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Morning everyone and welcome back to your Tuesday brew. 

If you're reading this, that means you've thus-far survived Rent Week Round 3 of Coronavirus, sky-rocketed unemployment rates, and unprecedented economic uncertainty. And, for that you deserve something precedented, like a tip o' the hat, a cheers of the brew (or whatever wets your whistle), and a round of applause. 
 

Take this moment in. 

Now, to the brief: 
  • 2.5 million jobs were added last month, but 30 million are still relying on unemployment, keeping Property Managers still snugged between a rock and a hard place. 
  • The Hard Thing About Hard Things is a book we recommend in our employee handbook. We'll dive in to its applications to adopting more automation & list out what you should be automating. 
  • GIVEAWAY ALERT: Anyone who refers someone to Property Brew this week will be entered into a raffle to win a free copy of "The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers". Details below. 
  • Your Remote Work "Hack Of The Week" - A glorious site dedicated to bringing your team a virtual pizza party. 
ROCK --> PROPERTY MANAGERS <-- HARD PLACE
 

Managing properties was a bit like this before Coronavirus hit us, managing the sometimes contradicting needs of both residents and owners, and now the old rocks and hard places might feel a bit smaller and softer. 

The optimism here is that 2.5 million jobs were added in May as many cities begin to re-open, and the National Multifamily Housing Council reported that 93.3% of residents paid their rent by May 27. Though, this number may be higher than the industry average since those tracked consist of a larger proportion of residents living in higher-end buildings. 

When it comes to recent unemployment data, we have a new reason to say "Whiskey Tango Foxtrot"... but there's still a silver lining. Friday's announcement that the unemployment rate had dropped to from 14.7% in April to 13.3% in May has turned out to be inaccurate due to a large number of "temporarily furloughed" employees being misclassified as "employed". So, the Bureau of Labor Statistics estimates that the true unemployment rate for May is 16.4%, though this is still a drop from April's adjusted rate of 19.2%. 

As eviction moratoriums begin to end nationwide, eviction filings are piling in. Google searches for "Rental Assistance" spiked mid May with renters seeking some kind of SOS. So, here's a few things to note for Property Managers... 
  • This site tracks states that have some kind of rental assistance program. You can take a look to see if your state has any aid available, and share with any struggling residents. 
  • It's important to keep an eye out for rental fraud which tends to spike during dire economic conditions.
  • RealPage recently hosted a webcast explaining rental fraud in more detail and providing actionable steps that can be taken to reduce the risk. 
THE HARD THING ABOUT THE EASE OF AUTOMATION...

Here at Property Brew, we love paradoxical puzzles, because we see them everywhere. This week's paradox revolves around the saying: 
 

 
This becomes an interesting concept to apply to investing in more automation services as a property manager. Automation is intended to make our jobs easier, less stressful, and more efficient. Which it does do, but it doesn't make everything easy. It does what's easier for us, so we can focus on doing what's harder... which can be, well, hard. 

When we adopt automation services to handle things like leasing, maintenance coordination, inspections, etc., much of our day's busy tasks are taken care of, leaving us to do the harder yet more impactful parts of growing a business that we used to not have as much time for. 

This can be a hurdle for some business owners because it's a shift into what may feel uncomfortable and challenging. You might hit bumps in integrating new processes. You might be dealing with shrinking your team. You might be shown a deeper issue in your business structure or properties that need to be dealt with. But, these hard things are meant to be embraced so you can be pushed to truly grow and scale. 

If you want a list of tools you should be utilizing for property management automation, check out our blog post here.  

Automation should most definitely be utilized, but with knowing that operational tasks being made seamless by automation doesn't remove the existence of hard tasks. Tackling these hard tasks is what one of our favorite books, The Hard Thing About Hard Things, dives into with greater depth. 

BOOK GIVEAWAY DETAILS:

If you want to be entered into the raffle to win a free copy The Hard Thing About Hard Things, just share Property Brew with your crew using your personal share link at the end of this email :)

Each person referred will count as one entry into the raffle. We'll announce the winner in next week's newsletter on Increasing Revenue Per Unit vs Increasing Unit Count
REMOTE WORK 'HACK OF THE WEEK' 

This week it's all about Pizza. Pizzatime is a site that organizes virtual pizza parties for your team. You send them the locations of your team, and they take care of the rest. This is also great to use as a bonus for virtual lunch and learn sessions. 
 
PROPERTY MANAGEMENT DURING COVID-19 - QUICK SURVEY

We know that the best way to learn new tactics can be from each other, so we put together a quick survey to gather more insight into how property managers have best dealt with the implications of COVID-19. If you have a quick 5 - 10 minutes, take our survey. 

We won't use the data for any other purposes than to share the results with you all. Everyone who completes the survey will be entered into a raffle to win a $50 Amazon Gift Card. 
Take the Survey
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: 
Start Sharing!
If you're not enjoying Property Brew, we'd love to hear how we can improve our newsletter for you! We'd also love to hear which topics you'd like us to dive our research into. E-mail us at hello@propertybrew.co. 
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