ResMan Announces New Leadership Structure

ResMan Announces New Leadership Structure 

PLANO, Texas, December 3, 2021 – ResMan®, a leading property management SaaS platform provider, today announced a new leadership structure to position the company for heightened growth, with Michael Dunn, Elizabeth Francisco, and Nick Olsen guiding operations, strategy and innovation as part of the greater executive team.  

Michael Dunn, Chief Operating Officer, will serve as the company’s new Chief Executive Officer with responsibility for the day-to-day operations and business growth, executing on ResMan’s vision to help property managers operate more efficiently. Dunn assumes the role from Paul Bridgewater who departs the company following the successful completion of the Inhabit transaction. 

ResMan President Elizabeth Francisco will continue in her current role, taking on expanded responsibilities to support expansion goals in the residential and multifamily property management market. As an expert and influencer in the space, Francisco will lead client advocacy efforts for ResMan, seeking additional opportunities to represent the company and its client base among national association groups. 

Nick Olsen, who has been instrumental to ResMan’s technology development for more than a decade and recently assumed the company’s Chief Technology Officer role, is responsible for all tech and engineering resources, research, and development that support ResMan’s market-leading software solutions. 

“A customer-first approach and commitment to innovation drive everything Michael, Elizabeth and Nick do at ResMan,” said Lisa Stinnett, CEO of Inhabit IQ, parent company of ResMan. “Elizabeth is a sought-after voice in property management and her unique passion and insight continue to be a North Star for ResMan. Similarly, we’re fortunate to benefit from Michael’s operational expertise and Nick’s technical vision that set ResMan apart in the industry.”  

Digital Storefront: How to Capitalize on your Property Management Website

The world seemed to deal with aftershocks from the technology earthquake of the 21st century when COVID-19 happened in early 2020. The modern consumer began demanding a complete shift to digital in both their business and personal life in order to stay fully connected and informed. The general public has now come to expect businesses to be fully online asking more of businesses in their online resources with a (to no surprise) lower tolerance for anything less. 

It sounds harsh, but in reality, consumers have changed and they know what they want and where to find it online. If you’re not online, to many, it might be as if your business doesn’t exist. But even if you are online, you have another hurdle. Because of the Internet and the massive zoo that is online content, it’s difficult to know where and how to get in front of consumers. Not only just consumers but the right consumers need to be able to easily find your property’s website or they might never bother to find your business at all (remember the low tolerance?) 

SEO, Paid Ads, and An Active Website… Oh my! 

The trifecta of an online presence includes: SEO (search engine optimization), paid ads and an active website. These three initiatives should drive people to your website if they aren’t already visiting. Here’s a short guide to getting these three things where they need to be: 

SEO – We’ll get into the active website, but if your website is being updated regularly with fresh content, you can easily figure out the keywords that your prospects are searching for. Neil Patel has a great tool for SEO beginners. Go from a free to inexpensive plan and gauge traffic for keyword searches and percentage possibilities of rankings on page 1 of Google.  

Paid Ads – List your active units and properties in paid ads, whether on social media or Google. Start with a small amount of money and test out different copy and images. See where traffic engages the most and put a little more money toward it. Repeat several times. Always test ads as much as possible by figuring out what the market wants to see once your ad is in front of them. 

Active Website – The word “active” is key here. Uploading regular resources signals to Google that your site is putting fresh content out for consumers – and Google rewards that by bumping you to higher pages on their search engine. That content, whether it be blogs, announcements, or general unit information, should include SEO keywords that your prospective renters are searching for so that links to your site are returned in their search results.  

The entire point is: make it easy for the consumer to find you. The easier it is for them, the more likely they are to give your brand and website a chance to earn their business. If you don’t have the internal resources or capabilities to help you with these initiatives, you can outsource to an expert to get the process started.  Now that you have an approach for driving traffic to your website, let’s talk about what they want to see once they arrive. 

What are future residents looking for on your website? 

In writing school, they teach you “show, don’t tell.” What it really means is let the reader figure out some things on their own – don’t write every detail for them. This is the same for your property’s website. You still need to provide some detail, but your website is the beginning of a customer experience and that’s why it’s important not to overwhelm them. 

A website with nothing but copy and words will quickly motivate a user to bounce, even if the words on the website feel important. Focus on your target market and understanding who they are and what they care about. They’re looking for a future home, so typically any consumer wants to eventually see units, photos of the property, and maybe information on amenities and pricing. However, starting with your home page, you still have to convince them to travel to other parts of the site.  

Typically, your properties’ home pages will be more image-heavy than information-heavy. It should give a visual expectation of their future experience living at your property. Video and photos are a great way to do this and can be a great opportunity to call out important and high interest areas of the site. Putting a CTA (call-to-action) button or a headline about a new promotion the property is running near these eye-catching images and videos is what’s going to keep them interested. 

What does their future home look like? 

As they are checking out units and amenities, it’s important to note that you still have the opportunity to give them all the information they need without writing it all out in words. Your property’s website visitors are more likely to convert when they get as much information as they can online, before they commit to touring in-person. We suggest providing this information visually in three ways: 

Self-guided tours 

Prospects who complete self-guided tours online are 54% more likely to convert into an in-person tour. Giving your prospects the chance to see the landscape tells them exactly what they will experience if they make it their new home. When the prospect does tour in-person, they are not caught by surprise and often have higher intent to lease. 

Neighborhood maps 

If this is their future home, visitors are going to want to see what’s beyond the gates of the apartment community. Interactive neighborhood maps are another way to create transparency with online researchers as they can get a sense for their apartment’s surroundings including schools, shopping centers, and even the distance to the highway. 

Interactive and Unit-specific floor plans 

Many properties upload a single interactive floor plan for each type of unit (studio, 1B1B, 2B1B, and so on). But probably the layout of each unit type varies depending on where it is located. More often than not, prospects are surprised when they tour in-person and see the available unit looks completely backwards or different than what they saw virtually. If they’re already picturing themselves in a unit and you change that picture, it can create friction for them as a prospective resident.  

We advise you let them see it all. Give unit-specific floor plans that are interactive and can not only show what the exact available unit will look like, but where it’s located on the property. Believe it or not, another point of friction for prospects is around location of the unit. When they realize their potential apartment is far away from their parking spot and they try imagining carrying groceries back and forth, they can quickly lose interest. There can be other reasons like being close to the elevator or trash chute or even for a nice view, a customer might be led astray when they don’t get the full picture beforehand. The more a prospective resident knows in advance before touring, the more the in-person visit will reinforce the personal connection they have to your property that drove them to visit in the first place! 

If you aren’t reaching your prospective residents online or aren’t catering to their pre-visit information needs, you’re making it harder than it needs to be to generate and convert leads. Interested in getting your property website to its full potential? Book a demo with us to see how we support property management companies with their websites here.

Cocktails and Compliance: Episode 3

ResMan’s Affordable Compliance experts, Rue Fox and Janel Ganim, are back with a delicious drink and PropTalk’s latest episode of Cocktails and Compliance! Grab a drink with Rue and Janel as you get all of the Fall updates on the Affordable housing industry. From emergency rental assistance plans and the Average Income Test to supply chain disruption and staffing shortages, you can hear it all right here on PropTalk.

To listen to more episodes of PropTalk, visit https://learn.myresman.com/proptalk/.

Want to make a great cocktail using Skrewball’s Peanut Butter Whiskey?

Here’s one of our favorite Old-Fashioned Peanut Butter Whiskey recipes. You’ll need:

  • Skrewball Peanut Butter Whiskey
  • Bitters
  • Soda water
  • Large ice cube

Be sure to subscribe for more yummy cocktails and all things on Affordable housing! Have a great Thanksgiving!

Technology Adoption Doesn’t Have To Leave Disengaged Employees || Rental Housing Journal

Elizabeth Francisco, President of ResMan, was asked to contribute to the Rental Housing Journal this month. As she discusses the all-too-common problem of not only adopting the technology for a business, she highlights how you can also gain the support and adoption from employees to make that technology worthwhile.

She argues having a human-centric approach to technology will be the game-changer and will be essential to getting buy-in from your employees. You can read the full article here.

PropTalk: Trailblazing Your Way to the Table with Confidence Part 2

PropTalk invites Elizabeth Francisco, President of ResMan, with Jimmy Chestnut, VP of Incore Residential, Antoinette Williams, Regional Vice President at CARROLL, and Sonya Rosenbach, CFO of Allied Orion Group to continue their conversation from FAA. Together, they share helpful insights on how they prepared for senior leadership differently and identify what may be holding you back in your career growth.

To listen to more episodes of PropTalk, visit https://learn.myresman.com/proptalk/.

ResMan Recaps NMHC’s OPTECH 2021

Last week, the ResMan team headed to National Harbor, Maryland for the first in-person OPTECH event in two years. OPTECH 2021 was hosted at the newly renovated Gaylord National Resort and Convention Center just south of Washington D.C. The hotel and convention center made for a large space, covering three floors for sessions and the trade show floor. 

Over 2,000 attendees and vendors eagerly arrived Monday evening, all of them excited to see both old and new faces at this year’s event. The first night was a great networking opportunity both in and outside of the trade show floor.  

Our Booth at OPTECH 2021 

optech 2021

ResMan’s booth featured our dual touch screen demo stations where attendees could experience first-hand how intuitive and easy-to-use our conventional and affordable solutions are, with many taking the lead in demoing the accounting, budgeting, payments, and online leasing capabilities within the comprehensive platform.  

Our favorite points of conversation revolved around both old and new features launched here at ResMan. Our popular Credit Builder feature allows residents to report their on-time rental payments to credit bureaus, ensuring their largest monthly payments are rewarded with credit growth. Along with that, we shared our new payments feature which will help property managers collect rent hassle-free. The other eye-catching solution we shared was ResMan Websites, which offers high conversion features such as interactive site maps, virtual tours, neighborhood explorers, and unit-specific floor plans. The best part? There’s no coding knowledge needed. Teams are allowed to easily edit website content on the fly, including videos, photos and text.  

Sessions 

The sessions this year were the talk of the conference. NMHC did a wonderful job at providing thought-provoking sessions from knowledgeable leaders in the industry. A majority of conversations revolved around data, technology and the impact of COVID-19 on both businesses and people within property management. 

The Keynote speaker, Suneel Gupta, CEO of Rise, concluded Tuesday’s sessions with a particularly insightful conversation around burnout and coping with feelings of failure in the workplace.  

“We’ve been told success is a result of hard work and grit,” Suneel remarked. “And yet, if you look at the definitions of grit – relentlessness, instant responsiveness, being always on, doing whatever it takes to win – those are also the same actions that lead to burnout. It suggests employees to see grit and burnout as the path to success.” 

$500 Travel Voucher Giveaway 

Giveaways and swag are always a fun part of trade shows. We offered a $500 travel voucher giveaway to booth visitors at OPTECH 2021 as a thank you for stopping by. We will be selecting a winner this week and are excited to give out a nice gift that hopefully brings a much-needed chance to disconnect, relax and recharge! If you visited our booth, be sure to check your inbox this week to see if you won!  

Wrapping Up A Great Event 

It was a fun and exciting week at OPTECH 2021 and we cannot wait for next year’s event. Until then, we’ll be working on enhancements that bring even more efficiencies to our customers in 2022. All in all, NMHC’s OPTECH is a great event and we hope attendees and vendors alike appreciated all of the great content and conversations like we did. Hope to see you in 2022! 

If you attended OPTECH and didn’t have the chance to visit our booth or talk to one of our team members, we would love to connect! Simply fill out a form here to chat with one of our experts! 

6 Takeaways from NAHMA’s 2021 Sessions ft. Janel Ganim

Interested in hearing Affordable Housing Market Updates year round? Try joining the National Affordable Housing Market Association (NAHMA) and join us year round for market updates and trade shows. Check out their membership options here.

In case you missed it, ResMan is here to give you the 6 takeaways from NAHMA’s 2021 sessions regarding current conversations about the Affordable Housing Market. Janel Ganim, our Senior Vice President of Product, attended NAHMA October 19-21st for their third virtual conference since COVID-19. 

“I know everyone misses the in-person events like I do,” Janel mentioned. “But it’s nice that NAHMA is still prioritizing safety and giving businesses an opportunity to network. They had really good participation. Attendees were actively asking questions and it was clear the engagement was high.” 

At NAHMA, there were quite a few topics and conversations discussed around the current state of the Affordable market. Some were centered around new, pressing topics for Affordable, as COVID has continued to play a role in how the government is supporting the industry as a whole. Other topics were a continuation of previous conversations, expanding on problems and pain points with updates and new solutions. The most notable topics include: 

  1. Emergency rental assistance plans 
  2. Average Income Test and the IRS’ timeline on final regulations 
  3. Vaccine mandates for government employees/contractors 
  4. Supply chain disruption and staffing shortages 
  5. TRACS 203A update 
  6. Emotional assistance and de-escalation training for property staff

Emergency Rental Assistance Updates 

Emergency rental assistance has been one of the consistent topics of discussion within the Affordable housing industry, especially around states who are struggling to get their funds distributed. Currently, the Treasure department is looking at underperforming (meaning less than a third of their funds have been distributed) grantees to see if they can create a sort of performance plan.  

Right now, they’re considering reallocating funds to high-performing grantees who have distributed a lot of their money and might be looking for more funds. The Treasury Department stated they are trying to have all plans in place by the end of 2021. 

Average Income Test 

The Affordable Housing industry still waiting for a final rule from the IRS regarding the Average Income Test. The industry is still “business as usual” with their interpretation of the rule, which doesn’t necessarily align with the initial guidance put forth by the IRS since fixed unit income designations could in some cases conflict with other regulations (e.g. fair housing). 

However, it is worth noting the IRS desperately needs to finalize the regulation with the new tax bill on the horizon which will undoubtedly take up majority of the IRS’ time. Hopefully, final guidance around average income test will be wrapped up and released soon. 

Vaccine Mandates 

Many attendees were asking about the new vaccine mandates for government employees and contractors and how this will apply to REAC inspectors. The short answer is REAC inspectors will be required to be vaccinated eventually. However, it sounds like it might take a while for vaccine mandates around REAC inspectors to roll out. 

These mandates will also apply to government contractors such as project-based contract administrators who are monitoring contracts on behalf of HUD properties. Now those organizations are asking “What does this mean for me and my staff? How long do I have before I have to put this mandate in place?”  

HUD did say they are looking to provide some guidance on that soon, but for now there is no timeline. The contracts in place for those PBCAs expire January 31st so HUD is working on an extension. However, they’re also going to address the mandate for vaccinations as a part of that guidance, too. 

Supply Chain Disruption and Staffing Shortages 

One of the biggest discussions during NAHMA’s 2021 sessions included the continued suffering in the industry due to supply chain disruption and staffing shortages. Many raised concerns about not being able to find people to work. From property managers to maintenance to even contract workers, there is a low supply of available workers out there. It’s not a salary issue at this point, either. Even with offering signing bonuses and other benefits, Affordable Housing properties are simply struggling to find qualified people. 

It should be noted that government vaccine mandates are not the only reason or even the main reason for these shortages. Vaccine mandates might be affecting some areas with staffing shortages more than others. 4.3 million Americans quit their jobs in August, a record high in the 21st century for the United States, so staffing shortages are happening in other industries, too.  

Due to wage increases, a need for materials, and an increase in insurance, HUD staff are being told to expect budget-based rent increase requests to offset some of the costs that have been hurting operations. This speaks to the detrimental effects of shortages in supply chain and staffing. Properties’ concerns with shortages include the impact on the quality of housing for existing residents as routine maintenance and repairs aren’t able to get done in a timely manner. The shortage also impacts the speed at which properties can turn units, which leads to greater vacancy loss.  

TRACS 203A 

Timing on the TRACS (Tenant Rental Assistance Certification System) 203-A release has been a running joke – it’s been expected “soon” for what seems like an eternity. It seems like soon might finally be upon us, as HUD staff indicated they were wrapping up paperwork and ready for implementation in 2022. Software vendors showed concern as they need to know what those updates are, and need some lead time to make necessary product updates and roll them out to the industry. Typically, understanding the specs, updating code, and testing those changes is a three-to-six-month process.  

HUD responded saying they were under the impression this was being communicated, but it turns out most of the software industry wasn’t aware of the timeline until the same week NAHMA’s 2021 sessions took place. Shortly after the conference, HUD sent out an email for a November 15th meeting to further discuss the TRACS 203A timeline. 

Emotional Assistance and De-escalation Training 

The Affordable industry has consistently spoken about the impact COVID has had on staff at properties and their ability to better engage with residents and maintain operations with online tools. The conversation shifted a bit toward residents and their mental health. After a recent shooting leaving two staff members dead, many are speaking up about the heavy increase in gang activity, police calls, domestic violence, and suicides in HUD properties.  

Because of this, multiple management companies said they have implemented new training programs for their staff such as active-shooter training, suicide prevention training, and de-escalation training. Other properties are also brainstorming ideas to better support staff and residents. Some have created team member assistance hotlines as well as providing staff with walkie talkies that are on the same frequency as on-site security. Some suggested shelter-in-place plans and adding back doors to offices for necessary escape. 

It’s unfortunate that crime rates are increasing at all, but what we’re seeing is consistent with the general decay in mental health and an increase in anger-related incidents in restaurants, airports and even entertainment venues. All in all, there will be an increase in safety features at HUD properties in the near future. 

To hear more in-depth Affordable updates from NAHMA’s 2021 sessions, watch our latest Affordable Updates Webinar here. 

ICYMI: ResMan Recaps the FAA Annual Conference and Trade Show with Patrick Johnson

I sat down with Elizabeth Francisco, President of ResMan, Patrick Johnson, SVP of Sales at AMS Billing and one of ResMan’s Sales Executives, Justin Hayward, to discuss what went on at the FAA 2021 Annual Conference and Trade Show in Orlando, Florida.  

If you missed the FAA Annual Conference and Trade Show, hear what Elizabeth, Patrick and Justin had to say about what was so great, what they learned about the market and what the industry’s conversations revolved around: 

So, how was FAA for you all this year? 

Patrick: I thought it was one of the best FAA trade shows I ever attended. It was busier for vendors this year since they were getting back out there for the first time in-person in years. It was even more inclusive this year because the size of the space, so the big venue made for a lot of great conversations. 

Elizabeth: I agree. I really liked that there was a lot of focus on diversity, equity and inclusion (DEI) this year. It was very relevant and necessary. People know there are issues and are willing to make changes, they just don’t know how to fix it. I was asked if we had made progress regarding DEI. We have made progress but given the amount of time it’s taken and the amount of progress, we have a long way to go. Especially when we talk about multicultural representation and people of color, specifically. I truly applaud FAA’s commitment to DEI and adding that to their sessions this year. They are committed to it and it shows and we need that to continue. 

Justin: This was my first FAA so I didn’t have a lot of expectations going into it. I, personally, thought it was cool to see all the suppliers and vendors come together to grow their networks and grow referral business. That face-to-face interaction was priceless. 

What seemed to be the theme of your conversations with other property management companies at FAA? 

Justin: A lot of the conversations we had on the trade show floor opened the door for conversations around attendees’ pain points regarding their property management software. People were like kids in a sandbox when they got to navigate ResMan’s product. 

It was also great to see some previous customers and re-engage those relationships to hear their pain points. We had a customer who made a switch from ResMan to Yardi and she essentially went through a list of areas where Yardi wasn’t currently supporting the property managers. She spoke to all the things she lost when they moved to ResMan. Hearing all of that helped me better understand the value our customers get from our product versus other competitors. 

In the end, most of my conversations were with property managers. It was helpful to learn more about their day-to-day as a property manager, from seeing how they process a work order to how they communicate with residents. When they spoke up about challenges within those day-to-day tasks, we’d point out where our software helps with those pain points. 

Patrick: I think that’s a great point to go off of, Justin. We’ve all been sitting at home for a year and a half. FAA gave us a chance to be back face-to-face and remind ourselves what property managers go through in their day-to-day. We haven’t been around each other to see it as much as we were prior to the pandemic.  

Along the same point, I think people being trapped at home and focusing on resident retention and current state of their properties has left a lot of people stuck and unable to make changes. There’s been a lot of mergers and acquisitions and most of our competitors have been bought out by bigger companies. Larger corporations are buying anyone who will let them. So that got the industry really excited for the possibilities of optimizing their operations.  

But people are still sticking with what they have in ancillary services and software. This event was a chance for them to get out and see what else is out there. They don’t always have a chance to take a phone call and don’t always want to answer emails. The tradeshow spotlighted the pain points of these decision makers because they could see where other services and softwares did things differently. I got to have conversations with people I wouldn’t have unless I was face-to-face at a trade show.  

Elizabeth: That’s very true. For business relationships, in-person trade shows allow us to break through the noise. This is providing opportunities on both sides, not just suppliers getting potential customers but property managers and executives getting to optimize their business with other products. Relationships matter in this industry. There’s only so much you can do to develop those relationships virtually. Only an in-person event can take a relationship all the way. We are human beings and face-to-face interaction creates a different warmth and strength in relationships, reminding people why they do business together to begin with. It also helps us to read body language. We can better support our customers when we have face-to-face interactions safely. 

Elizabeth, you hosted a session around DEI and what impacts it has on career growth for others moving up in the property management industry. How did that session go? 

Elizabeth: It was so great to speak with Sonya, Jimmy, and Antoinette about their experiences. We had over 300 people attend the session alone and that was really powerful to see how many people were interested in this topic.  

The whole point of our session was about the disparities in the industry around diversity and inclusion, which we can all see with our own eyes. There is a certain aspect of it that falls on us individually. We must acknowledge and deal with things in our career to succeed. The baggage we bring with us holds us back. There needs to be personal accountability when it comes to investing in yourself. If you aren’t investing in yourself, why would anyone else want to invest in you? We saw how you can use results from that very investment to overcome bias. Not 100% of the time. But in the business world, results create respect because results in business demand respect. 

That’s a great point, Elizabeth. Justin and Patrick, what did you think about the session? 

Justin: One of the biggest things for me watching Elizabeth’s session and her panelists, you could just tell the topic was garnering support from the crowd. We sat at a table with property managers and people were constantly talking under their breath with “mmhmms” and “yeses.”  

Ah, so it was like church on a Thursday with all the echoing “amens.” That says a lot about the market and how they relate to the same problems Elizabeth and her panelists endured themselves. 

Justin: It really does. From time to time, the panelists would also give feedback on challenges they faced when moving up in their roles. Elizabeth did a great job of taking their responses and giving closing statements that included more insight into how leaders and property managers can take these testimonies and make changes in the industry.  

Elizabeth: I heard that a lot, too, Justin. People were so relieved to hear even executives like myself have self-doubt. No one is alone when it comes to second guessing yourself. 

Patrick: I really appreciated that the session was relevant and had useful takeaways for just about everyone. Even if you’re not trying to get to the top, it’s still things you can think about in your day-to-day life. It encouraged people to think about small investments they could make to further their career, whether that’s sitting at your desk a little longer to earn that new resident or investing in professional development. It applies to multifamily and beyond.  

I like how Elizabeth pointed out there’s a lack of women in the leadership roles within property management. When I looked around at the attendance, 90% of the audience were female. Elizabeth, I think you asked thoughtful questions to these women to get them thinking. All of it was to support people in their career growth and make them ask “What’s stopping me from getting where I want to be?” 

That’s a powerful response overall. It sounds like the topic was incredibly useful to a lot of the attendees. Since it sounds like the session was well attended, what did you all think about the attendance of the trade show overall? 

Justin: I didn’t know what to expect to have regarding engagement and attendance. Overall, it was great. I was pleased with all the conversations and leads we took away from the event. 

Patrick: The quality of the event attendance was very good. I did appreciate that there were a lot of decision makers attending. It made the conversations more productive overall. You always run into the people you need to see which is important and I think that aspect was an important reminder of why tradeshows are so useful. 

Elizabeth: I was told over 700 tickets sold for the APAC (Apartment Political Action Committee) event. That was a big attendance. 

What seemed to be the biggest takeaway from FAA’s event? 

Elizabeth: One thing I learned from being there revolved around supply chain issues. As many know already, the supply chain issues are causing delays for repairs and turning units and when that happens you have frustrated renters and staff. You’re coming off a tough 14 months. It’s important for properties to maintain quality of these units. I knew there were supply chain issues and I was thinking of it from a pricing and an expense management perspective, but I guess I lost sight of the impact on those maintenance teams I took the time to talk with several of them and it was incredibly eye-opening and something worth talking about.” 

Justin: “The biggest takeaway for me was the ability to create relationships, especially at the APAC event. As Elizabeth mentioned, there were so many people there. The EPCOT fireworks show during APAC was amazing and had a great space for conversations, with drinks and 30-minutes of great entertainment. We got there early and got to talk with other people for 2 hours before the fireworks actually started and it set up some great conversations.” 

Elizabeth: I, also, felt like I appreciated FAA and their willingness to help educate people and support their growth. Multifamily is very family oriented and the industry as a whole is a family. We rise and fall together. 

To echo that a bit more, FAA’s Political Action Committee had a vision statement that really resonated: “Providing quality rental housing for hardworking Floridians is your business. Our business is to make sure you succeed.” This is how they (FAA) view their engagement and for us to be able to provide good rental housing, we must work with governments, so they aren’t regulating us out of quality. 

Thank you, everyone, for sharing more about FAA this year. It sounds like an amazing event and I’m sad I missed, but hearing your recap makes me feel like I was there. And a special thank you to the Florida Apartment Association for a wonderful event. See you next year! 

Did you miss Elizabeth’s session at FAA? Stay tuned for her upcoming podcast as she rejoins her panelists to continue the conversation around DEI and career growth within property management. Subscribe to our podcast here

ResMan Further Enhances Executive Team With New CTO  

ResMan Further Enhances Executive Team With New CTO  

Technology veteran and original architect of ResMan’s platform, Nick Olsen, leads innovation of company’s solutions suite

PLANO, Texas, October 25th, 2021 – ResMan®, a leading property management SaaS platform provider, today announces that Nick Olsen has been promoted to Chief Technology Officer. In his new role Olsen will drive ResMan’s evolution to a full stack platform that allows multifamily and affordable housing managers to operate more efficiently. Olsen will be responsible for all technology and engineering resources that support ResMan’s software solutions, as well as research and development needed to maintain the company’s market-leading product positioning.  

“We are very fortunate to have Nick at the helm of our technology evolution,” said Michael Dunn, ResMan COO. “His skills and foresight have been instrumental in building out critical infrastructure and processes for our tech systems and teams for more than 10 years. Nick is a superior technologist with a deep understanding of real estate and property management needs.”

Olsen has been with ResMan since 2008, most recently as vice president of engineering, leading the innovation and evolution of ResMan to a leading cloud-based multi-tenant platform. During his tenure Olsen has led many strategic initiatives, building a distributed engineering organization, optimizing ResMan’s scale and performance in the cloud, developing an open API infrastructure enabling ResMan’s partner network, and integrating multiple acquired software companies.

“I’m very excited to take on the CTO role. As one of the original architects of the ResMan platform I’ve had the privilege of seeing this company grow from the beginning. I couldn’t be more proud of our teams that have developed this amazing market-leading product transforming the property management industry,” says Olsen. “Especially in light of our new partnership with Inhabit IQ, I look forward to the innovation and collaboration that will propel us into the next period of growth.” 

Olsen earned a degree in computer science from UC Irvine and resides in LeHi, Utah with his wife and kids. He replaces Michael Dunn as ResMan’s CTO, who was recently promoted to chief operating officer in September 2021.

Credit Building: What is Multifamily’s Role in Helping Residents and Tenants Achieve Upward Economic Mobility?

Credit Building: What is Multifamily’s Role in Helping Residents and Tenants Achieve Upward Economic Mobility?

The United States has a level of wealth inequality between the rich and poor that is larger than any other major developed country. While there are many reasons for this divide, one of the key contributors is unequal access to credit and other mainstream financial products and services. The last 18 months have opened many eyes to the severity and impact of this divide, leading many organizations and investors to commit to making change happen.

Elizabeth Francisco, President of ResMan, sat down with Talia Kahn-Kravis Manager of Program Innovations & Business Development at Credit Builders Alliance, Alex Buchanan, COO of Rent Dynamics, and Myles Howell, Credit Builder Account Manager at ResMan to discuss how limited access to financial resources and education is hurting both residents and property managers.

“Credit health impacts every aspect of resident’s lives,” Elizabeth starts off. “When I was in my early 20s, I was a single mom with two kids trying my best to pay my way through college. I had two jobs and like so many others in the industry, I fell into property management. And to say that my credit was less than stellar would be an understatement.”

“I had been a victim of predatory lending, having an interest rate on my car payment at 18%. Had I been able to benefit from the reporting of my on-time rent payments, I would’ve been able to secure a better credit score and a better interest rate.”

Credit Building in Multifamily

The opportunity for multifamily operators to help renters build credit is highly overlooked. At Credit Builders Alliance, Talia Kahn-Kravis has seen firsthand the impact credit has had on both property managers and tenants.

“1 in 3 are credit challenged,” Talia asserted. “There are nearly 53 million people who are un-scorable and approximately 38 million people with credit scores below 600.”

One might not realize how costly poor credit can be but the fiscal difference is staggering.

“Having a poor credit score can cost people $250,000 over their lifetime,” Talia added. “Renters are 7x more likely to be missing credit scores compared to homeowners. Renters of color are even more likely to be credit challenged. We see even senior housing in need of credit visibility. Many senior residents have never established a credit score at all.”

“The idea of going a lifetime being credit invisible is mind blowing.” Elizabeth responded in surprise. But just as homeowners pay their mortgage and get credit for on-time payments, shouldn’t tenants and residents be allowed to get credit for paying their rent on time? Whether it’s a mortgage or rent payment, housing is typically the largest monthly payment people make. Renters deserve the same opportunity to report their monthly rent payments.

Rent reporting is not a new concept, but it is a widely overlooked amenity by property managers. Talia mentioned how reporting on-time rent and utility payments to credit bureaus helps residents establish, maintain, and build their credit scores by simply paying their normal bills on time.

And it makes a massive difference. According to Credit Builders Alliance and their internal studies, 100% of residents with no score became scorable through rent reporting and those who had a score under 600 increased their scores by an average of 32 points.

“The FHFA (Federal Housing Finance Agency) is considering and in the process of adding on new types of scoring models for credit,” Alex Buchanan of Rent Dynamics chimed in. “And Fannie Mae just announced they are going to take bank statements as proof of rent payments for credit reporting. It’s really cool to see how this has evolved already. People are recognizing how important that reporting is considering it is most people’s largest monthly payment.”

Why Rent Reporting is a Win-Win-Win

Rent reporting isn’t just beneficial to the resident. While the resident is building credit without acquiring anymore debt, properties that offer it have a competitive advantage over others in the area. Rent reporting not only helps attract and retain residents, but it also incentivizes residents to pay their rent on-time.

Elizabeth chimed in to add some compelling statistics from Credit Builders Alliance around the benefits of rent reporting and credit scores:

· On-time rent payments increased 25% in one year since implementing credit reporting.

· 79% of residents saw an increase in their credit score, increasing by 23 points on average.

· The number of renters with a credit score above 620 increased 65%.

“The question is not why should you be doing this for your residents, the question is why not?” Elizabeth argued. “If you and your residents are both benefitting from rent reporting, it’s a no-brainer.”

Alex piped in to bring up how the market is changing as new generations come through multifamily. He mentioned how Gen Z is forcing property managers to step up their game when it comes to resident support.

“Gen Z is driving Corporate America to be more responsible,” Alex said. “They are voting with their dollars on which corporations they choose to support and they want to know they’re interacting with a brand that is doing something positive.”

Alex introduced some used cases, where property management companies saw resident retention increase by 1.28 months. Along with that, the property’s residents doubled their average credit score. The property teams and residents are both winning with this simple add-on.

Even better, property owners are benefitting massively from this, too.

“We always wondered what property owners were seeing on the other side in benefits,” Alex said. “It turns out, some of our properties reported $13k a year in ancillary income and sold at a 3.5% cap rate while also creating $386k in additional value at time of sale.”

“So, when we’re talking about this virtuous circle of everyone winning, it’s not just residents. Credit building is so impactful and boosts revenue for operators yet, adding a credit building feature doesn’t have to take any work to implement or manage as an operator.”

“For those working at an executive level, ask your property managers how often they are talking about credit scores,” Alex added. “I promise you it will surprise you. Property managers are thanking us because their residents are constantly asking about how they can build their credit.”

Trends and Legislative Activity

A focus on ESG (Environmental, Social and Governance) is absolutely critical to capital raising in this day in age. Those who don’t prioritize ESG programs, initiatives, and goals will not be able to keep up with investor demands and expectations.

“You can have a real material impact on the social side with your resident population,” Alex mentioned. “I was out at an event with some friends and they said this was so important. Their cost of capital was cut in half when they could show their ESG initiatives were having a positive impact. This trend is only accelerating.”

“Rent reporting is a socially responsible initiative that makes building credit simple for residents while still avoiding additional debt.”

Along with the capital market, legislation is beginning to spark around rent reporting. Today, we are seeing states intervene on behalf of rent reporting. Senate Bill 1157 in California went into effect in July. Multifamily portfolios with affordable communities are now required to offer rent reporting to their residents and must do so in writing. Colorado and D.C. are also following in California’s footsteps.

“Multifamily and affordable properties need to start getting ahead of this,” Alex said. “The impact is powerful, and it’s so much easier to get ahead and start offering this now instead of worrying about fire drills or adding something to your system later.”

“This should’ve been done decades ago,” Elizabeth remarked. “I’m glad to see this happening.”

Already a ResMan customer and interested in our Credit Builder feature? Email your Account Executive to learn more.

Not a ResMan customer and interested in our software with Credit Builder? Book a demo with us here.