Calendar icon July 11, 2023

Mastering Lease Management for Your Property Management Company

In the dynamic world of residential property management, mastering the art of lease management is more than just a strategic business move; it's the cornerstone of cultivating strong, trusting relationships between investors, property managers, and residents. After all, at the heart of every lease agreement is something profoundly personal: a person's home.

Lease management extends far beyond the realm of contracts, finances, and legal compliance. Yes, these elements are undeniably crucial, but effective lease management is also about understanding and respecting the unique needs, expectations, and concerns of the people we serve. It's about combining professional acumen with empathy, maintaining a human touch in an industry that can often seem dominated by numbers and legal jargon.

In this article, we have three experts who know what that’s all about. With them, we'll explore the lease management process, focusing not only on the technical aspects but also on the human elements that can make all the difference. We'll delve into why a compassionate approach to lease management can lead to better resident relationships, improved resident retention, and, ultimately, a more successful and rewarding property management experience. 

Related: Free Property Management Agreement Template

So, whether you're a seasoned property manager or just starting your journey, there's something here for you. Let's get started.

(Or, if you prefer listening over reading, you can hear our full discussion on the Triple Win Podcast!)

Meet the Experts

Melissa Gillispie 

JWB Property Management 

  • Director of Leasing & Property Management 
  • Located in Florida - 5,600+ Doors Under Management

David Galant 

Pathway Properties, LLC

  • Owner / Principal Real Estate Broker (Licensed Broker in Utah & California)
    Licensed Continuing Education Instructor Utah Division of Real Estate
  • Most recently, with Atlas Real Estate as a Regional Director
  • Located in Utah - 50 Doors Under Management - started up 3.5 months ago

Kristin Leet

One Focus Property Management

  • Leasing Agent - Boots on the Ground 
  • North Central Pennsylvania - 600 Doors Under Management
  RBP Demo Video  

Understanding Lease Management: What It Is

Lease management is the process of overseeing and controlling all aspects of lease agreements between a landlord and tenant – or, in the language that we prefer to use here at Second Nature – the investor and resident. 

It includes tasks such as drafting lease agreements, screening potential tenants, handling rent collection, managing lease renewals, and maintaining clear communication lines between all parties involved. 

Effective lease management ensures a seamless experience for both residents and property owners, aiding in resident retention and maximizing rental income for your investors.

Understanding Lease Management: Why it Matters

Our panel has tons of advice on tactics, KPIs, and processes for effective lease management. But first, they say, it’s important to establish why it matters to get it right. 

“When you think about housing, it’s a basic human need,” Melissa says. “That’s the human element. Obviously, we lean in on [property management] automation and technology to support us, but I think that as things have changed in our industry – and this generation of renters has changed – so must our processes evolve in order to meet the needs of the people that we serve and to impact our local communities.”

David adds: “One of the basic human needs is shelter. Another way to look at it is some of the most stressful events in your life are death, divorce, and moving. So we’re dealing with high-stress situations. To be fair to the owners, to the prospective residents, and to your team, the lease management process needs to be efficient, organized, and systematized.”

According to Kristin, that’s part of achieving a Triple Win: “A guiding principle is helping qualified tenants find a place that is safe, affordable, and something that they can be proud of. I’m also making sure that I’m doing my due diligence to our clients so they’re getting the best return. We want to give everyone involved an experience that's worthwhile and makes them want to continue to do business with us.”

Steps in the Lease Management Process

So, with a lease agreement established and prepared, let’s get to the meat of the conversation: each step of the lease management process. We’ll talk through the process and share insights from our panel on each

1. Preparing the Property

Before listing a rental property, ensure it's in excellent condition to attract potential residents. This may include repairs, painting, professional cleaning, or upgrading certain features.

“We have what's called our JWB Livability standards,” Melissa says. “Does this home meet our company standards? If it doesn't, then we need to make sure we're addressing those things. The more that you invest on the front end in making sure that a property is showing in an amazing way you're going to get that back with a resident who is proud of the place, going to take care of it and lead to a hopefully long-term resident.”

2. Marketing the Property

Effectively advertise your property on appropriate platforms to reach your target audience. Quality photos, detailed descriptions, and highlighting of key features can help attract potential tenants.

Kristin describes how important the details are here: “Are your pictures fantastic? Are there clear pictures of each room? I get comments all the time from people who say they love that you can get a feel of the property from our ads, just from the pictures or video. Video is such a powerful tool.”

3. Property Tours

Hosting property tours is an integral part of the lease management process. It's an opportunity for potential residents to view the property firsthand and for you to showcase the property's best features. 

This is where your best sales skills come in. Kristin talks about how this is the chance to be the face of your brand. “I'm the one they see in the beginning, I'm the face that welcomes you in, makes you love the place. It’s so important to be positive and create this sense of home and comfort because the rest of it can be more stressful.”

Melissa emphasizes that the property tour is the time to “warm it up. Our leasing agents are the ones who can draw people in and get people to open up and tell them what they're really looking for.”

4. Tenant Screening and Selection 

Next, you’ll conduct thorough background checks, credit checks, and rental history reviews on potential residents. This helps ensure you select reliable residents who will care for the property and meet their financial obligations.

This is an intense part of the process for the potential residents. Kristin explains: “It’s meaty. We're going to ask for every single piece of information, and then we're going to let them know if they’re approved. As aggressive as that can sound, it's up to me to basically say, ‘Listen, we know it's a lot, but it's a lot because it's worth it.’”

5. Lease Signing

Once a tenant is selected, you’ll conduct a lease signing meeting. Review the lease terms, answer any questions, and have all parties sign the lease agreement. It’s important to be transparent about the terms of the lease beforehand and ensure that residents feel comfortable and understand what they’re signing.

Kristin again: “We have a very transparent website. Our leases are on there, so people can actually read the lease before they even come to us.”

6. Lease Renewals

Monitor lease end dates and communicate with residents in advance about renewal options. Offering incentives or showing appreciation can encourage lease renewals and increase resident retention.

Melissa explains that their company aims for long-term leases for a triple win: “A long-term lease is that security for the client, and it also locks in rental rates for the resident. It comes back to that triple win concept: the resident wins because they're not subject to significant rent increases based on the market every single year. It's great for the client because they have a little more assurance of long-term occupancy. And then we win because we hit our goals! And we all love to hit our goals.”

Leveraging Technology for Lease Management

Of course, one of the best tools at a property manager’s disposal for lease management is technology. Property management software and other digital solutions can streamline, automate, and simplify nearly every aspect of the lease management process. 

Especially since the 2020 pandemic, technology and automation have taken over in the industry.

“That change [to digital] was inevitable,” David says, “but Covid really accelerated it. People were starting to dip their toes in the water with video tours and better pictures, and better online presence. And then Covid just forced that change.”

Our panel shared some of their insights on the best places to leverage that tech to make your process the best it can be.

Self-showings

“​​Almost every company I've ever spoken with at this point does some level of self-showing,” Melissa said.

“We use Tenant Turner and CodeBox,” David said. “And then leases are put in and automated through Buildium, which we use as our software suite.”

Property management software

We’ve written a lot about the best single property management software, property management accounting software, and property management automation, so we won’t get in-depth about it here. 

The market has dozens of excellent solutions, and property managers are fantastic at sharing their knowledge. The software helps support client management, maintenance workflows, payment processes, resident relationships, and more. 

Happier residents

Virtual assistants

Virtual assistants have grown as a major solution in the property management space. Especially in single-family rentals, jobs can be spread out across large geographic regions, and virtual assistants make it possible to serve those regions equally. Plus, they help PMCs maintain objectivity when it comes to the leasing process.

Kristin explains the value of a virtual assistant: “So we have one dedicated person here at the company that does our applications, and the reason why we do that is that it eliminates any kind of discrimination. She is a virtual assistant, she does not meet with people in person. It eliminates her having a personal opinion while she's scoring the application. She has contact with them via email and things like that.”

Digital solutions and video

Digital marketing and video tours or social media posts are one of the leading ways to capture attention and serve potential residents.

“I get in front of a camera with a tripod,” Kristin says. “I introduce myself and talk about the company that I'm from. I tell them what the address is, I give them a whole walkthrough tour, and I do an outro. When it’s over, they know what our website is, they know how to apply, they know how to book a tour.” 

“That personal touch right there helps get people in the door. It's not catfishing someone into believing that a property is any more than what it actually is because they're going to see it. It’s really presenting a property for what it is in the best way possible.”

Best Practices for Effective Lease Management

Melissa, David, and Kristin shared some of their top tips for building a better lease management process. 

Deliver digital content and contactless engagement

The modern renter is looking for faster, more convenient, and, of course, contactless. 

“Renters more and more want contactless, like you get when you DoorDash something or order on Amazon and all of that – that’s the new norm,” David says. “The consumer is expecting a thorough, interactive, high-quality experience with digital solutions and online content.”

Be flexible and responsive

“Remote work has increased migration to different markets in different states,” David says. “Time zones have become blurred. Customers want responsiveness outside of normal Monday through Friday 8 a.m. to 5 p.m. business hours for inquiries on vacant properties.”

He adds, “I think the pace of the leasing process has increased in terms of the speed. We're dealing with a more informed consumer. They want more information upfront, they want it quickly, and they want to make a quicker decision. There's a feeling that the pace is faster.”

“I think that's the new norm, and I don't think that's necessarily a bad thing. It causes people to up their game and be better. And I think it benefits the property management ecosystem.”

Stick to your criteria

There are laws guiding leasing standards, and it’s critical that your criteria are fair and apply consistently. 

“Our criteria are firm,” Kristin says. “Every single applicant goes through the same criteria and same processes, and we don't deviate from that. We don't take your personal situation into account or make exceptions for people.”

“Sure, you can customize and meet people where they're at,” Melissa says. “But there has to be some level of: what is the standard you are setting? Because ultimately, you want to treat people the same. And I think with leasing specifically, we are obligated to.”

Clearly define workflows and process

All three of our panelists describe clearly defined processes and roles within their company for the leasing process. 

Leasing agents provide that first touch and personalization; then you may have a virtual assistant or leasing assistant who helps follow up and get applications in; then it may go to a supervisor who approves the application, all the way back to the leasing agent who sends the lease out. 

“We use a process for every single thing that we do,” Kristin says. “If we follow it correctly from start to finish, there's not a point where anyone can say: ‘You didn't approve me because of this.’”

Follow up on feedback

David explains that asking for feedback is key to their leasing process. “We reach out to prospective residents that toured but haven't moved forward, and we ask them, ‘What did you see? Do you have any feedback on the property? We're very direct because it will help us market the property better.”

“One thing we do in our department meeting with our leasing team every week is to have a structure for them to talk through any feedback they received from showings the previous week,” Melissa says. “Then we take immediate action on that feedback when needed. I think you get to make changes and actually improve when you ask for feedback.”

Pay attention to pricing

“You need to understand where your price is at,” David says. “Is it reflective of the market? Before we engage with an owner prior to a vacancy, we actually put together a spreadsheet that's almost like a rental analysis appraisal. And we'll have subject properties, we'll have adjustments, and we’ll make a recommendation.”

If a property isn’t selling, evaluating price fit is a key step. 

“We have what's called a 10-day rule,” Kristin says. “If it's on the market for 10 days and we haven't gotten an application, we drop the rent. It's an expectation that we set with the owners when we put the property on the market: Is it better to take less rent, or is it better to just leave your property vacant? And nine times out of 10, they want to get the rent.”

“One thing that's cool is we have rent escalations built into our lease agreements,” Melissa says. “And so even if we have to make a rent reduction while it's on the market in order to really drive in more leads and get it to move, we're then building in an escalation so that hopefully, by the end of that lease term, we sign long-term leases.”

Focus on customer service

“Since Covid, there seems to be a more consistent customer service experience across the industry,” David says. “Everyone's voice is amplified, especially the consumer. Their vote counts, thanks to things like Yelp, Google reviews, etc. They can really hurt or help your company's brand.”

Balance tech with a human touch

“There's one specific part of the leasing management process I think takes the most time,” David says, “and that's between the property tour and getting the application complete. Everything else is pretty automated. But getting that person over the hump to make a decision requires a human touch and follow-up. That's a big commitment. It takes the most amount of time, and you’ve got to be present.”

“Ultimately, everybody needs to feel safe and secure with where they are,” Kristin says. “If we can get them on board with starting to get comfortable with technology right from the beginning, it helps eliminate hurdles that they have getting through the process and getting them into the place that they want to call home. But it takes that human touch.”

Perfect your KPIs

The last step, but what Melissa says could be the most important step: Analyzing the data with KPIs. 

“We lean heavily on data in our office,” Melissa says, “and I think it's really important as a professional property manager that we all have something that tracks and measures how we're doing compared to the industry, our peers, and benchmarking even against ourselves year over year.”

Melissa says they use data to track conversion at every stage: from lead to showing schedule, showing scheduled to showing completed, showing completed to application submitted, and application submitted to application approved. 

“This is a benchmark against ourselves to help understand if there's any cyclicality to leasing, which I think there is. We track those metrics to say, What's in our pipeline at any point, and then how are we converting from each to the next?”

David adds that in addition to seeing annual seasonality, it helps to see daily trends. “It’s not only the time of year, but are they looking more on the weekend or in the evening, or on a Wednesday?”

A few other favorite KPIs from our panel:

  • “Market to Move-in” - the time from when a home hits the market to the time someone moves in
  • Time from viewing to application submittal
  • Time from application submittal to turnover
  • Clicks and engagement with ads
  • Application count
  • Average lease term

Final Thoughts: Focusing on the Triple Win

In the end, the most successful leasing process will focus on driving maximum comfort and value for your client, your residents, and your team. 

“We’re basing our leasing process on the Triple Win philosophy,” David says. “You're matching a resident with their home, you're helping them out, they're getting sheltered, they're happy, they're comfortable. If you do it right, you’re minimizing their stress.

“You're also stabilizing the property or the asset and securing income for the owner. 

“And finally, it’s a win for your team and your company because you have a satisfied resident, a satisfied owner, and you're building goodwill for your business from these positive interactions.”

Learn more about our study on what’s making residents happy in 2023.

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Benefits of Outsourcing Property Management Services

Property management services have changed by leaps and bounds over the past 5-10 years. And property management outsourcing services have grown along with it. While the traditional approach to property management simply provided the basics – maintenance, rent collection, etc. – entrepreneurial PMs saw a massive gap in that value proposition and have transformed the real estate industry. Now, property management services are increasingly seen as a way to generate value for residents, real estate investors, and property management companies. PMCs are delivering resident benefits like credit reporting, renter’s insurance programs, pet guarantees, and more. And each of these services acts as a value add for everyone involved. But that can also add extra burden and cost to your property management business when your team is already spread thin. One of the best ways to offer value without overextending your team is to outsource some of those PM services to PropTech products, contractors, or a fully managed solution. Today we’re going to talk about this option in more detail. Whether you’re just getting started in property management or a seasoned pro, we hope you’ll find something here to help. Key Learning Objectives: What is outsourced property management? What services add the most value to the resident experience? What property management services are most easily outsourced? What are the costs associated with outsourcing PM services? What are the benefits of outsourcing PM services? What is Outsourced Property Management? Outsourced property management refers to the practice of paying for a third-party company or product to handle certain tasks or operations for your property management company. This could include tasks such as tenant screening, resident benefits, renters insurance programs, rent collection, maintenance and repair coordination, lease enforcement, financial reporting, and more. Property management is, in itself, an outsourced service for real estate investors/property owners. Just as property owners often choose to outsource their property management to save time, reduce stress, and ensure they stay profitable – property management companies may outsource several of their services for the same reasons. Property management outsourcing services, whether PropTech products or fully managed solutions, allow property management companies to build efficiencies and focus on quality and growth. Outsourcing certain services can give residents more of what they need and investors more value for their dollar. What Services Can Property Management Companies Outsource? Advances in technology and innovation within the property management industry have given PMCs greater flexibility in terms of outsourcing key services. As a property manager, you may outsource for a range of reasons. Maybe you’re still building up your team and need cost-effective expertise in a certain area. Maybe you have core products you want to focus on and want certain services to take less of your time. Maybe your investors or residents are asking for out-of-scope services that you can offer for an additional fee. Overall, outsourced property management services can help PMCs save time, reduce stress, and maximize the profitability of their company. So, what are some of the most commonly outsourced property management services? They can be grouped into a few categories: A single-family property management software and integrations that enable all kinds of business operations. Maintenance and repair. Many PMs outsource things like plumbing, HVAC, and other contractor work. Resident benefits and ancillary services. Property managers often outsource value-driving products like an RBP and other services that investors want, and residents will pay for. Let’s dig into the services that might be included within each of those larger categories. Rent collection Third-party payment processing companies can handle the actual collection and processing of rent payments for the PMC. The property management company will provide the payment processing company with the necessary information and details about the residents and the property, including lease terms, payment due dates, and amounts owed. The process may involve various payment methods, such as online payments, credit card payments, ACH transfers, or other payment options. Some popular outsourcing solutions that help collect rent include Buildium, Propertyware, and AppFolio. Second Nature provides a fully managed service that helps ensure your residents pay rent on time. Repair and maintenance Many PMCs outsource repairs and property maintenance. We’ve spoken with experts like Bob Preston, who run their own maintenance companies separately as another source of income and an added value to their clients. When a property management company outsources repair and maintenance, it typically involves hiring third-party contractors or service providers to handle the actual repair, upkeep, and maintenance tasks required for the property. Outsourcing repair and maintenance can offer several benefits for property management companies. You can access a broader range of specialized skills and high-quality expertise, which may not be available in-house, and save time and resources by avoiding the need to recruit and manage in-house staff to handle repair and maintenance tasks. Marketing and advertising Marketing isn’t everyone’s strong suit, and that’s okay! When a property management company outsources marketing and advertising, it typically involves hiring a third-party marketing or advertising agency to handle the promotion and advertising of the rental properties. The agency will work closely with the PMC to develop a comprehensive marketing strategy that aligns with the property's unique selling points and target audience. The marketing agency may use a variety of advertising channels and mediums to promote the property, including social media marketing, search engine marketing, online advertising, email marketing, print advertising, and other marketing channels. They may also create engaging content and visuals, such as videos, images, and virtual tours, to showcase the property's features and amenities. Legal Most PMCs outsource their legal services to a third-party law firm or attorney to provide legal advice and representation on various matters related to the property or properties. Legal services that may be outsourced can include lease agreements, evictions, compliance with local and federal laws and regulations, dispute resolution, and other legal matters that may arise in the course of managing the property. Outsourcing legal services helps minimize legal risks and liabilities, ensure compliance with applicable laws and regulations, and protect the property investor’s interests. Accounts and finance Many PMCs outsource to an accounting firm or financial service provider to handle the financial management and reporting. The outsourced firm will work with you to manage financial records, provide financial reporting, and ensure compliance with accounting standards and regulations. Accounting and financial services that may be outsourced can include bookkeeping, financial statement preparation, tax planning and compliance, budgeting and forecasting, and other financial reporting and analysis. Overall, outsourcing accounts and finance can help property management companies to operate more effectively and efficiently and achieve their financial objectives while minimizing financial risks. Insurance PMCs often work with a third-party insurance broker or agent to provide insurance coverage and manage insurance-related issues for the property or properties. The insurance coverage that may be outsourced can include property insurance, liability insurance, workers' compensation insurance, and other types of insurance coverage that may be necessary or recommended for the property. Another way to outsource insurance is to find a service that provides a renters insurance program like Second Nature’s. Ensuring that residents have insurance coverage is a priority for 90% of property managers, but only 41% of residents maintain compliant coverage. At Second Nature, our renters insurance program has 100% compliance. You can learn more about our coverage and fully managed Resident Benefits Package in our 2023 Resident Experience Report. Safety and security Many PMCs outsource to a security company to provide safety and security services. The security company will work closely with the property management company to assess safety and security needs, design and implement safety and security protocols, and provide safety and security personnel and equipment as needed. Security services that may be outsourced can include security personnel, security systems and equipment, safety training and education, emergency response planning and execution, and other safety and security-related services. Costs of Outsourcing Property Management Services? The cost for a PMC to outsource some property management services can vary depending on a number of factors, such as the scope of services required, the complexity of the work, the location of the service provider, and the level of expertise required. Some service providers may charge a flat fee, while others may charge an hourly rate or a percentage of the property's rental income. The cost of outsourcing property management services can range from as low as $1 per property per month to as much as hundreds of thousands of dollars annually, depending on whether it’s a full-service tech solution, simple maintenance services, a Resident Benefits Package, etc. It's important to note that while outsourcing property management services can come with a cost, it can also provide benefits such as increased efficiency, reduced workload, and access to specialized expertise. Before outsourcing any services, it's important to carefully consider the potential costs and benefits and to choose a service provider that offers high-quality services at a reasonable price. Benefits of Outsourced Property Management Services Outsourcing property management services can have a massive impact on your return on investment per door and per client. Outsourcing also helps with scaling when you can’t afford to run every service in-house. With the ability to outsource, you can offer more value to your clients without skyrocketing your operating costs. You can also drive secondary sources of revenue through outsourcing. Not convinced? Let’s go over some of the real-life benefits we’ve seen PMCs leverage with outsourcing select services. Cost savings Outsourcing property management services can save property management companies significant costs associated with hiring and managing in-house staff, as well as investing in technology and infrastructure. Outsourcing can also help to minimize overhead costs, such as office space, equipment, and supplies. Let’s think even bigger. Outsourcing value-generating services like a Resident Benefits Package has multiple benefits: boosting resident satisfaction, incentivizing on-time payments, and reducing vacancy rates. Talk about a cost-saving win! Increased efficiency We’ve seen PMCs use outsourcing to streamline their operations, reduce administrative property management tasks, and increase productivity. This can free up time and resources for property management companies to focus on core business functions and strategic planning. Instead of using your own team for time-consuming tasks, you can outsource them. Access to expertise Outsourcing property management services allows PMCs to access specialized expertise and skills that may not be available in-house. This can include legal, accounting, marketing, and maintenance expertise, among others. Outsourcing can also provide access to the latest technology and software, which can improve efficiency and effectiveness. Better risk management Property management inherently involves risk. You’re managing people’s lives on the one hand (residents) and investments on the other (owners/investors). Outsourcing can help better manage risks associated with property management, such as legal liabilities, compliance issues, and safety and security concerns. This can help protect your company from financial and reputational damage. Improved resident satisfaction You can more seamlessly and reliably improve resident satisfaction by providing better maintenance and repair services, more efficient rent collection, and faster response times to tenant concerns and requests. This can help to increase tenant retention and attract new tenants. Higher employee satisfaction Outsourcing services to a third party is a direct way to impact your employees’ satisfaction. How? Outsourcing helps reduce workload, gives access to better training and development, improves working conditions, and provides a better work-life balance. Often, outsourcing means that your employees get to focus on the core functions that they love instead of getting bogged down in tasks they don’t love or don’t feel equipped for. Factors to Consider When Outsourcing Property Management Back Office Services Selecting the right property management outsourcing services provider is a crucial decision that can significantly impact the efficiency, profitability, and overall success of your property management operations. Here are key factors to consider: 1. Range of services Evaluate the range of services provided by the outsourcing company. Check to make sure they offer the specific services you need, such as rent collection, maintenance, legal support, marketing, financial management, and resident benefits. A comprehensive provider can handle multiple aspects of property management, which can streamline your operations. 2. Industry experience Look for a provider with extensive experience in property management and a proven track record of success. They should have expertise in the specific types of properties you manage, whether residential, commercial, or mixed-use. Experienced providers are more likely to understand industry-specific challenges and deliver effective solutions for various situations. 3. Reputation Research the provider’s reputation within the industry. Check online reviews, testimonials, and case studies to gauge client satisfaction. A provider with positive feedback and strong references is more likely to deliver high-quality services. 4. Cost Evaluate the cost structure of the provider’s services. Compare their fees with the value they offer, as well as review how they bundle these services. While cost is an important factor, it’s essential to consider the overall value and benefits the provider brings to your property management operations. The goal is to achieve a balance between cost-effectiveness and high-quality service. 5. Customer service Effective communication is vital to successful outsourcing. Assess the provider’s responsiveness, transparency, and customer service quality. They should offer multiple channels for communication, ideally with a main point of contact, and provide timely updates on important matters. 6. Technology and innovation Assess the technology and software solutions the provider uses. Advanced property management software can enhance efficiency, improve communication, and provide valuable insights. Ensure the provider leverages the latest technology to offer seamless and efficient services. 7. Compliance and legal expertise Ensure the provider is well-versed in local, state, and federal regulations related to property management. They should be able to navigate legal complexities and ensure compliance with all relevant laws. This reduces the risk of legal issues and ensures smooth operations. How Thousands of PMCs Are Outsourcing Services for Better Resident Experiences Property management companies are always looking for new ways to generate value for themselves, their residents, and their investors. One of the quickest ways to scale and increase return on investment is to outsource property management services. At Second Nature, we’ve pioneered the first-ever fully managed Resident Benefits Package in order to support PMCs with just that goal. Our RBP provides services that residents are proven to pay and stay for – and our team manages every part of the process so property managers can focus on strategy, growth, or work-life balance. We’ve helped thousands of property managers transform their services and their operations with a customized RBP providing services they couldn’t do alone. Our goal is to make property management easier for PMs, residents, and investors – and drive value that benefits all three. We call it the Triple Win.

Calendar icon October 2, 2024

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9 Best Property Management Podcasts to Follow in 2024

As incredibly busy single-family and multifamily property managers, staying informed on the latest industry trends and resources on top of your ever-increasing list of to-dos can feel near impossible. But thankfully, there is now a wealth of excellent industry podcasts to do the hard work of staying up to date. All you have to do is tune in. Property management industry podcasts make it extra easy for you to gain insight, advice, and practical tips while commuting, cooking dinner, or working out. By listening to industry thought leaders and experts, you'll learn new ideas and perspectives on improving your strategies and ultimately growing your business. We've combed through all of the property management podcasts to find you the eight best ones. And we've made sure they meet the following criteria: The podcast's relevancy to your role as a single-family property manager – With so much information tailored to multi-use property managers, it can be hard to find industry insight into your particular challenges and industry issues. The caliber of the hosts and their guests – we looked for those run by reputable sources endorsed by trusted associations, organizations, and professionals in the property management business. Content quality and diversity of topics – We wanted to see that the podcast covered a wide spread of topics—from real estate investing to leasing challenges to tips like building your cash flow—and provided a well-rounded perspective on the industry. Actionable insights – We looked for podcasts that provided practical tips, strategies, and advice you can readily implement in your day-to-day work as a property manager. Length and accessibility – We all know how tiring it can be for a podcast to drone on and on. We looked for ones that were under an hour and were accessible, engaging, and even entertaining. 1. Triple Win Podcast The Triple Win Podcast is hyper-focused on the needs and challenges of single-family property managers. With each topic it addresses, The Triple Win Podcast looks at how property managers can create and monetize value for their company while also building strong working relationships. Its core focus is finding solutions that are a win-win-win for everyone involved—residents, real estate investors, and property managers alike. The Second Nature team hosts the podcast and invites experts across the industry to discuss topics such as using Practical AI for property management, turning customers into superfans, and tips for revenue building, annual goal planning, and more. The Triple Win Podcast is released twice a month and can be listened to here, and for more insights, subscribe to one of these property management newsletters. 2. Owner Occupied with Peter Lohmann Owner Occupied is an interview-style podcast. Each week, Peter Lohmann invites experts from across the industry to discuss the business side of property management. Lohmann covers super granular topics (like competing with the 3% management fee) and ones that look at the big picture (like how to know which opportunities to pursue and which to let go). Lohmann interviews experts such as Michael Girdley of the Complete HoldCo Course, Todd Ortscheid of Always There Repair, and Brandon Scholton of Key Renter Denver. The best part of this podcast is that Lohmann lists the time stamps in the description. So, if you don't have time to listen to the full interview, you can easily skip to the parts that most interest you. Find Owner Occupied on Spotify here and tune in weekly for valuable information and insightful interviews. 3. Property Management Business with Marc Cunningham Marc Cunningham of PM Build works tirelessly to help property managers build their people, profit, and processes. And he shares a wealth of industry tips in his podcast Property Management Business. Each episode is less than 30 minutes, making it incredibly accessible and easy to fit into your day. Marc brings an optimistic and grounded perspective to the industry, inspiring property managers to build strong working relationships with property owners, tenants, and realtors. He also encourages property managers to simplify maintenance and discover the industry's exciting future. Tune in for new episodes each month and be inspired to grow your business here. 4. The Profitable Property Management Podcast Do you love to hear success stories of non-stop go-getters? Well then, The Profitable Property Management Podcast is for you. The host, Jordan Muela, has worked in the industry for over ten years, started three businesses, hiked the Grand Canyon to raise money, launched two podcasts, and released the industry's first financial benchmarking study. And he brings all of that energy and expertise to his interview-style podcast. "This podcast is dedicated to the property manager entrepreneurs that refuse to settle in life and business," says Muela. And it's clear he's walked the talk. Tune in to his weekly podcasts on Apple, Spotify, or wherever you like to listen. He'll inspire you to find meaning at work, boost your profit margins, and stay resilient as you navigate the daily challenges of property management. 5. 300 to 3,000 300 to 3,000 is hosted by Matthew Whitaker and Spencer Sutton of Evernest. The episodes vary from 30 minutes to over an hour and a half, but because they are chock-full of tips for adding new properties to your portfolio, we decided to include it in our round-up. Evernest is a national property management company that grew out of necessity. When the 2008 economic crisis happened, Matthew Whitaker owned 30 investment properties he was desperate to sell but couldn't. Using all of their creativity and gumption, Matthew and Spencer launched their property management company. They have grown from the rockiest start to a thriving property management business that oversees 15,000+ properties across the U.S. Every week, Matthew and Spencer provide industry insight from an incredibly thoughtful perspective. They cover interpersonal dynamics (Episode 82: Trying to Build a Great Team? How Trust and Conflict are Essential), the emotional strain of property management (Episode 61: How to Find Clarity in the Middle of Painful Problems), and practical business tips (Episode 55: How to Grow Your Maintenance Department). Tune in here. 6. NARPM Radio The industry's most trusted association is the National Association of Residential Property Managers (NARPM). NARPM hosts conferences and trade shows, provides courses and webinars, advocates for policies that affect property managers, and offers ample networking opportunities for PMs. It's no surprise that their podcast is also an excellent resource. Twice a month, host Pete Neubig interviews different industry experts and provides invaluable insight into the various aspects of property management. Learn how to identify your business's core values, stay focused while growing your business, navigate property management taxes, and more. Connect with the organization on social media and catch the latest episodes here. 7. The Property Management Mastermind Show Like The Triple Win Podcast, The Property Management Mastermind Show focuses on single-family property management and is thus a valuable resource for those in that specific sector. Host Brad Larsen owns RentWerx, one of the fastest-growing property management companies in Texas. Brad brings his own hands-on experience to each episode and provides listeners with insight into the latest trends, best practices, tips for vendors, and more. Catch his weekly episodes here and take your property management strategies to the next level. 8. Property Management Brainstorm This podcast focuses primarily on maximizing your property value and raising your income while maintaining strong relationships with your tenants. Host Bob Preston brings his experience as a Silicon Valley technology executive to the property management space, guiding PMs on using the right technology and implementing effective operations to streamline and scale their businesses. Every week, Bob interviews other industry experts to help property managers think through business strategies and operations. Earlier this summer, Bob re-released our conversation on pest control in rental properties. It was such a delight to chat with Bob and I'm honored they have dubbed it one of their best episodes ever. Tune in to the full Property Management Brainstorm podcast here. 9. The Property Management Show The Property Management Show podcast, created by Brittany Stephens and Marie Liamzon-Tepman of Fourandhalf, Inc., breaks down the keys to business success with insights from industry experts. Launched in 2015, the podcast covers topics such as marketing strategies, industry innovations, and best practices for running a successful property management business. All content is based on the expertise of the folks at Fourandhalf, a marketing agency specializing in helping fee-based property management companies grow through services like website design, SEO, content creation, and online advertising. Catch show episodes here. Alright, there you have it—our nine favorite industry podcasts. We would love to hear which ones you enjoy the most and which ones you would add to the list. Happy listening!

Calendar icon September 30, 2024

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