Assetsoft - Blog #Tenants

A Simple Guide to Tenant Onboarding

Tue, 05 Apr 2022 23:03:26 -0500

For a real estate business owner, tenants can both be a cause and a boon. There are always bound to be model renters who pay bills on time, have valid complaints, and are generally cooperative. On the other hand, you may also get tenants who are the source of headaches.

They can be a hassle for your entire team, from late rent payments to damage to common area properties.

Partnering with Firms

Problems like this are why an efficient, streamlined tenant onboarding system is necessary for every real estate business. Such a system is beneficial if you are a small business owner. By partnering with tech consulting firms, you can access software that will maximize your workflow.

Technology in software like Yardi can help you run background checks on tenant applicants. This screening process is vital because it lets you weed out people who have a terrible history with past real estate businesses. A review system like this enables you to go through tenants' references and income to minimize future evictions.

But tenant onboarding is not limited to just this application screening. As a property manager, it is your responsibility to help the new people settle in. This role implies tasks like providing concise information during lease signing and following up on their status after moving in.

Why Should Tenant Onboarding be Efficient?

Every real estate business knows that client referrals are crucial to making it big. A customer who is satisfied with your company is sure to use your service again. They are also highly likely to recommend you to friends and family.

Research shows that over a whopping 82% of all real estate transactions are referrals. This data highlights the importance of satisfying the client in a real estate business. Without exaggeration, one can say that it could make or break your business.

The onboarding process is crucial because it is your client's introduction to your business. They may have arrived at a friend's recommendation and may have expectations of you.

Therefore, the onboarding process sets the tone for all your future interactions with the tenant. It is crucial to start things on a warm note as a landlord. It is your responsibility to be both professional and friendly. Being aware of the importance of this practice, you can proceed onto the steps required of the onboarding process, including:

Tenant Application Review

Some people may seem to be perfect tenants, but it does not hurt to be extra careful as a property business owner. It is your responsibility to keep the neighborhood as safe as possible, and this means reviewing all relevant information of your potential client before signing the lease.

Why Should You Opt for an Onboarding Software?

Going through the background data of the applicants is exhausting work. If you are in charge of multiple properties, you know difficult it is to manage them. Moreover, your team may not be savants of technology. Such a situation means crucial information about the client's history goes unearthed.

Features

Partnering with a tech firm can help solve this problem. With such a collaboration, you can access software like Yardi ScreenWorks Pro, which uses Artificial Intelligence-based technology to execute tasks. The technology can run background checks on potential clients to review details like income, credit score, and references.

All property managers know how tedious and expensive evictions can be. Installing software like Yardi and MRI can help prevent such hassles so that you admit only the lowest risk tenants. It comes equipped with customizable filters that allow you to choose your client by specific categories.

Besides this, with Yardi ScreenWorks, you get access to many rental data. You can use this information to verify the real estate history of your tenant. An efficient partner will help you optimize your tenant onboarding process by ensuring the following details are in order.

A history of debt, mortgage information, credit scores within a moderate range
References from old landlords and real estate businesses
Payment history

Identity verification including Social Security Number, Driving License, and other govt-issued identification
Insurance details are crucial and should always be verified before the onboarding process.
Employment details including past work history with paycheck stubs, employer data, and more
Personal information like full name, contact, and current housing details.
A pro tip would be to inquire about pets. Your building may be a no pet zone and this minute detail cause friction between you and the tenant later on.

Lease Details

A lease should cover all loopholes regarding the tenant's stay. It should also protect the rights of the tenant and landlord. The issue of practices like standard area management fees often causes disputes later on in the business relationship.

Your contract should be concise about which responsibilities you and the tenants have to avoid future misunderstandings. Typically, leases contain information like

Complete legal names

Date of lease
Rent details include but are not limited to yearly maintenance fees, the expense for the use of common amenities, rent values, security deposit information, and more.
Fees for late rent payment, penalties on property damage,
Details on pets

Leases are usually long and difficult to read because they include the factors mentioned above. It also takes time to add these clauses to the contract. But a lease abstraction software can help you with this. It distills all the crucial points of the agreement and produces it in writing, which is straightforward.

Meeting Up with Clients

Personally, meeting up with your client can be a considerable advantage when signing leases. Technology makes the whole process smoother by minimizing the need for human contact. But there is a limit to what software can do. Your tenant is sure to appreciate a friendly face-to-face welcome.

Advantages

This visit gives you a chance to show them around the property. At the same time, you also get the opportunity to talk about details like rent and security deposit. Your client can also use this opportunity to clarify any points in the contract.

For the best possible first impression, have something to welcome your new tenants. A bouquet or a bottle of wine works excellently. Also offering them information on reliable moving services will be well received. Also, any professional knows to keep track of the number of keys they hand to tenants. Make sure they know not to duplicate them as it could cause security problems later.

Tenant Onboarding Worries? Talk to the Assetsoft Team Today!

We can make tenant onboarding a simple affair. We help you choose the right property management systems, and find the right tenant onboarding solution. Talk to our team to know more about how we can help make tenant onboarding a simple affair for you.

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6 Reasons Why Big Data Is Valuable For Property Management

Sun, 14 Nov 2021 04:48:16 -0500

Data is all around us. And if you can use it wisely, you can beat the competition and gain vital insights. Big data is undoubtedly the most powerful tool for modern businesses. It helps them understand their customers and market to the highest degree.

No wonder 97.2% of companies are putting their bet on big data and artificial intelligence (AI), as per TechJury. It could empower businesses to make informed decisions and get closest to the consumer.

Like all industries, real estate can also leverage big data for countless perks. Most importantly, big data can leverage the right information to make property management more efficient. Here is how big data can be a game-changer for property managers.

1. Make Better Predictions

Big data contains information from a number of non-traditional sources. Property managers can analyze big data in special tools to generate insights and make better predictions. The forecasting will be more accurate, as you are using data instead of guesswork.

McKinsey used similar data to predict the rent per square foot of residential buildings in Seattle. The data came from non-traditional sources, which is the hallmark of big data. McKinsey also used machine learning models to improve the outcome of the predictions. What were the results?

The machine-learning models were able to predict rent with an accuracy rate of over 90%. Likewise, property managers can use big data to make predictions in different areas. They can rely on analytics to find better homes for tenants or predict the price of a property.

2. Improve Tenant Experience

Big data can help property managers provide tenants or buyers with a fantastic experience. Today, building automation systems collect a range of data from different components like HVAC or plumbing. The data can be fed into software that allows property managers to monitor their buildings.

Let’s say one of the fans in your ventilation system breaks down. Your building automation system will pick up this data and forward it to your interface.  As a result, you can take steps to fix the fan before it causes any discomfort to your occupants. You can also keep an eye on your building systems 24/7 and prevent major breakdowns by spotting troubles early.

3. Suggest the Best Deals

Online users generate about 2.5 quintillion bytes of data per day, says TechJury. This data contains vital information about the user, including their habits and preferences.

Businesses can use this data and analyze it to the fullest to understand customers deeply. In real estate, property managers can use big data to learn what tenants and occupants want. They can also use the same to assess properties and suggest the right deals to customers for better conversions.

Additionally, big data can help buyers and tenants to find out more about a property or neighborhood. Through big data processing, property managers can enable customers to:

Look up schools and universities in an area
Access ratings on establishments and amenities
Assess the crime rate of the region
Learn about the potential price changes

4. Promote Sustainable Properties

Big data can help real estate agencies refine energy consumption and cut costs. Through data collection and analysis, managers can find out areas where it is possible to optimize energy consumption.

Additionally, data can help property managers reduce emissions and release of greenhouse gases. Real estate firms in the US implemented big data to become more sustainable. These organizations saw 10% higher Energy Star scores on a year-over-year basis. Moreover, the efforts reduced emissions that can be compared to driving 86 million miles by a passenger car. Additionally, the initiative lowered greenhouse gases that could be achieved by planting over 580,000 trees.

5. Improve Productivity

Big data can help property managers improve productivity and save time. Various technologies can come in handy for the situation, like a chatbot on the website to engage customers. You can mimic a human agent and provide all information a customer wants.

Additionally, big data tools can sort and analyze data with amazing speed. Your employees will be able to improve personal productivity and work faster.

Moreover, the insights from big data will help you zero in on areas of improvement. You can spot many issues that ultimately allow you to improve operational efficiency.

As per a survey, 59.9% of companies use big data tools to improve productivity. Your firm can also be on the list by embracing the power of big data.

6. Implement Proactive Maintenance

Modern buildings leverage different technologies to become smart. You have building automation systems based on the Internet of Things (IoT) to automate different aspects like climate control.

In addition, these systems help property managers monitor their building systems from close angles. You keep getting real-time data like the indoor temperature or HVAC fan speed. As a result, it is possible to predict downtime and equipment failure beforehand. The process can help managers implement proactive maintenance and prevent downtime for tenants. They can also save capital expenditures by avoiding costly replacements.

On average, proactive or predictive maintenance can save up to 12% more costs than preventive maintenance. Therefore, big data can even boost the returns of your investments.

Leverage Big Data with Assetsoft

Handling big data may be beyond the capability of many property managers. You need expert technical knowledge, the right technologies, and processes to get the best results.

Assetsoft can help property managers take advantage of big data. We can provide adept consultation and help you choose the right tools. Our services also include implementation, customization, and training for your workforce. Contact us today to unleash the power of big data for your properties.

Big data can transform your property management business - it improve the value and cut risks in operations. Additionally, big data can lead to meaningful insights and drive informed decisions. Property managers can look to reduce costs in the long run. Consider leveraging big data if you do your business online and have tech-savvy customers. Talk to our team today!

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The Complete Guide to Property Inspections

Mon, 01 Nov 2021 10:42:47 -0500

Property Hunting is undoubtedly a difficult task when there are so many options to choose from. But no matter how much time passes by, they’ll always be expensive. And to make a decision where you’ll be spending a lot of your money, some expert advice is needed.

Property inspections play an essential role to determine, if needful maintenance of a place is carried out. Our brief guide to property inspection will help you better understand the concept and the considerations to be taken into account while arranging for a property inspection.

Importance Of A Property Inspection Report

Before buying a house, you must get hold of a property inspection report from the seller. The purpose of this report is to allow buyers to make rational decisions regarding the purchase.

A property inspection report consists of all that you should know about a house or property. It contains vital pieces of information about the place. This report can inform you whether the property or building is in a good condition and also if it is safe to be used. A property inspection report can tell you if there is any problem with the property which needs to be resolved.

When Should Tenants Ideally Be Notified About The Inspection?

According to the laws, a landlord must give their tenants a notice of at least 24 hours if they want any property inspection carried out. But it's better to notify the tenants at least a week before the examination since the idea may seem quite daunting to them. The inspection must be conducted at a time that both the tenant and the landlord may deem fit.

In What Way Should Landlords Request Permission For A Property Inspection?

According to the legal standards, the landlord should request permission for a property inspection in writing. They may ask for a handwritten note, an email, or even a text message. The document must include the following points:

●The address of the property to be inspected

●Who will be carrying out the inspection

●Date and time of the inspection

In some tenancy agreements, clauses scheduling in-house inspections throughout the year can be found.

Can A Landlord Enter A Property Without The Permission Of Its Tenants?

A landlord can enter a property without permission in the event of an emergency only. Emergencies of this kind may include gas leaks, ruptured water pipes, and similar instances. In all other situations, entering a house or property without permission can be regarded as trespassing. If a landlord enters the property without the tenant accompanying them, they must have the tenants' permission to do so.

What Happens If A Tenant Does Not Allow The Property Inspector To Enter?

Most tenants will likely have no problem with a property inspection as long as the landlord has followed all the rules. Sometimes, however, a tenant may simply not allow either the landlord or the property inspector to enter. That is why it is important to properly understand a landlord's right to gain access to the property.

But a landlord may issue an eviction notice in the event of a complete lack of cooperation of the tenants. In this notice, a landholder formally requests the tenants to leave the property when their fixed term comes to an end. But to issue this notice correctly, some procedures have to be followed. Otherwise, the statement will be treated as invalid.

A Property Inspection Checklist For Landlords

If property inspection is conducted thoroughly, it might detect problems that might turn out to be a major issue later. But a timely detection of these problems would ensure their timely resolution, and the process will not involve a lot of expenses if detected in its earlier stages. But a landlord must be watchful enough for these problems to remain unnoticed.

To find out if every nook and cranny of the property is maintained properly and is in good condition, it is important to follow a checklist. Both the interiors and the exteriors of a house must be carefully examined to check if they need to be repaired or not.

As far as the exterior portions of a property are concerned, the landlord must ensure:

If the gutters are overflowing
If the paving slabs are loose or not
If the fencing is in a damaged condition or not
If the outdoor area is maintained or not
Whether a lot of garbage is not being left outside
If the outbuildings, like the shed doors and garages, are safe or not

For the interiors, the landlords must be on the lookout for the following:

Damp and mold
Leaky faucets or pipes
Whether smoke detectors and carbon monoxide alarms are functional or not
Conditions of items such as electrical, furniture, and so on.
Condition of permanent fixtures and fittings such as bathroom suites, carpets, flooring, and light fittings.

Normal wear and tear should, however, be expected. There might be scratches and other marks on the furniture. Carpets might appear to be shabby as well. Even some electrical items might not be working anymore and will have to be replaced.

Property inspection thus helps landlords find out if their property is in a proper condition. It also helps buyers decide if they should invest in the property or not. Therefore, property owners need to carry out an inspection of their property before they consider putting it up for sale.

If any part of the property is found to be in a bad or poorly maintained condition, necessary steps may be adopted in time to counter the problems caused by it. However, for a property inspection to be carried out expressively, the tenants’ permission must be sought in the right way following the right procedure.

Have property management needs? We can help you find the right property management software, from Yardi to MRI Software. We can also help you automate common tasks easily through robotic process automation. Talk to the Assetsoft team today.

5 Ways to Leverage Data in Property Management

Fri, 15 Oct 2021 12:55:39 -0500

In the past few years, the real estate industry has seen accelerated growth in technology adoption. And with technology, the industry is also leveraging data as one of its largest commodities. Whether it is understanding market trends or increasing occupancy rates, data analysis is driving property management companies to generate higher revenues.

In a recent survey by Ernst & Young, 92% of real estate owners wanted technology that addressed data analytics. But only 35% of them have adopted suitable tools. If you also want to leverage real estate data for your business, then here are the top ways to get started.

Target Specific Clients

A huge part of marketing your services is finding the right audience. Traditionally, property managers reached out to their network to zero in on potential clients. But with the introduction of non-traditional data, the real estate market has widened its horizons.

Big data algorithms help you better analyze your prospects’ requirements. Instead of marketing blindly, you can target a specific group that is more likely to convert into clients. For example, if you manage office spaces, you can utilize big data to find clients working in the corporate industry.

You can also analyze data to predict future trends such as the client requirements, local market demands, and the performance of your properties. According to McKinsey, non-traditional data analysis has a 60% better predictive power.

Real estate submarket analysis would be a demonstrable example of how big data differs from traditional data. Simply looking at the past transactions gives inaccurate insights, as not every property is subject to similar conditions. Big data prices each property individually, considering local market variations.

Understand Your Tenants

Understanding your tenants is one of the best ways to optimize your property management services. According to Building Engines, over 80% of high-performing property managers seek feedback on tenant satisfaction. Such feedback highlights your service's weak points and helps you enhance tenant satisfaction.

But understanding your tenants is not only limited to collecting feedback but also analyzing tenant behavior. One such analysis can be done by observing building amenity usage. Certain amenities are used more by tenants when compared to certain others. Recently, tenants have preferred indoor amenities to keep up with the pandemic norms.

Using big data, you can view these statistics at both portfolio and granular levels. Apart from this, tenants also use spaces inside the property. This can be an event hall, a party room, or a co-working space. The benefit of providing spaces is that they are flexible. As the tenant requirements change, you can also change one space into another.

For example, during the pandemic, more tenants relied on co-working spaces. Even after the global crisis, 5 million workers are predicted to use co-working spaces by 2024. Property managers who analyze these trends early on can change their existing space to earn higher revenue.

Analyze Competition

For any real estate business, evaluating their competition is essential to improve their services. This is possible through big data analysis. Competitors in the local market set benchmarks for the quality of service.

Whether it is amenities or rent prices, knowing your competitor's strategy will help you with your own strategy. In an Altus Group Innovation Report, 2 out of 3 real estate executives said that comparative data and metrics help effectively benchmark against the market.

Analyzing the competitor market also helps in tenant retention. Some of the most common reasons tenants leave are the lack of amenities and the high rental prices. Using data metrics, you can evaluate your property prices against that of your competitors. Analyzing your amenities and pricing your properties accordingly can help retain more tenants.

Data such as growing neighborhood amenities and future trends can also be used to compare your predicted revenue with competitors. Similarly, you can use comparable properties to identify investment trends by your competitors.

Increase Energy Savings

Many property managers don’t realize that they are wasting a lot of energy. For example, a thermostat operating in an empty room can consume large amounts of energy without use. And not just an empty room, reducing the heat of the thermostat during the night also can help you save around 1% of energy costs per degree.

Evaluating the energy requirements of the building can also give you insights into how you can optimize your energy consumption to increase savings. Installing smart lights in hallways, decreasing AC usage in common areas are some of the ways you can save energy. And analysis helps you find the best way you can use them.

Make Smarter Investments

With the pandemic still lurking and the availability of co-working spaces, many millennials are shifting from urban to suburban areas. As such, investing in the suburbs is more profitable in the coming years, and property managers need to do it early to avoid inventory shortages.

Data analysis identifies such trends and directs you to make the right investments. It also predicts how long the trends will stay and gives you a picture of the future market, so you can invest wisely. You will also understand the buying history and current value of a property.

Big data has revolutionized the property management industry. While it was slow to adopt non-traditional data, it has quickly realized the benefits of data analysis. Instead of making decisions based on intuitions, property managers are making smarter decisions through data-backed insights.

Find The Right Data Analysis Tools Through Assetsoft

Many property managers want to leverage real estate data but lack the required tools. At Assetsoft, we realize the importance of property data and help companies analyze them through our AI-backed strategies.

From budgeting and forecasting to AI implementation, we offer complete support to our clients. Our services extend beyond data analysis as we help clients with training and software selection.

We also help our clients find the right property management software by analyzing their business goals. Our team also integrates features of multiple property management software into a single platform for easy usage.

To know more about our services, contact Assetsoft!

How To Combat Late Payments Through Property Management Software?

Fri, 01 Oct 2021 08:00:00 -0500

Collecting rent is one of the most problematic parts of being a property manager. More than 20% of renters in America are nearly 4 months behind on their rent payments. That is $5600 worth of rent per delinquent tenant.

Traditional payment methods do little to solve this problem. While micromanaging rent payment is tiresome, leniency can cause too many missed rents. The final step is to carry out an eviction, which can cost up to $7000 for the property manager.

A better solution is to leverage property management technology to streamline rent collection. With the right technology, you can make sure every tenant pays you on time!

If you are unsure how, read the below tips and combat late payments effectively.

Automate tenant screening

Ensuring timely rent payment isn’t a month-end process. Instead, it starts with the beginning of the tenancy itself. A study by Harvard University found that nearly 50% of tenants couldn't afford their rent due to low income. A thorough tenant screening can help determine the affordability for each renter.

The screening process needs to verify basic requirements such as credit score, eviction history, and criminal record. Verifying income and employment should be a priority as a tenant can only pay rent when they can afford it.

According to a survey by the US Census Bureau, spending more than 30% of income on rent is considered a financial burden. While this isn’t the sole determinant of housing affordability, it is wise to choose tenants who spend around the 30% threshold.

Additionally, you can know the tenants' payment patterns through their credit scores and eviction history. In 2020, the average credit score among renters in the U.S. was 638. Credit scores show how promptly an applicant clears their dues, including rents.

A tenant with a bad credit score can potentially fail to pay rent on time. Eviction history also works similarly, by showing the behavior of an applicant during previous tenancies.

Automating tenant screening through software like Yardi ScreeningWorks Pro helps you select low-risk tenants.

Online rent payments

Online payments can help you tackle late payments simply through their convenience. New generation tenants prefer online payment methods with millennials paying 61% of their bills digitally.

Giving your tenants their most preferred payment option will automatically help them pay rent on time. There are several options like bank transfers, e-wallets, or credit cards that can be used to complete these transactions.

Mobile payment options are also an added advantage. Nowadays, almost every tenant has access to a smartphone. Through mobile apps, tenants can complete their rent payments anytime. Making payments convenient for the renters reduces the chances of late payments.

Digital payments are also convenient for property managers. You don’t have to go through your mail for payment checks or visit the bank to cash them. Funds are transferred directly to your account, which means you get real-time updates whenever someone pays their rent.

Send out payment reminders

Most tenants don’t intend to miss out on their rent payments. Sometimes people are busy or they simply tend to forget. In a Citi Bank survey, 61% of delinquent tenants blamed forgetfulness for late payments.

Setting up reminders is an excellent way to collect timely rent from forgetful tenants. But manual reminding each tenant about their due rent takes too much time and effort. A more convenient way is to use property management software to set up email or text reminders.

You can automate these reminders for the first of every month, and also carry out sending them multiple times till the rent is paid. Text and email reminders are documented, which means they can serve as evidence in case an eviction becomes inevitable.

Set recurring payment options

Setting up automatic payments is another benefit of property management software. Tenants who don’t want to go through the monthly hassle of rent payment can use these options.

Setting up recurring payments does not require extensive technical knowledge. Initially, tenants need to feed their payment details such as credit card information to the software.

Then, they can set their payment dates and choose to get transaction notices in their mail.

A recurring payment is the best way to ensure timely payments. It is not only beneficial for the property manager, but also for the tenant. Since these transactions are online, they can be easily documented as well.

Utilize tenant portals

Constant communication is important to maintain a healthy relationship with tenants. Tenants who have a good connection with their property managers are more likely to pay rent on time. Effective use of tenant portals for tenant communication can ensure that every payment reaches you on time.

The use of these portals is not limited to sending or receiving messages from tenants. They come with a wide range of features such as tenant account management, document transfer, and much more.

Property managers can keep a track of the renters’ payment history, check the frequency of late payments and send text warnings to tenants if necessary. Similarly, tenants can also check due dates, update payment methods and communicate any delay with their property managers.

For tenants, keeping up with these announcements and checking their rental agreement also becomes easier. Any incentives and penalties can be shared through these portals. By giving incentives for timely payment, you motivate more tenants to pay on time.

Make rent payments easier through Assetsoft

Leveraging technology can help reduce the number of late payments you receive. Assetsoft helps you find the right option to streamline your rent collection. We have several options such as tenant portals from Yardi and MRI, online rent collection through Zoho Books, and much more.

For more customized software, our expert team can work with you to integrate suitable features. Our support extends beyond integration with services like training, troubleshooting, and data transfer.

We can also help you streamline your business and improve your strategy through our consultation services. With Assetsoft, you will find complete tech solutions for your property management business.

To streamline your rent payments, contact Assetsoft!

6 Ways To Increase Tenant Retention Using Technology

Thu, 30 Sep 2021 11:50:57 -0500

Tired of all the tenants moving out? Well, you are not alone! Tenant turnover is the second biggest problem faced by property managers, preceded only by tenant evictions. In 2018 alone, the National Apartment Association reported a 46.8% tenant turnover rate in the U.S. While it is natural for tenants to move out after a certain time, an unusually high turnover rate can cost you financially.

But what most people don’t know is that more than 60% of tenant turnover is controllable. While not all reasons for tenant turnovers can be fixed, you can retain more tenants by fixing management-related issues. Understanding the cause behind the high turnover can help you find suitable solutions and renew more leases.

Why do tenants leave?

Personal issues: A change in the family such as marriage, childbirth or a job change can prompt the tenant to move.
Financial issues: Tenants move out to find affordable property in case of high rent or a job loss.

Management issues: Poor maintenance, bad communication, or ignored needs from the property manager can motivate tenants to move out.

While factors like rent growth barely affect retention rates, management issues such as poor communication lead to higher turnover.

Top ways to decrease tenant turnover

Simple renter-focused strategies can help you renew more leases and maximize profits. If you are unsure where to start, follow the below tips to retain more tenants and make their overall experience.

Establish good communication

Occupants having a good connection with their property managers tend to be more understanding if they face issues. According to Watson Wyatt’s Communication Survey, companies having effective communication with their customers had a 47% higher return over five years.

For multifamily properties, tenant portals are an excellent way to communicate with the tenant community as a whole. Apart from individual occupants, you can also send messages or emails addressing a group of tenants. In case of utility outages, you will be spared the hassle of informing one renter at a time.

Other than streamlining communication, tenant portals also document all your texts. In case an eviction is inevitable to protect your other tenants, such documents can serve as legal evidence.

Identify tenant needs

Identifying tenants’ needs is the first step to improve your property management service. According to a PwC survey, around 80% of American consumers say knowledgeable help and friendly service are important for a positive customer experience.

Data is your best friend for identifying tenant requirements. Analyzing tenant behavior, maintenance requests, and communication can give you insights into what your occupants require. Is there an issue tenants have brought up multiple times? Are renters using one amenity more than the other?

Understanding such behavior through data analysis software helps you generate accurate reports. These reports can be shared through your team and used to improve your overall tenant experience.

Prioritize tenant complaints

When tenants send out maintenance requests, it is often a priority to them. The urgency with which you treat these requests can significantly impact the tenant retention rate.

Whether it is a leaking ceiling or a noisy neighbor, tenants view such issues as important. A tenant communication platform lets them submit their complaints to the property manager. Depending on the kind of complaint, property managers can assign the right technician to fix the problem.

Tenants can also track their requests, see the status, and communicate with the technician through the platform. And for property managers on the go, mobile-friendly platforms help respond to tenant complaints faster.

Amenity management

Amenities are an excellent way to attract and retain more tenants. 87.2% of multifamily tenants say that building amenities significantly affect their renting decisions.

If you are targeting tenant retention, then certain amenities fare better than the others. A survey by TransUnion says that the most preferred community amenities are parking(94%) and pool(83%). The same survey also states that high-speed internet and walk-in closet are the most preferred home amenities.

Apart from the survey, a quick look at the demographics of your property can determine the amenities your tenants want. For example, Gen Z and Millennials depend on co-working spaces. But if a majority of your tenants are senior citizens, then investing in walking trails and fitness centers will retain more renters.

Platforms like MRI Resident Portal helps you manage multiple amenities. Tenants can utilize it to book slots and submit maintenance requests to make their amenity usage hassle-free.

Provide digital payment options

New generation tenants choose to pay online more than cash or check. Providing rent payment options such as bank transfers, credit cards, and e-wallets is not only convenient but also attractive.

Combine digital payment options with attractive incentives such as a discount on rent, and you give tenants no reason to move out! Such transactions are also safe for both the property manager and the tenant since the portals are secure and the transactions are documented.

Maintain financial transparency

Financial transparency is crucial for building trust in a tenant-property manager relationship. Whether it is security deposits or maintenance charges, conveying to the tenants what exactly they are spending can go a long way.

Using tenant portals, you can send invoices, receipts and communicate any changes to their rent or deposit. For example, if an occupant’s rent is due, you can send them a reminder while also adding information about the late fee. This makes the occupant aware of the additional fee on their rent that month. It is best to avoid any hidden charges and speak of the expenses upfront.

Assetsoft can help you retain more tenants

A leading company in real estate tech services, Assetsoft can help you find the right solutions for your business! From tenant portals to full-fledged property management software, we integrate the required features by understanding your needs.

With years of experience, we help clients make the best choices that help them reach their business goals. Through our consultancy services, you can find strategies that align with your business ideas and help you grow!

To know more about our services, contact Assetsoft!

Canada's Hotel Industry Seems to Rebound in August

Mon, 13 Sep 2021 01:07:15 -0500

With the pandemic waning, most of Canada’s provinces have reopened using a step-by-step approach. For the country’s hospitality industry, this means more people, tourism, and revenue.

Last year, the hospitality industry was one of the hardest-hit sectors due to the pandemic. The hotel occupancy rates plummeted to an all-time low in April 2020, with 81.2% of the hotels being vacant. Now, the industry is already seeing a gradual recovery, with Toronto hotels having a 43% occupancy rate in July.

Adding to it, the Canadian government has introduced new measures which allow more tourists into the country. With these guidelines, more international tourists are willing to visit Canada for business and leisure. What does this mean for the Canadian hospitality industry? Read on to find out.

What was expected?

The sudden travel ban due to Covid-19 forced hotels to shut down or work on a low revenue. As the sector hit rock bottom, many industrialists were hoping to drive occupancy in the coming years. A study by HVS predicted a 15% rise in the market value of the Canadian hotel industry in the year 2021.

Hotels attempted to reduce losses by offering rooms and services at a discounted price. Yet, due to the Covid crisis, not many preferred traveling or staying at hotels. But, as predicted, 2021 has been a promising year for the hospitality industry.

According to CBRE, a commercial real estate company, hotel occupancies across major Canadian cities will range from 31% to 37% this year. Though these rates are far from pre-pandemic times, they are showing a gradual increase when compared to the rates in 2020.

What boosts the recovery?

With the vaccination rates increasing all over the world, more people are open to international traveling. Several countries, including Canada, have eased the guidelines and allowed international tourists to enter the country. From a surge in leisure tourism to essential business travel, many factors are boosting the hospitality industry in Canada.

Reopening of provinces

The country is gradually reopening provinces using a methodological approach. Some states are in the last stage of reopening, while others, like Ontario, are in the second or third stage.

Residents are seeing it as an opportunity to travel within the country. Boosting the revenue of the hospitality industry. A report by CBRE states that domestic travel is the key to driving hotel occupancy, with a 75% to 80% share in the total tourism revenue of Canada.

Provinces like Ottawa are coming up with programs to boost tourism. Hotels in the province are offering packages at discounted rates, especially for advance bookings.

International tourism

Canada welcomed the U.S. citizens and permanent residents back into the country starting August 9th. Lifting a 17-month travel ban across borders, the country mandated all travelers to be fully vaccinated.

Later, on Sept 7th, the Canadian government introduced new guidelines for international visitors from other countries. The measures make it easy for tourists, both essential and non-essential, to travel to Canada. Out of the several guidelines, visitors are required to produce a Covid-19 molecular test report and also be asymptomatic.

As international travel reopens, the industry counts on “revenge travel” by tourists who couldn’t travel during the pandemic. Even otherwise, the country can expect a surge in the hotel industry revenue due to non-essential travel.

Essential business travel

Business travelers from across the world want to travel again to boost their business. Many believe that their business will suffer without traveling. A survey by SAP Concur reveals that 96% of the participants are willing to travel for their business in the next 12 months. Among them, 36% want to stay in hotels on their next business trip.

What does the industry want?

Even though hotel occupancy rates are gradually rising, the hospitality industry is facing new problems. Several hotels are unable to return to the pre-pandemic condition due to the following reasons.

Labor availability

As the industry revenue plummeted, many hotels laid off employees due to the lack of business. Now, as the business recovers, hotels are finding it difficult to rehire staff. Very few have returned to their previous company and many have joined other businesses during the pandemic.

Vaccine Passport

The hospitality community is also pressing for a vaccine passport to keep its employees safe. Hotels will treat such passports as proof of vaccination, and allow customers to enter restaurants, lodges, and other buildings.

As the hospitality industry requires close interaction between people, a vaccination passport is essential to maintain the health of all its employees. As Tony Elenis, president of ORHMA, told CBC, vaccine passports are one of the most efficient ways to protect the industry from another lockdown in the face of the delta variant.

What can we look forward to?

Many industrialists believe that the hospitality industry will see a full recovery in the coming years. The HVS Hotel Industry Outlook report predicts a return to normalcy by the year 2024.

Even though tourism is increasing hotel occupancy, considerable revenue only comes from large bookings such as meetings and conventions. Currently, hotels are receiving fewer bookings from smaller groups for events and meetings. But larger conventions are generally booked in advance, hence, hotels are looking towards 2022 or even 2023 for considerable business.

Additionally, hotels are also relying on the increase in vaccination rates to boost their revenue. As Canadian guidelines require tourists to be fully vaccinated, increasing vaccination rates are making more people open to international travel.

Prepare for the rising demand with Assetsoft

Assetsoft helps clients find the perfect property management software through integration. Be it Yardi or MRI, we combine the required features into a single platform. We work together with you to understand your requirements and build tailored strategies for your business.

Our software integrations help you improve tenant communication, collect online payments and analyze property data. We ensure continued support in the form of data integration, software health checks, and staff training. By choosing Assetsoft, you don’t have to worry about your technology needs anymore!

Talk to us at Assetsoft and find the perfect property management software you need!

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!

10 Benefits of Using Tenant Portals

Thu, 02 Sep 2021 08:00:00 -0500

Keeping your tenant happy is an unending task, but it's the most important step in your real estate business to succeed. While there are many ways to achieve tenant satisfaction, implementing a tenant portal is something you don’t want to miss out on.

Automating and digitizing some of the traditional processes can save a lot of time and improve efficiency too. It reduces paper use and tenants' dependency on property managers as it's a self-service portal.

If you're spending more time replying to multiple emails and responding to calls every day, getting property management software can reduce your time and streamline your workflow.

Go paperless and cashless as tenants upload documents on a cloud platform and make online payments. If you’re wondering how beneficial is to use a tenant portal, we’ve listed some of them for you here.

What is tenant portal?

Tenant portals are online platforms for tenants to communicate with landlords or property managers easily. It's a self-service portal where all the information about the property, payments, and maintenance requests can be stored using a single platform. Tenant portals reduce time and provide easy access to all the resources regarding the services.

It also helps property managers manage tenant requests and service orders better with zero hassle. Payments can be made using this portal instead of in-person payments every month. All the tenant's documents can be stored, making it convenient for tenants and property managers. 

Advantages of using tenant portal

Tenant portals reduce the manual time it takes to process documents and make payments. Here are some of the benefits of using tenant portals:

1. Access on the go

One of the biggest advantages is that tenants can access the portal anytime, anywhere. If your tenant has to pre-book a hall, it can be done using the tenant portal, looking at the availability. Booking is easier as there is no middle man to handle the process. It's cost-effective, and you can cut down on the resources without compromising the service to your tenants. It helps them place maintenance orders and pay rents on the go without you chasing them every month. Accessibility is what makes tenant portals the best for both property managers and residents. 

2. Attract potential residents

Tenants often find it hard to reach out to property managers or receive delayed responses. When you show your potential residents about tenant portals, it lets them know that they can rely on them for any problems. Since it can be used to report issues or know better about the properties, it builds a sense of trust and draws them to rent your property. On the one hand, the tenant portal helps retain tenants; on the other hand, it helps attract potential residents. Providing a full-functional service can go a long way to succeed in your property business. Tenant portals resolve many issues and offer a hassle-free service to your tenants. 

3. Build trust

You no longer have to be available all the time, answering multiple calls and replying to emails when you have a tenant portal. Any queries by the tenants can be easily resolved on the portal within seconds, and you can also use automated messages to help them in case of any issues at any time. These instant responses can build a sense of credibility and get positive responses to your building management. Tenants need to be sure that you will be available at all times, and with tenant portals, it couldn't be easier. 

4. Land long-term tenants

Tenants stay in your property as long as you provide all the facilities and respond to their queries promptly. If you want your tenants to continue using your property, having a tenant portal is the best choice. Management becomes easy with it, and you will also have satisfied tenants who don't vacate soon. Finding long-term tenants can be a huge task, but you can provide the best services to them and make sure all their queries are resolved on time with tenant portals. 

5. Improve efficiency

With tenant portals, the overall process of dealing with issues will no longer be inefficient. You can include resources, guides, FAQs, and payment methods on the portal. It makes it easy for the tenants to look up general information and know the status of their orders and their payments. It improves the overall efficiency as tenants don't have to contact you every time they have a question. They can upload their details to the portal for easy access and save time than having printed documents. 

6. Organize events

You can announce upcoming events through notifications and also update about new instalments in your property using the portal. Community building becomes easier with it, and tenants will also feel like a part of the society. Digital channels in property management and community building a lot simpler. 

7. Quick communication

You can respond to tenant queries and complaints instantly without delay with tenant portals. It eliminates tenant frustration and, in turn, increases tenant satisfaction. If there are any new updates or new installations on your property, you can inform the tenants through the dashboard instantly. If you're planning to organize an event or meet up with the tenants, communicate easily through the portal. Instant communication is one of the many advantages of tenant portals. 

8. One-click payments

You no longer have to worry about in-hand payments or remind your tenants of rent payments. With multiple online payment methods in the portal, payments can be made on the go at any time. Around 80% prefer digital payment so, with the tenant portal, you can make the whole payment process smooth and convenient for the tenant.

9. Easy reservations

Making reservations for party halls or other amenities provided will be trouble-free with the portal. Bookings can be automated, and you need not worry about keeping a manual record of them. Slot bookings can be a cumbersome process manually, but with technology, the entire process is automated, making it easier for both you and the tenants. Tenants will not be entirely dependent on property managers for every step with such software. 

10. Time-saving

On the whole, tenant portals save tremendous time by speeding up rent collection and service requests. Online payments, slot booking, community building can all be made in one single dashboard using a mobile phone. Due to its convenience, they will likely recommend your property to others and may also turn into long-term clients. This self-service method can improve your business and also make your tenants happy. Processing payments will no longer take hours or days with tenant portals. You can also make announcements and respond to requests easily.

Ensure overall tenant satisfaction with Assetsoft

Handling tenants and managing properties is not an easy feat, but with the help of software, it can reduce your time and keep your tenants satisfied. Assetsoft can help you implement or customize your tenant portals. We help you choose the right property management software for your property business, whether it’s Yardi or MRI.

Want a tenant portal for your business? Reach out to Assetsoft today!

The True Cost Of Eviction And How To Avoid It

Thu, 26 Aug 2021 11:30:00 -0500

The most important aspect of maintaining a successful property rental business is having top-quality tenants who abide by the rules and pay rent on time.

Bad tenants lead to a loss of income in the future in terms of back rent. To protect your property and income from problematic tenants, an eviction may be necessary. However, it is a time-consuming and costly process and can be taxing for both you and the surrounding tenants.

Even back in 2015, eviction rates were high in the United States due to the rising cost of rent payments. Landlords were faced with high eviction costs while losing out on revenue as tenants were not able to make the monthly payments. Now with the effects of Covid-19, property managers are further burdened by rising evictions. During the pandemic alone, over 470,000 evictions were filed across 6 states tracked in the US.

Each eviction can cost up to $3,000 for the landlord, making it a costly ordeal. When possible, finding alternative solutions would be the better choice.

Knowing when to evict a tenant

You may be tempted to evict a problematic tenant when the situation gets out of hand, but to avoid any legal trouble, you need to be aware of when a quit notice can be presented to the tenant.

Before renting out any properties, you should make sure that the lease agreement includes all the important terms and conditions of renting a property. Any terms not mentioned on the lease can be fought in court by the tenant.

Here are some common situations where you can pursue the eviction of a tenant:

Recurring months of unpaid rent
Lease violations

Damage to the property by the tenant

The process of evicting a tenant

Due to the lengthy and uncertain process of eviction, many landlords prefer to avoid eviction and try to sort out the problem themselves. A certain amount of time needs to be given to the tenant to resolve the issue. This will differ depending on where you live. However, if the problem still persists, here’s what you need to do:

A complaint should be filed with the local court detailing the issue
A court date will be sent to you, and a summons will be sent to the tenant
On the court day, both sides will be presented to the judge by you and the tenant

If you win, the judge will issue a Warrant of Eviction, forcing the tenant to leave. If required, an officer will be present at the property to evict the tenant. Depending on your lease terms and local laws, the tenant may be liable to all proceeding fees:

Court filing fees
Back rent
Attorney fees

Damages to the property

However, if the tenant wins, they can continue staying at the property and the landlord will be liable for the court filing and attorney fees.

A breakdown of the eviction costs

The cost of eviction may be higher than what you factored in. There are additional costs such as maintenance and back rent involved as well. These rates will differ based on where the property is located. Here is the full breakdown of the true eviction cost:

Back rent - The eviction process can take up to two months to complete. You will lose this income during this period. On average, this can cost upwards of $1500.

Court filing costs - This rate will depend on the location, but the average in the US is $90.

Sheriff’s office charges - To serve a notice of eviction to the tenant, the sheriff’s office will charge a fee, typically ranging from $50 - $300.

Legal fees - The eviction process is complicated and requires a lot of paperwork. Hiring an attorney to handle this and also make sure it is all legal is important. Depending on the attorney, this can cost anywhere between $500 - $900.

Maintenance fees - Once the tenant has been evicted, the property will need to be cleaned for the next tenant. Personal possessions may need to be kept in storage or disposed of properly. This on average will cost around $300.

Property damages - Any damage caused by the tenant will need to be repaired and you may even need to hire a locksmith for security. This cost will depend on the level of damage caused but can range between $400 - $1500.

Marketing fees - There will be additional costs to list the property back for rent. This can cost up to $150 in total.

All of these costs add up to be an expensive endeavor for the landlord and this is not considering the non-financial costs involved such as lost time and the stress of a legal case. Preventing problems before it leads to eviction is the most ideal situation.

How to avoid evictions

The eviction process may look simple on paper but it can be a stressful ordeal. Therefore, evictions should be a landlord’s last resort. Instead, the focus should be placed on finding high-quality tenants and preventing problems before they arise.

These are alternative methods to prevent evictions:

Offer a cash-for-keys deal - This method involves the landlord offering a few hundred dollars of cash to the tenant to move out. It acts as an incentive for tenants with cash flow problems. Paying the tenant this cash will be less costly than eviction.

Screen your tenants - The easiest solution is prevention before it becomes a problem. The best way to do this is by screening and analyzing each tenant before allowing them to rent the property. High-quality clients are much less likely to force an eviction in the future.

Screening tenants also include a small cost, but it is only a fraction of the total cost of an eviction. You don’t even have to do it yourself. You can use Yardi or MRI software to automate the screening process. This will reduce the overall time and cost spent on screening tenants.

Assetsoft is an experienced property management service provider that can help you avoid all bad tenant-related expenses by incorporating this software into your property today.