Rental Housing Journal Colorado
June 2017 - Vol. 9 Issue 6
2. Update Your Home's First Impression 5. Win, Win - Improving Cash Flow for Renters and Property Managers
6. The 10 U.S. Cities Where Cost of Living is Rising Fastest 7. Is It Time to Upgrade Your Technology?
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Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel
The Delaware Statutory Trust as a Real 3 Things Proactive Estate Investment Property Managers I Want to Know About Roofs Robert L. Boggess, CCIM, Registered Representative, IREXA Financial Services/Wealth Strategies
nvestors who hold highly appreciated real estate assets may be at a stage of their lives when they are seeking more passive investment opportunities. Passive, professionally managed ownership may allow them to concentrate on other opportunities in life that they have always been passionate and now have the time to pursue.
By John Triplett, www.rentalhousingjournal.com
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ultifamily property managers have two interests at heart they don’t like their roofs to leak and they don’t want to spend any more money on them than they have to, according to a multifamily roofing expert “Regular maintenance and a good roofing contractor can help. If, for example, property managers have their roofs walked at least annually, and preferably semi-annually, the roofer can verify all roofing penetration areas are water-tight and sealed as needed,” Eric Skoog, owner of Sunvek Roofing in Phoenix, said in an interview with Rental Housing Journal. “Also, on pitched roofs, valleys need to be cleaned out so water or snow can move quickly off the roof, resulting in less chance of damage and water entry. continued on page 3
Passive Investment Characteristics Rather than deal with the Terrible T’s consisting of toilets, trash, and tenants many long-time investors are in search of the Terrific T’s which give them time, travel, and teeing off. To accomplish these goals, some seasoned investors have turned to real estate investment strategies such as buying real estate with ownership forms like, Tenants in Common continued on page 4
5 Ways Managers Can Perk Up Employees This Summer
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uman resources managers report workers may feel less productive in the summer and want more flexible schedules, while fewer companies offer flexible schedules, according to a new research. In addition to wanting more flexible schedules in the summer, employees also want the ability to leave early on Fridays, a more relaxed dress code, and events such as company picnics. However trends involving those employee desires have reversed since 2012, according to the survey from Office Team, a Robert Half company. Now fewer companies are offering these benefits with a decline in flexibility of hours and leaving early
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Text REALESTATE-ROI to 44222 to receive a digital copy of this year's
Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market
Rental Housing Journal Colorado
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Update Your Home's First Impression
home's curb appeal is its first impression, so how can homeowners make sure that it is a good one? This month's 'Your Home's First Impression. Is It a Good One?' spotlight from Houselogic.com, the comprehensive website for homeowners from the National Association of Realtors®, features six articles and a video containing information, tips and advice on how to get and keep a home's facade in its best shape possible. Here are HouseLogic's tips for how homeowners can make sure their home is not the eyesore on the block. 5 Reasons You'll Regret Painting Your Brick House. Some homeowners may by eager to paint over their home's red and orange brick exterior, but while it may be visually appealing now, it could end up causing significant damage to the home down the road. Check out HouseLogic's list of reasons why painting a brick home is a bad idea, including that paint traps moisture inside the brick, and when that moisture freezes and thaws, it can cause erosion and damage a home's structural integrity. 9 Unexpected Ways Paint Can Reboot Your Curb Appeal. Homeowners should not think that upgrading their home's curb appeal costs an arm and a leg; a simple bucket of paint can dramatically transform a home's exterior. Look at HouseLogic's tips for using paint to update a home's facade,
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way. Look at HouseLogic's suggestions for picking out the right windows for a home, including choosing the right materials and style. Front Door Paint Ideas for Curb Appeal. Sometimes a small change is all a home needs for a quick reboot. Check out this video from HouseLogic on how homeowners can update their front door with a pop of color and improve the home's curb appeal. For more information on making a home spick and span for summer, visit HouseLogic.com. such as painting a faux runner up the exterior front steps. Are You Marking One of These 7 Landscaping Mistakes? Most homeowners have a clear idea in their mind of how they want their front lawn to look but tend to stumble on the execution. Read HouseLogic's list of landscaping mistakes, including only planting one type of flower, which causes a garden to be dull and lifeless during all other seasons except for when the plant is in bloom. Lighting Tricks Designers Use for Awesome Curb Appeal. After spending time and money creating a home's curb appeal, it would be a shame if no one could appreciate it the moment the sun goes down. Check out HouseLogic's advice on creating an outdoor lighting plan, with tips like making sure that
the lights are shining upward to help highlight architectural features and to stick to warm light, so that the home is highlighted and not the lights themselves. Top 9 Curb Appeal Plants for Along Your Foundation. Concrete foundations do an important job, but they do not do much to improve a home's curb appeal. HouseLogic recommends planting large, colorful flowers, such as rhododendrons, which can grow up to 10 feet tall, to mask unsightly and humdrum concrete. How to Choose New Windows and not Worry You're Wasting Money. Outfitting a home with new windows is an expensive and risky project; the wrong type of windows will stick out like a sore thumb and dramatically affect a home's curb appeal, and not in a good
HouseLogic is a free source of information that helps consumers make smart, confident decisions about all aspects of home ownership. Made possible by Realtors®, the site helps owners get the most value and enjoyment from their existing home and helps buyers and sellers make the best deal possible. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries. MEDIA COMMUNICATIONS For further information contact: Jane Dollinger, 202/383-1042 jdollinger@realtors.org National Association of Realtors http://www.HouseLogic.com
Rental Housing Journal Colorado · June 2017
Rental Housing Journal Colorado
3 Things Proactive Property Managers ...continued from page 1 “I think quite often, building owners mistake maintenance with roofing cost. Our experience is that if you maintain a roof – meaning having someone go up there periodically, do minor repairs, check the roof to make sure everything is in good shape, you are much more likely to be able to extend the life of that roof than you are by ignoring it in order to save money until it leaks,” he said.
Especially that is the case with flat roofs. “Very typical on multifamily roofs, you will have mansards, eaves or porch covers on the exterior and a flat roof in the central area simply because it is a less costly way to build initially, and you hide most of the roof,” Skoog said. “You typically have larger, flat, expanses of roof to deal with. And those flat roofs are going to be some form of roll product – which is either self-adhered, heat-sealed, or some form of adhesive – or maybe spray polyurethane foam,” he said. His company installs self-adhered systems, TPO (thermoplastic polyolefin) and spray polyurethane foam. “With foam roofs you do have the issue that they need to be periodically coated. It is much less expensive to maintain than replace. With a roll product you have the issue that seams can pop open, sealant can come loose, and you can have water entry. “If those roofs are periodically checked and maintained you can defer the need for major investments in restoring them. “Additionally, with any flat roof system you should be able to coat it at some point and extend the useful life, thereby saving significant sums of money rather than letting that system deteriorate to a point where you need to replace it. “It is much more cost effective to maintain, coat and restore a roof than to ignore, repair and replace a roof. And of course your tenants tend to be happier when they don’t have water leaking in their unit,” he said. Cost of an annual roof walk for preventive maintenance? The cost of a roof walk check is going to vary depending on the size of the apartment complex. If you have a number of buildings, the unit investment is going to be lower. “But I think for a typical, 12-unit multifamily building, which might be either two or three stories, it would be reasonable, semi-annually, to have somebody walk the roof, check the penetrations, assess the need for repairs and/or replacement or restoration for $500 to $1,000,” he said. The larger the number of units, the more cost effective it could be. It could get down to as little as $50 per unit dependent on the type of roof system, he said. “The ideal client for us is one who is proactive. They want to maintain their building. They want to keep their tenants happy. And they see the value of having a roof system that keeps water, snow and ice out because that is much
cheaper than having to come back and fix it,” he said. He gave an example of how it worked at an apartment complex he replaced the roofs on several years back. “The complex had roughly 450 units, so we had hundreds of tenants to deal with. The complex consisted of 20 buildings. We did one building, then moved to the next, and so on through the complex. The property management company was very good to work with. We sent notice in advance saying, ‘We will be on building A, starting this date, we expect it will take a week to 10 days.’ They would then send a notice to the tenants and post a notice on every door. Plus they sent digital communication, either text or email to every one of the tenants so everyone would know that we were coming. `“They were also really good about including a telephone number to call so that if the tenants had any questions, they could call the property management office, or our office, and one of us would address the issue. “Our crews went there, set up our tape lines, and did our work. First we had to replace underlayment on the tile roofs, then we did the repair work and coating to restore the flat roofs. It worked out as well as it did because the property management company was very willing to work with us to ensure their tenants were communicated with - as well as to ensure our work crews had the information they needed to do their work. “For example, they asked the tenants to please not park in these spaces where we need the space available to get our equipment in. And we, on our part, tried to make sure the tenants were notified at least a week or two in advance that we are going to be on their building – ‘here’s what you can expect, here are the hours we will be here, if you have any questions here is who you can contact.’ “It works really well when the property management company and the roofer can work together to coordinate the work,” he said. “We have had tenants approach our roofing crews and ask, ‘Ok that’s great you are getting the roof fixed but when are you going to come back and fix the damage inside my unit from the leaks?’ “And our guys say we really don’t know the answer to that. But, our guys have been very good about telling the tenants we will pass the information on to the property management company because that is not typically something we do. And typically the property management company has somebody who does that type of repair,” Skoog said. Arizona is unique because building codes vary by community. One community might have a 2015 standard and another 2012 and a third might have 2010 and so on, so you do have some variation. “But we also have a registrar of contractors that regulates what we do and has minimum standards that we must meet. That helps to level the playing field,” he said.
Rental Housing Journal Colorado · June 2017
In some states each community may adopt its own building codes and standard requirements. So you do have variation in requirements. Property management has to be sure and check all locally applicable codes and requirements. “There generally is a state authority that licenses roofers. And then you will get a city business license of course. Arizona is one of the more regulated contractor states because historically we have had a problem with fakes and frauds,” he said.
Top 3 questions property managers ask when they call a roofer No. 1 – Can we do a localized repair rather than replace the whole roof? That is their first fear, that we are going to come back and say everything needs to be redone. And sometimes that is the case but usually we are able to do one plane or face of the roof, or in a flat roof just a section of it as far as repairs go. Our general localized repair rather than replace the whole roof?al experience with flat roofs is that if we can catch it early enough we can do roof restoration. If maintenance is deferred too long then we are looking at replacement. And there is a tremendous difference in cost. No. 2 – How much will it cost? Money is always an issue. Can it be a localized repair, and what will it cost?
No. 3 – How quickly can you get it done? If it is a leak they want us there immediately to at least stop the leak and then come back when it is not raining to do the repairs. “With the property managers that we deal with it really has been nice that for the most part they are proactive,” he said. “They are looking ahead for their budget for next year. They want us to walk their roofs and give them our honest opinion about the condition of the roofs and what they can do to maintain them rather than having to replace them,” he said. About Sunvek Roofing SUNVEK is owned by two brothers, Eric and Bill Skoog. Started in 2001 as Skytop, Inc., it was originally focused on new custom homes. As the residential market boomed, the company grew right along with it, hiring additional work crews as needed. Eric Skoog serves the company as President. He is a certified public accountant (CPA) and has a master’s degree in business administration (MBA). Eric previously worked in public accounting and corporate restructuring, and uses that background in guiding the company in day-to-day activities. Bill Skoog has worked in the roofing industry for almost 25 years, starting out as one of SUNVEK’s original employees. Bill serves the company as General Manager, overseeing work schedules and ensuring that materials are ordered.
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Rental Housing Journal Colorado
The Delaware Statutory Trust ...continued from page 1 (TIC) property or Delaware Statutory Trust (DST) property via an Internal Revenue Code (IRC) section 1031 exchange, thereby deferring tax on the relinquished property’s capital gain. TIC 1031 and DST 1031 exchanges have long permitted investors to own institutional quality, professionally managed properties occupied by established tenants. They are offered on a turnkey basis with financing and management in place. Most investors have been able to accomplish these forms of ownership in a tax-deferred manner through a 1031 exchange.
Investors who are familiar with TIC investment strategies may see some similarities to the DST concept; however, it is important to understand the differences. While a TIC may have up to 35 investors, each owning an undivided, pro-rata share of title to the property, a DST may have many more investors, with each investor owning a beneficial interest in the trust which, in turn, owns the underlying asset. A major benefit is that more investors means lower investment requirements. DSTs are only available to accredited investors.*
DST vs TIC Ownership There are two benefits that the DST structure offers over the TIC concept. One is that because a DST is not limited to 35 investors, the minimum investment may be much lower, often as low as $100,000. The second advantage is that in a DST the lender makes only one loan to one borrower, the DST Sponsor. In a TIC investment there may be up to 35 separate signers on the loan. In a DST Structure, there is only one lender, the sponsor, who is the underlying responsible party.
Delaware Statutory Trusts Though the Delaware Statutory Trust (DST) is not a new investment vehicle, inherent weakness in the structure of the TIC form of ownership discovered during the Financial Crises of 2008, has made the DST a viable investment vehicle for passive 1031 exchange investors as well as direct investors. DSTs are derived from Delaware statutory law as a separate legal entity created as a trust, which qualifies under IRC section 1031 as a tax-deferred exchange. In 2004, the IRS blessed DSTs with an official Revenue Ruling about how to structure a DST that will qualify as replacement property for 1031 Exchanges. The Revenue Ruling (Rev. Ruling 2004-86) permits the DST to own 100 percent of the fee-simple interest in the underlying real estate with no IRS imposed limitation as to the number of investors who may participate as beneficial owners with a fractional interest in the property.
How DSTs Work The real estate sponsor firm acquires the property under the DST umbrella and opens up the trust for potential investors to purchase a beneficial interest. The investors may either have their accommodator deposit their 1031 exchange proceeds into the DST or the investor may purchase an interest in the DST directly. DST investors may benefit from a professionally managed, institutional quality property. The underlying property could be a 300-unit apartment building, a 50,000 square-foot medical office property or a shopping center leased to investment-grade tenants. The possibilities are numerous. Most DST investments are assets that the average individual accredited investor, but for the opportunity to buy in to a fractional share, could not otherwise afford. However, by joining with other investors, they can acquire this type of asset.
DSTs Pose Risks DSTs are not without risks. As with any type of real estate investment, investors may be subject to high vacancy rates and loan defaults. DSTs are also not sole-ownership investments. A DST is a passive investment made up of multiple owners and ultimately controlled by the master tenant, the sponsor. It is important for investors who may be considering the DST strategy to consult with an experienced investment professional and to obtain competent legal advice and tax advice. Upon thorough evaluation, the DST structure may be a viable investment alternative for qualified real estate investors. But only your tax adviser and lawyer can tell you if it's right for you. *Accredited Investors are individuals whose net worth is more than $1 million and / or earn annual income of $200,000. Accreditation for entities means the entity's assets are more than $5 million and / or each entity member must be an accredited investor as an individual.
Robert L. Boggess, CCIM is the President/Chief Strategist with IREXA Financial Services / Wealth Strategies which provides Strategic Tax Planning to owners of real estate. Our goal: To help you keep more of what you make by only paying the taxes you are legally obligated to pay. For a free tax mitigation evaluation and strategy contact Bob at: 206-548-1031 or rboggess@irexa.net. No offer to buy or sell securities is being made herein. Investments in DST properties are made to Accredited Investors only via Private Placement Memorandum (“PPM”). Prospective investors must read and understand the PPM in its entirety, including all risks which include but are not limited to the possibility of complete loss of principal investment. Investments, income and success are never guaranteed. DSTs are illiquid in nature and investors may not be able to liquidate their position prior to completion of the program. The DST structure has been recognized as a suitable structure with the IRS for the use as 1031 Replacement Property. The DST has certain limitations in and of itself and the use of DSTs to hold real property may limit the ability to properly manage underlying assets while continuing to preserve an investors tax deferrals. Prospective investors should consult with their tax professionals before investing. Securities offered by SANDLAPPER Securities, LLC (member FINRA/SIPC), 800 East North St, 2nd Floor, Greenville, SC 29601, 864.679.4701. Robert L. Boggess is an independent Registered Representative of SANDLAPPER Securities. SANDLAPPER Securities and IREXA are not affiliated firms.
continued on page 7
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Rental Housing Journal Colorado · June 2017
Rental Housing Journal Colorado
Win, Win
Improving Cash Flow for Renters and Property Managers
I
ncreasing acceptance of digital card payments is a giant leap forward for convenience and efficiency In this era of digital payment for everything from groceries and plane tickets to city taxes and medical bills, the industries who have been early adopters have created a competitive dynamic over those who have not. One of the latest industries to expand their acceptance to electronic payments is the apartment rental industry. According to a survey by the National Multifamily Housing Council, almost 80 percent of renters would prefer to pay rent with a credit or debit card online or by smartphone. The industry is responding to these digital changes and is reaping the benefits of digital transactions. Over the last few years, apartment managers have taken heed to this statistic and are getting on board to implement a digital strategy. Card acceptance by apartment managers can provide a significant increase in overall convenience and efficiency. Payments that are processed digitally eliminate clerical work, freeing up staff and saving time and money. For tenants – especially millennials – who are used to paying their bills online, paying with a debit or credit card helps them pay rent on time and allows them to budget and plan better. According to the 2015 Census Bureau Survey, one in three renter-occupied households are millennials. Responding to this emerging trend and opportunity, Visa and Entrata, a property management software company, are making it easier for property managers to accept and process digital payments, subsequently changing how renters are choosing and preferring to pay rent. Entrata enables property management firms to accept Visa cards, which significantly reduces the number of steps it takes to process rent payments. The partnership set an industry precedent that helped broaden acceptance and implementation of electronic payments. Entrata data shows that properties using online payment technology can spend 65% less time processing rent and will decrease rent delinquencies by 50%. One property management firm, Trinity Property Consultants, has had great success with the card payment program.
As a national organization managing a geographically diverse portfolio of over 23,000 units in 13 states, Trinity was looking to increase operational efficiency. Trinity had been accepting online payments since 2013 but they were interested in taking it to the next level by increasing adoption. Their goal in expanding acceptance to electronic payments was to establish a paperless office, with 100% of payments taken online. Trinity estimates they have saved more than 51 employee hours a month with the increase in online payment adoption they have seen since the roll out of the Visa pilot program. By lowering the fee renters incur when
using a debit card, Trinity has been able to substantially increase the number of residents paying rent electronically. Trinity was also able to access the funds faster, than when paid by check, which has enabled better cash flow for their business. Over the year, the percentage of renters using cards to pay rose from two to 11%. Trinity reported that because of the program, they are able to focus on providing valueadded services to their tenants instead of processing checks, which has led to increased customer and employee satisfaction. “The staff loves it when residents pay rent online. The email notifications in Entrata’s technology has created
instant transparency as to who has paid and who hasn’t,” said Trinity’s VP of Marketing and Training, Carla Alicea. As a result of all of the positive outcomes, Trinity staff across the country are now specifically trained to encourage all residents to choose to make online payments through Entrata. As early adopters, Trinity Property Consultants has benefited greatly from the convenience and efficiency of accepting electronic rental payments.
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Rental Housing Journal Colorado · June 2017
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Rental Housing Journal Colorado
The 10 U.S. Cities Where The Cost Of Living Is Rising Fastest Courtesy of www.prnewswire.com - provided by News provided by GOBankingRates, www.gobankingrates.com
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merican household debt totaled a record $12.73 trillion as of March 2017, so cost of living concerns are more pertinent than ever. Personal finance news and features website GOBankingRates conducted a study to identify which cities across America have seen the largest increase in cost of living expenses from 2016 to 2017. The study evaluated U.S. cities based on two principal metrics:
According to new income limits set by HUD, an individual earning $50,500 a year in Los Angeles County (#6 on the list) is now considered low-income. The cost of living has actually gone down in New York, San Francisco, and Honolulu — cities with notoriously high expenses. About GOBankingRates GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.
• The increase in a city's cost of living index, which includes food, rent, utilities and transportation. • The Increase in the amount of income required to "live comfortably," a concept used in GOBankingRates studies that combines the money needed to pay for necessities — including food, rent, utilities, transportation and healthcare — with the amount one should budget toward discretionary spending and savings. GOBankingRates identified the cities where the cost of living index had increased by at least two points (out of a total 100) and the amount of income required to live comfortably had also risen. Combining these two metrics provides both the objective and more subjective side of cost of living expenses. Most cost of living indices do not account for the ability to save or pay for unnecessary purchases, and yet they're both important parts of people's financial lives.
For full study results and more details on methodology, visit: The 10 U.S. Cities Where the Cost of Living is Rising Fastest
Top 5 Cities Where the Cost of Living is Rising Quickly 5. Jacksonville, Fla. • Live Comfortably Amount Increase: $2,095 • Cost of Living Index Increase: 3.36 points
4. Austin, Texas • Live Comfortably Increase: $1,407
Amount
• Cost of Living Index Increase: 3.84 points
3. Louisville, Ky. • Live Comfortably Amount Increase: $2,066
• Cost of Living Index Increase: 4.49 points
2. Seattle • Live Comfortably Amount Increase: $3,190
Contact:
• Cost of Living Index Increase: 7.32 points
Kim Dahlgren, Media Relations GOBankingRates.com kimd@consumertrack.com 310-297-9233 x138 http://www.gobankingrates.com
1. Nashville, Tenn. • Live Comfortably Amount Increase: $9,135 • Cost of Living Index Increase: 8.61 points
Additional Study Insights Home prices have been surging in Nashville. From April 2015 to April 2017, the median list price for a home rose by almost 30 percent, from under $260,000 to nearly $340,000.
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Rental Housing Journal Colorado · June 2017
Rental Housing Journal Colorado
5 Ways to Managers ...continued from page 1 on Fridays. Also the most common employee behavior that managers see is employees not planning well for vacations. "It's natural for employees to get distracted when the weather's nice and thoughts turn to plans outside the office,” Brandi Britton, a district president for OfficeTeam, said in a release. “But savvy companies maintain staff productivity and morale by embracing summer in the workplace. "Letting employees modify their schedules, leave early on Fridays or dress more casually when it's hot out are easy ways to keep them loyal and engaged," she said in the release.
Which if any benefits are offered at your company? Additional managers survey findings • More than one-third of HR managers (34 percent) feel workers are less productive during the summer months. Another 34 percent said there's no change in on-thejob performance. • Not planning well for vacations (32 percent) and unexpected absences (22 percent) were identified as the most common negative employee behaviors at this time of year, ahead of dressing too casually (19 percent), sneaking in late or leaving early (15 percent), and being mentally checked out (12 percent).
5 Ways Managers Can Perk Up Employees This Summer 1. Perk up. Give employees more control over how they spend their time by offering flexible schedules and occasionally letting them leave early on Fridays. Just make sure policies are clear so business can continue as usual.
2. Rally for rest. Remind workers to take time off, and set an example by doing so yourself. Bring in temporary professionals to fill in during absences. 3. Venture out. Holding meetings outdoors or while taking a walk is a great way to get fresh air while accomplishing business objectives. 4. Have some fun. Plan an ice cream break, picnic or group outing. Employees will appreciate being able to relax and bond with colleagues in a non-work setting. 5. Dress down. Allow staff who aren't customer- or client-facing to wear more casual attire, as long as it doesn't detract from work. You might even consider instituting themed Fridays where Hawaiian shirts or sports apparel are encouraged. About the Research The surveys of HR managers and workers were developed by OfficeTeam. They were conducted by independent research firms and include responses from more than 300 HR managers at U.S. companies with 20 or more employees, and more than 380 U.S. workers 18 years of age or older and employed in office environments. About OfficeTeam OfficeTeam, a Robert Half company, is the nation's leading staffing service specializing in the temporary placement of highly skilled office and administrative support professionals. The company has 300 locations worldwide.
Is It Time to Upgrade Your Technology? by Mary Girsch-Bock
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f your property management business is currently using the latest and greatest technology, congratulations! But for those of you still using technology from years ago, it’s time to start to take advantage of the benefits that today’s technology can bring to your business, and to your applicants and tenants. If you’re not sure where to start, here’s a quick list of items you may want to investigate in your quest to bring your property management business into 2017. Online photos and virtual tours. Remember years ago when searching for a home, you were presented with a photo of the outside of the home. If you wanted to see more, you contacted an agent, who took you on a tour. Those days are long gone, but sadly, some property management companies continue to offer potential tenants a very brief glimpse of an available property, and nothing more. Savvy property management businesses know that viewing apartments and homes online is vital to their business. The more information you can offer applicants online, the higher likelihood that they will fill out an application, which brings us to my next suggestion… Online rental applications. You have a great inventory of photos and virtual tours that potential tenants can access
at any time. A website visitor finds a property that he or she absolutely loves. The next logical step would be to fill out an application – preferably an online application. One of the biggest advantages of offering online applications is the ability to channel the excitement that web visitors may experience when looking at your available properties. Do you really want them to have to stop and request an application, or worse, come into your office to complete the application? Chances are they will simply move on to another property that does offer that capability. Online rent payment capability. Let’s face it , why wouldn’t you want a system in place that makes it easier for your tenants to pay their rent – and pay it on time. Today, checks have been widely replaced by online payment systems. Don’t force your tenants to write a check, and certainly, don’t force them to have to write a check and mail it! Make it easier on them, and on your property management business, and make online rental payment a reality in 2017. Make your property management business technologically savvy in 2017 by investing in these tech benefits that will reduce paperwork and make your tenants happy.
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Rental Housing Journal Colorado · June 2017
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