeping Local Property Managers Up at Night?

If you missed the June Florida Multifamily Power Hour, led by Katie Wrenn, President of the Florida Apartment Association, and Elizabeth Francisco, President and founder of ResMan, you can catch up here with Elizabeth’s recap of the interactive webinar.

Participants voted on discussion topics before the webinar, focusing on their current concerns, then broke into groups to touch base with their peers and learn about new strategies.

Join us for July’s Florida Power Hour

June Topics: 

  • Navigating Aged Receivables
  • Common Area Considerations
  • I Missed My Numbers…Now What?

NAVIGATING AGED RECEIVABLES

Delinquencies: The majority of the group members are seeing collections close to prior year.  However, there are concerns about the rising number of residents with compounding delinquent balances that could result in skips or evictions once the eviction bans are lifted. 

Collections varied across region and asset class. One participant reported that Class A resident delinquency is at 8-10%, while another participant stated that their Class C properties are struggling the most with 18-20% delinquency. The participants overwhelmingly shared concerns that once the CARES Act unemployment stimulus expires on July 31, they could experience a significant drop in revenue needed to maintain their assets. 

Communication: Consistent and ongoing communication with residents has contributed greatly to collection efforts, allowing owners to work with renters through this crisis. With that said, there was also consensus and concern that a number of residents delinquent on rent are not communicating back. Participants reported that they are getting push-back from residents who are saying “sorry, we can’t pay you, but we know you can’t evict us.” These residents do not understand that the eviction moratorium is not a release of financial obligation but rather a delay in consequences. 

Because they realize the residents were qualified and good renters before the pandemic, participants prefer to talk with and work with their residents through this time. One participant was hopeful that 3-day notices would be a wake-up call for non-responsive residents. 

Evictions and Eviction Bans: While rent collections have been stable for some properties, property managers are concerned about what will happen when eviction bans are lifted on August 1. Concerns stem from the 2,672 evictions that are already pending in Florida, which will cause delays in processing for months. One participant shared her frustration around losing the ability to evict renters who are causing harm to the community or are a threat to other renters. Furthermore, renters who cannot pay and who cannot be evicted will cause financial strain on the apartment community, which has a budget built on occupancy and rent revenue to pay their mortgages, common area utilities and maintenance of the physical asset. 

The Protecting Renters from Evictions and Fees Act that extends the eviction moratorium for federally backed mortgages (FHA, Freddie Mac, Fannie Mae, VA, HUD, USDA) for another year just passed in the Senate, but hasn’t yet passed in the House. Should the legislation pass without a stimulus extension for citizens impacted by COVID, there would be an extensive financial strain on the property owners, some of whom may fall into foreclosure. 

All agreed that because it costs more to evict than to work with current residents, if residents are communicating and have legitimate reasons they cannot pay, managers will work with them via payment plans, lease extensions, or rolling up balances to a lease renewal.

Rent Reductions, Concessions and Payment Plans: At this point, a relatively low percentage of residents are requesting payment plans. Some properties are requiring residents to sign an addendum as part of payment plans and allowing them to apply a portion of the security deposit towards rental charges. However, some participants report that renters are hesitant to sign any contract extensions, including lease extensions and payment plan addendums. 

One note of caution: From my experience, if property managers are authorizing payment plans on an asset that could be part of a transaction later in the year or into 2021, they should make sure to have solid reporting around those plans, as they will inflate your net operating income (NOI) until they are all paid off.  

Filling vacancies: Managers are concerned about the backlog of vacant units that will occur if evictions are allowed. They voiced concern about challenges renters may have with regards to their credit and rental history post COVID-19. One stated that as a result of the last recession, property management companies across the country have re-evaluated the approval criteria, resulting in risk-based scoring versus straight-up FICO scores. 

Recommended Resource: Katie Wrenn, Director of Training and Development for WRH Realty Services and the current FAA President stated, “We have had to be more creative than ever before with helping residents get assistance from local/state agencies in addition to the government stimulus.”  

Several of the participants have gone the extra step to connect renters in need with local and state programs as well as working with Apartment Life, a nonprofit that connects residents with local charities and social services. The following two resources were provided: 

COMMON AREA CONSIDERATIONS (RE: COVID-19)

The majority of property managers reported that their common areas are open with restrictions, protocols and PPE, as recommended by the CDC. Renters for the most part seem to understand the need for precautions and are willing to comply. Everyone agreed that Class A renters have been more challenging and have been demanding unrestricted use of the common area amenities. 

Opening Leasing Offices: 75% of webinar attendees responded to a poll that their amenities are reopened with restrictions. Those offices that are not open yet are working phased, property-by-property reopening plans per each state’s protocols.

CDC Compliance Protocols Group Members are Following:

  • PPE for leasing staff
  • Signage
  • Sneeze guards at leasing agents’ desks
  • Limiting the number of people allowed in the office at one time 
  • Enforcing social distancing
  • Adjusting hours
  • Realigning the offices, leasing practices and maintenance practices
  • Enhanced cleaning protocols for amenities, common areas and high touch points.

Challenges of Implementing COVID-19 Protocols:

  • New policies and procedures regarding opening the leasing office and common areas must not only account for CDC guidelines but also for both the state level and local municipalities. 
  • Additional expenses of purchasing new signage, PPE and cleaning supplies on top of revenues impacted by COVID-19.
  • Getting associates in the habit of wearing masks. 

A cautionary tale was shared: A staff birthday party with no masks and a team member with COVID resulted in having to shut down a leasing office. 

Recommended Resource:  An app called Amenity Boss allows residents to schedule use of an amenity and keeps gyms at 50% occupancy without monitoring. Amenity Boss was created as a response to COVID-19 but will be useful after, too. The app works well and is easy to set up.  Contracts are month to month.  

Recommended De-escalation Protocols: Due to the serious and stressful issues impacting families, including social, health and economic concerns, participants discussed the need for site-level de-escalation protocols for engaging with confrontational residents as a layer of COVID-19 reopening plans  As tempers flare across the country, frontline staff could be caught in the middle.  

Katie Wrenn reported good news: “My team has been amazing, taking care of residents and the properties. They’ve been true heroes with their willingness to be on the front lines and their positive attitudes.” 

I MISSED MY NUMBERS…NOW WHAT?

This is not the first recession most group members have experienced. They expressed concern about how the current drop in revenue impacts forecasting for the back half of the year. 

Operational Responses and Observations 

  • Some non revenue-generating support staff have been furloughed, while some properties have been able to avoid layoffs and continue hiring. 
  • Investors are taking more of a hands-on approach than they have previously, placing additional demands on the management team time.  
  • As residents re-evaluate the percentage of spend on rent, effective rents are expected to drop throughout the back half of the year and into 2021, causing investors to question the need for and cost of revenue management software. 
  • Participants indicated that they are seeing a spike in the number of renters giving notice to take advantage of low interest rates for home purchases.  
  • Participants shared that effective gross income per unit is down $75-100. Almost all are currently waiving ancillary fees, including late fees and month-to-month fees. 
  • Occupancy rates are holding strong; however, more and more renters are going month-to-month rather than make a long term commitment due to uncertainty about their future employment status.
  • Many participants are going through an expense management exercise to look for additional savings:
    • Evaluating existing contracts for ROI value
    • Bringing maintenance in-house
    • Watching staff overtime
    • Creating new schedules to control payroll
    • Adopting security deposit programs (surety bond to guarantee lease obligations)
  • All participants are evaluating their online presence and overall digital experience for prospects and renters. Participants indicated interest in brainstorming with industry peers as they look at marketing strategy and spend for the rest of the year and their 2021 budgets. The July Florida Power Hour will be addressing this topic later this month.  
  • Companies are reevaluating their leadership to portfolio staffing models to reduce oversight expenses across the board

Things to Think About

  • This is the time to be cautiously optimistic. Understanding risk throughout the rest of the year is key.   

I recommend a modeling exercise I utilized during the last recession: As financial impacts started to surface in our assets, we needed to understand the overall risk for the assets, with the intent to take action today to protect the assets in the future. As part of the exercise, we modeled out three scenarios for expiring leases that reflected renewal captures of 25%, 35% and 45% and lower net new leasing volume that included concessions. 

We implemented the 35% model immediately with specific milestones that would be indicators that we needed to drop down to the 25% or start to ramp up to the 45% model. I wasn’t looking to cut our way to profitably as it has a long term impact on rental income and the quality of the asset.

  • Participants are looking to take a more aggressive approach to preleasing to get out in front of the skip and eviction curve. Buying occupancy today will stabilize the asset; however, being too aggressive could constrict revenue in the future when it is needed to re-invest in growth strategies.    

Join us for July’s Florida Power Hour

For July’s Power Hour, survey participants submitted the following topics to discuss: 

1) Adjusting your marketing strategy – With greater dependence on generating website traffic, should we be rethinking our marketing strategy and spend?  

2) Evolution of leasing – As a result of shelter in place orders, many property managers have moved the bulk of their operation into an online environment, including most, if not all, leasing functions.   

3) Employee engagement – Today’s frontline is facing resident engagement issues we have never seen. What steps can property managers take to protect staff? 

Watch the recap of the first Florida Multifamily Power Hour

With attendees representing over 300,000 units, we’ve learned a lot in our first two meetings. Join us on the next one to share your insights and network with your peers.

 

Resources to help you stay ahead

4 Website Necessities for Converting Prospects to Residents

Read More

4 Affordable Housing Software Features That Improve Productivity

Read More

The 9 Essential Skills of a Property Manager and How to Build Them

Read More

Using Texting to Safely Communicate During Covid-19

Read More

4 Tips for Weathering the Economic Storm

Uncertain times? ResMan’s Founder and President Elizabeth Francisco has been here before. It was during the Great Recession of 2007-2011 when she was Vice President of Operations at Sequoia 1031 Companies and Real Estate Management in Dallas, TX. Mrs. Francisco joined Sequoia in 2006, where she was responsible for asset management, investor relations, and day-to-day operations. At the time, Sequoia was reliant on its in-house proprietary software, which provided only basic accounting capabilities.

To meet its fiduciary responsibilities to its 1031 investors, the company needed to find a better way to measure all aspects of financial and operational performance. Elizabeth led the management company from 2006-2015 while simultaneously leading the charge for innovation and working with a team of engineers to develop the software we know today as ResMan.

“In 2007, the looming recession became a reality,” she says. “We needed insight into all aspects of performance as well as finding efficiencies to compensate for downsized staff. At first, all we had was a crazy amount of excel workbooks that tracked everything from traffic to service requests to managing purchase orders and beyond. As market conditions worsened, new challenges came to light weekly, challenges that we had to solve in realtime to secure the assets, the staff, and our company. ResMan was built in response to the extreme pressures of the recession, with a deep understanding of what it would take for real estate managers to survive that downturn.”

Learning from the Ups and Downs of Multifamily

Out of that experience, Elizabeth learned not only about surviving, but also thriving in the multifamily market through the economy’s ups and downs. It grew a resilience that serves her today, as the multifamily industry is staring down another impending recession as a result of COVID-19.

In a NMHC webcast discussing the release of May 2020 data for rent collections, Elizabeth stated that April 2020 revenue per unit was down by about $100 per unit due to partial payments, reduced fees and, in part, the lack of ancillary revenues. “Collections overall have been better than expected for April and thus far in May; but are the numbers too good to be true? I fear the impact of COVID-19 on multifamily operators is still lingering offshore. The bipartisan Cares Act was meant to help Americans meet their basic need for food and shelter, which I believe it is doing. “

“With that said, the $600 per week unemployment stimulus will be ending in July,” she continues. “With over 36 million people on unemployment, the real question is whether these people will have jobs to go back to or salaries to equal their financial obligations, such as rent. Q3 will be very telling for the industry. Industry reports are already showing that rent growth has flatlined, ancillary revenue is being waived and we are heading into the time of year where a larger percentage of leases are expiring. At the very least, I would expect operators are going to take a hit to their effective gross income and cash flow through the end of the year.”

She is optimistic, however. “COVID-19 has slowed completion of new units expected this year and potentially into 2021. In addition, getting new development projects off the ground when market conditions are changing is a tall order. Both of these will have a negative impact on the overall supply needed to meet the growing demand for rental housing, continuing an imbalance that will benefit multifamily as we start to come out of the recession.” Depending on the length of the impending recession, Elizabeth believes we could see another long-lasting growth cycle for the multifamily industry.

She points out that another positive for multifamily operators is that as companies adopt a more flexible work-from-home policy, renters will prioritize and put even more value on their home/workspace and potentially allocate more of their income for rent.

“In the meantime, owners and operators will be put to the test,” she cautions. “I have always heard that the true test of a management company is how they manage in the bad times, not just the good times. So many investors and management companies have entered the space after the recession and have never been through a downturn in the market.”

4 Tips for Weathering the Storm

To successfully ride out the upheaval, Elizabeth says we all must adapt. “Crisis reveals our shortcomings,” she says, “so this situation provides an opportunity to improve in these crucial areas”:

1. React Appropriately

With cracks beginning to show in markets across the country, there is a growing sense of anxiety among operators, leaving them to ask questions about how far off-budget will they be by year-end. If you are new to multifamily and have never experienced a market downturn, this situation could be very daunting. How you react to the changing conditions in the short term will have a long-lasting impact on your asset(s) and your company. Elizabeth’s advice: Do not overreact.

If you have to give up income in the short term to maintain occupancy in the way of concessions, make sure you are securing longer lease terms. “During the previous recession, our management company moved to 12+ month lease terms which stabilized the property for the next 12-18 months. While upfront and prorated concessions reduced income in the short term, we were able to have more confidence with our forecasting over the long term, which gave us options in expense management and timing of expenses.”

2. Operators: Back to Basics

What are the things that make the biggest difference in business? “Employee engagement, attention to detail, customer service, the environment of your properties, and consistency,” she says.

“One of my favorite people, Anne Sodovsky, has a great saying that she beat into my head years ago: The devil is in the details. When times are as good as they have been, the focus tends to be more forward-looking, to seize the opportunity while it lasts. It is easy to become complacent or take things for granted. At the end of the day, this is pretty simple: The industry provides homes to millions of Americans who want a welcoming and quality place to live. Focus your efforts on ensuring these two things and you will weather this storm.”

3. Flexibility for Staff

COVID-19’s shelter-in-place experience will change the tide on work dynamics. Operators will have to reevaluate offices, productivity, and working from home. “If we don’t provide flexible work environments and practices, we’ll have trouble attracting and retaining talent,” Elizabeth says.

“Property management has two sides of the house to account for, the back office and site staff, which have very different needs and challenges. Implementing a flexible remote working policy should be fairly easy for the corporate office. With the technology available today in the market, including our own ResMan solutions, you can remotely manage all aspects of accounting, operational oversight, lease procurement, and resident engagement.

“I do admit that the onsite staff is going to be more challenging since you still need to maintain the physical condition of the asset and engage with residents to some degree. I know from personal experience that personal interaction goes a long way. When renters are emotionally attached to their apartment community and the site staff, they are more inclined to renew even when presented with a rental increase.

“Consider offering a remote working day or partial day for frontline staff members. The extra time to share a meal with their families or just to sleep goes a long way with team members. Those managers who can allow a full time or even partial remote working policy will have a competitive advantage.”

4. Engaging with Renters Through Consumer-centric Technology

Over the last decade, property managers looked to adopt technology to provide internal efficiencies, albeit more slowly than other industries. They’ve needed technology to manage every aspect of the business by streamlining administration, staff onboarding, accounting, reporting, and more. But now, they must also be able to engage with prospects and renters virtually, as retention will be impacted by the visibility you establish (or don’t) with renters.

Today, consumers/renters are driving the need to adopt new technologies. “Your property management technology can no longer simply serve YOU,” Elizabeth says. “Renters seek convenience in every aspect of their rental experience, and their tech expectations are at an all-time high.”

How ResMan is Adapting

“I have full confidence that ResMan can make a difference during this crisis because it was created during a crisis,” Elizabeth says.

ResMan users have been taking advantage of our SaaS solutions for years in their offices and now in their homes.

With our new Virtual Leasing Office, we’re keeping up with consumer demands for:

  • Streamlined online forms
  • Modern online payment options
  • Virtual tours
  • Interactive floor plans

Elizabeth is confident in this: “Reluctance to adopt efficient technology and ultimately means you won’t be able to compete.”

Watch the recap of the first Florida Multifamily Power Hour

With attendees representing over 300,000 units, we’ve learned a lot in our first two meetings. Join us on the next one to share your insights and network with your peers.

 

Resources to help you stay ahead

4 Website Necessities for Converting Prospects to Residents

Read More

4 Affordable Housing Software Features That Improve Productivity

Read More

The 9 Essential Skills of a Property Manager and How to Build Them

Read More

Using Texting to Safely Communicate During Covid-19

Read More

Committed to Service and Support Through COVID-19

To our Valued Customer & Partners,

As a leading property management SaaS platform provider, ResMan is honored to work with customers and partners across the United States. Despite the uncertainty over the coronavirus (COVID-19), I wanted to personally assure you that ResMan will continue to deliver the same level of service excellence you’ve become accustomed to. And we are taking steps to raise our focus beyond our usual high standards on the health and well-being of everyone associated with ResMan, while also supporting local health officials as they work to contain the virus. Specifically, we are taking the following actions:

For Our Customers

  • Training | If you have a scheduled training session, your trainer will reach out within the next five business days to adjust to virtual training sessions.
  • Support | Our employees are equipped to seamlessly connect with our colleagues and you in a secure and productive environment while working remotely at any time. We feel confident in our continued ability to serve your business during our regular business hours, Monday – Friday (8 am – 7 pm CT), regardless of our physical work locations. Need help? Our team has your back. Open a live chat from within the  Customer Portal, and our experts will be happy to assist you.
  • Onboarding | If you are scheduled or currently in the onboarding process, your schedule will remain the same. However, should you need to make any changes, please reach out to your project manager directly, and we will work to accommodate your needs.
  • ResMan Edge | We’re pleased to note that our first user conference (ResMan Edge) will still go on as planned in Nashville, TN, October 4-6, 2020. If you have any questions, please contact us at resmanedge@myresman.com.
  • CDC Guidance | We encourage you to follow the CDC’s suggested  hygiene practices  to reduce the spread of the virus.

For Our Partners

  • ResMan Extend Partner Network | We are currently not hosting or visiting partners onsite. All meetings will move to a teleconference. If you have reduced capacity or need to provide alternative contacts to us for partnership initiatives or support, please reach out to vendorsupport@myresman.com. Alternatively, we can also be reached for immediate assistance via phone at 888-702-0971.
  • Partner Integration Timelines | All previously defined timelines have not changed. We will notify you individually if our established timelines need to change in the future.
  • ResMan Edge Sponsorships | We are pleased to continue to welcome sponsors for ResMan Edge and have no plans to cancel this event. Question regarding your sponsorship? Contact us at  resmanedgesponsors@myresman.com.

In Our Office

  • Cleanliness | We have implemented a comprehensive cleaning and sanitizing protocol in our offices that will take place multiple times a day. These steps are in addition to our already industry-leading protocols in place.
  • Travel | We are minimizing travel to events, customer sites, and between our offices to ensure that we are not contributing to the spread of this virus in any way. This means, we regretfully will not be showcasing ResMan at many industry events over the next few months or sending individual representation.
  • Work from home | We are also doing whatever we can to make sure our staff remain healthy and have the flexibility to stay home if they choose to or need to take care of loved ones.

In short, everything we are doing at ResMan is to make sure we provide the best possible support and safest experiences for you – our valued customers and partners. Please look for more information soon regarding how you can leverage your software to keep you and your residents safe.

We will keep monitoring this situation, and I will follow up with you again if there are any other updates.

Thanks, so much for your time, be well.

Paul Bridgewater | CEO | ResMan

ResMan Debuts Champion Program and User Group

To our Valued Customer & Partners,

As a leading property management SaaS platform provider, ResMan is honored to work with customers and partners across the United States. Despite the uncertainty over the coronavirus (COVID-19), I wanted to personally assure you that ResMan will continue to deliver the same level of service excellence you’ve become accustomed to. And we are taking steps to raise our focus beyond our usual high standards on the health and well-being of everyone associated with ResMan, while also supporting local health officials as they work to contain the virus. Specifically, we are taking the following actions:

For Our Customers

  • Training | If you have a scheduled training session, your trainer will reach out within the next five business days to adjust to virtual training sessions.
  • Support | Our employees are equipped to seamlessly connect with our colleagues and you in a secure and productive environment while working remotely at any time. We feel confident in our continued ability to serve your business during our regular business hours, Monday – Friday (8 am – 7 pm CT), regardless of our physical work locations. Need help? Our team has your back. Open a live chat from within the  Customer Portal, and our experts will be happy to assist you.
  • Onboarding | If you are scheduled or currently in the onboarding process, your schedule will remain the same. However, should you need to make any changes, please reach out to your project manager directly, and we will work to accommodate your needs.
  • ResMan Edge | We’re pleased to note that our first user conference (ResMan Edge) will still go on as planned in Nashville, TN, October 4-6, 2020. If you have any questions, please contact us at resmanedge@myresman.com.
  • CDC Guidance | We encourage you to follow the CDC’s suggested  hygiene practices  to reduce the spread of the virus.

For Our Partners

  • ResMan Extend Partner Network | We are currently not hosting or visiting partners onsite. All meetings will move to a teleconference. If you have reduced capacity or need to provide alternative contacts to us for partnership initiatives or support, please reach out to vendorsupport@myresman.com. Alternatively, we can also be reached for immediate assistance via phone at 888-702-0971.
  • Partner Integration Timelines | All previously defined timelines have not changed. We will notify you individually if our established timelines need to change in the future.
  • ResMan Edge Sponsorships | We are pleased to continue to welcome sponsors for ResMan Edge and have no plans to cancel this event. Question regarding your sponsorship? Contact us at  resmanedgesponsors@myresman.com.

In Our Office

  • Cleanliness | We have implemented a comprehensive cleaning and sanitizing protocol in our offices that will take place multiple times a day. These steps are in addition to our already industry-leading protocols in place.
  • Travel | We are minimizing travel to events, customer sites, and between our offices to ensure that we are not contributing to the spread of this virus in any way. This means, we regretfully will not be showcasing ResMan at many industry events over the next few months or sending individual representation.
  • Work from home | We are also doing whatever we can to make sure our staff remain healthy and have the flexibility to stay home if they choose to or need to take care of loved ones.

In short, everything we are doing at ResMan is to make sure we provide the best possible support and safest experiences for you – our valued customers and partners. Please look for more information soon regarding how you can leverage your software to keep you and your residents safe.

We will keep monitoring this situation, and I will follow up with you again if there are any other updates.

Thanks, so much for your time, be well.

Paul Bridgewater | CEO | ResMan

We are fiercely committed to a listen and lead attitude, meaning our customers’ feedback directly drives ResMan’s product innovation. We know how important peer to peer connection can be and we are confident that these two new ‘gathering spots’ for our customers will only make our solutions and services better and help them to grow their businesses with unparalleled confidence. It’s our chance to show our genuine appreciation for our customers and level up their experience with ResMan
Paul Bridgewater
Chief Executive Officer

ResMan Expands Senior Level Expertise

To our Valued Customer & Partners,

As a leading property management SaaS platform provider, ResMan is honored to work with customers and partners across the United States. Despite the uncertainty over the coronavirus (COVID-19), I wanted to personally assure you that ResMan will continue to deliver the same level of service excellence you’ve become accustomed to. And we are taking steps to raise our focus beyond our usual high standards on the health and well-being of everyone associated with ResMan, while also supporting local health officials as they work to contain the virus. Specifically, we are taking the following actions:

For Our Customers

  • Training | If you have a scheduled training session, your trainer will reach out within the next five business days to adjust to virtual training sessions.
  • Support | Our employees are equipped to seamlessly connect with our colleagues and you in a secure and productive environment while working remotely at any time. We feel confident in our continued ability to serve your business during our regular business hours, Monday – Friday (8 am – 7 pm CT), regardless of our physical work locations. Need help? Our team has your back. Open a live chat from within the  Customer Portal, and our experts will be happy to assist you.
  • Onboarding | If you are scheduled or currently in the onboarding process, your schedule will remain the same. However, should you need to make any changes, please reach out to your project manager directly, and we will work to accommodate your needs.
  • ResMan Edge | We’re pleased to note that our first user conference (ResMan Edge) will still go on as planned in Nashville, TN, October 4-6, 2020. If you have any questions, please contact us at resmanedge@myresman.com.
  • CDC Guidance | We encourage you to follow the CDC’s suggested  hygiene practices  to reduce the spread of the virus.

For Our Partners

  • ResMan Extend Partner Network | We are currently not hosting or visiting partners onsite. All meetings will move to a teleconference. If you have reduced capacity or need to provide alternative contacts to us for partnership initiatives or support, please reach out to vendorsupport@myresman.com. Alternatively, we can also be reached for immediate assistance via phone at 888-702-0971.
  • Partner Integration Timelines | All previously defined timelines have not changed. We will notify you individually if our established timelines need to change in the future.
  • ResMan Edge Sponsorships | We are pleased to continue to welcome sponsors for ResMan Edge and have no plans to cancel this event. Question regarding your sponsorship? Contact us at  resmanedgesponsors@myresman.com.

In Our Office

  • Cleanliness | We have implemented a comprehensive cleaning and sanitizing protocol in our offices that will take place multiple times a day. These steps are in addition to our already industry-leading protocols in place.
  • Travel | We are minimizing travel to events, customer sites, and between our offices to ensure that we are not contributing to the spread of this virus in any way. This means, we regretfully will not be showcasing ResMan at many industry events over the next few months or sending individual representation.
  • Work from home | We are also doing whatever we can to make sure our staff remain healthy and have the flexibility to stay home if they choose to or need to take care of loved ones.

In short, everything we are doing at ResMan is to make sure we provide the best possible support and safest experiences for you – our valued customers and partners. Please look for more information soon regarding how you can leverage your software to keep you and your residents safe.

We will keep monitoring this situation, and I will follow up with you again if there are any other updates.

Thanks, so much for your time, be well.

Paul Bridgewater | CEO | ResMan

We are fiercely committed to a listen and lead attitude, meaning our customers’ feedback directly drives ResMan’s product innovation. We know how important peer to peer connection can be and we are confident that these two new ‘gathering spots’ for our customers will only make our solutions and services better and help them to grow their businesses with unparalleled confidence. It’s our chance to show our genuine appreciation for our customers and level up their experience with ResMan
Paul Bridgewater
Chief Executive Officer

Over the past 12 months, ResMan hit several significant new milestones for the number of units and clients across all segments in Multifamily, Affordable, and Commercial industries. The company also continued the execution of its Partner strategy by adding over ten new integrated partnerships and strategic relationships to its Partner network.

ResMan Appoints new CFO and CMO

Chief Financial Officer and Chief Marketing Officer Bring Expertise to High-Growth Company

Plano, TX, February 5, 2020 – ResMan®, a leading property management SaaS platform provider, today announced two new members to its executive leadership team and an enhanced organizational structure to support and drive its next phase of growth. Under the new structure, Brad Almond is appointed chief financial officer, and Christina Cravens is appointed chief marketing officer, both bringing deep industry and operational expertise with proven track records of execution.

Almond, ResMan’s new chief financial officer, is a tenured executive in public and private corporations with extensive experience in key operational functions in global, high-growth environments. He previously served as Vertex’s chief financial officer from 2013 to 2019 and currently serves on the company’s board of directors. Before Vertex, Almond was chief financial officer of Cambium Learning Group, a publicly traded leader in providing curriculum products, services, and technology for elementary through high schools.

“We are very fortunate to have Brad on board as the company’s CFO where he’s already making an immediate impact. His proven ability to lead financial strategies for high-growth companies and his extensive experience in acquisition and merger management, makes him a perfect fit for ResMan,” continued Bridgewater.

We are fiercely committed to a listen and lead attitude, meaning our customers’ feedback directly drives ResMan’s product innovation. We know how important peer to peer connection can be and we are confident that these two new ‘gathering spots’ for our customers will only make our solutions and services better and help them to grow their businesses with unparalleled confidence. It’s our chance to show our genuine appreciation for our customers and level up their experience with ResMan
Paul Bridgewater
Chief Executive Officer

Cravens will be responsible for overseeing the strategy, planning, and development of ResMan’s marketing and sales development initiatives. She is a transformational leader and marketer with over two decades of experience leading global marketing and business development teams at some of the world’s most recognizable companies. These companies include VeriSign, Sage Software, and, most recently, Neustar.

“I have had the pleasure of working with Christina for several years and could not be more thrilled with her decision to join ResMan’s leadership team. To win in the property management software market requires focused execution, which in turn requires highly effective marketing and business development strategies and teams,” said Paul Bridgewater, CEO of ResMan.

“I am very proud to be joining an organization that is so committed to delivering measurable value and continuous innovation for its customers, with the recent acquisition of Razz Interactive, award-winning web design and marketing platform, and the launch of ResMan Commercial, this is an exciting time at ResMan”
Christina Cravens
Chief Marketing Officer

2019 Was A Pinnacle Year for ResMan

2019 Was A Pinnacle Year for ResMan in Customer Growth and Product Launches; Prominent Property Management SaaS Provider Primed for Continued Progress in 2020

ResMan®, a leading property management SaaS platform provider, today announces the company experienced a year of significant growth and milestones in 2019. Overall, the company saw a substantial number of new customers make the switch to using the ResMan platform for the management of their Multifamily and Affordable property portfolios. ResMan also completed the acquisition of Razz Interactive in December 2019, an award-winning website design and marketing platform for real estate and property management professionals. With this acquisition, ResMan now offers customers the ability to build and deliver high-end websites at the cost and convenience of a traditional templated solution.

Over the past 12 months, ResMan hit several significant new milestones for the number of units and clients across all segments in Multifamily, Affordable, and Commercial industries. The company also continued the execution of its Partner strategy by adding over ten new integrated partnerships and strategic relationships to its Partner network.

2019 Product Launches:

  • Commercial – In November, ResMan Commercial was launched, a lease-based solution designed by industry experts specifically to meet the needs of commercial and mixed-use property managers and investors. This addition, which includes Lease Management, Property Management, and Common Area Maintenance (CAM), expanded ResMan’s platform to encompass the broad spectrum of property management needs.
  • Affordable – The company released extensive new updates for both HUD and Tax Credit compliance to ResMan Affordable in April. The comprehensive compliance suite ensures accuracy, reduces errors, and helps avoid risk.
  • Customer Portal – ResMan also launched a new Customer Portal in November 2019. Customers can quickly access over 600 knowledge base articles and videos, create and track support cases, access release notes and update information, access the most shared articles from other ResMan users, and live chat with support agents.
  • ResMan University – The company’s new online learning management system allows customers to learn at their own pace. Managers can assign individual lessons or entire courses to their staff and monitor their progress along the way. ResMan University provides comprehensive, in-depth knowledge training by role.

Additionally, throughout 2019 ResMan continued its fierce corporate commitment to provide financial and volunteer support in the communities its team members live and work. In addition to volunteering at local VFWs, PTAs, churches, soup kitchens and more, team members based at the company’s headquarters in Plano, TX enthusiastically supported The North Texas Food Bank, Samaritan Inn, Trusted World, United Way and The Salvation Army.

“We are so proud of the strides we made in 2019 both for the business and in our communities. Our growth is more than a story of surpassing growth goals and welcoming new customers and partners to our platform – it’s a testament to the hard-working team members at ResMan and our commitment to offering best in class, customer-first solutions and services that outpace our competitors. As always, we’ll continue to listen to our customers’ needs, remaining dedicated to building solutions that matter most to them and delivering best in class customer experiences. We look forward to reaching new heights in 2020”
Paul Bridgewater
ResMan CEO

ResMan Acquires Razz Interactive

ResMan Adds Website and Marketing Services to its Comprehensive Property Management Platform With Acquisition of Razz Interactive

Plano, TX, January 14, 2020 – ResMan®, a leading property management SaaS platform provider, today announces it has acquired Razz Interactive, an award-winning marketing platform for real estate and property management professionals. With this acquisition, ResMan now offers customers the ability to build and deliver high-end websites at the cost and convenience of a traditional templated solution. Additionally, ResMan will maintain Razz’s strategic partnership with award-winning real estate marketing agency, GTMA, to offer additional digital marketing services, including SEO, lead generation, reputation management, and more.

“As always, we are very in tune with our customers’ needs. Outsourcing marketing and website development can be cost-prohibitive. By acquiring Razz, and maintaining the partnership with GTMA, our current and future customers now have access to proven website design capabilities and direct marketing services all while getting the ResMan complete property management services they are used to — all on one platform,” said Paul Bridgewater, CEO, ResMan.

ResMan’s new marketing solution offers the flexibility and inspiration that marketers crave: the ability to make changes on the fly, add content, and create compelling online destinations without boundaries or extra costs. The platform offers a collection of hundreds of modern website design solutions that can be tailored to resonate with specific demographics across all property types (Multifamily, Affordable, Commercial, Student, Senior, and more). Additionally, ResMan’s customers now have access to detailed insight reports, allowing them to drive growth by understanding the entire customer buying journey from the first engagement with the website. This level of detail can be leveraged for retargeting prospects, accelerating sales cycle velocity, and ultimately closing deals.

“We are very excited to join the ResMan family and look forward to delivering best in class website and marketing solutions to ResMan customers. It’s a no brainer for property managers who want to deliver the wow factor while maintaining better brand control,” says Sebastian Mourra, CEO of Razz Interactive.

“We are thrilled that we now have the opportunity, through our continued strategic partnership, to work with ResMan’s elite customer base. We know our digital marketing services will be an asset to ResMan’s customers, giving them a more active marketing funnel to grow their business, while attracting and maintaining resident engagement,” says Joshua Swanson, CEO of GTMA.

ABOUT RESMAN

ResMan is the preferred growth partner that drives profitability and efficiency for nearly a thousand property management companies across the U.S. ResMan delivers the property management industry’s most innovative technology platform, making property investments and operations more profitable and easier to manage. ResMan’s platform unlocks a new path to growth for property management companies that deliver consistent NOI improvement and brilliant resident experiences easier than ever before. For more information, visit us at www.myresman.com or engage with us on Twitter, LinkedIn, or Facebook.

Media Contact:
Kira Perdue, smArt Image
P: 404-556-0062
E: kiraperdue@gmail.com