Calendar icon February 6, 2023

How to Get Rid of Indoor Odors & Bad Smells

Got a foul odor in your home? You've come to the right place.

Do you ever walk into your home and get hit by an extremely unpleasant scent? If you do, and you don't have a pet skunk, you can look to indoor odors as the source. We promise you there are SAFE ways to reduce or eliminate odors in your home. It's essential to attack the odors head on, rather than mask them with candles or spray. If you need a quick fix to make your home smell fresher, here are some tips:

  • Change your air filter(s) on a regular schedule. The air in your home cycles through your air filter(s) multiple times per day. If your filter is not clogged or saturated, it will do a great job of capturing contaminants and pollutants that can make your home stink.
  • Simmer a bowl of vinegar on the stove. This neutralizes odors rather than masking them, like burning vanilla or cinnamon do.
  • Steam clean soft surfaces like drapes, curtains, and sofas. These items often get neglected in the cleaning process. Steam cleaning them is effective at eliminating dirt, dust, and, most importantly, odors.
  • Deodorize your stinkiest rooms by placing a mixture of 3-parts water, 10 drops of citrus oil, and 1-part vodka in a decorative bowl. This is especially effective in rooms with strong foot or body odors like mudrooms and laundry rooms.
  • If you, anyone that lives in your home, or any of your guests/visitors smoke, do so outdoors. We cannot stress this enough. Do. Not. Smoke. In. Your. Home. Cigarette smoke clings to all porous surfaces, including walls.
  • Pets can add all sorts of smells to a home. Keeping up with their hygiene will go a long way in keeping your house smelling fresh.
  • If you have a garbage disposal, avoid discarding carrot, onion, or potato peelings down it. Not only can they block up your disposal, but they cause a horrible stink when they begin to decay.
  • Often times, your garbage can will begin to stink. A simple fix for this is washing it out with white vinegar and water to eliminate any leftover odors.
  • If your laundry basket is filled with stinky clothes, consider sprinkling some washing soda onto the pile until you get around to doing the laundry, as this will neutralize the smells.

Those are some of the basic things you can do to freshen up the scent in your home. Now, if you feel like you may need even more information on how to eliminate home odors, we’ve got you covered. Here’s a complete guide to all things indoor odors and how to deodorize your home:

  • What is an indoor odor?
  • Dangerous odors
  • Why does my room smell?
  • How to get rid of home odors
  • Clean your cleaning supplies
  • Using an odor eliminator
  • Maintain your pet’s hygiene
  • Wash laundry
  • Ventilate
  • Keep flooring and surfaces clean
  • Clean your kitchen
  • Keep your bathroom clean
  • Change your air filter

What is an indoor odor?

An odor that's inside, duh. Ok, this is a true statement, but there's actually more to it because science, ya know. Some odors are caused by low levels of volatile organic compounds (VOCs) in the air that humans can detect. A VOC is a chemical that can turn into vapor in room temperature conditions, and can potentially be harmful at certain levels.

Dangerous odors

First things first, if you notice any of these smells, it may be a sign of something more serious:

Fishy smell or burning rubber smell

This could be a sign of an electrical wiring malfunction somewhere in your home. The first place to look would either be appliances, a wall switch, or an outlet. If you do find that the smell is coming from your home's electrical wiring, it would be best to call an electrician. If the burning smell is strong and you can't find the source, we would recommend leaving the house and calling 911 in case there is an electrical fire in your home.

Sulfur or rotten egg smell

Typically, if you're smelling either of these odors, it's a sign of a gas leak in your home. The best thing to do in this situation is to leave your home, call 911, and then call your gas provider so that they can send someone over to fix the leak ASAP.

Musty smell

Mold is usually the culprit behind musty smells in your home. Most of the time, you should be able to handle mold on your own, but if it does turn out to be more of a problem, professional help may be necessary. How do you get rid of the musty smell in the house? Tackle the mold, of course. If you're looking for ideas on how to remove mold from carpet, look no further than this link right here.

Why does my room smell?

There are a lot of different reasons to ask "why does my room smell?" Here are a few different sources or indoor odors that you should investigate first:

  • Pets
  • Mold
  • Dirty clothes
  • Carpets
  • Kitchen
  • Bathroom

How to get rid of home odors

How are we going to get rid of these odors? Well, the answer isn't buying several different air fresheners and setting out a huge bowl of potpourri, although a little potpourri never hurts. Instead of deodorizing a room using air fresheners that release chemicals into the air and only mask odors, we want to remove odors at the source. You might ask, how do we do that? Look no further, we've got nine tips coming right at you to help remove indoor odors in your home.

Clean your cleaning supplies

Before you tackle those odors, make sure the supplies you use are free from odors themselves.

If the same sponge you used in February is still sitting beside your sink, it's probably a good idea to find a replacement. Depending on usage, sponges should be replaced at a minimum of once a month to ensure that you're not cleaning your dishes with unwanted bacteria. To make sponges last longer, run them through the sanitize cycle in your dishwasher to temporary stop bacterial growth.

Biodegradable sponges are also a more environmentally-friendly option!

Towels can also smell pretty bad if they're left damp for too long. Make sure towels are laid out to dry after use, so mildew doesn't have a chance to grow. If your towels do smell like mildew, throw them in the washing machine with either one cup of white vinegar or one cup of baking soda, no detergent necessary. We recommend washing towels once a week to make sure they always smell fresh and never need to go through the vinegar or baking soda treatment.

Lastly, keep regularly replacing the bag or emptying out the canister in your vacuum cleaner to keep it on the nice smell list. Rinsing it out with soap and water should also help remove some of the dirt that it has been collecting over time. Blockages from hair or fur should also be cleared out. If your vacuum has an air filter, make sure to follow the manufacturer's cleaning guidelines!

Use an odor eliminator

There are plenty of things you probably already have in your home that can naturally clear odors from the air. Some of the best odor eliminators are coffee grounds, tea, vinegar, oats, and baking soda. Leaving a bowl of any of these odor absorbers out in a room that's due for a little freshening up will help clear out the less-than-pleasant smells from the air.

Baking soda is probably one of the most useful tools in eliminating odors from your home. Instead of masking odors like air fresheners and candles, baking soda absorbs and neutralizes them. It has a reputation for being one of the best carpet deodorizers. Sprinkling it across any carpeted areas and allowing it to sit there for a few hours will have your carpet smelling fresher in no time.

Another place you should put baking soda? On your mattress! Your mattress is a trap for sweat, dirt, and dead skin. Definitely not the ideal things to sniff while trying to fall asleep. Just let it sit for several hours, then vacuum it up, and voila, you have many future better smelling nights of sleep ahead of you. Mattress covers are also great at keeping your mattress from collecting all of that nasty stuff. Especially if you have allergies, mattress covers can be a savior.

Pet accidents? Baking soda's got your back there too. Here's how to eliminate urine odor from your carpet:

  1. First, place a layer of paper towels down on top of the wet spot.
  2. Then add a layer of newspaper to absorb as much of the urine as possible.
  3. Next, sprinkle about ¼ cup of baking soda evenly over the affected area, and let it sit out for awhile. Overnight or around 8 hours would work, but the longer it's left out, the more effective it will be.
  4. After the baking soda has had time to neutralize the odor, vacuum it all up.

Baking soda and vacuuming is also effective in neutralizing odors from your pet’s bed.

An alternative to this method would be to mix together one cup of vinegar, one cup of water, and two tablespoons of baking soda. If you have a spray bottle, use that to spritz the urine stain with this mixture. Bam! Odor removed.

Maintain your pet’s hygiene

We know you love your fur babies, but their odors? Not so much. It's important to maintain your pet's hygiene to keep them and your home smelling fresh. Bathing your pets once a month should be the minimum, but a more ideal timeline would involve scheduling a bath for every one or two weeks. Yes, if they cooperate, cats too (*shudder*). If you need help with this, consult our blog about reducing cat dander for some kitty bathing tips. Other grooming techniques include regular brushing and nail clipping. Especially if your pet spends time outdoors, their fur and nails can harbor dirt and other unpleasant things from the outside world that can contribute to home odors.

Your cat's litter box can also be the source of a less than pleasant stench. Make sure that you're scooping it out at least once a day. About once a month, you should more thoroughly clean the litter box. Soap and water should do the trick as the scent of harsher chemicals can cause your kitty to avoid using the litter box altogether. Since litter boxes are often scratched, creating an ideal home for bacterial colonies, aim to replace them annually.

Keep your cat’s litter box in a place in your home that is well-ventilated so that odors don’t intensify and can naturally dissipate.

Last but not least, don't forget about your small animals! Your guinea pigs, hamsters, and gerbils need their cage cleaned out at least once a week to keep their living environment clean and odor-free.

Wash laundry

Do you have a hamper overflowing with sweaty clothes somewhere in your home? If you do, it's probably time to get a load of laundry going. That hamper is a breeding ground for bacteria and all the unpleasant smells that come along with it.

Since there is a lot of moisture concentrated in laundry rooms, it is very easy for odors to become trapped in the room. To keep your washing machine smelling fresh and free from mildew and mold, keep the door open between uses. This is especially true for front-loading washing machines. When the door is closed, the humid and airtight environment is the ideal environment for mold growth. So, to clean out your washing machine, pour either one cup of white vinegar or one cup of bleach into it, and then run it for one full cycle.

A lot of newer washing machines will do the work for you with a self-cleaning function, but the vinegar or bleach still help. Be sure to pick one or the other and never mix vinegar and bleach, this creates a toxic chlorine gas. Never mix vinegar with any chlorine product to avoid creating this toxic gas, or actually just never mix chlorine with anything. That's probably your best bet.

We're also just going to go ahead and mention those shoes. You know the ones we're talking about, the shoes that you've worn every single day for the last 6 years and are practically glued to your feet at this point. We've all got 'em, and odors? They've all got 'em.

Even though shoes bring in dirt, allergens, and yes, even C. Diff and E. Coli, only half of Americans will take their shoes off inside their homes, and less than 25% will ask their guests to take them off. Leaving your shoes at the door will for sure help leave odors at the door as well.

A trip through the washing machine should be enough to have your shoes smelling fresh again, but first, a little baking soda might come in handy. Three tablespoons of baking soda in each shoe overnight should help to neutralize odors before washing them the next day. If your shoes are made from materials like leather or suede, or have embellishments, machine-washing them most likely isn't the best idea. We'd recommend spot cleaning these shoes with a damp cloth instead. Always use your best judgment, but we'd say most sneakers are typically safe to be thrown into the wash!

Wash shoes inside of a pillowcase so that laces don't get tangled, and throw in a load of towels as well to muffle any loud noises. Only air-dry sneakers, however, as the heat from a dryer could cause damage.

Try to limit wearing your shoes to every other day, and stuff newspaper inside to absorb any lingering moisture or odors.

Ventilate

Ventilate, ventilate, ventilate. Proper ventilation is vital in ensuring that odors don't intensify. Make sure that you're opening windows and using fans generously so that any odors don't remain stagnant in one place and can naturally dissipate. If it's pollen season or if you live in an area that has a lot of smog, windows should remain closed. Other than that, outdoor air quality is typically better than indoor air quality. That's why letting in outdoor air will improve both the air in your home and circulation. Special attention should be paid to the ventilation of the kitchen and the bathroom where odors have a tendency to accumulate.

Keep flooring and surfaces clean

Start off by dusting the surfaces in your home from the top down. For harder surfaces like shelves and cabinets, a damp cloth or duster works better to actually remove the dust instead of just moving it around to a different place. For walls and painted surfaces, a dry sponge will be more effective.

Next, make sure that you vacuum your home thoroughly. Vacuum it again. And again and again. Keep vacuuming. Vacuum until you can vacuum no more. How do you deodorize carpet? You vacuum. This is because carpets are a magnet for pet hair, dander, mold, dirt, and dust, none of which smell particularly rosy.

For hardwood floors, regular sweeping and mopping should be enough to keep them odor-free. If you do notice any particularly strong odors, mopping with one part vinegar and one part water should do the job.

Clean your kitchen

Kitchens are a major source of all the smells. Smells like bacon, freshly-baked cookies, oooh and homemade pizza...sorry got a little carried away there. Unfortunately, your kitchen doesn't always smell this good. Cooking smoke, spoiled food, an iffy-smelling dishwasher, and the garbage disposal could all be contributing to kitchen odors. So, how do you keep kitchen odors at bay?

The first place you'll want to keep an eye on is the fridge. Often times, food can spoil without you even knowing it! Make sure that you're keeping tabs on expiration dates and throwing out food accordingly to avoid discovering last Thanksgiving's mashed potatoes in January. Your nose will thank you. If your fridge smells, but there's no rotten food in sight, keeping an open container of baking soda in your fridge will do wonders to absorb the odor.

Leaving the exhaust fan on while cooking is a good way to keep the space well-ventilated and as odor-free as possible. Grease from cooking will typically spread to the stovetop, counters, floors, cupboards, lights, and other surfaces nearby. A good wipe-down with a natural cleaning solution should be enough to reduce grease buildup and resulting odors. Vinegar, like baking soda, is one of those products that just about cleans anything.

If you notice a funky scent coming from your dishwasher, the culprit is probably the food that can get trapped in your dishwasher's filter, causing odors to occur over time. Cleaning out the filter regularly with hot water and soap is one way to prevent this from happening. Now for the odor? Place one cup of white vinegar on the top shelf of the dishwasher and run it once on the hottest setting. Then leave the dishwasher open to air dry and minimize the scent of vinegar afterward. Adding a drop of your favorite essential oil into the vinegar before sending it through the dishwasher can also keep your dishwasher smelling fresher.

Now, on to the garbage disposal. Garbage disposal odors can be the result of food scraps that didn't grind properly and are starting to rot or even a buildup of bacteria. Don't worry, this is typical and pretty simple to get rid of. Just cut up a few lemon or orange slices and put them through the disposal. This also works with a cup full of baking soda and a cup full of vinegar as well.

If you find that your trash can also doesn’t emit the most pleasant odor out there, baking soda will be your savior once again. Among other things, baking soda holds the title for best trash can deodorizer. Just sprinkle some in either the can itself, or the liner, and a fragrance improvement will be well on its way. Washing your trash can with water and vinegar is also an alternative method.

Keep your bathroom clean

Some hot spots to hit here are toilets, sinks, and showers. Where there's water residue, there's always a chance of mold. Keep your toilet clean by cleaning it at least once a week with toilet bowl cleaner. Pouring half a cup of bleach or vinegar into the toilet, then letting it sit for around 30 minutes before flushing is another way to keep your toilet odor-free. You can clean sinks and showers with bleach, or to keep things more natural, you can use a paste made from baking soda, lemon juice, and vinegar.

Around once a month, pour a mixture of half a cup of vinegar and half a cup of baking soda down all drains. This will help to both neutralize odors and reduce clogging.

So how do you keep your home odor-free? Basically clean. Shouldn't be too hard. That's what kids are for, right?

Oh, wait. One more thing.

Change your air filter

Have you ever smelled an air filter before? AMAZING, better than lavender. Just kidding, we've actually never smelled an air filter before. Hold on one second.

ok, after further research, air filters smell like... air? Do with that tidbit what you will.

Anywho, regular air filter replacements are a necessity in keeping your home smelling nice and pretty. Your air filter traps all kinds of particles like dust, mold spores, and dander that would otherwise contribute to an unpleasant odor in your home. To keep your filter working as efficiently as possible, you should replace it at least every three months. If you think it's time for a replacement, we happen to deliver some super cool filters straight to your door.

Well, there you have it, our guide to indoor odor busting. Now go grab that baking soda and a bottle of vinegar, no odor will stand a chance against you. Oh, and don't forget to sign up and get your first shipment free!

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Chambers Theory Endorses Second Nature’s Resident Benefits Package

Chambers Theory is a world-renowned property management team with clients in more than 30 countries worldwide. They specialize in serving the U.S. military, State Department, and Foreign Services families. Their motto “Real Estate With Intelligence” is more than just a saying. It’s on full display through the introductory videos for landlords and residents on their website in seven languages (Spanish, Portuguese, Italian, Vietnamese, French, Croatian, and English) - all spoken fluently by their own property management (PM) team. Since its founding in 2018, Chambers Theory has been achieving extraordinary performance benchmarks. They’ve led the marketplace in delivering the “Golden Triangle of Success” to their clients, which means the lowest vacancy, the highest average rents, and the highest quality of tenants of any property management firm in its same service area. They’ve also donated over $100,000 to local charities and community organizations, while also leading the way in promoting sustainability practices in real estate and property management services. Their outstanding team attributes their success to their ability to develop and utilize their emotional intelligence skills to capacity to care with all their interactions with both landlords and residents. That’s why they fully endorse the Resident Benefits Package at Second Nature! Find out more about what a Resident Benefits Package is, its benefits, and how it can help create a Triple Win for you, as well as your residents and investors. Related: The State of Resident Experience Report

Calendar icon July 18, 2024

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Investor Experience Platform™️ IXP™️

An Investor Experience Platform™️ (IXP) in property management is a suite of products, services, and benefits offered by property management companies to property investors. Just like a resident benefits package is a way to drive value for residents, investors, and property managers, the IBP™️ is an innovative approach to property management that focuses on driving value for an investor's assets and turning that value into profit for the property management company. In this article, we’ll dig into the different features that an Investor Experience Platform™️ can include, and how those benefit not just investors, but property managers and residents, too. What Is an Investor Experience Platform™️ (IXP)? As stated above, an Investor Experience Platform™️ (IXP™️) is a comprehensive suite of services that offer property investors higher quality property management, stability, and profit. An IBP™️ typically includes concierge-level services beyond basic property management – such as property insurance policies, eviction guarantees, rent guarantees, maintenance plans, asset performance reports, etc. These services are aimed at maximizing the investor’s assets, stability and convenience, profitability, and peace of mind in managing their properties. They're commonly managed through an investor experience platform to securely manage and monitor the performance of these assets online, which we'll discuss later. The first step to outlining an IBP™️ is to define what your basic management fee means and covers. If the answer is, it’s collecting rent, handling maintenance, and general communication – does that include maintenance coordination or is that a separate fee? Does it include asset reporting or is that an additional service? In your management agreement, define what the management fee is, what it covers, and how much it is. An IBP™️ can be an effective tool for articulating the new and differentiated things that an investor wouldn’t be able to do on their own and that you are offering beyond basic property management. Articulate your unique and differentiated services (IBP™️) and use that as a tool for positioning and charging for what it’s worth. What’s Included in An Investor Experience Platform™️? An Investor Experience Platform™️ should include a range of solutions to help deliver consistency, insight, and asset protection to a property owner’s portfolio. After all, professional property managers don’t have to be functional managers of a home – they can be strategic partners in the management of financial assets. You might hear services similar to the IBP™️ called an “owner benefit package,” but at Second Nature, we believe that the “investor” term is useful in encouraging a longer-term mindset, and emphasizes the economic value professional property management can bring. According to Eric Wetherington, VP of Strategic Initiatives at PURE Property Management: “As property managers, we need to think more like asset managers. This client made an investment, and we should be guiding that client through managing that investment, not just collecting rent.” To build and manage a winning IBP™️, property managers need an Investor Experience Platform that unlocks scalable product and service customization, digitized onboarding, accounting policy automation, and more. In addition, Investor Experience Platforms provide transparency and convenience for your investors. Here are some of the most valuable services that property managers can offer through an innovative Investor Experience Platform™️. Property insurance program Similar to offering a renters insurance program through an RBP in the lease agreement, property management companies can offer an insurance plan to investors to cut costs and ensure the safety of their assets. Most management agreements will include the requirement that the investor carries insurance on the property and that the property manager is additionally insured. But what if you as the property manager could help manage that for the investor – at scale? Property Insurance for investors should have dynamic pricing based on individual investors’s property portfolio and needs. The benefit beyond flexibility is the savings they’ll see on their premiums while also getting insurance that’s tailored to the needs of their specific property class. At Second Nature, we work primarily with single-family rental properties and small multi-family residences. Property Insurance Programs can bring scale that will drive economic value for the investor over what they could get retail on their own. They’d still have the option to go get their own insurance that meets requirements, but they can pay you a small fee to manage it for them. Rent guarantee An IBP™️ can include a number of financial guarantees to protect property investors and drive ancillary revenue for PMCs. A rent guarantee, or rent protection, ensures a consistent rental income to investors by protecting them against resident defaults or non-payment of rent. If a resident fails to pay rent, the property management company covers the unpaid amount and takes necessary steps for eviction or collection, providing financial security and minimizing the risk for property owners. Rent guarantees work for professional property management companies that have enough properties to balance the loss of rent if a resident doesn’t pay. The risk is low and the additional profit from fees for this guarantee can have a very high ROI, while driving satisfaction and stability for the investor. Plus, if you’re using services in an RBP to help incentivize on-time rent payments, you’ll rarely find yourself out in the cold. Eviction protection guarantee An eviction protection guarantee also goes beyond the normal scope of property management services and can be used as a secondary source of revenue. Eviction Protection is a service provided by property management companies to property investors that offers additional security and financial protection in the event of an eviction. Under this guarantee, the property management company assumes the costs associated with the eviction process, including legal fees and court expenses. It helps alleviate the financial burden on property investors and provides peace of mind by ensuring that they are safeguarded against potential losses resulting from resident evictions. The eviction guarantee helps protect property owners from the complexities and potential costs associated with evictions, ensuring a smooth and efficient resolution to tenant-related issues. Pet guarantees & other guarantees A pet guarantee is a service offered by property management companies to property investors that aims to address any potential issues related to allowing pets in rental properties. It typically involves implementing policies and procedures to ensure responsible pet ownership, such as thorough pet screening, pet agreements, and collecting additional pet deposits or fees. The pet guarantee may also include services like pet damage insurance or assistance with pet-related issues during the lease term. It provides property investors with a framework to accommodate residents with pets while minimizing risks and maintaining the condition of the property. For many residents, finding a pet-friendly apartment increases retention and profitability. They’re willing to stay longer and pay more for a pet-friendly place. And–get this–pet damage is less likely to happen than damage from kids! It’s not a huge risk to the asset, but can provide a big benefit in terms of satisfied, longer-term residents. Maintenance plan Home warranties are a four-letter word for property managers. They’re a massive headache to deal with, and yet there’s high demand for them among property investors. Because of that, most property managers charge a fee for home warranties, for each they have to file. Imagine if there was a world where home warranties weren’t needed. Here’s the thing: Professional property managers already have the vendor network and the know-how to coordinate maintenance jobs. What they don’t usually have is a product that’s priced to give the investor the experience they want. Let’s say right now an investor is paying $50 a month for a cheap home warranty. The warranty only covers 40% of issues and it creates all these extra people and friction in the middle. For anything moderately significant that goes wrong with a property, PMCs generally must contact the investor for permission to get work done. It’s all a massive hassle and loses time in maintenance requests that leave residents frustrated. What if there was a product that costs, say, $150 to $200 a month but it actually covered everything? Instead of having sudden expenses and emergencies, this maintenance plan smooths out the experience and makes it more predictable for the investor. For PMs, it means taking the initiative on fixes without waiting for approval. Imagine a world where you didn’t have to get owner approvals for 95% of maintenance issues – because they’re already budgeted for and already paid for. For residents, it means better maintenance, and faster. Another Triple Win! Asset performance reports Another piece focuses on property managers as asset managers. Think about any investment app, like Robinhood, Acorns, etc. You can log in to these apps any time, 24/7, and see how your stock and investments are performing. In most investment classes, you can see in real time how your assets are performing. Why shouldn’t property investors have that as well? An IBP™️ can include exactly that: a dashboard or online portal that shows investors regular reports on how their property is doing. They could get updates on the value of their home over time, the home price appreciation, rent price over time, and project rent growth, typically maintenance costs and how they’re doing against that, and more. Resident Benefits Package Another piece to include in your IBP™️ is to highlight the benefits of your resident benefits package to your investors. Explain how features like a filter delivery program protect their assets and reduce HVAC repair costs. Show how a renters insurance program can ensure coverage and protection. Give numbers on how credit reporting incentivizes on-time rental payments and helps ensure financially stable renters. Explain how a movie-in concierge saves both time, headache, and money. Each of the pillars of an RBP is critical to encouraging better resident behavior, increasing renter retention and lease renewal rates, reducing vacancies, and more – all primary goals for a property investor. A note about Rent Advance Programs There’s been due buzz about “Rent Advance” offerings, though many advise caution when approaching this financial product. It works in some ways like cash advance programs, which can satisfy urgent needs, but not be more valuable for anyone long term. The way it works is PMs offer to send a year of rent upfront to the investor in a big chunk, and collect monthly from the resident. The investor typically pays a 5-10% premium on the advance, which can be their entire expected return. So the question becomes, where do they put that cash to get a better return instead? Another thing to think about is who would actually use this product. Investors who don’t have enough cash on hand? How does that benefit anyone in the long run? What happens when there’s a big maintenance bill later? Does this encourage better decisions and practices by the investor? To date, there’s been pretty low adoption of this program, which is another sign it may not be hugely beneficial to everyone involved. But plenty of innovations start that way, evolve, and find traction. One case where it might be a value generator is if an investor is looking to take a cash advance and put it toward a down payment for another house. That would benefit the property manager as well, promising more business, and the PM could offer a lower rate for getting more properties to make the financing more attractive than hard money loans or other alternatives. The jury is still out here, it’s an interesting one to track. How Can Investors and Property Managers Benefit From an Investor Experience Platform™️? Investors and property managers can benefit from an Investor Experience Platform™️ in several ways. They’re also great for residents in the sense they build more stability and quality into the renting process. Here are just some of the benefits of an IBP™️. Enhanced investor attraction An Investor Experience Platform™️ provides incentives and advantages that can attract more investors. Financial guarantees and protections against the risks associated with evictions or late payments can increase stability, while services like a maintenance plan can ensure premium care of their property assets without increasing their workload. By offering attractive perks, property managers can differentiate their offerings and generate greater investor interest. Increased investor retention Both IBP™️s and RBPs help build loyalty with residents and investors. By fostering a strong relationship and demonstrating ongoing value, property managers can build trust and loyalty among investors, and retain them over the long term. IBP™️s help establish the stability, transparency, and asset growth for a real estate investment that an investor hopes to achieve. Improved property performance An Investor Experience Platform™️ can also contribute to improved property performance. For example, by offering discounted property management fees or access to professional services at reduced rates, property managers can help investors optimize their returns and reduce costs. Additionally, incentives such as rent guarantees or eviction protection can mitigate risk for investors and attract more capital to the property. Streamlined communication and transparency A well-designed Investor Experience Platform™️ facilitates effective communication and promotes transparency between property managers and investors. This can involve regular reporting on financial performance, property updates, and the sharing of relevant market insights. Transparent and consistent communication builds trust and confidence among investors, fostering a positive and long-lasting relationship. Competitive advantage A comprehensive Investor Experience Platform™️ can give property managers a competitive edge in the market. When investors have access to exclusive benefits and advantages, they are more likely to choose a property managed by a company that offers a compelling package – and to recommend it to others. Say hello to increased investment inflow and a stronger market position for your PMC. Should You Make an Investor Experience Platform™️ Mandatory? The first thing most property managers ask us when we’re talking about an RBP or an IBP™️ is: Should I make this mandatory for all investors or do I make it a flexible opt-in/opt-out program? Unlike RBPs, where best practices are more proven and established, different PMs are taking different approaches with their IBP™️s. Some have a mandatory level of service set at a flat price. Others may say they’re fine offering a base level of service without these differentiated products, giving investors the choice to simply pay a baseline management fee and opt out of the IBP™️ premium service. Some may offer a baseline to all investors and then give them the chance to opt in for premium IBP™️ services. There are a lot of ways to do it. With the RBP, we’ve found that making it mandatory does not generate nearly as much pushback as people expect – and can be a strong value add overall. Final Thoughts About an Investor Experience Platform™️ The Investor Experience Platform™️ is an innovative way to generate ancillary income and create more value for investors and residents. Similar to Second Nature’s premier Resident Benefits Package, the IBP™️ can deliver high-quality service for investor experience – and help create a triple win for investors, residents, and property management companies. The IBP™️ reinforces the value of a professional property management company for investors and helps differentiate you from the crowd. Stay tuned to learn more about the latest in the IBP™️ space, or learn more about how a resident benefits package can launch a whole new level of value for your PMC.

Calendar icon July 17, 2024

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