Assetsoft - Blog #properties

How To Improve Tenant Satisfaction Through Property Management Software?

Wed, 08 Sep 2021 11:00:00 -0500

 According to a global tenant survey, tenants rated  building management  the highest among technology services and physical amenities for better tenant satisfaction. Tenants look for better management above accessible amenities and convenient leasing experiences. If you are falling behind, you need to gear up and improve your property management software for better tenant satisfaction and, in turn, tenant retention. 

Today, around 65% of young adults are renting properties which makes tenant satisfaction a key factor for your property management business. If you’re trying to improve your tenant retention rates by implementing new tools and technology for a better tenant satisfaction, you may get a better idea of how to enhance tenant satisfaction here.

Why is tenant satisfaction important?

Tenants propel the property management business, and if tenants are not satisfied with their stay on your properties, it’s something to ponder. Scaling your business can only be possible when there are higher tenant satisfaction rates. 

You may have the best property management software with all the latest features, but if you fail to respond to your tenants on time or do not meet their needs, it’s time to re-think your objectives and improve your process for more tenants in the future. Keeping your tenants on top is what makes your business thrive.

Ways to improve tenant satisfaction

Property management software are a boon to property managers. But not always do they help you retain tenants for a long term. If you’re looking to improve your overall property management, here are some of the ways you can better tenant satisfaction rates through property management software:

1. Give ready access to facilities

Properties with all the necessary amenities attract tenants. When the tenants can use the amenities such as party halls by making bookings instantly, it builds trust. But, if the access to the facilities comes with constraints, it leads to client dissatisfaction and eventually vacant units.

When you allow tenants to use amenities, ensure there is a smooth process of making reservations. Technical glitches can hinder the process of booking slots and may lead to frustration, so verify if your property management software is up and running at all times, so that it is easy for the tenants. 

2. Respond to queries quickly

Implementing a communication channel or adding answers to commonly asked questions can quickly solve tenant queries. You don’t have to be there every time there is an issue. Ease the process with the help of chatbots or automated responses so that their waiting time is reduced.

Effective communication is key to retaining and getting future tenants. Responding and solving queries are two different things, and understanding tenant needs crucial to tenant satisfaction. If you have software that responds but doesn’t solve the problem, you need to consider a better solution.

3. Track maintenance/repair orders

A regular status update is important when maintenance or repairs is going on. You need to update the status at every step so that tenants don’t have to keep track of it every second. Any repair orders in their house should be met instantly, and even if there is a delay, you should update them about the status. Tenants rated communication of major upgrade requirements the  highest  when it comes to building administration of the property. 

Property management software should allow tenants to submit maintenance orders instantly and reduce response times for efficient management. It will also lead to higher tenant satisfaction rates when responses are quick and when there is a smooth flow of submitting orders. 

4. Respond round the clock

Implement systems where you would be able to respond to your tenants day and night. You never know the kind of problems that might arise late at night. Employ staff who work in shifts and ensure all your systems are operating fine so that the tenants don’t get frustrated while reaching out to you.

Sometimes, the problems need to be addressed by the management at odd hours, and it cannot be done by tenants alone. As a part of your business, this is something to keep in mind for better tenant satisfaction.

5. Keep the properties updated

Having property management software is not enough; you need to keep your properties updated too. Follow the latest trends in the property management space and try to implement them soon to stay reliable for tenants who reside for a long term. Revamp your digital systems and add a new look for a better user experience.

Make the systems more intuitive and ensure all the resources are present so that the tenants can check back to learn about the properties when needed and not depend on property managers every time. Always update your software for better tenant satisfaction. 

6. Tie up with small businesses

This is a great way to improve tenant satisfaction as you’ll be beyond offering them the property of their choice. You can tie up with local businesses such as groceries and essentials to provide the best to your tenants.

You can also integrate the systems so that your tenants can order from their mobile devices. Partnering with other small businesses that you think may help residents every day can lead to better tenant satisfaction and, in turn, retention. 

7. Get regular feedback

Getting feedback from both happy and dissatisfied tenants can help in many ways. You can know the areas where you need to work on and make changes accordingly. Keeping track of every issue can be overwhelming, but you can automate certain processes and offer tenants the best services.

Survey your tenants and keep notes on what they like about the property and what they don’t. Improve on them to keep your property management business profitable. You can do that by defining KPI to measure tenant satisfaction and hence retention. 

8. Build a better user experience

Updating your systems is a great way to keep your tenants happy, but you also need to work on the user experience of your digital systems. Having the right user journey where there’s a flow from the start to the end makes it a good design.

Empathize with your tenants and understand what challenges they are facing and try to meet their needs by changing your applications time and again. Keep the tenant portals updated to stay on top of industry trends and to serve tenants better. The only thing that helps build a better tenant experience is to empathize and find solutions to current problems. 

Elevate tenant satisfaction with Assetsoft

Integrate property management software to transform your business and serve the best to your tenants. Assetsoft can help you automate all your property management processes so that you can track and be there for your tenants at all times.

Our experienced team can help you with the integration, support, and maintenance of the systems so that you no longer have to worry about dealing with the technical issues of the software. Instead, you can focus more on providing the best service to your tenants and build a relationship with them for their retention. 

Assetsoft can tailor the software to your property needs and choose the right strategy to implement it for your business. 

Update your property management software and improve tenant satisfaction with Assetsoft!

Why Is Maintenance Important For Your Properties?

Wed, 25 Aug 2021 10:30:00 -0500

Everybody likes a well-maintained property. For property managers, that leads to tenant satisfaction and tenant retention. A survey by Avail states the same - 12% of tenants planned to vacate rather than renewing their term if the property was not well-maintained.

If your tenant’s service orders are met on time, and the issues are fixed, you get long-term clients and attract potential buyers.

The top 8 reasons you need good property maintenance

Here are some of the reasons why maintaining your property is important today:

1. Tenant satisfaction

Sure, maintaining a property is not easy, but current tenants may vacate and not attract new buyers if ignored or postponed. Running a property business means taking care of your property and tenants at all times.

When you care about your property, your tenants continue to reside on it for the long term. It is one way to keep tenants rather than looking for new buyers frequently. Keeping your property clean will keep your tenants happy and, in turn, lead to tenant retention. 

2. Higher sale value

Good property with clean surroundings means fewer repairs making it highly valuable while selling it. No one likes to buy a poorly maintained property and spend an extra amount repairing or renovating it. Keep your property clean without any damages to the windows or doors. You can also get it painted once to make it look visually pleasing and clear the clutter during the process.

3. Maintain rents at market rates

You can increase your rents as per the market rates if you keep it in good shape. Potential buyers will also find its value for price and turn it into long-term tenants. Finding new tenants frequently can be challenging, so you need to keep your tenants for the long term, and it can happen when you care about your property and your tenants.

4. Reduces liability insurance

One major benefit of maintaining your property is that it keeps your tenants safe. Regular maintenance can avoid major accidents such as your kids breaking your tenant’s window or the tenants getting injured after falling down the stairs.

In each of these cases, you are liable for the damage and should pay for it, but in most cases, owners will be responsible for building damages and not personal damages.

Do not delay fixing any hardware components or ignore the issues, thinking it's insignificant. You can get a document signed by the tenant that you’re not responsible for any personal injuries, and it’s mentioned in your landlord insurance policy.

5. Attract good tenant

Sometimes, tenants don’t treat the property well and damage it. You need to find tenants that take care of your property as theirs, and for that, you should keep your property clean. When you don’t bother to fix damages, your tenants don’t worry as well. If you want someone who takes care of your property, you should start.

6. Prevent major problems

Repair the broken ones and replace the rest. Visit your property occasionally and see for any fixes that are needed. Plumbing, heating, roofing problems, windows, doors, drains, pipes, and sewage issues, lost key, and electricity problems are some of the major issues that should be fixed and checked for frequent faults as part of your maintenance charges.

Do not delay fixing them as tenants may be vacant if their plumbing or electricity problems are not addressed and fixed soon. Providing the essentials and taking care of such issues can retain tenants for a long.

7. Builds trust

Having property management software helps tenants raise a ticket for the issue. You can then contact your third-party vendors and fix the problems by talking to the tenant about the right time to get it fixed. You then close the ticket once the problem is solved.

The entire process builds trust among the tenants and assures them that anytime there is a problem, it can be resolved by contacting you. When you delay it, tenants lose confidence and eventually get frustrated and vacate your property.

8. Positive impression

When you ignore maintaining your property, you forget your tenants and future buyers. Imagine you delay fixing any roofing problems in your tenant’s unit. No one wants to reside in a leaky roof, and even after requesting service orders multiple times, it goes unaddressed, the tenants vacate your property.

Your future buyers may talk to residing tenants better understand the property better and not recommend it to them due to their neglected problems.

Depending on your needs, you may go for real estate management software like Yardi or MRI. Assetsoft can help you choose the best fit for you. 

Talk to us for real estate IT consulting today!

The top tips to maintain your properties

Go for regular checks or hire property managers to oversee and manage your property. Contact local vendors who can fix issues such as plumbing regularly.

Here are some of the things that you can do to maintain your property better. 

Hire a property manager to manage your property better
Conduct regular inspections for both interior and exterior portions 
Fix issues regularly, even if it is a small one 
Fix leaks, check fire extinguishers, air filters, and water heaters

Maintain your properties with property management software

Managing maintenance and keeping track of things can be made simpler with the help of property management software like Yardi and MRI.

Manage communication with your tenants, keep track of maintenance, screen tenants and verify documents, provide better service to tenants through online rent payment methods and tenant portals to update them about the latest news about your property. 

Manage all your departments through a self-service portal. It saves time and reduces dependency on property managers.

Assetsoft can help you choose the right software for your business and implement, support, and maintain it while also train your staff to use the software. We implement project management best practices for your business.

Want a project management system for your business? Contact us today!

Top Property Listing Tips to Fill in Vacancies Faster

Mon, 09 Aug 2021 08:00:00 -0500

Want to create listings that attract more tenants? In today’s tech-savvy world, more than 50% of buyers look for homes on the internet. As a property manager, online listings are your primary way of acquainting prospects with the property. Well-created property listings improve user experience and create a better impression on prospective tenants.

If you want an excellent marketing strategy, then focusing on property listings is your first step. Follow these top tips to create attractive and informative listings that fill vacancies faster.

1. Make sure to be descriptive

When you place a listing of a property online this is the first impression that online users will have of your property. These users will stumble across your property while browsing and so will want a comprehensive description of the property including:

A summary of the interior of the property (bedrooms, bathrooms, sizes)
Amenities of the apartment/home
Nearby landmarks and convenience locations (supermarkets, hospitals)
Proximity to attractions such as coffee shops and theme parks

The more detailed the description is, the more interest you will be able to garner from each user. The user will feel like they understand more about the property and will get the “initial feel” for the place. Add on to the fact that a detailed description will cover all the common, repetitive questions that buyers will ask, your business will be able to weed out the interested buyers from the window shoppers.

Your property description is also your key to increase visibility. By SEO optimizing your listing, you can bring it to the top of search results. However, optimizing your description for search engines requires more than just writing. If you are new to this, consider hiring a professional SEO expert to get the desired results.

Or, you can also use software to research and write better listings. Yardi’s Commercial Edge lets you research property data across all commercial real estate asset types. These insights create better listings that also have increased visibility through their platforms.

2. Take advantage of visual aids

We live in a time where content is mostly visual. People are so used to visually appealing content that bad visuals are an immediate turn-off and they are highly likely to click away. To attract more users to your listings, high-quality and professional-looking photographs must be added to the listing.

Many businesses or individuals that post listings with little to no photos will find it extremely difficult to find interested tenants. If you think about it, no online user is going to look at a property listing that is just text-based and make a decision to purchase or rent that property. They require visual aids such as photos and videos in order to analyze the property.

Make sure you include as many photos as possible of the property. Everything from the bedrooms, the living area, garden, garage, attic, and so on. The more areas that you capture in these photos, the more these users are likely to show attention to the listing. If you don’t have a professional camera or don’t know how to take professional photographs, then hiring a freelance photographer would be the next best choice.

3. Make use of online advertising

Statistics show that 45% of small businesses use PPC advertising in order to grow their business. The reason for this is simple. PPC advertising brings in immediate traffic, which means a much higher chance for a lead and/or sale. Creative advertisements always catch the eye and can be crucial in converting a lead to a tenant.

Is your property close to schools? Does it have extra outdoor space? Make sure that the advertisements highlight the best features of your property.

4. Leveraging the power of social media

According to statistics, businesses that promote through social media can get up to 10% of their sales through these platforms. In order to promote via social media you can:

Use paid ads similar to PPC campaigns
Create a social media profile and gain followers by posting content
Create or join Facebook groups to list all your properties
List on property-based Facebook groups already active in your area

5. Use modern technology and software

Using software that you find online or through another company, you can do unique things such as:

Adding a video walk-through of the property
Creating a virtual tour of the property
Adding a 3D model of all the floors and amenities
Personalizing the interior using graphics and software

By including these options, you will easily be able to capture the attention of new users. Once they visit your listing, they will get a better idea of the property and get a full modern experience and feel of the property. They will be much more likely to consider a purchase/rental after this experience.

6. Work on your website

You don’t have to rely on third-party sites or pay other websites commissions to host your listings. With your own website, you can utilize the power of SEO to keep bringing in organic traffic on a monthly basis as well.

Just make sure to clean up the website and make it look modern and professional. Users will turn away if the website looks incomplete or like a spam site. You can hire a website developer to create and optimize the website for you to get the best results.

By incorporating the above tips into your business you will be able to get new, warm leads more efficiently and easily for all your property listings.

Manage properties through Assetsoft

Online listings are the first step to effective property management. For hassle-free property management, upgrade to the latest tools and technology. Assetsoft helps clients manage their properties through state-of art-software like Yardi, MRI, and Procore. We provide all property management software solutions--from tenant portals to data and analytics.

Our clients also benefit from our other services like back-office accounting, lease abstractions, and CAM reconciliations. We understand your needs and create tech strategies suitable for your business.

To upgrade your property management, reach out to Assetsoft!

The Top Lease Agreement Terms You Need To Include

Wed, 30 Jun 2021 12:00:00 -0500

As a property manager, making lease agreements can be a complex task. It includes many clauses and terms that can make you wonder--why signing a lease agreement is necessary.

Lease agreements are legal documents that offer protection to both the tenant and property manager. Even if you have the best relationships with your tenants, verbal agreements cannot be relied upon. That is why most property managers prefer clarifying the terms in writing.

Lease agreements can appear complicated. They include many clauses and sentences which can make you confused. Even if a legal professional manages your lease agreement, as a property manager, you need to understand the terms included in it.

The top lease agreements property managers should know

Our list of top property management lease terms will help you choose the right terms for your company. Stay away from legal hassles by including these terms in your contract.

Occupancy limits

Every apartment has a capacity for the number of people that live there. This is called occupancy limit. This aims to provide comfortable living conditions to every occupant.

As a general rule, two renters are assigned one bedroom. But this is only to determine the maximum occupancy. You need to consider other factors such as the size of the room, number of bathrooms, and other amenities.

The Department of Housing and Urban Development’s standard of occupancy is a really helpful guide. It states that:

Every apartment should have a minimum area of 150 sq. ft. meant for the first tenant.
Every other tenant requires an extra 100 sq. ft.

A single-occupant bedroom should have at least 70 sq. ft. of floor area and a double occupant should have 50 sq. ft. per occupant.

Abiding by the laws, you can have your own occupancy limits. Make sure you clearly state this in your lease agreement.

Name of tenants

Many property managers make the mistake of including only one person in their lease agreement. Even if a single person signs the document, you need to include the names of all the adults living there. In the case of a commercial property, you need to include the names of all business partners.

As a property manager, this gives you two benefits:

If one tenant cannot pay the rent, you have the right to collect the whole amount from other tenants.

If one tenant breaks the rules, you have the right to terminate the agreement for all the tenants.

When you include all the occupants in the lease agreement, they are collectively responsible for fulfilling the terms, This includes rent, deposits, and maintenance. It also makes the apartment available only to the adults and their minor children in the lease.

Length of tenancy

The length of tenancy is the duration for which the lease is valid. Typically, a lease agreement starts from the 1st of the month. You can decide to have a one-month, three-month, or yearly agreement. Usually, a 11-month lease agreement is signed to save on stamp duty and other charges.

For short-term tenancies, a month-to-month agreement works the best. These agreements usually renew themselves until termination. This gives flexibility to both the landlord and the tenant. However, year-to-year leases are more convenient. They provide more stability in occupancy. They also help cut down on additional expenses for making the apartment ready for a new tenant.

Rent stipulations

Your lease agreement needs to clearly state the details of rent payment. This not only means the rent amount, but also the frequency and method of collection. You can look at the price of rental properties around you, before determining your rent amount.

Usually, property managers collect rent at the start of the month. The agreement should also state other details such as grace period, late payment fees, and other charges.

You also need to be clear about the acceptable payment methods. You can ask them to mail checks at a particular address. Or, you can give them an option of digital payments, which is popular among millennials. You can also state the number of late payments before a renter gets evicted.

Many property managers report difficulty in rent collection. Using clear lease terms and property management software, you can easily solve your rent collection problems.

Security deposits

Security deposits provide financial backup in case a tenant breaks the lease agreement. In the contract, you need to state the exact amount of deposit collected and the rules for a refund.

While the deposit is meant to pay for maintenance and repairs, most states have restrictions on where you can use the deposit.

You need to cover all details of the security deposit in your lease agreement. For example, if you hold the deposit in a bank account, you need to specify the interest it will earn in the duration.

Some states require you to hold the deposit in a separate account or trust. Check with the state rules to understand how you can utilize the deposit and where you can hold it.

Utilities and services

Your property might have certain utilities and services that are included in the rent. Some other services might need extra payment as per use. You need to specify the included services in your lease agreement. Some utilities like electricity, gas, and cable can be paid for by either the tenant or the landlord. Clearly state which amenities are covered by you and which the tenant needs to pay for.

House rules

House rules prevent any future problems during the tenancy. A lease agreement should carry all the rules, whether they are simple or legal requirements.

For example, if you have ‘noise-free hours’ at certain times a day, you need to state the duration, details, and repercussions of breaking the rules. You can also include a standard procedure if a tenant wants to raise an issue.

You need to also include your restrictions on illegal activities.

Pet policy

Include your pet policy in your lease agreement. State clearly if you do not allow pets. If you do allow them, include details like the number, size, and type of pets. Also mention general pet rules such as cleaning the litter and areas where pets aren’t allowed. Also make the tenant aware of any house rules that the pet might breach, such as constant barking during noise-free hours.

Tenant insurance policy

Most property insurances require tenants to have their own insurance. That’s why it's important to have tenant insurance mentioned in your lease agreement. It provides financial protection to renters in case something happens to their property.

Right to entry terms

Every tenant has the right to privacy. That said, as a property manager, you can enter the property in some conditions. Include situations in which you can enter the apartment such as routine inspections and checks. Also, state the period of advance notice you will provide to the tenant.

Any breach of rules allows the tenant to claim a violation of privacy.

Maintenance and repairs

Both tenants and property managers can be responsible for the maintenance of the property. The lease agreement should clarify who is responsible for what repairs. Are you paying for electric appliance repairs? Is the tenant going to handle repainting the apartment? Specify which party pays for the different maintenance issues.

Also, clarify what home alterations are acceptable. Repainting, wall hanging and other permanent changes should be clearly discussed in the agreement.

Allow your tenant to inspect the property before handing over the keys. This allows your tenant to see any damages and helps avoid confusion later on.

Common area maintenance

If you rent multiple properties that share a common area, you need to include the maintenance terms in your lease agreement. If you collect maintenance fees from all tenants, you should include details such as what services are they used for, and how much each tenant pays.

You need to also consider the scenario where a tenant damages something in common areas. Are they the only ones paying? Or will you pay from the maintenance fund? Include answers to these questions in the contract.

Notice periods

If a tenant wants to leave the apartment, they have to serve a notice period. This can be anywhere from 1 month to 6 months. Your rental agreement should include the required notice periods for vacating a property. It should also include details like security deposit refunds, house repairs, and inspections.

Many of the lease terms can be easily maintained by opting for property management software. These simplify all your property management tasks such as managing, marketing, and much more.

Make property management easier with Assetsoft

While you handle the lease agreement, leave your software requirements to us! At Assetsoft, we build robots and tools to help property managers run their businesses smoothly. We can provide strategy, advise on technology and also implement it for you.

Our popular software choices are Yardi and MRI, both of which are excellent property management platforms. Our expert team can help you get the most out of the software. We integrate various tools to bring the best out of all platforms.

Facing difficulty in implementation? Want more features? Book your consultations now at Assetsoft!

Artificial Intelligence, Apartment Leasing, and The Top Trends

Thu, 24 Jun 2021 14:30:49 -0500

The property management industry has been slow to adapt to new technology. But with remote working being a necessity, the industry underwent some notable changes. Artificial intelligence changed the way the industry functioned. It has revolutionized property management by automating data analysis, apartment leasing and many other processes.

Impact of Artificial Intelligence on The Leasing Process

The real estate industry has utilized artificial intelligence in various stages of apartment leasing. It has eliminated one of the biggest challenges faced by both property managers and clients alike--communication.

On one hand, property managers can’t attend to all calls by prospects. On the other hand, an interested lead hasn’t heard back from the company. AI can reduce this gap and improve lead retention for property management companies. It can hold full-length human-like conversations. It is also capable of handling the entire process, whether it is tenant onboarding or exiting.

AI-assisted apartment leasing processes

AI can be used to automate almost everything. It is designed to replace humans by doing human-like interactions. Here are the 4 processes you can automate using AI:

Maintenance

Property management includes a lot of maintenance activities. Artificial intelligence can simplify it by detecting cues early on. It can also monitor maintenance requests and tenant responses.

Energy efficient

AI can analyze human presence and control lights and appliances accordingly. It can save energy by regulating unnecessary power consumption.

For example, by analyzing the surrounding temperature and detecting the number of people in a room, AI can adjust the air conditioner temperature accordingly.

Property management functions

You can handle several processes like filling forms and even tenant verification. AI automates all activities with minimal human interference.

Advertising and marketing

Artificial intelligence can analyze the interests and requirements of people before placing ads. In traditional marketing a single ad would be viewed by a large audience. AI-based advertising targets a more specific group, increasing engagement.

How AI benefits property management

AI is a fast-growing technology. As a property manager, you can reap several benefits such as:

Less human error

Artificial intelligence takes actions through previously programmed information. It can handle data and calculations better than humans. Even with the utmost care, humans can make mistakes. According to Steadfast, human error is the leading cause of data loss in businesses. By using artificial intelligence, you can keep your data and analysis more accurate.

24x7 availability

The most important benefit of AI is its availability. Ensuring 24x7 availability of staff requires more human resources and increases workload. If you use AI chatbots, it can instantly reply to any messages from prospects. This shows that your lead is important to you, and creates a better impression on them.

Efficiency

AI can handle multiple tasks at once. While humans are poor at multitasking, AI can simultaneously complete many tasks. This improves efficiency and productivity for your team.

Apartment leasing trends for 2021 and beyond:

Automated email and call answering

Leasing offices miss around 49% of calls. These unanswered calls lead you to miss out on several clients. Through automated email and call answering, AI bot handles every call even when an agent is not around. In the past years, these tools have improved a lot on mimicking human behavior. Through machine learning, they generate natural responses, so your client does not feel like they are talking to a bot.

AI can similarly answer lead emails. It can also send reminders to staff to follow up on a lead.

Chatbots

Chatbots are the quickest way to answer a lead when your staff isn’t around. According to Real Estate Trainer, 78% of buyers go with the agent who answers them first. AI-based chatbots can interact with the lead, answer queries and collect the necessary information. It can also forward any queries which need human interaction. These bots are getting smarter over time and give human-like responses to users.

Self-guided tours

Many property managers are utilizing AI to give self-guided tours to prospects. This has two goals: to reduce the workload of staff and to improve the touring experience. Prospects can sign up for these tours through the company website.

There are several ways you can automate the tours. You can utilize smart entry by sending a code in exchange for keys. The AI can assist the prospect through details of the apartment. It can also answer common questions and take note of other queries. According to NMHC’s OpTech Conference & Exposition, leasing increased by 86% when using a self-guided tour. Such tours help the prospects judge the apartment according to their own needs.

Social media advertising

Social media is ideal for real estate advertising. Facebook and Linkedin are popular platforms for real estate agents. Social media ads can address a wide audience. But with the right analysis, you can also use them to target specific groups. For example, Facebook has users of different interests whereas LinkedIn has a professional user base.

Apartment listings

Your client’s first exposure to the apartment is through a listing. AI can design attractive listings as well as manage several advertisements on listing services. It can add and update details so your advertisements are up-to-date.

Interactive content

Interactive content is the top trend for social media ads. You can choose from different content types such as polls, quizzes, and infographics. They cost more but have better ROI. Virtual tours are one of the most popular interactive content ideas for apartment leasing.

Predictive analysis

The industry is moving from intuition-based predictions to data-backed predictions. As big data is influencing real estate investments, property managers are relying on accurate predictive analysis. AI can use data from your ad campaigns, sales, and profits to predict ROI and future trends. It can give you insights into well-performing assets, good advertising strategies, and the right marketing channels.

For example, your marketing tool can track the lead origin and identify which advertisement did well. You can place more ads on the same platform to increase lead generation.

QR Codes

Though QR codes existed for a long time, they became popular during the pandemic. Property managers used these codes in several ways. Employees were given QR codes for identity verification. Prospects had to scan these codes to access the self-guided tour. QR codes provide endless possibilities during a time when contactless technology is a necessity.

Smart homes

AI is the backbone of smart homes. Intelligent buildings focus on easy maintenance, better security, and improved energy efficiency. AI can help in several ways. It can control lights and other electric appliances. It can also increase security by detecting unusual movements. As more people are trying to automate their homes, smart buildings are becoming a popular trend.

Tenant screening

Manual tenant screening requires you to hire different agencies for each check. AI bots can collect data, verify documents, and screen tenants more efficiently. Whether it is credit checks or criminal background verification, AI can do it all.

Use of cloud

Cloud-based software helps us work remotely. For real estate investments, data is invaluable. Over the years, property managers have chosen the cloud to store and backup their data.

Cloud storage gives several advantages. You don’t need to be close to a physical server to access data from it. During the pandemic, cloud storage made remote work possible. Even as the pandemic weakens, the popularity of cloud storage isn’t going away anytime soon.

Virtual and augmented reality

Virtual and augmented reality has brought revolutionary changes in the industry. Through these technologies, clients can view an apartment in the comfort of their homes. Many companies provide 360-degree virtual tours and 3D brochures. Others provide interactive floor plans and space assessments. All these are possible through VR and AR.

Progressive web apps

As technology advances, people prefer browsing through different devices. Whether it is an apartment listing or your business website, AI can help in optimizing the site for each device.

Future of apartment leasing through AI

Though AI is still entering the real estate business, it will grow fast. As technology improves, artificial intelligence can handle the complete leasing process.

With a major role in data analysis and forecasting, it will improve investments and give better ROI.

For property managers, it will organize data, improve marketing and maintain better customer relationships.

For tenants, it will provide the features of smart homes. You can turn off lights, secure houses, and much more with a single command.

A robust AI leasing software can help property managers reduce the number of staff. Soon, we can see artificial intelligence replacing all human activities in property management.

Implement artificial intelligence through Assetsoft

Artificial intelligence is the next big thing in the real estate industry. At Assetsoft, we help you start with AI automation. Whether it is forecasting or budgeting, we provide AI implementation for all your needs.

This is not our only scope of work. We can also provide technical advice, implement the latest technology and integrate various tools. Our platforms include Yardi, MRI, UiPath, and other state-of-art software. For all software, we provide implementation, data conversion, recovery, and training. We also check the health of pre-installed tools.

For all your software requirements, book an appointment with Assetsoft!

Top Real Estate Property Management Software Features to Help You Do More

Sun, 13 Jun 2021 22:01:09 -0500

How can you leverage more productivity for your real estate business with a good property management software? Popular real estate and investment management software like Yardi and MRI focus on automating tasks, streamlining business processes and above all - be flexible.

You can track leases, automate maintenance tasks as well as collect rent and manage finances the smarter way. With plenty of third-party integration options, it’s easy to continue what you’re doing now – with a much more structured, streamlined approach.

Get Started with the Right Software for Your Business!

Assetsoft helps you choose the right property management software for your business - taking into consideration the features you are looking for. We can help you:

Streamline all business resources for better productivity
Manage properties and leases including move-in, movie-outs and work order management

Rent collection and vendor payments made easy
Create robots to automate all mundane tasks
Provide a financial overview and valuable insights on how to increase profits
Track projects for on-time completion
Easy lease renewals and account insights

Integration with marketing tools
Budgeting, forecasting and CAM reconciliations
Secure data over the cloud

Real Estate Property Management Software: The Top Benefits

Sales

Major property management software companies like Yardi are making the transition to online marketing easier. Yardi’s RentCafe, for instance, integrates seamlessly with Yardi Voyager, making property listings simple and easy. Here is how your property management software can integrate with your sales team.

1. Online marketing integration

With products like Yardi’s RentCafe or MRI’s Market Connect, you can:

Increase visibility in search engine results
Bring more organic traffic

Generate more leads and build brand credibility
Increase your social media outreach

2. Property listing

Property listing feature allows you to list all the available properties on different platforms. Through listings, interested buyers can contact you for more details on the property.

Turbo Tenant Software allows you to list your properties on various sites including Rent Jungle and Apartment List. Automated Craigslist form filling, access to tenant databases and rent calculators makes property listing and lead generation much more easier.

It also allows tenants to apply for listed properties and alerts the users as applications come in.

3. Al-Assisted tenant onboarding

Manual tenant screening can be a tedious process and usually not yield the results you are looking for. Finding reliable tenants is important if you think long term.

You can use artificial intelligence for tenant screening, and complete background checks. The AI asks for basic information along with some images, which are run across a database for checking criminal and eviction history.

Data such as the credit history is collected through an AI interactive bot and uploaded to your account. This can reveal the lead’s current financial situation and their credit history. It tells you whether a tenant is known to pay their bills on time, reveal any debts and look for previous bankruptcy.

AI assisted tenant screening can achieve fewer evictions and increased financial performance. Assetsoft can also help you with back office accounting and lease abstraction.

After tenant approval, AI can also help in updating the availability and databases for new tenants. The software can also assist with self-guided tools, much needed keeping in mind the present pandemic.

You need a software that covers the three main aspects of tenant screening, that is, tenant background check, rental or eviction check and credit check. Assetsoft can help you find the right solution for you. With our ERP solutions, you can easily generate reports that and determine if a lead qualifies to be a tenant in your property.

Real Estate Property Management Software: The Top Benefits

1. Maintenance automation

With maintenance automation, you can easily track the maintenance requests submitted by the tenants. Through different tenant portals, you can ensure:

Quick submission of maintenance requests from tenants.
Increased tenant satisfaction levels, to improve occupancy.

Schedule different maintenance for recurring activities. The software will provide a reminder when property maintenance is due.
Easily order any service required for maintenance and transfer the costs to the accounting section.

You can also track how your team performs, your inventory, and your equipment to optimize your assets.

2. Tenant management

AI bots can complete tenant related functions to automate lease renewals, rent collection, and track payments. You can also collect work requests from tenants and supply them to the vendors. All records of requests and completed jobs are available in the data storage.

For example, Yardi and MRI have built-in tools that allow property managers to easily interact with potential or already existing tenants. Through the interactions, it allows you to store any relevant data and generate related reports. It also integrates with your CRM software to store leads into it.

3. Tenant and lease tracking

An important feature in most property management software, it lets you keep up with information about your tenants and lease agreements. It includes details like lease renewal dates, contact information and payments due if any.

4. Inspection

It’s time to replace manual inspections through several ways. Get a checklist of the properties needing inspection, quickly uploading any repairs needed, and online signature uploading of the inspecting officers.

5. Online portals

Tenant portals give tenants a channel to maintain contact with the landlords as well as other tenants. They can update their information, pay rents and renew leases through this portal.

Property managers can track applications, leases and payments. There are also several self-service features for tenants that lets them communicate with the owner, schedule inspections and request maintenance, all from the comfort of their homes.

Finances:

1. Data insights

Generate valuable insights that your sales and marketing team can use to predict high business months, suggest required changes, and provide easy-to-read visualizations of the data.

See areas in which you can improve and make necessary tweaks to increase sales and profitability. And make your online marketing better by using lead interaction data.

You will also be able to plan and manage the available spaces better.

2. Payments and accounting

Manual calculations and accounting can be a tedious job. Accounting features in the software can provide a holistic view of all your finances including forecasts. Report generation can be used to gain insights and make manual predictions for good investment.

With automated accounting features, the software easily handles all operations related to accounts payable and receivable.

If you want to keep track of your accounting data, you can also make financial modules and also gain software developed insights to increase cash flow. By having an accounting function, you can also minimize the errors in calculations and develop more accurate figures.

The Rent Manager is an excellent software to handle your accounting needs. For any company irrespective of the portfolio size, the software provides features such as budget creation, importing payrolls, generating reports and also bank reconciliations.

3. Budgeting and forecasting

Manual forecasting can be error-prone and involve lots of time and effort. By choosing AI budgeting and forecasting features you can integrate all the current financial data with the past lease information to predict future costs. By getting data from a centralized system, you can skip the hassle of collecting information from various systems and generating elaborate spreadsheets.

Computer-generated forecasts use relevant insights to produce customised predictions. These reports can be auto generated to be shared with other clients and stakeholders. Using these reports you can make data-backed investments, reduce risks and costs as well as improve overall returns on your properties.

The Yardi Breeze Budgeting and Forecasting software addresses all your forecasting needs. It gives accurate budget predictions for rents, charges, and concessions and helps with the calculation of future cash flow by analysing real-time data to determine NPV and IRR at a property level.

Others:

4. In-cloud data storage

Real time analytics: All the information is readily available, up-to-date and relevant.
Flexibility: Data stored can be accessible anywhere, with the right user permissions.
Lower costs: On premise data storage requires considerable investment. With the cloud, you can get similar data storage at reasonable prices, usually tailored to your company’s budget.
Scalability: Cloud data storage also scales your data to the appropriate size for any development stage.

5. Easy Collaboration and Better Security

Storing data over different applications carries with it an inherent security risk. Storing data over a property management software, on the other hand, is safe and requires no installation. Data can be stored either over cloud or on the application.

Many cloud property management software, for instance, need no installation. As a result, you can expect reduced costs, automatic backups and better security, making it a great choice for property managers and real estate agents.

The Top Benefits of Using a Property Management Software

Many popular choices like MRI, RealPage, or Yardi can help you streamline your business operations.

Automate complex calculations such as leases and taxes.
Make strategic changes in your property and move with current trends using information from the software.
Better staff coordination by having access to all departments in a centralized database
Better data protection through cloud-based storage and multiple security measures

Simplified tenant experience with AI bot assistance
Preservation of valuable time, money, and resources

Assetsoft can also help you with your Robotic Process Automation (RPA) needs, creating robots that automate all those mundane, time consuming tasks, from racing emails to processing invoices.

From Yardi consulting to MRI implementation, the Assetsoft team can help streamline your business work process. We can help you choose the right ERP, build RPA robots to increase work efficiency and take care of all your back office accounting needs.

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Top 10 Things To Avoid When Renting Your Properties

Wed, 09 Jun 2021 13:04:51 -0500

Being a property manager comes with multiple responsibilities. And if you are new to property management, mistakes can cost you money. Whether you want to avoid making those or just upgrade your knowledge, this guide will help you.

Here are the ten things you should avoid when renting your properties.

1. Using An Inconsistent Screening Process

A good screening process can save you from costly evictions later. But changing the screening process from tenant to tenant could land you in legal trouble. According to the US Fair Housing Act, it is illegal to discriminate against tenants based on race, color, origin, religion, sex, familial status, and disability.

What You Should Do: Acquaint yourself with tenant screening laws and have the same screening process for every tenant. You can automate the process by using software such as Yardi ScreeningWorks Pro. It can collect and verify documents, run background checks, and access credit history to give you low-risk, reliable tenants.

2. Collecting Rent by Check

Receiving rent by check is risky for both the tenant and the landlord. The tenant’s check could get lost, or their financial details could end up in the wrong hands. A landlord has no guarantee that the tenant’s account has funds to cash the check.

For millennials, checks are outdated. A Money Magazine report states that just 15% of millennials and 40% of seniors pay their bills through the mail.

What You Should Do: Online payments are a secure and convenient way of rent collection. Through automation, tenants can schedule payments beforehand. You can also send payment reminders to tenants on the due date. It also becomes easier for you to follow up on missed payments. Payment automation is the best way to collect rents on time.

3. Letting Tenants Go Off-Lease

As a landlord, you will often have good tenants. But just because they are well-behaved, pay rent on time, and help with maintenance, doesn’t mean you should be lenient with the lease terms.

Getting your tenant to sign a new lease term every year or increasing the rent can be time-consuming. But letting your tenant go off-lease can pose a greater risk to you. A tenant can leave on short notice (usually 30 days), which can leave your property empty for a long time. It can also remove your chance of increasing the rent, which reduces the overall profit.

No matter how good the tenant is, not signing the lease agreements and missing payments should be off the bounds.

What You Should Do: Keep a professional relationship with your tenant. Stick to lease agreements and rent due dates and renew the lease every year. Property management software can help you with managing lease agreements while also being a favorable landlord.

4. Changing Terms in the Middle of the Lease

While making a new lease or renewing existing ones, property managers can change the terms of the lease. But, there are limitations to changing the lease terms when it is ongoing. Even with new additions to your property, you have to check if you are legally allowed to modify the rent or change the agreements.

What You Can Do: Be aware of the rules of the lease agreement and make changes only during renewal. Upload lease agreements to a tenant portal so both parties can be informed of any changes. Assetsoft offers lease abstraction services to help you out.

5. Putting Off Maintenance Issues

Maintenance issues are best addressed quickly. If ignored, they can lead to much bigger problems. A minor leak can flood the property significantly if not repaired in time.

Just because a tenant has reported the issue only once does not mean it isn’t important. Timely repairs can save more of your property from being damaged.

Regularly inspecting your property for any maintenance issues can help keep your property in good condition. A well-maintained apartment attracts better tenants and shows your competence as a property manager.

What You Should Do: Use a tenant portal like MRI Tenant Connect to quickly check on any maintenance requests. They can also serve reminders in case a request is left unattended for a long time. Routinely inspect your property to keep it well maintained.

6. Assuming Your Property Will Always be Rented

One of the most common mistakes property managers make is not planning their finances realistically. If you have taken a loan for your property, you should be able to pay the mortgage for some time if the property stays vacant. Having a financial plan to cover unforeseen situations can save you from a lot of worries.

An excellent way to attract tenants to your property is to price it fairly. Evaluate market listings to decide the right price for your property. Be flexible with the cost of the property and negotiate with interested leads.

What You Should Do: Use property listing portals to attract better tenants. Prepare a financial plan that covers the mortgage when your property is not rented out.

7. Mismanaging Security Deposits

Collecting a security deposit is standard practice to cover minor damages during the tenancy. Most property managers do not give it much thought except on how much to collect. Many states have laws for security deposits covering two points: how much deposit can be collected and where it can be used.

Most laws do not allow using security deposits for normal ‘wear and tear.’ But, in case you spend money on repairs and maintenance, you can deduct the amount from the deposit. In any case, you will have to document the use of the deposit.

Sometimes, landlords feel entitled to the entire deposit if the tenant breaks the lease. But, this can be a violation of law in some states.

Skipping the security deposit entirely is not a solution. It is important to collect a reasonable amount. This amount can also be used in case the rent is unpaid.

Most laws set a limit on the deposit you can collect. Check with your state laws and adjust the deposit amount accordingly.

What You Should Do: Maintain all documents and records related to the security deposit meticulously. Understand the laws on where you can use the deposit and return the remaining amount to the tenant once they move out.

8. Not Having it in Written

Many rookie property managers make the mistake of verbal agreements. Though these are valid in some cases, they cannot be proved. It can cause problems with security deposits, lease renewals, and rent collection. A written agreement is more effective when documenting the terms of the lease.

Written lease agreements can also make your tenant-owner relationship better. You can discuss any details in the contract such as who is responsible for repairs, or how tenants can contact you in case of emergencies.

What You Should Do: The best way to legally protect yourself is through a written agreement. The agreement should be in accordance with the state laws. Make sure the contract is customized according to your rules. If you do not allow pets or charge a late payment fee, include that in your agreement.

9. Evicting Renters Because of a Sale

Just because you sold your property to someone else, you can’t evict the current occupants before the end of their lease. It is best to sell the property when it is vacant. If it is sold in between, make sure the new landlord doesn’t evict the tenants before their lease ends.

What You Should Do: Use digital platforms to keep owners and tenants informed of any changes. Easy access to lease agreements can also help both parties to clear any misunderstandings. Make sure the sale of the property doesn’t violate the tenant’s lease agreement.

10. Treating Rental Property as Your Own

Even if you own the property, tenants are entitled to privacy. Dropping in at odd times without informing the tenants is a violation of their privacy. Once the lease agreement is signed, you have to give prior notice if you want to drop in for maintenance or inspections. You can’t use your keys to enter the property without their consent.

What You Should Do: Use communication tools such as email and text to convey any visits to your tenant. Online portals are another great way to keep them updated on any upcoming inspections or repairs. You can submit quick notices to tenants and obtain their consent before visiting the property.

Bottom Line

Using the best property management practices can not only get you good tenants but also protect you from legal hassles.

Automate your property management when you can. Whether it is online portals, tenant screening, or even online payments, finding the right tools is crucial.

Assetsoft can help you integrate the necessary tools to build the right property management system for you. We can help you manage your properties better by addressing all your needs through ERP software solutions like Yardi, MRI, UiPath, among others.

Integrate all data together. Process invoices and tenant issues seamlessly. And do it all from one dashboard. Talk to us today to know more about how we can make property renting easier.