Morning everyone, and welcome back to the brew!
We hope you're coming out of the long holiday weekend feeling refreshed and ready for the cool brew on tap today. We've got another giveaway for you all. Our parent company, Latchel, is the sponsor of this year's Pulling Back the Curtain Property Management Conference and we want to bring one of you as our guest! What?! Oh yeah! A $425 valued ticket, for FREE.
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. The agenda is lit like the 4th of July. Check it out here.
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 on Friday, July 17th!
Now, to the brief:
- The unemployment rate dropped to 11.1% as the economy added a record 4.8 million jobs back in the month of June.
- Property Managers understandably have significantly less confidence in their revenue growth for 2020 according to Buildium's latest industry report.
- A book summary of "The ABC's of Property Management" points out the principles to lean into for growth in a challenging time.
- Registration open for our live learning session on running remote inspections with RentCheck.
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US UNEMPLOYMENT RATE TRIES FOR A DOWNWARD DOG
We've gotta stretch those hamstrings.
June unemployment data is IN. As states have started to open back up, the unemployment rate has dropped from 13.3% in May to 11.1% in June as a record 4.8 million jobs were added back to the economy. But, we still have a long way to go to plant those palms back on the ground.
Coronavirus is having a resurgence in many places across the country forcing many cities to scale back their phases of re-opening. Congress and the Senate are in recess until July 20th, and will have many decisions to make regarding a second stimulus package upon their return. The administration has noted that another round of support is very likely.
We also recently learned that $1.4 billion of the last stimulus package consisted of stimulus checks sent to deceased Americans by mistake in the hustle of getting something out there. But, for the second round, the IRS says they're prepared with an updated process to avoid the same mistake. |
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BACK TO THE ABC'S
Buildium recently released a new industry report showing that the expectation for revenue growth by surveyed Property Managers in 2020 is 11% lower than it was in 2019. This comes as no surprise as this has been one toughest years across most industries.
We've been forced to slow down and recalibrate to new normals of digital dialects. Our past newsletters have focused mostly on new virtual and digital trends needed to adapt and continue growth. So this week, we wanted to put a focus on some things that haven't changed and resurrect our book summary of The ABC's of Property Management.
By revisiting the tried and true principles of the industry, we can ensure we're not losing sight of the importance they serve in sustainable company growth as new digital processes are implemented to adjust. The companies that survive and thrive through recessions are ones who work to create operational efficiencies and are quick to invest in future trends.
A basic review of our summary outlines the fundamentals to continually keep in check to be able to provide as much value to your owners as you can, as well as the best living experience for your residents. Some of these include:
- Reducing turnovers by having a solid tenant screening system, and high resident satisfaction ratings.
- Decreasing vacancy time frames by creating more efficient systems for unit turns.
- Being proactive with maintenance to lower costs and keep the property protected.
- Staying up to date with local and federal laws using a personal attorney.
More detailed info on each of these are broken down in our summary.
To continue growing, it's incredibly important to be able to highlight the metrics that showcase, at minimum, the general competency of your company, and at best, the immense value you'll be adding to your owners and their investment(s) by going the extra mile. The extra mile, many times, comes down to taking the the time to show empathy and trust. It's business, but, for owners and residents, it's also personal. Property Management is a people-oriented business, and that makes maintaining a high "emotional IQ" crucial in sharpening a competitive edge.
With things moving into a digital space, this framework shifts a bit. How can you continue to show your current and prospective customers a depth of care in an increasingly digital world? And what tools should be invested in to do so? We'll dive more into this in next week's newsletter. This week, we invite you to join our next live learning session on running comprehensive standardized remote inspections with RentCheck.
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UPCOMING LIVE LEARNING SESSION:
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.
Register for our upcoming session to dive into the details of how RentCheck can help you run remote inspections. If you can't tune in live, you'll be emailed the replay video by registering.
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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. We'll be closing out this survey this week so it's the last chance to provide feedback for a chance to win!
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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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