Assetsoft - Blog #renting

Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

Top 10 Tenant Screening Tips

Wed, 18 Aug 2021 08:00:00 -0500

Tenant screening is one of the first and the most important steps while renting your property. If you’re managing a property business, tenant screening can be a tedious task, and if done wrong, it can lead to troubling consequences. Getting that ideal tenant is not always possible. Even if all the documents are free of blemishes, you might end up running behind them for payments every month. You should also make it a point to adhere to the Fair Housing Act before screening tenants for your property

Avoid bad residents by following these top tips to screen your tenants and stay risk-free.

Why is it mandatory to screen tenants?

Tenant screening is essentially the first step to finding out whether the incoming tenants are the right fit for you. Doing so will keep property damages and legal actions at bay. When screening potential tenants, you find out if they have a stable job to pay rent regularly or not.

Did you know that around 468,000 were evicted in the last year alone? And if your potential resident falls under that, you might want to keep a close eye to avoid losses. Here is what you can do to stay away from such tenants. 

1. Review credit history

A credit score determines if the tenant pays rent on time or not. Conduct a thorough check on their credit history and see if they have a poor credit score. Sometimes, they tweak the credit scores and submit false information to get past the screening process. Watch closely to such reports and take necessary actions.

A poor credit score can mean the tenant delays paying on time, have an eviction history, or have large amounts of debt. In all these cases, it’s you who will have face adverse consequences later on. Checking credit history is a necessary first time to see if they are reliable. 

2. Background checks

Background checks determine any underlying problems beneath the surface. It’s a little more extensive than checking credits, in fact-checking credit history is sometimes a part of the background check. You need to check their address history, employment history, criminal records, public records, eviction records, full income, and credit scores here. This year, to keep the businesses steady, the CARES act was introduced to retain the properties.

There may be instances where there would be differences in the mentioned and the actual income, but you can uncover it during this stage of tenant screening. Background checks are a crucial part of the process that should be done extensively. 

3. Triple-check rental application

Avoid costly mistakes by verifying rental applications in your screening process. Rental applications need to be complete with accurate information and ensure the tenants have gone through all the terms and conditions before signing. Check for incomplete applications or incorrect details in the form. It may be a total red flag if they deny the false information mentioned. Keep in mind to not discriminate against a tenant during the process, no matter what.

4. Check with former landlords

Contacting former landlords unravel the true character of your future residents. Some landlords cover up for the tenants and avoid the truth, and trying to find out whether it’s true or not can be hard, but you can go with your instincts if you find something suspicious.

You can also check with at least two to three landlords and see if they say the same about the tenant. Checking with two is always better than sticking to just one. Get the contact information of the landlords by asking the tenants and dial them up. 

5. Conduct an interview

Finding profitable tenants is not enough; they should be reliable too. Keeping the property and other tenants safe is of prime importance, and conducting interviews can help you learn about the potential tenants better.

Ask about their short-term and long-term plans and find out if they are looking to stay for a long time or not, as you know how looking for new tenants frequently is a daunting task. Ask questions during this stage and see if they are the perfect fit for you. If you feel uncomfortable or have a strong gut feeling about their behaviors, you can reject their application. 

6. Verify their jobs

Talk to employers in the organization and learn about your potential tenants in the Workfront. Find out if they are someone who is always late to work or who is on time. Ferret out the little details as they are the ones that matter a lot when it comes to renting out your property.

Efficient time management, trustworthiness, and reliability are the three things to look for. How your potential tenants are at the professional front determines how they behave with you. It’s what defines them on the professional side and as residents. 

7. Run a quick check on their current home

You can conduct interviews, run background checks, and talk with landlords, but there’s no better way to learn about your potential residents than visiting their current place. You can say that you will be dropping by for a couple of minutes during the weekends for some paperwork and learn about their surroundings when you do so.

It’s one of the best ways to spot warning signals. See if they live with other roommates or have a pet they haven’t mentioned in their application and observe how well they have maintained the property. 

8. Watch our for red flags

Some property seekers seem overly friendly and try to build a sense of trust in their first meet with you. You may think they are the ideal tenants you’ve been looking for, but don’t let your guard down. Notice any subtle changes in their behavior and go with your intuition. It’s your property above all, and to protect future consequences, never miss a single step in the screening process. 

9. Check with references

We have listed about checking with former landlords and employees in the organizations. You can also contact the tenant’s roommates and other personal references if you get to know them better. Do not rely on one source. Always ask many people before renting your property. You may uncover more details as you talk to more people. 

10. Have a clear written agreement

Keep all the documents safe and have a written agreement signed by the tenant to avoid putting yourself in bad spots. Follow the tenant-landlord laws in each locality to avoid getting accused by the tenant.

List out the terms and conditions clearly in the papers and get them to sign them for better property management. You can automate the tenant screening process for better efficiency using Yardi Screenworks Pro or MRI resident screening to fasten the process and reduce costs.

Manage tenants with Assetsoft

Screening tenants can be one of the most exhausting tasks, but you can handle the entire process seamlessly with the latest technology and tools. Assetsoft helps manage the whole process of screening potential clients with software like Yardi, MRI, and others for a hassle-free business. 

We also help our clients with back-office accounting, tenant portals, lease abstractions, and overall property management. 

Looking for ideal tenants for your property? Contact Assetsoft today!

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.