Welcome back to the brew!
We're hopping on the train of re-naming "social distancing" to "physical distancing", because we're about to get real pseudo-social at the next virtual conference for Property Managers!
If you missed last week's newsletter, here's the recap on that: we have another giveaway for you all! Our parent company, Latchel, is the sponsor of this year's Pulling Back the Curtain Property Management Conference and one of you will be coming as our guest, for FREE, to spend a few days with fellow property managers and educators! Normally a $425 ticket value!
If you reply to this email saying "Bring me to PBTC" you'll be entered to win a free ticket to the virtual conference July 28 - 30th featuring 8 national speakers on topics related to growth and improvement.
If you use your personal referral link to refer your network to Property Brew, each new referral will count as an additional entry. We'll announce the winner this Friday, July 17th!
Now, to the brief:
- NMHC's rent tracker shows that 77.4% of July rent payments were made through July 6, which is 3.4% less than this same time last month.
- The pandemic is pushing many renters out of big cities giving suburban areas a boost in rental demand. Will this trend stick?
- Online reputation and reviews can enormously effect growth. We'll talk about small ways to increase your ratings for big returns.
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JULY RENT PAYMENT RATES TAKE A DIP
This same time last month, we saw an 80.8% rent payment rate, 3.4% more than this month. Even with 4.8 million jobs added last month and a significant dip in the unemployment rate, renters are beginning to worry about the extra unemployment benefits expiring this month.
Congress is still in recess, but we know there is a high likelihood for a second stimulus package to come as many big cities have been forced to scale back their re-opening phases... but in the meantime, many renters are still panic moving out of large urban areas to offset costs and reside in rural social distancing safety.
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TRENDING: PANDEMIC "PANIC MOVING" OUT OF BIG CITIES
PIVOT! Now, that's a verb that's upped its ranking in usage during the 2020 pandemic plot twist. Business plans, people, industries, and everything in between have been forced to pivot large couches around tight corners.
De-urbanization has been a big part of this nationwide pivot. According to data, it's a trend that was already taking place, and Coronavirus simply accelerated the velocity of it. Rural and suburban areas are having an influx of renters and homebuyers searching for a place more apt for physical distancing measures.
The rise of remote work has shown many employers and employees that physically being in an office isn't as vital to the success of the business as previously thought, so the pull to move to a more affordable area is strong, especially when the perks of city living are becoming less and less perky.
Rent prices in some of the largest cities have been dropping, and single family homes in suburban areas are having smaller problems for demand giving way for an up-tick in rents. For investors, it may be a good time to check out new states or emerging markets. |
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IMPACTFUL ONLINE REPUTATION MANAGEMENT
Most rental property owners fire and hire property managers by searching online, using either search engines or a proven online resource (such as All Property Management) that can connect them to experienced property managers.
Your online reputation can, most times, be your first impression, which is why it's so important to manage effectively. This comes down to two basic rules:
- Encourage online reviews after as many touch points as you can.
- Always respond to reviews, especially negative ones.
Doing both of these things effectively revolves around communication. To increase your positive reviews, you have to consistently give good reasons to get a positive review. According to Buildium's last State of the Industry report, 74% of respondents said that good communication is the top reason rental property owners rely on property managers, while poor service was the leading reason rental property owners will leave a property manager.
This makes communication management come to the forefront of reputation management. If you're running a rock solid company, your owners and residents can easily get a hold of you, or they know exactly where to go to get what they are looking for.
At the end of important transactions, give an easy opportunity to leave a review.
For example, at Latchel, we maintain an average 4.7 out of 5 star rating for tenant satisfaction. We ask for this rating at the end of each maintenance request transaction. We then push these reviews to the Property Management company's online profile. We automate and streamline the whole process. The more places you can implement something similar, the better.
Close the feedback loop.
Encouraging online reviews shows that you're holding yourselves publicly accountable, and that you're open to receiving feedback, good and bad. When you respond to your reviews, with either a 'thank you' for positive reviews, or an apology for a negative experience, it closes the feedback loop. People see and feel a genuine sense of care, and they feel a sense of acknowledgement, like they're not just talking to a void of world wide web. People like to work with people who are attentive, especially in the age of digital dialogues.
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LIVE LEARNING SESSION REPLAY:
If you missed our last session with RentCheck you can watch the replay of our session here. RentCheck is designed for contactless inspections. It fully supports social distancing best practices by having residents conduct property inspections with simple, self-guided inspections that anyone can do from their smartphone. This helps property managers get ongoing visibility into unit conditions all from the comfort of home, and can help streamline the entire process by:
- Handling all of the reminders to ensure move-in, move-out, annual, periodic, and turn inspections get done on time.
- Creating visually appealing and standardized reports on your units.
- Providing easy access to inspection reports to your owners to amplify trust.
Watch the replay below:
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Share With Your Network and Unlock Rewards!
Enjoying Property Brew? If you share with your friends using your unique link in the button below, you can unlock some pretty great rewards, including 3 FREE months of Latchel subscription. You can check out the other rewards below:
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