Calendar icon April 29, 2024

Property Management Outsourcing Services: Example Tasks & Best Providers

Virtual assistants are becoming increasingly important in the property management industry for a number of reasons. First are the associated efficiencies. Property managers often wear many hats, juggling tasks like resident communication, lease agreements, maintenance requests, and advertising. A virtual assistant can handle many of these administrative and repetitive tasks, freeing up the property manager's time to focus on more strategic initiatives.

Virtual assistants can also act as a communication "hub" between residents, property management companies, and service providers. They can field calls and emails, schedule appointments, and ensure everyone is on the same page.

In the same vein, virtual assistants can help with tasks related to online advertising for vacancies, managing a social media presence to attract potential residents, and even creating basic property videos or photos for listings. 

It’s important to note that virtual assistants are not a replacement for in-house staff. Instead, they allow staff to focus on important tasks that add value, as opposed to time-consuming manual operations.

In today's post, we'll provide concrete examples of how virtual assistants can help property managers, the pros and cons of using these services, and a brief directory of property management virtual assistant service providers.

Note on language: 

In the interest of clear communication, particularly regarding legal matters, this blog post may occasionally use the term "tenant" in reference to residents. While "resident" reflects the valued community we aim to support, service provider agreements and other legal documents today typically use the term "tenant." For the majority of this post, however, we'll utilize the term "resident" to best represent the positive and collaborative atmosphere we aim to cultivate.

 

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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.

Related: Benefits of Property Management Outsourcing Services

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. 

Example property management tasks you can outsource to virtual assistants     

The number of tasks property managers can outsource has increased over time, as companies have become more comfortable with geographically dispersed teams, and as virtual assistants themselves have become more sophisticated (better communication skills, task automation capabilities, and access to information). 

Given that the benefits of outsourcing to virtual assistants are on the rise, here is a sampling of tasks that can currently be outsourced to virtual assistants. 

Outreach to homeowners for management

Virtual assistants can be a property management company's secret weapon for improving homeowner outreach in a few key ways. Given that property managers often manage a large number of properties and homeowners, virtual assistants can handle sending personalized emails, texts, or even making phone calls to homeowners. 

As indicated above, they can also help manage the property management company's social media presence, posting updates, building trust, and boosting its brand presence to property owners.

 

Property assessments

While virtual assistants can't directly conduct rental property assessments, which typically involve a qualified professional inspecting the property's condition, they can provide valuable support throughout the assessment process by gathering and organizing property information crucial for the assessment (for example, details such as square footage, number of bedrooms/bathrooms, year built, major renovations, and past maintenance upkeep records). 

They can also compile relevant data from property management software or online real estate industry resources.

Virtual assistants can also manage the scheduling of property assessors and ensure clear communication between the property owner, property manager, and the assessor. This involves sending appointment reminders, handling any cancellations or rescheduling needs, and keeping everyone informed throughout the process. 

Once any given assessment is complete, a virtual assistant can help process and organize the assessor's report. This might involve formatting the report, creating digital copies, and ensuring it's easily accessible to the property manager and owner.

Creating and presenting management proposals

Virtual assistants can be a highly cost-effective asset to property management companies when it comes to creating and presenting management proposals. 

For instance, virtual assistants can save a lot of time by gathering data on comparable properties in the area, including rental rates, vacancy rates, and recent sales. They can pull this data from industry reports, rental listing websites, or public property records. 

They can also compile details about specific rental properties under management such as square footage, amenities, maintenance history, and any unique features. This ensures the proposal accurately reflects the property's value and the services offered. 

In addition, virtual assistants can alleviate the hassle of creating or maintaining templates for management proposals, ensuring consistency in branding and formatting. This saves time and ensures a professional presentation.

As far as actual proposal presentation is concerned, virtual assistants can handle the electronic delivery of the proposal to the client and schedule follow-up calls or meetings to discuss the proposal details and answer any questions.

If the property manager is competing against other companies, a virtual assistant can help research competitor offerings and identify areas where your proposal can stand out.

Determining property rent

In addition to the market research capabilities mentioned above, virtual assistants can gather data on rental trends in the target area. This includes vacancy rates, as well as recent rental listings for comparable properties (similar size, bedrooms, amenities) and their advertised rent prices. They can find this information on rental listing websites, property management software, or public rental databases. 

Virtual assistants can also handle initial communication with investors to understand their rental expectations and any specific goals they might have (e.g., maximizing rent vs. filling the vacancy quickly).

 

download rental inspection checklist template

 

Creating and organizing property photos and marketing material

Virtual assistants can be a game-changer for property management businesses when it comes to creating and organizing property photos and marketing materials. 

If professional photography is required, a virtual assistant can schedule appointments with photographers, and even perform basic photo editing tasks like cropping, and adjusting brightness and contrast. This ensures a clean and polished presentation of the property.

They can also create file-naming conventions for these photos, in order to make them easily searchable for future use in marketing materials or listings.

As far as marketing materials are concerned, virtual assistants can create or maintain templates for various materials, ensuring consistent branding and design across all platforms. This saves time and creates a professional look while delivering cost savings.

Advertising the property

Virtual assistants can be highly beneficial for property management companies when it comes to advertising their properties. For instance, virtual assistants can create and manage listings on various online rental platforms, ensuring accurate and up-to-date property information reaches a wide audience of potential tenants. They can also optimize listings with relevant keywords to improve search ranking.

On the social media channel, virtual assistants can help create targeted ads with eye-catching visuals and compelling descriptions highlighting the property's best features. They can also schedule ad posts and track their performance to optimize future campaigns.

In general, virtual assistants can create and manage a content calendar for property promotions. This can include scheduling social media posts, email blasts to potential residents, or even blog posts showcasing the property and surrounding neighborhood.

Responding to inquiries 

Virtual assistants can be the first point of contact for prospective tenants who inquire about a property through listings, social media, or the company website. They can answer basic questions, schedule viewings, and qualify leads to ensure they are a good fit for the property. 

Likewise, when it comes to responding to inquiries from potential investors, they can assess the lead quality and guide the initial conversation.

Vetting resident applications

Virtual assistants can be a valuable asset in the vetting process for property management companies. For starters, they can handle the initial processing of rental applications, collecting and organizing applicant information, as well as lease agreements and supporting documents. This frees up property managers to focus on reviewing qualified applications.

They can also manage initial communication with applicants. This might involve sending automated emails with application instructions, answering basic questions about the property or application process, and scheduling appointments for viewings.

Many property management companies use tenant screening software that virtual assistants can be trained to utilize, ordering credit reports, background checks, and eviction history reports efficiently.

Approving a tenant application after review 

Virtual assistants can play a crucial role in streamlining the post-review approval process for property management companies. 

Once the property manager approves an applicant, they can handle initial communication with the new resident. This might sending a lease agreement electronically, explaining signing procedures, and collecting e-signatures.

Virtual assistants can also coordinate move-in logistics, such as scheduling move-in property inspections, providing information on utility activation, and sending welcome packages with important building information and resident resources.

Lease preparation 

Virtual assistants can help to streamline the process of lease preparation while minimizing the potential for errors. At a minimum, they can gather essential information from the approved application and property details to populate lease templates. This might include resident names, contact details, leasing terms, rent amounts, and security deposit details.

Many property management companies use pre-defined lease templates with standard clauses outlining They can then handle initial communication with the approved resident about lease signing. This might involve sending the lease electronically, explaining signing procedures, and answering basic questions about lease terms and conditions.

resident responsibilities, maintenance procedures, and lease termination processes. Virtual assistants can ensure these clauses are included in the lease agreement. 

They can also review completed lease agreements for any typos, inconsistencies, or missing information before sending them to the resident for review and signature.

Lease renewals 

Virtual assistants can also help streamline the process of lease renewal, thereby helping to increase resident retention. For example, virtual assistants can monitor lease agreements and identify upcoming lease expirations. They can then create a timeline for initiating communication with residents about potential renewals, via personalized emails or letters to residents approaching the end of their lease term. 

These messages can express appreciation for their residency, highlight the benefits of renewing, and outline the renewal process.

Virtual assistants can also track resident responses to renewal offers, flagging those requiring further discussion with the property manager. They can also generate reports on renewal rates, providing valuable data for analyzing resident retention strategies.

Running tenant background checks

While virtual assistants can't legally conduct background checks themselves, they can be a valuable asset in streamlining the process for property management companies. 

This might include managing the initial steps of collecting and organizing applicant information crucial for background checks. This includes details like full names, Social Security numbers (with applicant consent), and previous addresses. 

They can also help maintain standardized forms with clear instructions for applicants regarding background check consent. This ensures applicants understand the process and provide the necessary authorization for releasing information to background check companies.

Organizing tenant records 

Virtual assistants can be instrumental in bringing order to record-keeping processes, from data entry and management to record-keeping and accessibility.

They can handle the initial data entry of resident information from applications, including names, contact details, emergency contacts, lease details, and pet information. This ensures all crucial information is captured and readily accessible.

Virtual assistants can upload and organize various tenant documents electronically. This might include lease agreements, signed addendums, rental history verifications, and maintenance request records. They can also create a filing system for easy retrieval of documents when needed.

Note that virtual assistants should be trained on data security and privacy regulations to ensure the confidentiality of resident information – while virtual assistants can manage record-keeping tasks, the property manager should maintain oversight and ensure compliance with data protection laws.

Invoicing and accounting 

Virtual assistants can handle a range of tasks related to recording rent payments, managing maintenance expenses, and categorizing various property management costs

For example, virtual assistants can help set up secure online payment portals for residents to easily submit rent payments electronically. On the tracking side, virtual assistants can track incoming payments, reconcile bank statements, and ensure accurate records are maintained. 

Virtual assistants can then generate basic financial reports for the property manager, summarizing expenses and overall property income. This allows for better financial tracking and informed decision-making.

Many property management companies utilize accounting software. Virtual assistants can be trained to use these platforms, automating tasks like data entry and simplifying record-keeping. 

Best property management virtual assistant services providers 

Identifying the "best" virtual assistant service provider will of course depend on your specific needs and budget. First, we'd recommend that you determine the specific tasks you want your virtual assistant to handle (e.g., advertising, resident communication, bookkeeping), then conduct research on different providers, and compare their services offered, pricing structures, and experience with property management. Also look to online reviews and ask potential providers questions about their screening processes, and data security measures.

We're highlighting a couple of providers below that focus exclusively on property management, as well as a short list of solutions that include property management in their overall focus.

Virtual Property Management Solutions

VPM Solutions is a platform designed specifically to connect property management and real estate businesses with virtual assistants. Learn more

Purple Powered Virtual Assistant

Purple Powered Virtual Assistant (PPVA) specializes in providing virtual assistants specifically catered to the property management industry. They focus on connecting property management companies with qualified VAs as well as ensuring those VAs have the necessary skills to excel in the role. Learn more

Honorable mentions

Virtudesk

Virtudesk specializes in virtual assistants for various industries, including property management. They offer a proven track record and a focus on quality service. Learn more

MyOutDesk

Known for their expertise in real estate and property management, MyOutDesk offers virtual assistants with experience in tasks relevant to the field. Learn more 

Wishup

This company boasts a user-friendly platform, offers flexible pricing plans, and has a quick onboarding process for virtual assistants. Learn more

 

Pros and cons of using property management virtual assistants 

Overall, virtual assistants can be a valuable asset for property management companies, boosting profitability, resident satisfaction, and business growth. 

However, careful vetting, clear communication, and training are necessary to mitigate potential downsides related to quality control, local regulations, legal issues, and retention. 

Pros of using virtual assistants in property management 

Increased profitability

Virtual assistants can handle tasks like advertising and resident communication, freeing up property managers to focus on maximizing rental income and minimizing vacancies. 

Improved tenant satisfaction

Virtual assistants can ensure timely responses to new tenant inquiries and manage resident portals, leading to a more responsive and efficient experience for residents.

Streamlined bookkeeping and reporting

Virtual assistants can assist with bookkeeping tasks and help generate accurate financial reports, allowing for better financial management.

Support for business growth

Virtual assistants can handle administrative tasks and marketing efforts, reducing the overhead costs of executing this work, and freeing up property managers to focus on growing their business and taking on new clients.

Cons of using virtual assistants in property management 

Quality control challenges

Ensuring the quality of services provided by virtual assistants can be tricky, especially for complex tasks like legal compliance or resident screening. 

Potential legal issues

Data security and privacy become a concern when sharing property information with virtual assistants. Clear contracts and data security measures are crucial.

Retention challenges

Finding and retaining qualified virtual assistants can be difficult, especially for specialized tasks within property management.

Maintaining resident satisfaction

Reliance on virtual assistants for initial communication with residents might lead to impersonal interactions, potentially impacting satisfaction. 

Limited expertise

Virtual assistants may not have in-depth knowledge of property management regulations or local real estate market nuances compared to experienced property managers.

How 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 can be through property management service outsourcing. 

At Second Nature, we’ve pioneered the first-ever fully managed Resident Benefits Package. The 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.

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 what's important to them.

Keep learning

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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