Alert Solutions Blog

Property Management Home Repair – Can you Fix it or Not?

Posted by Philip Young on Thu, Nov 29, 2018 @ 09:11 AM

Acting as a landlord or property manager can be hugely challenging, especially when it comes to the home repair projects that seem to crop up on a daily basis.

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A property management job can require skill in a wide variety of home repair work ranging from plumbing to electrical work to carpentry. The problem is, it can be near impossible for one person to keep up on codes, regulations, technological innovations and the latest repair techniques and materials inherent in each trade.

How can you know you’re both skilled enough and legally qualified to fix every kind of housing repair issue that rears its ugly head? Here are some guidelines when it comes to tackling property management projects yourself:

  • When in doubt, check state laws to determine whether you need a contractor’s license to complete a given home repair. Many states require licensing for any home repair project costing more than $1,000 including labor and materials, but many allow a “handyman’s exemption” for cheaper chores that don't require building permits.
  • Objectively evaluate whether you have the skills and experience to safely complete a home repair job, whether taking it on yourself would be cheaper than hiring a professional, and whether you can get the job done in a timely manner. If you have technical and/or mechanical acumen, you may be able to learn the nuts and bolts of some procedures through books or online tutorials.
  • As a home repair rule of thumb, you should leave roofing, electrical and major plumbing jobs to licensed professionals. Not only do they usually require specialized equipment, but they can raise significant tenant safety issues if you haven’t had formal background training in such systems.
  • Property management chores that can generally be completed with little or no formal training include repairing clogged or running toilets, fixing or replacing leaky faucets, fixing low-pressure shower heads, repairing ripped screen doors, replacing cracked caulk or filling in holes in drywall.

One more rule of thumb in property management: Try to establish open tenant communication shortly after they move in. If they can notify you of little home repair problems as soon as they occur, you can prevent those little tasks from turning into bigger and much more expensive problems as time goes on. 

For more tips and tricks on property management and tenant communication, contact Alert Solutions today at (800) 929-1643.

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Topics: property management, tenant retention, tenant communication, tenant satisfaction

3 Tenant Retention Tips for the Newest Wave of Renters: Generation Z

Posted by Sarah Autore on Wed, Jan 17, 2018 @ 11:01 AM

In the world of property management, it’s important to stay informed and prepared of the latest rental trends. It’s also important to understand the different audiences and demographics of the tenants you’re renting to. Perhaps the newest of those demographics are renters from ‘Generation Z’.

Generation Z is generally defined as people born between 1995 - 2010. As this age group is starting to come of age and venture out on their own (23 million of them, in fact) – property managers should start paying attention to this next wave of tenants.

Generation Z is rapidly increasing in the rental market (already 14% and growing), and many rental properties are beginning to adjust and modernize business practices to attract these tenants.

Here are 3 notable tenant retention tips for Generation Z:

1. Online Capabilities are Non-Negotiable youngadults.jpg
Those part of Generation Z have never known a world without technology and automation. This age group grew up  right in the midst of the internet boom, smartphones, and social media – meaning it’s the only way they do business with these types of tenants. To achieve tenant retention and tenant satisfaction with this group, property managers will need to first have the understanding that technology is no longer seen as an ‘amenity’ or ‘luxury’, but rather the bare minimum.

2. Social Media is Held to a High Standard
Before even stepping foot on your property for a tour, Generation Z tenants likely already know every detail about the space. Thanks to social media and online review platforms – there’s an endless amount of information at their fingertips. In fact, if this group of renters can’t find any pictures or information about your property online first, it’s likely they won’t even waste their time coming to look in person. Generation Z renters also have a lack of trust towards typical marketing efforts, and are much more swayed by tenant communication tactics like online referrals and social word of mouth.

3. Fast Response Times are Expected
Generation Z renters are accustomed to tenant communication that is instant. After all, they grew up in an age where text messages and emails were the most common forms of communication.  To achieve good tenant communication with them, property managers will need to have quick response rates to any tenant inquiries, questions, or maintenance issues. Many property managers are investing in property management systems that allow them to reach tenants with the push of a button through voice, email or SMS text message.

Did You Know? Alert Solutions can help. Download our tenant communication brochure to learn more about personalized tenant communication channels.

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Topics: property management, tenant retention, tenant communication, tenant satisfaction

Improving Tenant Retention During the Slow Season - 3 Tips

Posted by Sarah Autore on Thu, Nov 16, 2017 @ 14:11 PM

It’s no secret that the bustle of summertime begins to wind down as we approach the fall and winter months.  This is especially true in the property management business, as filling vacant units during the off-season is almost twice as difficult, according to a recent survey.

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This slow season - typically October through March - can be a challenge for property managers, with empty units causing frustration and decreasing revenue.  But, there are steps a successful property manager can take to improve tenant retention and better offset the slower months.

Consider these 3 Tenant Retention tips:

1. Focus on Tenant Satisfaction Initiatives
Happy tenants are more likely to renew or extend leases, leaving you with less vacancies to fill during those fall and winter months. If your property finds itself vacant often, try revisiting some basic approaches that are likely to increase tenant satisfaction and tenant retention. Consider whether tenant grievances are being followed-up on in a timely manner, if property maintenance is regularly kept up, and if tenant communication is effective.

2. Evaluate Rental Terms and Pricing
Increasing tenant retention may be as simple as re-evaluating the rental agreements you set forth. If new business is consistently non-existent from October - January, than you might consider standardizing longer rental terms, or adjusting them accordingly to last through those harder-to-rent months. Another tenant retention factor to watch is whether your pricing aligns with market value and surrounding competition. If your pricing is substantially higher than the rest, you can offset those slow months with a lower cost offer.  

3. Invest in Digital Property Management Tools
Implementing digital property management tools is one of the most effective ways to strengthen tenant communication and improve tenant retention. The importance of capabilities such as paying rent and checking the status of maintenance online is on the rise, and property managers who can accommodate this newer tenant need are more likely to increase tenant retention and keep units full year-round. Not only that, but implementing a digital tenant communication system  property management system enables property managers to reach tenants at various properties with the push of a button – reducing both time and cost!

Did You Know? Alert Solutions can help. Download our tenant communication brochure to learn more about improving tenant retention through the use of multiple personalized communication channels.

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Topics: property management, tenant retention, tenant communication, tenant satisfaction

Improving Tenant Retention - 4 Tips for Property Managers

Posted by Sarah Autore on Thu, Oct 05, 2017 @ 12:10 PM

What makes a good tenant? Many property managers would answer that question as someone who pays their rent on time, takes care of their rental space, and is courteous and respectful of policies and procedures. Tenants like this can often be more difficult to find, and one thing’s for sure – when you find them, you want to keep them around.

Good property managers know that the cost of attracting new tenants is much higher than the cost of effective tenant retention. In fact, tenant acquisition costs five times more than tenant retention on average.

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If you’re fortunate to have good tenants, consider the following tips in order to increase tenant retention:

1. Practice Good Tenant Communication
Effective tenant communication is the first step in creating positive tenant relationships and promoting high levels of tenant retention. Studies also show that interacting with tenants through their preferred method of communication increases all around tenant satisfaction. Implementing a Property Management System that allows you to share important information via popular methods like voice, text, and email can help maintain a personal touch.

2. Take Your Tenant Communication Digital
Adopting a digital tenant communication platform is one of the most effective ways to increase tenant satisfaction and tenant communication. Online capabilities like paying rent or service fees, messaging property management, and checking the status of maintenance requests is priceless for many tenants – not to mention, the new normal.

3. Train Property Management Staff
Property management staff can have a huge impact on tenant retention. They likely interact with tenants more regularly than property managers, and often have a daily on-site presence. They are a direct reflection and your first line of defense for handling many tenant or property issues, so ensure your property staff are adequately trained in accordance with your policies and procedures.

4. Maintain a High Standard
Tenant retention will depend largely on your maintenance and response of common issues. The best way to demonstrate that you care about tenant safety and well-being is by taking excellent care of your property. If tenants have to deal with things like overgrown landscape, malfunctioning heating and cooling, lengthy repair times, and poorly cleared snow – they will consider other options when renewal time comes along.

Alert Solutions can help. Download our tenant communication brochure to learn more about increasing tenant retention through the use of multiple personalized communication channels.

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Topics: property management, tenant retention, tenant communication, tenant satisfaction

3 Ways to Improve Tenant Communication with Young Renters

Posted by Sarah Autore on Thu, Sep 14, 2017 @ 12:09 PM

Nearly one-third of all apartments are rented by tenants under the age of 30. More young people are also renting for longer periods of time, instead of investing in their first home purchase. Combined, this has lead to an increase in the amount of young renters in the market.

Successful property managers will agree that good tenant communication will lead to increased tenant satisfaction, and higher tenant retention. As property managers are being faced with a growing number of young renters, consider these 3 tips for more effective tenant communication with this demographic:

1. Sustainability is Important
A recent study showed that today’s potential young renters place high importance on sustainability and economic efficiency. Property managers are beginning to realize that something as simple as not offering recycling services at their rental property can cause young renters to consider other properties. Offering electronic tenant communication will help your rental property go green and attract younger renters.

2. Digital Tenant Communication is Necessary youngcouplelaptop.jpg
To attract  young renters, property managers need to have all of the appropriate online marketing tools such as an optimized website and social media involvement. In fact, a recent study determined that millennials have more trust in brands with a strong social media presence. To help achieve tenant retention with young renters c, property managers should consider implementing a tenant communication system that allows them to communicate with tenants digitally and vice versa.

3. Personalized Tenant Communication Goes A Long Way
As a generation, most under 30 have grown up with more access to convenience than those before them.  This age group is typically more accustomed to personalized customer service – thanks in part to considerable technological advances during their lifetime. For property managers, this means it’s important not to lose sight of excellent customer service. Consider a tenant communication tool that will allow you to personalize messages to young renters through their preferred method (voice, SMS text, or email.)

Alert Solutions can help. Download our tenant communication brochure to learn more about communicating effectively with your tenants via multiple personalized channels.

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Topics: property management, tenant retention, tenant communication, tenant satisfaction

Manage Tenant Communication at Multiple Properties with the Help of a Property Management System

Posted by Sarah Autore on Thu, Aug 17, 2017 @ 16:08 PM

Property Managers hold a large amount of responsibility, and must juggle many priorities in order to maintain tenant satisfaction. These responsibilities multiply with each property they manage. While there are many benefits to having a bigger amount of rentals, it can also be a challenge to manage them all effectively.

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One of the most challenging aspects of managing multiple properties is maintaining good tenant communication. Implementing a Property Management System will help streamline your tenant communication needs effectively across multiple properties:

1. Easily Accommodate Tenant Communication Styles
Studies show that communicating with tenants through their preferred method of communication increases tenant satisfaction. With a larger number of residents comes a wide array of tenant communication styles. Having a Property Management System that allows you to share vital information through popular methods such as voice, text, and email simultaneously will save time and effort across your properties. Despite running a large operation, communicating through tenant-preferred methods also helps to maintain a touch of personalization with your tenants – another factor that affects tenant satisfaction in the long run.

2. Save Time by Strengthening Your Online Presence
While you want to be responsive and available for your tenants, you can also help cut down on the volume of simple tenant inquiries by putting more information online for them to find at any time. For example, consider having social media pages where you post important property updates, or put together a monthly informational e-newsletter to keep tenants up-to-date. Implementing a Property Management System that helps you proactively communicate with tenants will save you more time in the end.

3. Respond to Emergencies More Efficiently
The more tenants you have to manage, the more imperative it is that you have an efficient way to communicate with them during an emergency situation – especially when they are spread across several properties. From weather related alerts, unexpected crises, or tenant safety risks, you must have an organized way to share vital information. In times like that, a Property Management System that gives you the tools to alert tenants within seconds can make all the difference. 

Just because you have multiple properties does not mean you have to lose out on maintaining effective tenant communication. Alert Solutions helps property managers provide personalized tenant communications instantly via multiple communication channels. Download our tenant communication brochure to learn more.

Tenant Communication Guide

Topics: property management, tenant retention, tenant communication, tenant satisfaction

5 Tenant Communication Methods for Your Property

Posted by Sarah Autore on Thu, Jul 06, 2017 @ 12:07 PM

Effective tenant communication builds good relationships and increases tenant retention rates. Simply put - good tenant communication has a direct impact on your success as a property manager.

Tenant communication preferences  vary, and as a property manager, it’s vital that you have the flexibility to respond accordingly. Here are the 5 tenant communication channels that will help you communicate with tenants effectively:

1. In-Person Tenant Communication
While in-person tenant communication is no longer the majority preference, it is still a necessary communication method for certain tenant situations. In-person communication is especially beneficial when dealing with complicated tenant matters that require more attention. Digital tenant communication methods are relied upon for their convenience, but they can never completely replace the effect of in-person communication.

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2. Email
Email has rapidly replaced many forms of written and in-person communication, and for good reason. Residents appreciate email communication because they can read and respond at a time that is convenient for them. Property managers value email communication because it allows them to share large amounts of information with all tenants quickly and efficiently. Upcoming events, monthly newsletters, or policy changes are all examples of tenant communication best sent through email.

3. SMS Text Messaging
Especially for younger demographics, SMS text messaging is growing considerably in popularity. Property managers should consider utilizing SMS text messages when they need to communicate a small amount of information quickly. Weather-related alerts, parking notifications, or tenant safety notices are all examples of tenant communication needs that can be met by SMS text messaging.

4. Social Media
Don’t underestimate this newer method of tenant communication - it has many benefits to you as a property manager. While it shouldn’t be your main method of tenant communication, social media websites like Facebook and Twitter are a great way to remind your tenants of upcoming events or deadlines. It’s also a great place to publish community news and events. Bonus: Having a cohesive social media presence will also help promote your property to prospective tenants!

5. All of the Above
Tenant communication is not one size fits all, and your advantage as a property manager lies in having the flexibility to communicate in the most appropriate and preferred method at a given time. Allow these different types of tenant communication methods to work together, increase tenant satisfaction, and ultimately - keep your property full and generating revenue.

Alert Solutions helps property managers provide personalized tenant communications instantly via multiple communication channels. Download our tenant communication best practice guide to learn how you can increase tenant communication and market to prospective tenants.

Tenant Communication Guide 

Topics: property management, tenant retention, tenant communication, tenant satisfaction

3 Ways to Improve Tenant Retention Rates at Your Property

Posted by Sarah Autore on Thu, Jun 15, 2017 @ 13:06 PM

44% of property managers focus the majority of their time on new tenant acquisition, whereas only 18% of property managers focus their time on tenant retention.

However, the cost of obtaining a new tenant is actually five times more expensive than retaining a current one. With that in mind, it’s becoming more and more vital for property managers to have a tenant retention strategy in place.

When developing your tenant retention strategy, consider these 3 tenant communication tips:

1. Foster your community.
The more tenants forge relationships within your property and the surrounding community, the more your tenant retention rates will increase. Some opportunities to create a strong sense of community at your property include:

  • Organizing periodic events that bring all of your tenants together.
  • Utilizing tenant communication tools like social media to build an online community presence.
  • Starting a property management newsletter or blog to update tenants.
  • Partnering with local businesses and organizations to secure tenant incentives.
2. Maintain open lines of tenant communication.63452957_s.jpg
A recent study showed that tenants who are satisfied with property management are three times more likely to renew their rental agreement. Open lines of tenant communication will set you apart from other property managers. Along with your tenants come varying tenant communication styles and preferences, so also be cognisant of what types of tenant communication methods works best for your community. 

3. Make the switch to digital. 
Going digital is one of the easiest ways to strengthen tenant communication and make things run smoother. For tenants, the capability to pay rent online and check the status of issues or requests is priceless. For property managers, the ability to send messages or alerts to all tenants at various properties with the push of a button cuts down on both time and cost.

No matter what communication style your tenants have, Alert Solutions can help you reach them easily and effectively through email, voice, and SMS text messaging. To learn more, download our best practice guide today.

Tenant Communication Guide

 

Topics: property management, tenant retention, tenant communication, tenant satisfaction

Promoting Your Property to Prospective Tenants – Strategies to Get You Renting Today

Posted by Sarah Autore on Thu, May 25, 2017 @ 12:05 PM

Gone are the days of putting a ‘for rent’ sign out front and hoping it gets noticed. Property managers today have a clear advantage with the ability to market to their prospective tenants. There are certain strategies worth learning to help you promote your property more effectively. 

Here are 4 strategies to help you promote your property to the right prospective tenants.

  1. Create a Strong Online Presencefor rent.jpg
    For most property managers, the reality is that an online presence is required for a successful rental business. Posting to rental sites is the most common component of an online presence,
    but you could also consider developing a website. Websites give your property
    an “image” while building credibility and trust with your prospective tenants.


  2. Harness the Power of Social Media
    For little cost, you can easily create a social media account that allows prospective tenants to learn more about your listing, see property photos, and find contact information. The most popular social platforms for property managers are Facebook and Instagram. With 98% of tenants utilizing mobile devices during their rental search, you can’t afford to not be in this space.

  3. Develop a Referral Incentive Program
    Always consider how you can utilize your current tenants to win new tenants. Step it up by incentivizing your current tenants with rewards such as a cash prize or discounted rent for finding you a referral. Have a tenant communication system in place so that you can alert your current tenants to different referral promotions.

  4. Become a Trusted Source
    Stand out from the property management crowd by positioning yourself as an industry leader. Send out a monthly tenant e-newsletter with helpful information and resources for your local market. A monthly e-newsletter is also a great way to stay in touch with your current tenants and increase tenant retention.

Alert Solutions helps property managers provide personalized tenant communications instantly via multiple communication channels. Download our tenant communication best practice guide to learn how you can increase tenant communication and market to prospective tenants.

Tenant Communication Guide

 

Topics: property management, tenant retention, tenant communication, tenant notifications, tenant satisfaction

Effective Tenant Communication – 3 Methods That Work

Posted by Sarah Autore on Thu, May 04, 2017 @ 12:05 PM

Research has proven that property managers who implement effective tenant communication tactics are more likely to see increased tenant satisfaction and increased tenant retention. Since that results in more revenue for your property, it’s safe to say that effective tenant communication is vital to the success of your business.

Consider the following 3 methods for effective tenant communication:

  1. Face-to-Face tenant communication is a must. 
    facetoface.jpgWhile it may sometimes feel easier to avoid face to face interaction with tenants, it can often be the quickest way to resolve a conflict or time-sensitive situation. It also shows the tenant that you respect them enough to handle their matter in-person. Technology helps build better relationships with your tenants, but it should never replace personal interactions completely

  2. Treat your tenant communication like any other business relationship. 
    As a property manager, you have a business to run. You should communicate with your tenants the way you would communicate with any other business partner, vendor, or client -- In a timely, respectful manner. Your tenant retention rates will rise as good tenants are more likely to stay with a property manager they trust and respect.

  3. Everyone is unique - tenant communication styles will differ.
    Take your tenant’s communication preferences into consideration. While an email might work best for some tenants, they might simply pile up in another’s un-checked inbox.  You might also experience a tenant who never responds when you call them, but answers quickly when you send a text. Learning tenant communication styles will not only help you resolve things faster, but also build a better relationship with them too.

No matter what communication style your tenants have, Alert Solutions can help you reach them easily and effectively through email, voice, and SMS text messaging. To learn more, download our best practice guide today.

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Topics: property management, tenant retention, tenant communication, tenant satisfaction

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