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

Property Management – Made Beautiful!

We are having an exciting week at ResMan: Not only are we rolling out our new commercial offering, but we’re also unveiling a newly refreshed ResMan brand identity.  Our site’s vibrant new look was inspired by our community of customers who never stop improving. It’s a makeover a long time in the making, and a lot of love went into it. We hope it shows. 

Why a refresh?

About six months ago, we looked at our brand and realized that we weren’t conveying who we are or what we stand for. Our goal was to make everything that you interact with–from our product to this blog– more representative of who we are. But who are we? 

Our refreshed brand identity was designed to reflect our renewed mission – to help companies like yours better engage and connect with their community.  Where managers and investors are empowered to operate, market, and push their business forward.  Where technology and support are built by those, who understand the industry challenges. Where we can define the future of property management, not just react to it.  And We’re inspired by you to never to stop improving. ResMan aims to build a better property management experience together. 

We are evolving our logo, color palette, typography, and brand elements. 

We knew we wanted to capture the spirit of partnership throughout every aspect of our visuals. We partnered with BlueText, an award-winning brand agency, to create those details and couldn’t be happier with the results. 

Our logo remains the same, sans a tagline.  Yes, we’ve opted to exclude a tagline as we feel that taglines have diminished in importance.  Also, we’re moving to a more flexible brand strategy that allows us to communicate in a more personalized way with our audience – like you.  And we would be remiss if we didn’t mention our mascot ROI – the friendly chameleon.  We haven’t done away with him, as we intend to leverage him on select occasions.  

Once we updated our logo, we worked to extend that into a brand system—a collection of colors, shapes, fonts, and patterns that make everything feel like ResMan.  This included a broadening of our color palette to blue, navy, orange, and purple in varying degrees.  New, modern typography – Roboto.  And the creation of new ResMan® logo elements. These elements include a watermark, partnership element, and supporting patterns as visual aesthetics. Each one built from the negative space inside the iconic ResMan R. 

The New Brand Elements Look Great, But What About the Website?

We couldn’t refresh our brand without giving you a stunning new website – MyResMan.com.  Our new site features a clean white canvas, and we’ve added in pops of color with energetic images to create a vibrant site that represents the zeal we put into our collaboration with customers daily.

In other words, the new ResMan may be a lot more fun and colorful than the old ResMan, but we’re very intentional about how we use that color, so it never disrupts your focus. We’ve been inspired by you to build a modern brand together.

ResMan Felt the Love at NAA Apartmentalize 2019

If you made it to the conference in Denver this summer, you already know what a great experience it was. But love?

What’s Love Got to Do with it?

This year at NAA Apartmentalize was particularly exciting for us because, despite being a proven player with the fresh approach, there were some folks that still had not heard of us. But this year, we met hundreds of new friends who had heard not only about our platform but the movement we’ve started. We even reunited with old friends who lamented that their new employer didn’t use ResMan. It seems that more people than ever before know and love ResMan.

One of our clients, Josh Gierach, owner of J.K. Rock, LLC, puts it this way: “I DO love ResMan! ResMan is the best property management software I have ever seen! The board room is without rival!  It allows me to see quickly how well our properties and staff are doing, often without clicking any further. If I want to dig in further, it’s only a click or two away and I can see even more details without needing to go to an entirely different part of ResMan. The platform model, which allows us to insert or remove vendors who provide additional services without a major disruption of our operations/accounting, is genius and very much appreciated!”

This overwhelmingly positive enthusiasm validated our goal to provide brilliant resident experiences that deliver our goal of a Love, Lease, Live lifestyle for your renters. It drives us to work even harder as the industry’s partner for growth.

If we didn’t get the chance to meet you at NAA Apartmentalize or you aren’t familiar with what we bring to the property management industry, this is just a partial recap of our experience in Denver and how love factors in.

Love Isn’t Blind

There are real reasons for the industry’s deep emotional attraction to our movement.

First, love is the basis of who we are. ResMan is a true partner whose entire purpose is built around our three-pronged goal to make it easier than ever before for property owners to provide:

  • Happy homes in safe communities
  • Rewarding careers for those who manage these communities
  • Impressive investment returns for those who takes risks to develop and maintain them

Josh Gierach adds, “[ResMan] has changed our lives and we could not imagine managing our properties without it!  I am genuinely conflicted on whether I want to promote it, because it gives me a huge advantage over others who have not yet discovered it or have failed to see the light.”

Second, with a goal to be the preferred platform for multifamily, we’ve reached a tipping point. At NAA Apartmentalize, ResMan was ranked the industry’s second-most engaged supplier in our category. So the love we’re injecting into this industry, from property management companies to the residents we serve, is clearly being recognized and returned.

Love Your Property Management Technology?

Some believe that the multifamily industry has been a laggard when it comes to adoption of new, enabling technologies. And for good reason: The entrenched incumbents haven’t shown the industry the love it expects.

But with our big dreams, our sights set high, and an insistence on providing the best for our partners and friends, we’ve disrupted the industry. We’ve innovated, grown and delivered results widely enough that we’re no longer just for early adopters.

  • It’s an exciting time for the industry. New approaches, like the one enabled by the ResMan platform, are allowing multifamily property owners to enjoy:
  • An increase in operator efficiency and job satisfaction
  • Improved financial performance of multifamily assets and portfolios

The ability to provide resident experiences that enable the lifestyle that contemporary renters expect

More ResMan Love on the Way

This year’s National Apartment Association’s event will be viewed as a watershed moment in the property management technology revolution we’re experiencing. ResMan isn’t slowing down; in fact, we’re more invested, both financially and personally, from every member of our team.

We have an extremely ambitious 2019 and 2020 ahead. In fact, just this year, we’ve already facilitated:

  • A partnership with Berger Residential, who selected the ResMan platform to power its next stage of growth and business effectiveness
  • A strategic alliance with CoreLogic
  • The launch of ResMan Affordable in April
  • Ongoing focus on new products, with 3 major product releases in the coming months

Love is how we’ve become a multifamily technology leader. The love we receive in return will spark continued innovation on our part.

We invite you to Love ResMan.

8 Apartment Leasing Best Practices to Teach Your Team

Think Like a Salesman

First thing is first; leasing consultants don’t just lease, they sell. They are sales professionals who pitch your apartment community to potential renters. On top of that, they are asking potential renters to trust them enough to sign a 12-month lease to make a vacant apartment their new home.

If you’re looking to help your leasing consultants gain or improve their sales mindset, you’ve come to the right place. Here are 8 apartment leasing best practices for multifamily professionals who want to get their leasing teams thinking outside the box and renting more units.

Incentivize the Apartment Leasing Process

Who doesn’t love a good incentive and a little recognition for hard work? Set a goal for your leasing consultants. For example, challenge them to get 20 new prospects through community outreach or to sign at least 5 leases a month. Once the goal is met, reward your leasing team with a prize. Ideas include a paid day off, lunch with the boss, $50 gift card, bragging rights as leasing professional of the month, etc. Using this tactic gets your leasing consultants excited about their job and even creates a little friendly competition.

Bonus: A much more effective sales training technique is to tell your leasing consultants that they’re doing a good job. Always use specifics to make these successes tangible and more meaningful.

Coach Your Apartment Leasing Consultants for Success

Be a mentor to your leasing consultants. Coach them, praise them, and delegate more responsibility their way. Include them on community reports, owner’s expectations, and financial goals to get your whole team on the same page. An encouraged and supported employee will also rise to the occasion. And every leasing professional should feel as if their company’s leadership supports them 100%.

Emphasize the Art of Conversation and Listening 

Conversation is a lost art and so is listening. Do your leasing consultants know that a lead can turn into a prospect during the first 30 seconds of a phone call? Best practice for your leasing consultants is for them to help, rather than sell, by asking engaging questions, like what the prospects are looking for, who they are, and why they are moving.

On the other hand, be sure to encourage your team to listen as much as they talk. Top tier sales professionals know that the best information can be gained when they are silent. That means that by keeping quiet and listening, your leasing consultants show genuine interest in understanding your property’s prospects.

Frequently Train Your Leasing Team

How many of your leasing professionals know the demographics of your market inside and out? If your leasing team doesn’t know how your “product” fits in that market, even the best listeners will fall short in closing a lease. Say you lease a lot of 3-bedroom units to families. With enough training, your leasing consultants will be able to associate local family-friendly events and your apartment community as the perfect place to call home.

Bonus: Your leasing consultants should know what schools, daycares, parks, and entertainment features are located around your property. As silly as it sounds, it wouldn’t hurt if your leasing consultants knew the local bars and happy hours. With ResMan’s resident portal, your on-site staff and residents can share that information with each other!

Give Constructive Feedback to Your Apartment Leasing Consultants

Shadow your leasing staff when they’re showing units so that later, you can provide them with feedback on their leasing techniques. Listen in on calls with prospects, analyze their body language as they engage with prospects, watch for their word choice when they describe your apartment community to walk-ins, and so forth. Ideally, feedback should be given hours after the observation, so the feedback is fresh, and your leasing consultant can reflect on the experience.

Practice With Your Apartment Leasing Consultants

You’ve shadowed them “in the field.” What next? Well, no one gets better without practice. Instill in your team the importance of rehearsing their pitches to prospects. Even if your leasing consultants spend an hour a week practicing, they will see an exponential improvement.

Bonus: Try a little role play with your leasing team. You play the prospect and present them with new and challenging objections or questions that any leasing consultant might face during a tour of your property. This teaches them to think on their toes and to have a bulletproof pitch.

Help Your Apartment Leasing Consultants Overcome the Fear of Rejection

Salesperson or leasing professional, no matter who is doing the pitching, your audience will probably have some objections or reservations. If your leasing consultants haven’t prepared for rejection, then it may cause them to get frustrated, nervous, and even lose control of the tour. Especially when it comes to less experienced leasing consultants. To help them overcome the fear, let them know that rejection comes with every sales job.

Bonus: It’s even more important to help your leasing consultants understand that objections aren’t a definite “no.” Leasing consultants need to know that when prospects ask questions and state their concerns, it’s their opportunity to problem solve (see #3). The solution is your apartment community.

Have Fun With Your Apartment Leasing Team

Sure, it’s work. But that doesn’t mean it has to feel that way all the time. Make leasing fun…because it is!

Every interaction your property management company has with prospects and residents should be seamless. That’s where we can help. Find out how ResMan is transforming the resident experience.

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5 Ways to Grow Your Property Management Company

There is a time in every property owner or investors career where they stop and ask themselves “what’s next?” or “how do I take my properties to the next level?” To transform your business into the property management powerhouse that you envision, try these 5 ways to grow your property management company.

1. Build a Team of Property Management Superstars

Whether you are an owner/operator or an investor, the equation is simple: well-run properties = happy residents = NOI growth. Great property managers not only manage leases and coordinate maintenance, but they also provide excellent customer service which can lead to better reviews and a stellar property reputation.  Simply put, when things are running smoothly at the property level, more time is freed up to strategize for growth.

If you’ve already got a great staff, explore ways to increase their efficiency through training, development, or technology. Or perhaps, leverage your cross-trained employees who can take on the tasks typically associated with multiple employees to reduce overhead and run your business more efficiently. Ultimately, by investing in quality resources for your team and hiring or training efficient and resident-friendly property managers, you’ll achieve a strong NOI for your property.

2. Research the Competition

Whether you need to catch up or sprint ahead of the competition, knowing how other property management companies are positioning themselves for growth is key to your growth. To start, sign up for their newsletters, follow them on social media, and analyze their website speed and content. Try even contacting your competitors’ leasing agents to experience their sales process firsthand.

3. Extend Your Property’s Marketing Reach

If you want to fill your vacancies faster, consider increasing your marketing efforts. You want to expose your open units to as much of the renter market as possible. Social media is a great place to start. After all, it is today’s word of mouth. Post relevant information about your communities, share original content and engage with residents and prospects.

Here are more ideas to try:

  • Make a listing or update it on popular internet listing websites like Manta, Google, and Yelp.
  • Revamp your website with fresh content and SEO-optimized keywords
  • Launch a blog
  • Experiment with other social platforms
  • Sponsor a community event
  • Advertise in local or national media

All these efforts help increase your visibility. The goal is to be top of mind for current residents and prospects.

4. Leverage Your Existing Residents

It’s a mistake to think that the only way to achieve growth is through new resident acquisition. Really, your best bet is focusing on the residents you already have. There are two ways to look at this.

The first we’ve already touched on. Keeping vacancy rates low is critical to NOI. To accomplish this, you’ll have to discover what amenities and services will retain great renters. Some property management companies make the costly mistake of assuming which upgrades their residents want to see. However, the most successful property management companies ask their current residents what they value most.

Send an email blast with a survey. Create your own focus group by inviting residents to participate in an afternoon discussion. Ask for feedback on your social channels. Basically, gather responses from as many residents as you can in formats that illicit active and thoughtful participation.

Bottom line is that it’s easier and more cost-effective to get people who are already renting from you to renew their lease than to find new renters. So, focus on tactics to get your residents to sign another lease.

A second approach is to leverage your current residents’ influence. Assuming that your residents are spreading the word about your beautiful apartment community and great customer service is not going to do much to get your more renters. You have to actively seek referrals. During a resident’s lease or even before the lease is up, ask your renters if they know anyone else who would be interested in your apartment community. Even go as far as to build a referral program that incentivizes new leases from referrals. In this scenario, everybody wins.

5. Invest in PropTech

At the minimum, you should offer online payment options for residents. To scale from there, look into solutions that give you edge over your competitors and make it easy for people to do business with you. For example, virtual reality tours allow prospects to get a feel for your community at a time and place most convenient for them.

While there are endless technology solutions out there, the challenge is identifying which is right for growing your property management company. Depending on your renters, your asset type, and your market, different technologies will fit those different needs. You’ll also want to make sure you have the right property management software that automates repetitive tasks and provides investment so that you can focus on strategy and development.

A Recipe for Growth

Try at least any 1 of these 5 methods and to see growth in your property management company. But remember, growth doesn’t have to be overly complicated. A successful company’s first step to generating growth is to understand where it should come from and being intentional in those efforts. From there, anything is possible.

Looking for a property management platform that will position your company for growth? 

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Why Diversity Is Great for Property Management Companies

ResMan Attends Multifamily Leadership’s Women’s Summit

Leaders from across the property management industry, gathered in Scottsdale, Arizona last March to celebrate the nation’s first-ever event for women in multifamily: The Multifamily Women’s Summit.

The annual Women’s Summit provides a setting to help women with leadership aspirations to advance their careers. The two-day event featured networking, educational programming from female leaders in multifamily, and leadership training.

Attendees included those who wanted to understand the role women play in the workplace and their role as residents and customers of multifamily. As the industry continues to rapidly transform, the Women’s Summit provides an important platform for the ever-evolving roles women play in multifamily organizations.

As an advisor for the Women’s Summit, ResMan President Elizabeth Francisco had the privilege to host a panel discussion on women’s role in driving culture and innovation in the workplace. ResMan is also an annual sponsor for the event.

“I am happy to see a forum like this that allows us to invest in women in the industry so that they can grow professionally to meet the changing landscape in multifamily, in addition, this event is a wonderful opportunity for men and women to come together and learn how to leverage their diversified teams for peak performance.” 
Elizabeth Francisco
ResMan President

Diversity and Inclusion in Multifamily

In the multifamily industry, on-site staff represents a much more diverse reality than its leadership.

  • The percentage of women in leadership roles at multifamily and commercial real estate companies remains well below 20%. For minorities, it’s in the single digits.
  • Women account for 17.2% of all REIT board members.

Another reality, many of multifamily’s residents are diverse too.

The numbers represent an opportunity for industry-wide improvement. Multifamily leaders can address the career trajectory disparity for women and minorities by expanding their networks and establishing diversity and inclusion practices in their recruiting efforts.

For on-site staff and other professionals looking to further their careers, try mentorship.

“As women, we sometimes struggle with asking for help,” Francisco said. “If we want to advance our careers, we would benefit tremendously from having a mentor or sponsor. Asking for someone to mentor you is not a sign of weakness, but a sign of inner strength that will help build your confidence.”

The Value of Diversity for Property Management Companies

At the end of the day, improving diversity and inclusion efforts have a direct correlation to your bottom line.

A 2018 study of S&P 500 companies found that American firms without female executives missed out on $567 billion in revenue annually. The study also found that companies in the top 25th percentile for gender diversity within their executive teams experienced above-average profits. The impact on profitability goes beyond just gender diversity. Furthermore, companies with culturally and ethnically diverse executive teams are 33% more likely to see better-than-average profits. At the board of directors’ level, that number increases to 43%.

Keep the Momentum Going

The Women’s Summit is over, but the push for a more inclusive multifamily industry is not. First, mark your calendars for next year’s Women’s Summit on March 18 and 19 in Scottsdale. Second, there are great resources available through Multifamily Leadership’s website on these topics. Finally, subscribe to ResMan’s blog where we will continue to dive into the diversity and inclusion efforts in multifamily.

“There is an abundance of talent in the multifamily industry,” Francisco said. “If we can achieve diversity among senior leadership, the board level and investors, the industry overall will be better served.”

See more clips of Elizabeth Francisco speaking at the 2019 Multifamily Women’s Summit HERE

4 Affordable Housing Software Features That Improve Productivity

Top Affordable Housing Software Features That Save You Time

Your affordable housing software should push your productivity, not your patience. A lack of effective software results in property management professionals wasting work hours duplicating data entry or inadvertently leasing to ineligible households.

With the right software provider, you can increase operational cost-savings while more effectively managing your time and expenses. However, budget restrictions and compliance hurdles can make it difficult to choose a solution that will set your organization up to meet long-term goals, according to Janel Ganim, vice president of compliance at RightSource Compliance.

“The affordable industry has historically run behind in technology as compared with other housing markets,” Ganim said. “I don’t see that changing anytime soon, which is unfortunate. I think a lot of the reason is that the industry does not have the budget that the conventional, student, and military housing markets have to invest in technology. The affordable housing industry has very little control over rents they can charge, whereas the conventional industry can react to different market conditions.”

As a result, many property management professionals in the affordable housing market have not prioritized software. But that’s all starting to change as more and more realize how these solutions can boost their bottom line — and restore their sanity.

Choosing the right provider is not easy, especially when you couple budget restrictions with the many different features each vendor offers. How can you quiet the chaos to find a software partner with the features that will best meet your organization’s long-term needs?

Below, we explore 4 affordable housing software features that are guaranteed to help you operate in the most compliant, efficient, and logical way.

1. Ensure the Affordable Housing Solution Supports Multiple Subsidy Layers

One of the most important reasons property managers opt to use affordable housing software is because of compliance, said Ganim. In particular, most properties have multiple layers of subsidies which equates to multiple sets of rules to follow. Without software to support these multiple layers, it becomes extraordinarily difficult for on-site staff to keep up with regulations and requirements.

Most vendors support basic eligibility tracking, but it’s important to prioritize solutions that can handle multiple subsidies, Ganim said. The property manager’s goal is to lease to eligible households to avoid losing money — a task that is exasperating if you are manually tracking eligibility.

Your affordable housing software should support a combination of programs — including HUD, tax credits, and rural development — through a single platform.

2. Prioritize Software That’s Up-to-Date on TRACS Standards

Another critical feature to consider is a modern platform that keeps up with Tenant Rental Assistance Certification System (TRACS) standards, such as electronic signatures and document storage.

Soon, the U.S. Department of Housing and Urban Development will release a notice to allow the use of e-storage and e-signatures for tenant certification and monthly vouchers, Ganim said. The notice will provide detailed requirements on record retention, encryption, how to properly destroy data, and more.

“One of the things we see with HUD is they have to come in and [recertify the household’s] income on a yearly basis,” she added. “To do that electronically with your residents and make sure those re-certifications are completed on time, would be great. If those aren’t completed on time, it results in adjustments that have to be made on the accounting side. If the rent changes or if you have to terminate their subsidy because they didn’t recertify on time, then you have to reinstate it retroactively. It’s just a lot of headache for on-site staff to go through, as well as for the resident.”

Additional benefits of electronic document storage are that it offers a way to preserve paperwork and tenant files in the event of a natural disaster, and it provides a more seamless way to handle file reviews and audits.

“If you have e-storage of documents, you don’t have to have that auditor from the state agency physically on your property going through your files; they can do that from their office,” Ganim said. “This saves travel costs for the state agency, and let’s be honest, it saves stress for the on-site staff because it’s that much less time that you have an auditor physically on your property.”

3. Scout for a Seamless System and User-Friendly Workflow

Affordable housing software should offer a seamless system to help process move-ins, certifications, and compliance hurdles while eliminating operational losses. It is critical to scout software with a user-friendly workflow that allows you to easily customize approval workflows, regardless of whether or not you use a centralized compliance department.

Having the ability to access all the data and documents needed to qualify a household on one screen is a game-changer. Compound these features with the ability to track certifications, monitor compliance issues, and set up email notifications when certifications are submitted through the workflow, and you have a platform ripe for the picking.

4. Make Sure the Software Offers Efficient Reporting Capabilities

Perhaps one of the most challenging aspects of the affordable housing industry is keeping up with state and federal reporting requirements.

Not all tax credit properties are required to submit electronically, but HUD and rural housing properties must submit at least monthly. Additionally, there are specific reporting requirements for tax credit properties. Considering the subsidy is granted at a state level, some states could require quarterly reporting while others require monthly. The agency may also ask for an electronic report in one state and a paper report in the other.

“A lot of the state agencies require electronic data submissions, and most software packages can export that data into whatever reporting format the state agency wants, or there are ways [the software] can upload the data onto an agency website,” Ganim said. “For people who don’t have that software, that is manual data entry, and in some cases that is a year’s worth of data.”

Affordable housing software significantly eases the process, minimizes human error, and cuts down on precious work hours spent on manual data entry.

The Bottom Line

Keeping up with the details of compliance, operations, and overhead costs for even the simplest affordable portfolios is challenging — especially without compliance technology. While most solutions offer standard features to help mitigate risk and manage expenses, it’s worth the time and effort to search for innovative affordable housing software that will help you reclaim productivity and increase efficiency.

With the right technology system in place, you can ensure your organization operates seamlessly to meet long-term goals. Keep these 4 features in mind as you scout for providers to better position your organization for continued success.

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Gen Z vs. Millennials: 9 Marketing Tips for Property Managers

Move over millennials. There is a new, younger, more conscientious generation in town. 

Generation Z, or those who were born between 1997 to about 2016, are the new “it” generation on multifamily executives’ radars these days. Just like there were key differences between their predecessorsthe baby boomers, Generation X, and the millennials, there are characteristics you must understand about “Gen Z” before you can successfully market to them as a multifamily professional. 

1. Gen Z felt the impact of a recession 

Millennials were raised during economic prosperity (the 80s and 90s)while Gen Z grew up during the Great Recession of the late 2000s. Having watched family members and friends encounter unemployment and financial strifethis group is wary of the way they spend money.  

Tip: When marketing to Gen Z, stress value and quality of your properties and be sure to offer plenty of deals and leasing specials. 

2. Gen Z prefers to shop in store 

Millennials might have killed the mall, but Gen Z is bringing it back. Gen Z likes to feel and see products in person as a type of quality check. They also like the idea of an in-store experience to augment their shopping.  

TipTransform your marketing with events that bring your multifamily community together and spaces that encourage collaboration. And don’t forget to make it social media shareable.  

3. Gen Z prefers authenticity 

Whereas millennials prefer to rally around brands with a cause, Gen Z is more interested in authenticity. There’s no more getting by with heavily edited, stagedand photoshopped content. Furthermore, Gen Z has a nose for corporate fakery. Because they’re spending more time researching their decisions, Gen Z keeps up with what’s being said about your community online, and they have a discerning eye for when they are being sold to. 

Tip: When marketing to Gen Z, advertise your property management company in a way that is real and attainable. Rethink photoshopped images, corporate jargon, and ideas that don’t reflect who they are as individuals.  

4. Gen Z is marked by individuality and fluidity 

For millennials, owning brand name products is what made them feel part of a larger group. Gen Z is the opposite. Independence is their hustle and social media is their community. And don’t loop them into racial or gender groups. They prefer to exist on a scale that is more representative of their diverse backgrounds. 

Tip: When marketing to Gen Zcelebrate them as individuals while allowing them to be whatever and whoever they want without a focus on narrow image. For example, on resident-facing marketing materialshighlight people of various life stages, backgrounds and walks of life. 

5. Gen Z is entrepreneurial 

Speaking of hustles, Gen Z has become more creative in how they earn a buck or two. According to a study by the Harvard Business Review, 70% of teens are self-employed, choosing to teach piano, monetize their social media activity, or something similar.  

Tip: Your next marketing campaign could exist within your apartment community. Tap into influential community members with incentives, reuse usergenerated content on social media, and encourage online reviews.  

6. Gen Z is socially conscientious 

Sure, millennials helped elect the first black president and legalize gay marriage, but experts are saying Gen Z is the one leading the movementFor Gen Z, these social advances are the norm, but fighting to sustain them is not.  

Tip: If your property management company has not found its voice in the growing trend of corporate social responsibility; the time is now. Determine the goals for your company and find philanthropy efforts that match that. For example, if you’re company’s goal is to provide quality living, perhaps working with homeless shelters aligns with your vision.  

7. Gen Z is more calculated on social media 

By way of misuse and exploitation, millennials — the world’s digital pioneers — have paved the way for Gen Z — digital natives — to use social media responsibly. With safety and security at the top of their minds, Gen is more selective with the information they share onlineThey are even particular on which social channels to express themselves or connect with others. 

Tip: You might have just mastered Facebook ads, but for your property management company to remain competitive, get ready to try advertising on other social channels like Instagram and Snapchat 

8. Gen Z is more global 

Millennials were considered the first global generation because they shared similar characteristics and values across borders, and they were able to view significant global events in real time. However, Gen Z interacts with their global peers with greater fluidity, thanks to social media. 

Tip: When marketing to Gen Z, highlight messages that represent a universal truth.  

9. Gen Z has an even shorter attention span 

Having never known a world without social media, smart devices, and high-speed internet, Gen Z is by nature multitaskers. The average attention span of an American today is eight secondsmaking it even more challenging for marketers.  

Tip: Be prepared to abbreviate marketing messages even more. And think more about how to use entertainment-like interactions to your advantage. 

Generation Z may be young, but don’t dismiss the impact they’ll have on the multifamily industryAs the newest generation of renters, property management companies who act quickly and creatively to speak to this demographic have an opportunity to see payoffs. 

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

What Skills Do Property Managers Need?

Search internet job postings for property managers and you should notice a trend —or perhaps lack thereof— in the job descriptions: property management requires a wide range of professional and interpersonal skills to be effective.  

If you’re an owner, you might be wondering how you can possibly find all these skills in one person. And if you’re a property manager, you’re probably thinking about how to develop all those skills.  

SimpleYou start with the most important skills and then build on that foundation. In this blogwe’ll tell you the nine most essentials skills any property manager needs and how to build them. 

Organization and Attention to Detail

At the top of the list is organization. On any given day, you could: 

  • Develop and coordinate a plan for property improvement 
  • Maintain a calendar of due dates for inspections and lease renewals 
  • Prepare financial reports for your owners
  • And even assess the performance of your on-site staff 

Miss any one of those things and you could have a potential disaster on your hands. 

How to build this skill: Havsystem in place that helps you stay on top of your day-to-day, month-to-monthand annual tasks. Some helpful tips include: 

  • Making a to-do checklist at the start of the day 
  • Going old school” and using sticky notes 
  • Investing in project management tool that allows cross-collaboration

Source: Simply Productive 

Outstanding Customer Service

You must be able to understand people in addition to your property. Having outstanding customer service is all about putting yourself in the shoes of your residentIf a resident comes to you with a complaintthey expect you to treat their issue with urgency and importance. 

How to build this skill: Practice emotional intelligence. It will force you to practice empathySome helpful tips include: 

  • Recognizing what your initial reactions are to positive and negative situations 
  • Asking yourself why you have those reactions
  • Practicing exercising the most effective emotional reaction to those situations 

Emotional intelligence is the strongest predictor of performance, explaining a full 58 percent of success in all types of jobs.
Source: Talent Smart 

Proficiency in Industry Software

These days, technology is essential to a company’s success. That’s why no matter your industry, the job market demands that you have basic computer skills. And for multifamily, it’s essential that you know how to work the technology that propels the industry forward 

How to build this skillIf you’re a little rusty on maximizing the use of your property management softwareyour provider should be able to provide onetime and ongoing support to help you become a master. Some helpful tips include: 

  • Contacting your software provider’s support team to see if they provide live and e-training  
  • Earning certifications to demonstrate your competency in different software platforms 
  • Joining user groups engineered to help you master their software and master strategies you need to grow your business 

Property management technologyor proptech as it’s often called, is one of the fastest-growing investment sectors in the world. Between 2016 and 2017, venture capital investments tripled in the space.
Source: Forbes 

Strong Communication Skills

Property managers regularly communicate with different audiences; on-site staff, residents, vendor partners, leadership, etc. It’s the way you communicate with these different people that determine your property’s success.  See how ResMan integrates SMS text messaging into the property management platform here.

How to build this skill: Write and practice public speaking oftenThenask your audience for feedback on how you can improve. Some helpful tips include: 

  • Contributing to your company blog regularly  
  • Creating an internal email blast 
  • Speaking at meetings or conferences regularly 

Strong Sales Skills

It’s not all burst pipes and apartment tours. When all is said and done, you will constantly be selling your personal value as a property manager and the value of your property in your marketing strategies, in your meetings, and all your relationships. 

How to build this skill: You’ll want to practice thinking about your audience’s motivations. This will help you tailor your message. Some helpful tips include: 

  • Doing your research on the people you’re trying to persuade
  • Thinking about what information you need to uncover 
  • Focusing on understanding the other party, what they need to accomplishand how they measure a good deal

82% of B2B decision-makers think sales reps are unprepared.
Source: GetCRM.com 

A Growth Mindset

At the end of the day, owners and operators need someone to preserve and increase the value of their properties. 

All property managers should have a basic understanding of finance. They should be able to calculate cap rates, cash-on-cash returnsand the internal rate of return (IRR). Having this mindset equips property managers to make important business decisions 

How to build this skill:  You should understand your leadership’s needs and wants so that you can effectively provide your property management company what it needsSome helpful tips include: 

  • Networking with other multifamily and real estate professionals to see what their companies are building towards 
  • Taking courses where your skills fall short 
  • Nurturing relationships with leadership  

A high school diploma or equivalent is typically required for most onsite property management positions. However, many employers prefer to hire college graduates for commercial management positions and offsite positions dealing with a property’s finances or contract management.
Source: Bureau of Labor Statistics 

A Problem Solver

One size doesn’t fit all in property management 

You’ll have onsite staff that comes to you looking for guidance and help with their daily issues. You’ll also need to solve bigger problems that come with management. Think: prioritizing budgets, proving ROI, changing broken processes, and providing a welcoming atmosphere for employees and residents. 

To help build this skill: Sometimes it takes creativity to manage a property successfully. A great property manager should always be striving to learn new things and to push themselves further. Some helpful tips include: 

  • Seeking opportunities to find resolutions. Start small by asking your onsite staff to identify the challenges they face. Then, brainstorm and research solutions that can make their daytoday easier 
  • Speaking up and sharing your thoughts 
  • Thinking outside the box 

Motivationally-Minded

The best property managers inspire the best in others. This is especially important on days when onsite staff is dealing with especially troubling residents. As a property manager, you’ve got to motivate them to keep their heads high and still deliver great customer service. And to do it every time situations seem tough to handle. 

How to build this skillPractice motivational habits and implement them across your team. Some helpful tips include: 

  • Electing a mantra 
  • Implementing an employee recognition program for exemplary behavior 
  • Participating in team building activities 

Inspired employees are more than twice as productive as satisfied employees.
Source: Bain Research 

Develops Other Leaders

Micromanagers suck. And so does being stuck professionally.  

Multifamily needs more leaders. So, part of your job is developing your team to rise through the ranks. 

How to build this skill: Start by learning to recognize potential in others. Some helpful tips include: 

70% of the respondents indicated that job-related training and development opportunities influenced their decision to stay at their job.
Source: Shift 

This list can seem daunting, but don’t feel intimidated. Whether you’re doing the hiring or the applying, there is no precise amount of these nine skills that will make you the “perfect” property manager. Rather, look at these skills as the foundation for a great leader. 

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If you already have a great property manager and now you’re looking for a great property management software, read our whitepaper on choosing the best property management software for your business.

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