If you want to advance your career or future in property management then you should not have these Must Have Certifications in Property Management.

Some property management qualifications are excellent, while others are necessary, depending on your work and ambitions. Additionally, even though some jurisdictions don’t demand any formal qualification or licensure for property management, you might want to think about getting one or two to make yourself more credible and marketable.

Let’s discuss the available qualifications and licenses for property management, who issues them, and how they might advance your career.

5 Important Types of Certifications in Property Management

#1: Organizations Managing Property

Various certifications are connected to a particular real estate or property management association. These organizations are many, and each offers a specific set of credentials.

Simply put, a property manager gains influence by becoming a member of one of these groups. Once you enroll and finish their certification programs, you can promote yourself as having acquired knowledge and experience in the area. You may also utilize the organization’s badge or logo on your website and marketing materials. Additionally, you’ll get other advantages, such as being featured in the organization’s directory, that provide a competitive edge in the property management industry.

The following are several reputable organizations in the sector:

• The Institute of Real Estate Management (IREM): This is a worldwide association with about 20,000 members. They provide property managers with globally recognized training, certification, professional development programs, and networking opportunities.

• The National Apartment Association (NAA): More than 93,000 businesses worldwide are members of the NAA. It provides guidance, training, and support for apartment operators and owners with a strong emphasis on philanthropy.

• National Association of Residential Property Managers(NARPM): This is a global organization of real estate experts who manage single-family or small residential properties. Their credentials are acknowledged all around the world. A report on the shape of the property management industry is released annually during NARPM’s Annual Convention.

• The National Association of Realtors (NAR): NAR provides chances for professional development and real estate professional training and certification. After passing the NAR’s certification program, more than 200,000 members are granted the right to use the title realtor.

• Community Association Managers International Certification Board (CAMICB): To develop and implement rules of conduct for community associations, CAMICB was established in 1995. It has 20,000 members now and is a well-known organization in the community association sector on a global scale.

These five organizations issue most of the certificates for property managers. They can find the best certifications and support for your needs by visiting their websites or contacting a member.

Let’s look at the property management certifications and the licenses required to become certified.

#2: Essentials in Property Management

The minimum requirement is often a property management license, so let’s start there. Additionally, you can become a Certified Property Manager (CPM), which is not necessary but strongly advised.

License for a Real Estate Broker or Property Manager

Most states require a real estate broker’s license or a property manager’s license to manage rent, negotiate leases, and officially list properties.

States grant licenses for real estate brokers. Only 11 states do not need you or your business to get a real estate broker’s license. Oregon needs either or both, and three of those states (Washington, D.C. as well) require a property manager’s license.

Both licenses include coursework, classes, passing an exam, real estate sales experience, and ongoing education to keep the certification current. Additionally, depending on the State, real estate license holders must be at least 18 or 21.

Note: Most states don’t require a license if you intend to work in community associations. For those that do, there are various requirements. Therefore it’s crucial to know the laws in your State. You can find these specifics in databases and independent organizations like the Community Association Managers International Certification Board and the Homeowners Protection Bureau.

Certified Property Manager (CPM)

IREM states that the base pay for property managers in the United States is, on average, $48,340. The average CPM pay is $118,383 per month. Although no state mandates this qualification, it is the industry benchmark for property managers and is widely accepted.

To become a certified property manager, you must first fulfill the prerequisites. One, manage a portfolio of properties for three years and hold a real estate broker license to graduate. Two, finish a management ethics course and the other seven required property management certification courses before you can take either of the two examinations.

#3: Certifications to Advance Your Profession

Various property management credentials can further your career or raise the profile of the management firm where you work. Which certifying organization best suits your professional objectives will determine which certification route you should pursue.

Residential Management Professional (RMP)

NARPM offers this certification.

The RMP and IREM’s CMP certifications are highly comparable. It has about the exact requirements and has the same level of recognition in the property management community. It also serves as a springboard for earning NARPM certificates that are even more renowned.

You need to be a real estate broker, have a license, and have experience managing 100 units for over two years to qualify for an RMP.

Master Property Manager (MPM)

NARPM issues the certification.

The highest position within NARPM that a single member can hold is MPM. You can apply to have your company become a Certified Residential Management Company once you have earned an MPM.

To be eligible for an MPM, you must have obtained your RMP and managed 500 units for at least five years.

Accredited Residential Manager (ARM)

IREM offers the certification.

Property managers who are just starting can benefit from ARM certification by learning the skills necessary to advance in the field. Before moving on to a CPM, it would be the first step.

You must have 12 months of real estate management experience to qualify for an ARM. Additionally, you’ll have to take the test, finish the required courses, and take the ethics class.

Certified Apartment Manager (CAM)

NAA is the issuing organization.

Only individuals who manage apartment rentals are eligible for the CAM certification.

Candidates must have at least a year of on-site management experience, finish the curriculum, and take the exam within 12 months of announcing their candidacy to become a CAM.

Certified Manager of Community Associations (CMCA)

CAMICB issues the certification.

Community association managers who have this accreditation make 20% more money than those who don’t, according to the CAMICB.

To get this certification, candidates must apply, pass the exam, and finish the coursework (which you can avoid if you have five or more years of experience managing communities).

#4: Company Credentials

Company certificates might improve the reputation of your entire team in addition to individual qualifications.

Certified Residential Management Company (CRMC)

NARPM is the issuing body.

Your business can apply to become a Certified Residential Management Company if you or one of your employees has earned an MPM.

NARPM must conduct an on-site audit within three years of applying before granting certification. Additionally, your business must have 500 unit years of experience (one unit year equals managing one unit for a year).

Accredited Management Organization (AMO)

IREM offers the certification.

This renowned company accreditation certifies your profession’s knowledge, similar to the CRMC.

To acquire an AMO, IREM lays out a very long list of conditions for your business: having a CPM holder on the executive team is one of them. To learn more, go to their AMO page.

#5: Credentials in Property Management

Continuing education certificates also help you maintain your competitiveness in property management. All property management companies’ various continuing certification programs offer a range of subject matter from marketing to ethics. They comprise:

• Certificate for Apartment Maintenance Technician (CAMT): This training teaches Cost-effective maintenance for new maintenance professionals.

• Certified Apartment Leasing Professional (CALP): In this course, you learn leasing techniques, including attracting customers, running leasing demonstrations, handling objections, and screening potential tenants.

• Certified Apartment Supplier (CAS): New salespeople can take this course, while seasoned professionals can learn more about how to run apartment communities.

• Independent Rental Owners Professional (IROP): This program is for landlords who personally own and manage one or more apartment buildings. They study how to prepare rental units, screen and keep residents, manage budgets, arrange taxes, perform preventative maintenance, use energy efficiently, and more.

• Specialist in Housing Credit Management (SHCM): Management professionals can learn the requirements of the Low-Income Housing Tax Credit program with the assistance of the Specialist in Housing Credit Management (SHCM) certificate.

• Credential for Green Property Management (CGPM): After choosing a green mark-to-market restructuring, the CGPM gives management businesses and owners a way to fulfill initial and ongoing HUD Office of Affordable Preservation (OAHP) training responsibilities.

• Certified Support Specialist (CSS): Any administrator in your office who wants to learn more about their industry should get this certification.

Starting with a real estate broker’s license is wise if you’re new to property management. After acquiring it, you can consult with your employer or other property managers to ascertain the ideal property management credentials and certifications to meet your business goals.

If you are an experienced property manager, consider your objectives as well as the goals of your business. Next, decide which certifications and organization will best suit you.

Are there any other certificates worth mentioning that help you maintain your competitiveness? Comment and let us know!

 

Career Facts in Property Management

If you are interested in making a career in property management then here are some important facts that you should know before reading this article.

• $55,380 a year is the median wage (Bureau of Labor Statistics, 2014)
• 313,800 jobs are available (Bureau of Labor Statistics, 2014)
• There will be 25,300 new job creations in the next ten years (Bureau of Labor Statistics, 2014)
• One of the 20 happiest jobs in the U.S. in terms of work satisfaction (CareerBliss, 2014)

Who is a property manager?

Property managers are in charge of managing real estate on behalf of someone else. These assets could be modest residences, significant multi-family structures, or sizable shopping centers.

They are in charge of several duties, such as tax filing, tenant screening and administration, rent collecting, and management. They frequently work odd hours.

Property managers must have exceptional customer service, marketing, and communication skills and a thorough understanding of the local real estate rules and regulations.

Property managers frequently oversee the office’s leasing, administrative, and accounting responsibilities. However, they may also be in charge of other staff members or outside contractors who handle these responsibilities.

The Responsibilities of a Property Manager

Property managers have a variety of administrative and leasing responsibilities, including:

• Submitting requests for maintenance services for a property
• Rent collection
• Giving prospective tenants tours of the unit
• Inspection of the apartments after the tenants leave to check for damage
• Advertise unoccupied properties on the company website and post ads on syndication websites
• Eviction of renters who have broken the conditions of their lease

Because a property manager’s duties are so varied, it is crucial to understand every component of the rental market.

The Perfect Time To Make A Career in Property Management Sector

Adults choose to rent because the cost of purchasing a home is rising. The availability of empty properties is declining as renters grow and home ownership numbers fall. The need for property managers increases in a competitive rental market.

Reference: U.S. Census Bureau

Career Paths for Beginners in Property Management

#1: Leasing Assistant/Assistant Property Manager

The leasing assistant helps with general office duties to keep things operating smoothly. Their responsibilities are:

• Taking care of the business’s external relations
• Advertising the properties
• Talking to the residents
• Data entry
• Handling rent payments
• Handling maintenance requests
• Monitoring business expenses

An assistant property manager should possess excellent customer service abilities, much like a property manager, to maintain the satisfaction of both present and future tenants.

Although many businesses employ extra staff members, such as bookkeepers and administrative assistants, the assistant property manager may be in charge of these duties.

#2: Administrative Assistant/Office Coordinator

Many businesses employ administrative assistants to handle routine office tasks so the property manager can concentrate on maintenance, tenant relations, and advertising. Their regular duties could include the following:

• Answering phone calls
• Helping walk-in clients
• Setting up appointments to view apartments
• Collecting maintenance requests
• Dealing with suppliers
• Receiving and processing data

Administrative assistants frequently serve as the company’s spokesperson, so they must be professional even under pressure and thoroughly understand the organization’s policies and processes.

#3: Bookkeeper

Some leasing companies employ a bookkeeper to take care of specific financial duties. Their regular duties could involve:

• Processing rent payments after receiving them
• Penalizing homeowners for late payments
• Tax filing
• Keeping track of income and expenses
• Creating yearly or quarterly financial reports for the owner and property manager

Skills, Training & Qualifications in the Property Management Career

Education & Certifications in Property Management

While many property management positions do not demand a college degree, a specific certification demonstrates your dedication to and expertise in your field. Some employers favor candidates with real estate, business, or accounting degrees from college.

Thanks to these degrees, property managers may be confident that applicants have the skills necessary for this industry. Relevant work experience always aids a job search, and internships demonstrate commitment and a foundational understanding of the field.

Consider acquiring a credential to advance your career if you’re sure about a career in property management. You benefit greatly from becoming a CPM (Certified Property Manager) or an ARM (Accredited Residential Manager).

An ARM certification demonstrates a person’s ability to perform and surpass employer and client standards. Although they are an investment, the job prospects they open up often make them worthwhile.

Please read our article about property management certification to learn more about whether you should pursue the training.

Skills in Customer Service

The property manager is responsible for filling vacant properties and maintaining them occupied. This skill implies that they must represent the organization in a way that encourages customers to interact with the staff.

Information spreads quickly in the technology era; thus, it is in the property manager’s best interest to establish a good name for the business.

At each step of the renting process, relationship management is crucial:

• Before the lease is signed: The rent should be set at a price that covers property maintenance expenses but isn’t excessive enough to turn away potential tenants.
• When a lease is signed: Every formality should be explained, so the tenant knows what to expect.
• Throughout the lease term: The property manager must balance being prompt, cordial, professional, and stern. This skill is crucial in dealing with maintenance difficulties and when the tenant breaks the lease or the rent is past due.
• When the lease is over: The property management will have to look through the unit and give sufficient reasons for not returning the security deposit to the renter.

Skills in Administration

An effective property manager should be able to manage every facet of the company. Management entails obtaining and processing rent payments, paying business expenses, entering data and producing reports, and generally keeping the office atmosphere productive.

As was already noted, customer service abilities are essential because a firm cannot exist without tenants to occupy each unit. The firm gains a lot by keeping open contact with tenants, maintenance workers, and the community.

Career Development & Earnings in Property Management

The Bureau of Labor Statistics states that the median pay was $55,380 in May 2015 for the community association, property, and real estate managers. The top 10% made more than $123,790, while the bottom 10% made less than $28,490. For comparison, in May 2015, the median pay for all U.S. jobs was $36,200.

Experts predict between 2014 and 2024, employment in this industry will increase at a pace of 8%, comparable to the average job growth rate across most industries. The return on time and financial commitment in these careers are pretty good as they do not require substantial training and education.

Local government, excluding institutions of higher learning and hospitals, is currently the area of the economy where property management is most profitable.

Career Trends in Property Management by State

Reference: Bureau of Labor of Statistics

Resources in the Property Management Career

Countrywide Organizations

(NARPM): The National Association of Residential Property Managers acts as the industry’s hub, providing a place where people can exchange tips, connect with other experts in the sector, go to conferences, and take measures to become certified.

(NAR): The National Association of Realtors is a more inclusive resource that covers all real estate perspectives and provides news about market trends.

Property managers and those in charge of their respective organizations can use the National Property Management Association (NPMA) services. It offers networking possibilities as well as education.

IREM: The Institute of Real Estate Management offers a wide range of services, including job resources, blogs from industry insiders, real estate trends, and education.

Legal References

• Forums for Real Estate and Property Law
• Real Estate Laws Affecting Transactions
• 23 Laws that Apply to Real Estate Sales
• Real Estate Laws in Your State (U.S. Department of Justice)

Finding Work

• PropertyManagerJobs.com
• Glassdoor’s Property Manager Jobs
• Indeed’s Property Management Jobs
• Monster’s Property Management Listings
• Career Builder’s Property Management Jobs

Additional Interview and Career Advice for Property Management

Before you take any action toward pursuing a career in property management, it’s crucial to be sure that it is the one you genuinely desire. Being in a customer-driven, 24/7 profession can be demanding, so it’s not for everyone.

However, if you’re prepared to advance in property management, the following advice might be helpful:

• If concentrating on one property management task implies ignoring the others, don’t do it. Employers value knowing that a potential worker has diverse talents because property managers frequently handle every part of the business.
• Demonstrate your decision-making skills by making logical choices. You might need to make decisions on your own more frequently than you would have liked.
• Be ready to commit to the industry entirely. If you approach it halfheartedly, you won’t perform to your full capacity in a property management profession, and the company will suffer.
• Pose questions! Although it is Interviewing 101, people often disregard this advice. Employers value candidates interested in the property management industry since it signals dedication and commitment over the long run.

When dividing a water bill between several residents, it’s important to keep in mind the way your utility bills are classified. Most utilities classify their bills into three main categories: fixed charges, metering charges, and user fees. Each type of charge is assigned a certain percentage of customer usage, with the remainder being billed as user fees. RUBS  or Ratio Utility Billing System is one of the best systems to divide water bills between the residents..

When dividing a water bill between several residents, it’s important to know which category your utility falls into. Read on to learn more about your options if you’re looking to divide your water bill among several people.

Fixed Charges

There are a handful of fixed charges that are generally applied to all of your water bills each month. These charges are usually for water quality testing and the cost of maintaining your plumbing system (i.e. waste, water, and fire protection systems). These expenses are necessary and should not be discounted from your water bill, but you should feel free to ask your water provider if they can charge you less for these costs. The first fixed charge is the Department of Water Quality Assessment fee, which is the cost of testing the water so that you know what contaminants are present in your water.

This fee varies based on your area. If you live in one of the 18 states that have a DEQ program where you get your water quality tested for free, you can expect to pay around $2-$6. In other states, this fee can go as high as $21. The second fixed charge is the State Water Quality Assessment Fee, which is charged by the state in which you live. This fee is charged to all residents in all 50 states and is used to fund the state water quality programs in those states. The amount charged will vary depending on the state you live in and is usually around $0.25-$0.50 per month.

Metering Charges

If residents can be provided separate meters to know how much water they used, then RUBS can work best in such a scenario.

Many utility companies charge an amount for the usage of the service which is referred to as a metering charge. This charge is based on how much water flows through your pipes and how it’s being used. Your water bill will typically include both a fixed charge and a metering charge, which means that a portion of your bill is set by the state. The state will determine what the metering charge should be based on a number of factors, including your level of conservation.

If your water usage is above average, you may be charged a higher amount for your use, as an incentive for being more water-efficient. Some utilities will charge a small fixed charge to offset the usage and then a higher metering charge that varies depending on your consumption. This is the most common way that utilities will charge for water use, so you need to be aware of it.

User Fees

The third portion of your water bill is usually referred to as a user fee, which is the portion that’s billed to every single customer. This user fee is also determined by the state and is meant to cover expenses such as billing and repairs. It’s important to note that your state government or water agency sets the amount of this fee, so you’re not at fault for paying it. Your municipality will typically take a portion of this fee, which is added to your water bill. This user fee is the portion that’s used to pay the salaries of people who run your local water utility.

Now under the Ratio Utility Billing System or RUBS, you will have to divide the water usage charges as well as the maintenance/repair charges that need to be paid at different points of time. It depends on the agreement between the resident if they want to pay the utility and repair charges in the same ratio or not.

Dividing the Bill Between People

As mentioned above, the most common way to divide up a bill is between a fixed charge and a metering charge. Your water provider will take the amount of the fixed charge and then apply a certain amount to your bill based on how much you use. This amount paid by your customers will vary based on your utility’s rates. Anyhow, if there is only one supply and multiple residents on the property using the same then sub-meters will be required to pay under the system of RUBS.

If you’re dividing a water bill between several people, you’ll want to make sure you’re all on the same billing rate. To do this, you need to get in touch with your utility’s billing department and make sure that the billing address is the correct one for all of you. If one person is on the bill and the rest aren’t, you’ll be charged for that person’s use.

Water Meter Replacement Cost

Some cities and utilities will replace your old water meter with a new meter that reads water use every minute. This is a common way to charge customers based on their consumption and helps to standardize the billing process. An advantage of this method is that it’s more accurate, as it measures the amount of water that is coming out of your pipes. Anyhow, to replace the meter one has to pay a certain price. So it is important that under RUBS, the residents should be taken on board to agree to pay in the same ratio for the replacement.

Modern meters give you a better understanding of your water usage, especially if you’re a high-consumption customer.

Conclusion

A water bill can be difficult to split among several people, but there are ways to make it work and RUBS or Ratio Utility Billing System is one of the best. The goal is to find a billing rate that’s fair for all of those on the bill. Your water provider can help you determine this. Once you have a bill that’s divided between several people, you’ll need to remember to pay it. Most utility companies require payment at least once a month, and in some cases, you’ll need to pay more often than once a month. I

f you don’t pay your water bill, your water provider can shut off your service, which can cause major issues if you don’t have enough water pressure.

A few months back, a rare “bomb cyclone” hit the Northeast. Inches of snow, hurricane-force gusts, and below-freezing temperatures wreak havoc on homes. More than 50,000 Americans were experiencing loss of power as of noon on Oct. 21, 2021.  And people were struggling to deal with freezing pipes and no one was there to help. So here are 10 perfect ways to deal with freezing pipes in any such condition. 

The blizzard comes after a week of extreme cold in the US, with record-low temperatures in many cities. The cold spell has sometimes lasted the longest since at least 1918.

Your pipes don’t stand a chance in this weather.

People have been battling frozen pipes since then. After spending a few peaceful days away for the holidays, this was a big shock for them. Many neighbors and tenants were calling landlords complaining about the frozen pipes. 

The following are ten suggestions about what to do if your pipes freeze and how to avoid this.

How to Deal with Freezing Pipes

Tip #1: Not All Pipes Freeze at The Same Place

One important factor you should remember while dealing with freezing pipes is that not all pipes freeze in the same place.

Some pipes are susceptible to freezing, and some are not. As a result of the harsh cold, some pipes burst easily. If you are at home then you can easily hear the water spraying in the basement. To avoid flooding you should turn off the water to your unit.

After that, you can put heating cables around all your exposed pipes. These cables, which resemble lengthy extension cords, are used to cover cold water lines made of plastic or metal to keep them from freezing in the event of a dip in temperature.

All winter long, you should leave these cords plugged in. Usually, that is all we required during the winter. 

But this year, it was an altogether a different experience for many. 

Tip #2: Hairdryers Don’t Always Work

Sometimes, during harsh winters, hairdryers do not work. You cannot spend your entire day and night using a hairdryer to remove the clogged pipes due to freezing. 

To get more heating cables you should visit a Home Depot. Some people shared their experiences with using them. 

Liza said, ” When we got home, we improvised the best solution by making a hand-sized hole in the bottom of the bathroom vanity. After that, we dug a heating cable into the basement and around the pipes. It doesn’t appear appealing. There are extension cords and power strips all over the room, but it seems to be temporarily working.”

Tip #3: A Drafty Foundation May be the Cause

One of the things we’ve learned is that your home’s outer wall pipes usually freeze. Your brick foundation sometimes appears to be deteriorating. You should try foam insulation to fill in some tiny cracks. Also, you can put a layer of fiberglass insulation between the interior of the foundation and the pipes. This will surely help.

Tip #4: Pipes That Have Never Frozen May Freeze in Extreme Cold

You should turn off the water in your water tank before leaving. This is an additional safety measure, but not the final solution. Due to the lack of water feeding the leak, the damage would be minimal, even if a pipe bursts. But, if you have a renter you should ensure that they have enough water supply in case you are out. 

If you allow water to keep trickling it will help. 

Tip #5: It’s Harder When Pipes Freeze Behind a Wall

All the above techniques that we have discussed so far are for pipes that are visible. But, what about the pipes that are behind the walls? A long-time plumber advised us to turn up the heat and install space heaters along the wall we suspected was the problem. He said it should work after a few hours. 

Tip #6: A Plumber Can Easily Fix the Problem with the Right Equipment

The best way is to call a  plumber to fix the issue. You should describe what happened while your pipes froze. Each freezing action is different and therefore if you explain in detail what happened, your plumber can easily narrow down to the exact location or issue.

But, during such a season the main challenge is that all plumbers are busy. You may not get an immediate solution. Once the plumber is available get the pipes defrosted. This will let the water flow. And once the water flows don’t close the flow completely at any given time.

Tip #7: A Thaw Machine Can Save You

What is a thawing machine? It is a portable appliance used by plumbers to defrost pipes swiftly. Think of the jumper cables coming out of the ends of a car battery. You attach one end to a pipe that isn’t frozen and the other to the frozen portion.

You plug the thawing device in, turn the switch, and wait.

Low-voltage, high-currency electricity is sent through the pipe by the thawing machine. The warmer water seeps through the ice as the frozen areas start to defrost. Within minutes, water will begin to pour out of the faucet downstream. The best feature is the device’s ability to clean lines up to 175 feet long and work on copper and iron pipes.

The plumber’s visit to service the apartment cost a few hundred dollars, but it prevented us from damaging the walls or, worse still, from suffering thousands of dollars worth of damage if the pipe behind the wall had burst.

Tip #8: Running the Water During Cold Spells Helps

It’s easy. Your mother has probably advised you a million times to leave the tap running overnight to avoid frozen pipes. My mother, at least, has. I’ve always assumed it to be a myth. But according to my plumber, this is the only method to prevent the pipes from freezing during extended cold spells like the one we currently have. Yes, the water bill may increase, but it’s a small amount to pay to prevent the damage brought on by burst pipes.

Tip #9: Salt & Hot Water Can Thaw Drainpipes

Your plumber may also advise you to pour the hot water mixture down the frozen drain after stirring a cup of kosher salt. This slurry will function similarly to the rock salt you spread outside to thaw icy sidewalks. Repeat this a few times, and your drain should soon start to fill with water.

Tip #10: Have a Plumber on Speed-dial and Take Precautions to Avoid Pipes Freezing

For both property owners and managers, extreme cold causes significant difficulty. Make every effort to prevent frozen pipes; if they do, call a plumber with a thawing device to save yourself the hassle. After attempting everything else over the past week, I am confident in asserting that it is the only surefire fix.

After Memorial Day, the season for swimming pools and barbecues officially begins. The community residents may be looking to plan parties and pool parties are everyone’s favorite. So here are the important 8 fundamental pool regulations every community should follow. 

For your chilly residents, that’s terrific news. They’ll arrive equipped for swimming and grilling, with plenty of kebabs and buckets of sunscreen. They could even give you some of their lunch if you’re lucky! However, if the thought of unattended residents and visitors in the pool keeps you up at night, this is likely your least preferred season.

 Naturally, you may take some common sense precautions to guarantee the security of your inhabitants and their visitors. The precautions involve displaying the following eight pool rules at the patio’s entry and around the pool. Remember to offer this vital safety advice for neighborhood pools. 

8 Fundamental Pool Regulations Every Community Must Adhere To

Do not run: The most important out of all fundamental pool regulations is to not run. It can be dangerous. Both children and adults should avoid running around the pool area. They can easily hurt themselves by slipping on wet surfaces. 

Don’t dive: Diving can be risky, even with an experienced lifeguard on duty. If the pool is excessively shallow, it could endanger other swimmers and seriously hurt the diver. Before trying to dive, know about the pool depth and the availability of a lifeguard. Also if you do not have any swimming experience, do not take risk of trying a dive in any case. It could prove fatal.

Watch over children: All the fundamental pool regulations are meant for safety. Especially when it comes to children. Whenever near the pool area, it is advisable to keep a complete watch over children. Young children should always be under adult supervision. Check with your state or municipal government for information on the relevant age restriction. Given that some 16 and 17-year-olds are trained lifeguards, some states have determined that the age limit of 18 may be stringent. 

Toddlers should wear swim diapers: You don’t need an explanation on this, but if there are many families in your community, having this guideline is a good idea.

 A maximum number of swimmers at once:  For safety purposes, most swimming pools have a capacity. Often, people forget this regulation if not told, especially on busy days. Make sure that there is no more than the maximum capacity allowed inside the pool. A crowd inside the pool is very risky and should be avoided.

 A maximum number of visitors per resident: Usually communities do not allow many visitors per resident in the pool area. On that topic, you can establish a (sensible) visiting limit if you are concerned that there will be too many people on the patio when it gets hot. Usually, 2 or 3 per inhabitant are acceptable. In case there is no limit, the pool area will always remain crowded with visitors more than residents. The more the crowd, the more unusable the pool will be and require more maintenance.

 No pets are allowed in the pool: It should be a strict rule to not allow pets in the pool. The hair from dogs in swimming pools will block the filter and can be unhygienic. If any of the inhabitants have allergies, you might also want to restrict the number of animals on the patio. But remember that you might need to create an exception for service animals. 

8. Do not allow glass bottles: People in communities often like to have drinks at pool parties. If residents are having drinks at the pool, you might not mind, but you might not want broken glass where people can go barefoot. It can be dangerous for adults, children as well as animals. You can create rules that no glass bottles are allowed near the pool area to ensure complete safety.

The above list is not comprehensive. These are just the common precautions that you can have for the pool area. The rules for swimming pools are not all included in this list. You can have various regulations based on your community’s location and who lives there. Always research local ordinances before establishing and posting rules to prevent legal complications. 

In addition to posting swimming pool restrictions, building a key-locked fence around your pool is a brilliant idea. To prevent anyone from using the pool after dark or before sunrise, you might be able to impose time restrictions on it.

Pools are, in the end, an excellent method for locals to cool off throughout the summer. However, they can also be a liability, particularly if you consider children, visitors, and pets.

If you find that people are ignoring or breaking your swimming pool rules, don’t hesitate to send a reminder via email or to tuck a notice under their doors. After all, you installed the pool so they could enjoy it—but you want to ensure they do so safely!

The pool area is common and is to be used and enjoyed by all residents. So everyone in the community should work to maintain the area clean and accessible for others also. If you are planning to buy a property where there is a common swimming pool area then these fundamental pool regulations are something that you should know beforehand. 

In recent years, new technologies have filled the real estate industry. Many companies have emerged to make it simpler to own, rent out, or manage rental properties. Who wouldn’t want that? Self-showingS of your rental properties was never easier than today. There are many techniques and technologies that can be used to show your property for promotion. Whether you are selling your property or putting it out for rent you can use the technology. The technology includes smart locks, virtual tours of properties in 3D, and robots!

Although self-showings are a fascinating technology, they might not suit all users. Let’s take a look.

What Do Self-Showings Entail?

Traditionally, the property management, landlord, or leasing agent had to arrange a physical showing anytime a potential tenant wished to see a rental, which often required a lot of communication, like scheduling a date and time for the showing.

When renting out properties, there are numerous logistics to arrange. Even if a leasing agent automates scheduling with software like the showing coordinator the agent may still need to visit the rental property 15 times before finally leasing.

Neither the owner, agent, nor tenant finds the conventional lease process convenient. The design of the Showings Coordinator software helps make the leasing process easier.

Instead of physically showing the unit to potential tenants, the owner or property manager uses technology to let them take a virtual home tour.

The Process of Self-Showing

The leasing agent will place a set of keys in a lockbox and give the prospect the code, which they’ll use to tour the house at their convenience. After the tour, they will place the keys back.

Naturally, landlords have reservations about simply handing over the keys. What if someone destroys the property? What happens if they flee with the keys? What alternatives do you have? All of these reservations are legitimate.

New technology can help in this situation. Self-showings are now safer thanks to improved software and smart lockbox technology.

Tenant Turner, for example, provides scheduling software that agents can integrate with electronic lockboxes and smart keyless locks. Tenant Turner controls the equipment remotely and gives visitors a unique access code.

Built-in security measures are present. For instance, leads interested in viewing a home secured by Tenant Turner must upload a photo ID and provide personal information to prove their identity.

Tenant Turner puts each tenant lead through several fraud detection procedures to screen out Nigerian princes and people with burner phones. A tenant lead indicates when they’d like to inspect the property after successful security checks.

The owner or property manager can impose restrictions, such as scheduling showings only during specific times of the day. However, in general, self-showings allow potential buyers to see houses whenever they choose.

It is easy for the tenant to lead to enter the unit. A one-time-use, unique code that will expire after a set amount of time is texted to them when they arrive at the rental to unlock the lockbox.

When the tenant lead comes to the rental, this process immediately alerts the property management, landlord, or leasing agency. Tenant Turner records all access by tenant leads, suppliers, and team members to have a history.

The potential tenant can take a self-guided tour of the apartment once inside. After the tour, the visitor returns the key to the lockbox and offers feedback.

Benefits and Drawbacks of Self-showingS of Your Rental Properties

Self-showings are a topic on which property managers, landlords, and leasing agencies frequently disagree.

Benefits OF Self-showings of Your Rental Properties

• There is less coordination between the property manager, the landlord, the leasing agent, and the potential tenant. Instead of wasting time planning and running showings, devote that time to other duties.

• It becomes much simpler to display dispersed geographical units. No more navigating the city or putting up with no-shows.

• Self-showings speed up the lease process by allowing your tenant leads greater freedom to choose the time they want to view the rental.

• Portfolio expansion for property managers is easier. Each leasing agent can manage more units because unoccupied units require less direct supervision.

• Renters receive immediate satisfaction because they can view houses whenever they wish.

But as we’ve already established, not everybody loves the idea of self-showing. H

Drawbacks of Self-showingS of Your Rental Properties

• Property managers should do Self-showings when renting out vacant properties. The prospect should be accompanied during the showing to safeguard the interests of the current occupying tenant.

• While self-showing, potential buyers could have questions, and it might be challenging to acquire answers if they’re alone.

• Depending on your software supplier, you could have to pay monthly fees, which might add up. Property managers and landlords must calculate whether they would be better off renting or purchasing smart lockboxes, depending on the number of units they are in charge of, how many are unoccupied at any given time, and for how long.

• Not all tenants are computer savvy. Self-showing technologies may not be comfortable for older renters in particular.

• Self-showings are not entirely reliable. There is always a chance that someone will misplace the keys or destroy the unit. There is still a certain amount of risk involved, although landlords can implement safeguards.

Additional Ways to Enhance Self-showings of Your Rental Properties

Self-showings can be beneficial when used as a part of a bigger plan to provide a better rental experience. Combining self-showings and conventional in-person property visits, a hybrid strategy, can lessen coordination burdens while offering potential tenants high-quality service.

Additionally, technologies can assist property managers, landlords, and leasing agencies in coordinating rental showings without leaving potential tenants to fend for themselves.

To manage potential renters more effectively, the Showings Coordinator provides software for arranging showings. Whether you have a dozen or a thousand rentals, their powerful platform always works for you.

The software guides potential tenants through a pre-qualification procedure that complies with fair housing laws. It rates each applicant per your requirements and only permits qualified prospects to book a viewing.

It’s your choice to utilize electronic lockboxes, combo lockboxes, smart locks, and key checkout, or show them the rental yourself. But, believe it or not, self-showings of your rental properties will be a common thing in the near future due to fast advancements in technology. 

Managing an owner’s assets, revenue, and expenses is a property manager’s primary responsibility, so whether you like it or not, you’re constantly dealing with accounting. So how to become a successful property accounting bookkeeper? 

Your company handles a lot of money monthly, from vendor invoices to collecting rent payments. But are you accurate and effective where it counts by using the necessary bookkeeping principles, procedures, and property management accounting software?

A senior product manager, states that “accurate figures and real-time financial data enable good decision-making within your firm and inspire trust in your property owner clients.”

She also states that accurate bookkeeping prepares you for tax season and other financial occasions like quarterly meetings with your HOA boards or monthly owner reports.

According to Brandon Hall, The Real Estate CPA, “there is a lot of liability to incorrect accounting, especially for a property management company.” “You might not be accounting for expenses and revenue per client, or you might be missing tenant payments.”

He claims that sound accounting principles help ensure that your books are balanced and that you correctly account for all the money associated with your properties.

To assist property managers in being profitable, we’ve compiled a list of ten best practices for bookkeeping.

How to Create Good Property Accounting Procedures

The first step to becoming a successful property accounting bookkeeper

#1: Create Individual Bank Accounts

You’ll require a different account for security deposits in addition to a standard company account. This will be your first step to becoming a successful property accounting bookkeeper. Many states demand that security deposits be kept by landlords and property managers in separate escrow accounts so that they are available when tenants vacate.

Hall advises keeping security deposits in a trust if your state permits it. “If you do it right, each property will have a separate P&L. You’ll be aware of your financial situation and your expenses and income per client.

Making sure you’re precise about how much you owe the customers and what your management fees are, is the whole point of trust accounting. If you don’t execute it correctly, you could face a lot of liability and possibly licensure problems.

#2: Create a Chart of Accounts

A chart of accounts lists all assets, equity, expense accounts, income, and liabilities. It aids in categorizing and organizing your financial transactions. Without mastering the chart of accounts you can never become a successful property accounting bookkeeper. 

While having these is crucial, you do have the freedom to modify your chart of accounts to suit your company’s demands. You may maintain your chart of accounts as high-level or as detailed as you wish. Everything relies on what is suitable for your business.

You can use something as simple as an Excel spreadsheet to construct a chart of accounts or invest in property management software to make the process easier. For instance, some software tailor elements for property managers that automatically generate a chart of accounts.

#3: Select a Method of Accounting

The two primary accounting techniques are accrual and cash. Cash accounting allows you to track your income and expenses as they are collected and paid. Contrarily, accrual accounting captures revenue and costs as they happen.

Most property managers use cash-basis accounting, but as they incur, be careful not to lose track of income and expenses. Accounting software is helpful in this situation. It helps you monitor every cash coming in and going out.

#4: Select a Bookkeeping Technique

Next, decide whether to use single-entry or double-entry bookkeeping. All incoming and outgoing financial transactions are entered only once under single-entry accounting, which does not imply that each could not have its column. It means everything is entered into your record only once.

Double-entry bookkeeping is more frequent in businesses. Every transaction is entered twice in this method—once as a credit and once as a debit. If you were to pay a bill from your cleaning service, for instance, you would enter the payment as a debit in one account (or less money in the bank) and as a credit in another account (or less money owed to the cleaning service).

#5: Keep Track of Receipts and Invoices

Find a productive approach to organizing all invoices and receipts. It might be a general accounting program like QuickBooks or other property management software which is more suited to the requirements of property managers in accounting for the books of their owners.

Whatever you decide, make it a habit to keep track of all financial statements for your company’s inflow and outflow.

Create a timetable for regular reporting for both you and your owners. Owners have the opportunity to create and download their reports. However, meeting them to review the numbers could be a good idea. A property accounting bookkeeper will always keep proper track of receipts and invoices. 

Tips for Maintaining Profitability

Mandatory skillset to become a property accounting bookkeeper

#6: Maintain Up-to-Date Collections

In some cases, such as during the pandemic, when tenants or owners are having difficulty, it becomes sensible to suspend payments. But, it would be best if you did not let your collections fall behind schedule because that cash can accumulate and affect your financial situation.

Note any waived costs and classify those apartments or houses correctly. Additionally, ensure your procedures are consistent and adhere to local and state regulations to avoid putting yourself, your residents, and your owners in a risky scenario.

#7: Prepare for Unexpected Costs

Even if your collections are current, there will inevitably be one expense that you weren’t expecting. Maintaining a rainy-day reserve will save you from scrambling to cover an urgent purchase or even lost revenue from an owner who left.

Look back on your expenses from the previous year, especially the unforeseen ones, and aim to save enough cash for future costs of a similar nature.

#8: Balance Your Accounts Often

You can identify typos, duplicates, missing entries, and bank problems by doing a monthly reconciliation. It is the initial phase of proper bookkeeping. To make sure there isn’t any money missing or overpayments, do your reconciliations at the end of each month.

It’s tempting to put it off because it can take a lot of time, but choosing the appropriate tool to makes it easier and can save you a lot of money.

Many software enables users to begin reconciliations and preserve their work for later. Therefore, with time, you can continue. When you’re finishing up your bank reconciliations at the end of each month, this can save you hours.

#9: Maintain a Positive Cash Flow

Even though your cash flow is positive, you may not be profitable. Not all monetary outlays qualify as expenses in property management bookkeeping. For instance, in property accounting, repayment of the security deposit uses a liability account but shifts the money. You might purchase a large, pricey piece of equipment, a computer, or a vehicle with corporate funds and record it as a fixed asset.

You’ll typically have a positive cash flow with cash basis accounting as long as you maintain your business’ profitability. This number will undoubtedly fluctuate, so it’s essential to keep an eye on it if you run your company’s books on an accrual basis.

#10: Find Ways to Deduct Cash

You can review your accounts to find areas where you might save money if you keep precise, current books. Utilizing tax deductions is one approach to achieve this. Saving is earning and therefore any successful property accounting bookkeeper will focus on this aspect. 

For instance, you can write off mileage, bookkeeping services, and education and training expenses. However, a lot has changed during the pandemic and will probably continue to do so to boost the economy. Keep up with any tax regulation changes that may affect what you can and should write off.

Also, remember to integrate your business strategy with your tax approach. Your best resource is a qualified CPA and advisor, but you may also keep up to speed by reading the tax guide for property managers available online. 

In addition to keeping you in the black, good accounting keeps your company compliant and lowers the risk of losses. However, knowledge is only one component of the puzzle; you must also ensure that the data you gather is high quality. Spending a few minutes each day verifying any new transactions that have come through is always helpful.

You can ensure that your accounting gives an actual image of your company and doesn’t obstruct your growth strategy by having a firm grasp of the principles, the accompanying technology, and the necessary discipline. If you have any more tip to become a successful property accounting bookkeeper then please let us know in comments. 

Internet listing services (ILS) providers, including the Zillow Group, Zumper, and Apartments.com owner CoStar, had a crazy year in 2022. Tenant Turner examined inbound lead data from 2022 and discovered seven web sources accounted for the many leads received nationwide. Many websites will automatically post your advertising for you if you use a syndication feed from Tenant Turner, requiring no additional work. Based on where your potential tenants are looking for residential rentals, we’ve included some of the top free and paid rental listing sites below.

On the Tenant Turner leasing automation platform, Zumper unexpectedly overtook Zillow Group in 2019 as the ILS that produced the most tenant leads. Later, in 2020, Zillow Group reclaimed the top spot and maintained it through 2021. The Zillow Group is the undisputed leader for the year and is expanding its market share. However, it isn’t relatively as high as in 2017 and preceding years, when they accounted for about 78% of tenant leads.

A careful inspection of tenant lead source by month reveals a competitive race between Zumper and Zillow Group for most of 2021, with Zillow Group taking a clear lead towards the end of the year.

What led to this? In September, Facebook Marketplace stopped allowing Zumper to post rental feeds, a major source of their tenant lead traffic. A short time after Facebook made that choice, Zumper began charging for listings, which decreased the number of listings on their site and, consequently, the number of tenant leads they produced. Before October 1st, all single-family rental postings on Zumper were free. They now only permit a maximum of five free listings per month.

This change benefited not only the Zillow Group but also Apartment List, CoStar, and Realtor.com, in 2021. RedFin just acquired RentPath and intends to breathe fresh life into Apartment Guide, Rent.com, and Rentals.com after they had been dormant for some time.

With its recent purchases, CoStar has made the most significant stride forward and now controls many websites, including Apartments.com, Homes.com, HomeSnap, Houses.com, and ForRent.com. Although it has continued to develop steadily, less than 7% of tenant leads come from Realtor.com. Without a purchase, their growth will probably continue at a slow pace.

Both Zumper and Apartment List currently account for roughly 5% of tenant leads after raising over $150M in VC capital, closing on their Series D in 2020. We’ll watch how they make more investments to increase their market share. Although RentPath still has a lot of catching up to do, they have a chance to have a bigger impact in 2022 after being acquired by RedFin for $608 million in April 2021.

List of the top 7 rental listing sites

#1: Your Website for Property Management

Nothing can be better than your own website when it comes to rental listing sites. There are two benefits to posting your current listings on your site. One, you showcase all your vacant rentals in one location, along with descriptions and full-color photos. Users may view all your listings in one place.

Two, adding listings to your website enhances SEO. If you’ve used the appropriate keywords, your listing will show up higher in the search results if someone is looking for a home in your area on Google.

There are a few things to remember:

• To prevent your site from loading slowly, resize and compress your photos.

• Listings and images should be mobile-friendly. Most consumers use their mobiles to do online searches.

#2: Zillow Group

Out of all the rental listing sites, Zillow tops the list.

The Zillow Group consists of HotPads, Trulia, and Zillow. Although there are many other free options, using Zillow has advantages. Designating your ads as “Verified Listings” displayed at the top of search results will set them apart from the competition. Additionally, Zillow provides premium assistance and nightly listing updates to paying customers.

#3: CoStar Group

With sites like Apartments.com, Homes.com, HomeSnap, Houses.com, ForRent.com, and many others, CoStar Group offers the most extensive and rapidly expanding network of listing websites. There is no additional work required on your part to increase the reach of your listing because the sites also accept syndication feeds. CoStar provides an exemption from payment for single-family rentals and structures with fewer than five units.

#4: Realtor.Com

This website has been around since 1996 and is well-respected. While property managers use Realtor.com for rent and sale listings, it also runs DoorSteps, a different rental listing website. But according to Tenant Turner, in 2021, only 7% of tenant leads originated from Realtor.com.

#5: Zumper

When you list with Zumper, your properties also display on the US and Canadian website Padmapper, which allows users to enter a location and price and view a map of nearby listings.

#6: Apartment List

Apartment List offers a white-glove apartment search experience individualized to your target lead’s tastes. Renters can easily find apartments close to universities using the search functionality, or they can use keywords like “luxury” or “affordable” to narrow their search. Although Tenant Turner technically offers a free listing service, they also provide a more comprehensive pay-per-lease program.

#7: Social Media

Don’t underrate the influence of your social media channels. You can post your listings as per availability. You can schedule posts and post concurrently on various websites using tools like Hootsuite.

Be unique with your posts. Advertise in local groups on Facebook. You can use IGTV on Instagram to stream walkthroughs.

Remember to post there as well if you use Nextdoor. Users of Nextdoor can join their area on this hyperlocal social networking platform. An estimated 27 million people use it each month.

Last, don’t undervalue the potential of creating a personal online identity. Please include a photo of yourself, describe your ideal rental, and explain how people may get in touch with you. As internet rental listing sites evolve, these channels might become more crucial.

We advise against posting to Facebook Marketplace and Craigslist. Fake listings made by con artists are present on both platforms. Use a watermark to protect your images and keep them away from these sites.

There was a time when tenants could only find resident benefits programs in high-end rental properties and flats. But now, occupants of all rental houses can take advantage of the resident benefits package.

You can find many property management companies that provide resident benefits packages by searching “resident benefits packages” online. Tenants can enjoy advantages throughout the entire rental process. They now offer everything, from 24-hour concierge services and emergency repairs to insurance choices, delivery, and replacement services for air and water filters.

Packages also allow property managers to increase value for owners while reducing costs and adding new revenue streams.

This post will cover why it makes sense to provide a resident benefits package, the kinds of perks you can include, and how to put one into effect for your residents.

Why Provide a Resident Benefits Package?

Benefit packages are undoubtedly advantageous to locals. They offer services that residents would otherwise need to find and manage themselves for a relatively small charge. A resident benefits package is also beneficial to property managers.

The following three advantages will help property managers:

More Income

Property managers have the chance to earn more money by charging for resident benefits packages that accurately reflect the value of particular services. Even better, property managers can pay a monthly fee to a third-party service provider and then tack on an additional fee to residents to cover the expense of the service while still making more money.

Reduced Staff and Workload

Offering some benefits may result in less work for your team. For instance, online resident portals centralize all interactions and maintenance needs. Your workforce will spend less time sorting through emails, taking calls, and your maintenance team will spend less time doing paperwork.

Lower Vacancy Rates and Higher Resident Retention

Benefits packages can offer everything from basic comforts to services that safeguard their financial security. Residents are more likely to stay if you provide services they value, like changing the HVAC filter or managing the utilities.

Make sure to include the advantages you provide in your listings and marketing materials. An appealing benefits package can draw in more applicants, expanding your pool of potential tenants and decreasing the length of time your property is vacant.

What Benefits Should You Include in Your Package?

You can be creative with resident benefit packages as long as you stay within the constraints of your company and what residents value. But there are some essential benefits you notice more frequently than others.

Benefits Packages Frequently Offered

Some of the benefits packages frequently offered by property managers include:

• HVAC Filter Installation and Delivery: Sign up for a service that will install HVAC filters for tenants and deliver them regularly. By charging a small fee to residents, you can cover the expense of the service and generate some extra income.

• Refrigerator Filter Delivery: Similar to HVAC filters, some companies offer services that automatically deliver filters for refrigerator water systems. Please include them in your package, and when determining fees, consider the residents’ needs.

• Virtual Concierge: A virtual concierge can provide residents with various services, such as keyless entry, package receipts, reservations for restaurants and events, and on-site amenities like gyms and swimming pools.

• Resident Site: Through a single portal, residents may access community information, make payments, send messages, and save their documents.

• 24/7 Maintenance Requests: Provide residents access to a maintenance request website to submit requests whenever and wherever they choose.

• Utility Management and Payment: A single service will activate all utilities in the new resident’s name upon moving in. The property manager pays all utility companies by including only a single payment in the resident’s rent or package charge.

• Renters Insurance: Renters insurance in a benefits package protects occupants against liability and harm and shields property managers from liability for damage caused by uninsured residents.

Which Benefits to Add?

Benefits packages come in a wide variety. Your package deal can be simple and merely include insurance and HVAC services, or it can be complex and include extras like dog walking or dry-cleaning services.

Your resident population will have the sole influence on the benefits you select. Do your study before deciding which benefits will best meet the needs of your residents.

Examine the deals provided by property management companies with comparable properties and resident demographics. Additionally, survey your current residents to learn about the most benefits they would value. Use services like SurveyMonkey to simplify the setup and advertise the survey through a resident portal to make it simple for people to give comments.

Make a cost-benefit analysis of your listed benefits to decide which will bring in the most money. Consider your present service offerings and determine which you could incorporate into a benefits package.

How to Create a Resident Benefits Package

Communication and time management are essential whether you’re putting in place a whole new resident benefits package or adding new elements to an already-existing one. During every phase of implementation, current residents should be kept informed.

Don’t go silent until you have finalized your package after asking them about the perks they would like. Inform them of the services you’re thinking about and your implementation schedule through regular communication.

Inform the residents when those services will be accessible, how much they will cost, and whether or not they are required.

Identify whether or not current residents will be eligible for the benefits package at the time of their lease renewal or after a specific number of days, then notify them by SMS or email.

As part of the onboarding process and your rental advertising, let prospective tenants know the services included in your benefits package.

Property Managers make these common mistakes with Resident Benefits Packages

It’s time to think about what not to do with your resident benefits package, as you now have a better idea of what to give and how to deliver it.

Pricing

The tenants don’t want to spend too much on services, regardless of what you deliver. Latchel, a provider of maintenance services, claims that benefits packages are typically no more expensive than $50 per month.

However, it would be best if you watched out that your benefits package doesn’t include more than you can reasonably charge.

Not Providing the Right Services

Residents won’t see the value in a package they won’t utilize and won’t want to pay for it either. Knowing what services tenants might find valuable is crucial.

Not only do unused services cost you and your resident’s money, but they also decrease resident satisfaction, which may lead to a turnover increase.

Talk to Residents About the Package

It’s critical to explain the advantages and disadvantages of new benefits packages to residents, especially as you implement them. Please provide them with tutorials that walk them through each service, or use your portal to communicate with them.

Ensure new tenants get documents outlining their benefits package and its cost when signing their lease.

Lastly, be sure that residents understand your opt-out policy. If you plan to charge for the package, you should inform residents whether they’ll use it or not. 

How Can Property Management Software Help?

A powerful property management software solution can be helpful if you’re seriously considering a resident benefits package or if you need to find a better approach to handle the one you already have.

Property management software might already include many things you’re contemplating including in your bundle. For instance, many software has something like a Resident Center and offers 24/7 tracking, maintenance, and requests. Property managers can also provide Renters insurance as a service through the software. 

An open API is another element of software platforms like Propertyware that enables property managers to incorporate other software services. For instance, you can link a virtual concierge or credit reporting service with your property management software.

Adding a services package may free up resources for your team while generating a new source of income. Providing convenient services can also help you keep your tenants happy and your owners pleased by lowering turnover and vacancy rates.

Benefits packages may be an easy win-win situation with software that makes adding services simple, boosting value for your residents, and creating new revenue streams for your company.