Calendar icon June 28, 2023

Property Management Profitability: FAQs on Profit Margin

Property Management profitability is, of course, how much money a property management company keeps of their revenue after their expenses. But Daniel Craig, the CEO of ProfitCoach, wants PMCs to think of profitability far more expansively.

“We recommend that you think about profit as the opportunity to reinvest in the business,” Daniel says. “Your business isn’t just a machine that makes a profit; it's a machine that turns profit reinvested into more profit.”

In other words, profit is a virtuous cycle that, once started, can deliver increasing ROI, better value, and better business.

The big question is: How do property management companies increase profitability?

That’s what we connected with Daniel to talk about. We’re sharing some of Daniel’s insights on property management profits and experiences we’ve gathered over years of working with property management companies across the country. 

Key Learning Objectives:

  • How property management companies increase profit
  • How long it usually takes to become profitable
  • Common mistakes property management companies make when trying to build profit
  • How to optimize operating costs
  • How to find the right residents and property investors
  • Tools for helping to increase profitability

Meet the Expert: Daniel Craig

Daniel Craig is the CEO of ProfitCoach, which provides property management entrepreneurs with financial knowledge, tools, and strategies to drive greater profits. 


New call-to-action


How do Property Management Companies Make Money? 

In the most basic terms, property management companies make money through real estate investors paying for the services they offer. The more value a PMC can drive for its property investors and residents, the more revenue they generate. 

The profit, of course, is how much is left over after paying all your expenses. 

“We've worked with hundreds of residential property management companies and seen a wide variety of profitability levels,” Daniel says. 

ProfitCoach and NARPM started benchmarking profits with the NARPM Financial Performance Guide and Daniel says they’ve seen a significant shift in the past few years. 

  • In 2017, the average profitability in the property management space was 6%, and the top 25% of performers’ profitability was 25%.
  • In 2021, the average profitability was 11%, and the top performers were 32%.

The important nugget in these benchmarks? Seeing what’s possible. Many rental property managers may not realize they could strive for anywhere from 25% to 32% profitability. 

But if the target is that high, how do you get there with your business? At ProfitCoach, Daniel and his team have outlined the “Three Steps to 3X Profitability.” 

3 Steps to 3X Profitability

Here’s what Daniel has to say about the three steps to 3X your profitability.

1. Get Clear

PMs need to get clear on where they are, where they want to be, and what they can achieve. It’s important to know:

  • What’s possible across the industry
  • Trends in your local market
  • How you compare

If you're not clear on the potential, then you're not going to be clear on what you should strive towards. If you're not clear on where you are today, you're not going to be clear on whether you need to change.

2. Define Your Target

Compare your performance to the latest NARPM numbers and benchmarks and determine your target for each of the six Do-or-Die metrics. 

Maybe the benchmark isn't your target, and that's fine, but you need to know what's possible. Many people go through their business lives without engaging the possibilities. They operate within certain boxes, and those boxes need to be compared to what other people are doing. Then you can adjust your perspective of what's possible and set realistic targets.

Next, build a realistic financial forecast that helps you chart the course from where you are to where you want to go based on your financial goals. 

3. Stay on track

Now it’s time to bring the team into the conversation and basically say, “Here’s our roadmap. What specific tactics and strategies will we enact to accomplish the financial shift we need in each of these six areas of our business?”

And once you have those defined, measure your progress against your goals monthly or quarterly. Engage your whole team in the conversation and engage a coach to help you define a financial performance improvement action plan and hold you accountable.

How Long Does it Take for a PMC to Increase Profitability?

According to Daniel, businesses should give themselves between one to three years. 

“We've seen companies make massive changes in 12 months, and we've seen companies make massive changes across several years,” Daniel says. “But generally speaking, I would say to give yourself one to three years to make a major shift – if you want to go from an average company to a benchmark company.”

How to Set Up a Property Management Business For Profitability

Setting up your business for profitability is often about avoiding the most common mistakes other businesses make. We asked Daniel about where he sees professional property managers most often go wrong. 

Daniel says three major mistakes affect how profitable your business is.

1. Financial Fog

Daniel defines financial fog as “Not having clarity on where you are, where you want to go, or what's possible in the industry.”

“One of the cool things about this industry is that it's such a unique opportunity,” Daniel says. “I don't think that many property management owners realize the extent to which they can drive profit in this industry. They often don’t have a clear sense of what the real opportunity is.”

2. Financial Isolation

“At ProfitCoach, we believe that finance should be done in community,” Daniel says. “We are advocates of what we call community-driven finance, which is essentially engaging with community-based benchmarks, community-based best practices, and community-based scoring.”

Community-driven finance helps individual rental property managers and businesses know how they’re stacking up against top performers. It also helps generate value for everyone, where each PMC can benefit from best practices from those top performers.

“One of the wonderful things about the property management space is that it truly is a community space in which there is a lot of idea sharing,” says Daniel. “We think that when you bring that idea sharing into a conversation that is also numbers-based, you can begin to see the strategies and tactics that will be most effective as indicated by the data.”

“Staying in financial isolation is a huge mistake,” he says. 

3. Not Being Mission-Driven

Being mission-driven is all about thinking in terms of customer lifetime value. Sure, it’s possible to get a quick win on pricing, but it may cost you in the long run if you’re not thinking about lifetime value. Rather, Daniel says, “you want to make sure that your approach to pricing, marketing, everything in your business is values- and mission-driven.”

“What is your mission as it relates to your employees? What is your mission as it relates to your stakeholders? What is your mission as it relates to your owners/investors? What is your mission as it relates to your tenants/residents?”


download rental inspection checklist template


How to Reduce Operating Costs to Increase Profitability  

So, once you’ve considered the three steps to 3X your profit and evaluated the pitfalls of profitability – what next? How do you actually optimize your operating costs and increase profitability?

Daniel advises every PMC to adopt the NARPM Accounting Standards Chart of Accounts for their bookkeeping. 

He says the best part of using the NARPM Chart of Accounts to optimize your profit is the six “Do-or-Die” metrics. These property management KPIs are critical to business success:

  • Profitability
  • Direct Labor Efficiency Ratio
  • Revenue Per Unit  
  • Unit Acquisition Costs
  • Churn
  • Expenses as a Percent of Revenue

“It’s critical that property managers get a clear line of sight on how they stack up in terms of specific rental property management metrics that have an operational connection.”

For example, an income statement will tell you how much revenue you have but won’t tell you how much revenue per unit you have. By building off your income statement with the PM-specific metrics, you’ll be able to tie it to a more operational connection. For example:

  • From profitability to profit per unit
  • From revenue to revenue per unit
  • From sales and marketing spend to unit acquisition costs

In this way, you can understand on a per-unit basis how your business is performing operationally. 

Daniel says: “The problem with the standard income statement is that it doesn't often give property management owners and entrepreneurs a lot of clarity on specific operational shifts that they need to make in your business. When you implement the NARPM Chart of Accounts, you can then implement a whole suite of metrics that does give you that operational clarity and insight to drive action and improvement in your business.”

How to Increase Profitability in Property Management

Increasing profitability takes time and should be done in a few different steps across your business model. These steps are the same whether you are a large or small business. 

Daniel breaks down the work between developing your pricing, labor, expense, and growth models.

Look at Your Pricing Model

Your pricing model is a significant driver of profitability. Getting your pricing right is one of the pillars of profitability. A few things to consider as you are managing properties:

  • How does your pricing compare to the local market in your area?
  • Are you offering any property management services that you should charge management fees for?
  • What are you doing beyond rent collection that you should charge a flat fee for?
  • Are there more services you could offer and charge for their value?
  • How is your cash flow? 

Daniel cautions that it can take time. “If you roll out a new pricing model to tenants and owners, it takes time to implement. You should give yourself about a year to get that fully implemented.”

Look at Your Labor Model

Your labor model is the next big thing, as labor is your biggest expense and could also be a driver of inefficiency if you don’t have it right. Daniel recommends asking:

  • Do we have all the right people in the right seats on the bus? 
  • Do we have the right mix of U.S. talent versus global talent? 
  • Do we have retention strategies in place?
  • Do we have the right systems in place to enable each team member to be maximizing their productivity and their effectiveness in the organization? 

Again, these questions may lead to significant strategic shifts that you should give yourself time to implement.

Look at Your Expense Model

This one is a little bit easier but just as important. You can trim expenses fairly quickly once you identify where to cut back. Are you spending too much on overhead? Could you engage property management software to help with bandwidth?

In some cases, changing your expense model may take some time – for example, if you need to renegotiate a long-term lease.

Look at Your Growth Model

Evaluating and updating your growth model is another opportunity for maximizing profitability. Once you’ve identified and set your targets, here are some potential next steps for growth:

  • Finding and hiring a high-performing business development manager
  • Get a new sales process in line
  • Dial in your lead generation strategies so that you have enough leads for that BDM
  • Etc.

Again, this shift may take several months or years to integrate into your business processes fully.

Launch a Residents Benefit Package

Ultimately, one of the best ways to increase profit and influence your bottom line is by considering where you can add more value for your residents and residential property investors. Daniel recommends starting small tweaks to your Revenue Per Unit.

“We have seen repeatedly that a 10% improvement to revenue per unit can easily result in a 100% increase in profit per unit. So, look for ways to get small wins on value creation, value communication, and value realization.”

Daniel says one of the quickest and most practical ways to adjust Revenue Per Unit is to implement a Resident Benefits Package. (And we didn’t even put him up to it!)

“A resident benefits package alone can result in that 10% bump to revenue per unit, which can result in that 100% increase to profit per unit. This profitability can result in more fuel to your freedom, more fuel to your mission, and realizing all the things you went into business for in the first place.” 

How to Find Profitable Residents & Investors and Keep Them Happy 

Daniel says they’ve seen significant profitability gains when a company identifies the right-fit and wrong-fit clients.

“We have seen significant profitability gains come about for those who are looking through the client list, finding the misfits accelerating, and then getting those misfits out of their portfolio so that they can bring in the right-fit clients who are going to be a better fit from a value proposition perspective. Getting rid of low-performing clients and then backfilling those with the right kind of clients is a great way to improve profitability.”

Daniel says that this goes back to being mission-driven. By identifying your point of view on your industry, your values, etc., you can build a “why” for your company that can help you define the right new clients for your business. 

Daniel uses his own company as an example: “At ProfitCoach, we believe in community-driven finance. If we come into contact with a potential client who's all about financial isolation – they don't want to share their numbers with anybody, they don't want to engage in a community conversation, they don't wanna learn from the best practices in the industry – that's not a good fit for us.”

So, the two questions to define are:

  • What is your point of view?
  • What is the value proposition that comes out of that? 

Based on that value proposition, there will be a certain set of criteria that will define what a right-fit client is and what a wrong-fit client is.

Learn more about SecondNature’s Resident Benefits Package, which is designed to generate revenue and “Triple Win” conditions that benefit residents, investors, and property managers alike. 

Keep learning

SFR Property Management Problems and Solutions

In recent years, the single-family residence (SFR) rental market has seen significant growth as more property owners recognize the potential for steady income and long-term appreciation. With this rise in popularity comes a unique set of challenges for the rental property managers (PMs) who are tasked with overseeing these properties. Unlike multi-family units, managing single-family homes can present a range of issues that require tailored solutions. Scattered-site properties also present a logistical challenge, as they are by nature harder to service and manage. From finding quality residents to handling unexpected maintenance emergencies, a strategic and proactive approach is required to ensure a smooth and profitable rental experience. Note that even though we here at Second Nature prefer the term "resident" over "tenant" in order to foster the human element, the word "tenant" may still be used occasionally due to its long-standing legal and real estate context. What Are the Most Common Property Management Challenges? The most common problems faced by SFR property managers generally fall into three buckets: finding quality residents; maintenance and repairs; and time management and communication. Let's explore each. #1 Finding Quality Residents One of the most critical aspects of managing SFRs is resident placement. Indeed, inadequate resident screening processes can significantly impact resident retention as well as profitability. That’s because poor screening can lead to high turnover rates (including evictions), increased property wear and tear, and ultimately, financial strain. Additionally, attracting responsible residents who will treat the property with care and adhere to lease agreements can be particularly challenging in competitive rental markets. #2 Maintenance and Repairs Unexpected maintenance issues are a common hassle for SFR property managers. From plumbing leaks to HVAC failures, emergencies can arise without warning, leading to unplanned expenses and logistical challenges. Finding reliable and responsive contractors who are able to address repairs promptly adds yet another layer of complexity. The inability to swiftly manage these issues can result in resident dissatisfaction as well as potential property damage. #3 Time Management and Communication Managing multiple single-family homes requires excellent time management skills. Balancing the diverse needs of residents, coordinating with vendors, and ensuring regular property inspections can be overwhelming. That’s why it’s essential to establish clear and timely communication channels to maintain good resident relationships and efficient operations. However, juggling these responsibilities can lead to lapses in communication, resulting in time-consuming misunderstandings and unresolved issues. Solutions for a Smoother SFR Rental Experience While the challenges of managing SFR rentals are significant, there are effective strategies and tools available to streamline operations and enhance resident satisfaction. Here are some solutions to common property management business problems. Strategic Resident Screening Implementing a robust resident screening process is crucial for minimizing vacancy rates and securing responsible residents. To this end, utilizing professional screening services can help identify prospective tenants by thoroughly evaluating their rental history, credit scores, and background checks. Clear lease terms and expectations should be established from the outset to ensure residents understand the responsibilities and obligations that occupancy brings. Learn more: Tenant Screening Tips for PMs 10 Steps to Onboard New Tenants Proactive Maintenance Proactive maintenance is key to preventing costly emergencies and maintaining the property’s condition. Scheduling regular preventative maintenance inspections allows property managers to identify and address potential issues before they escalate. Building relationships with reputable and responsive repair professionals ensures that maintenance tasks and requests are handled promptly. Consider leveraging technology that allows residents to conduct their own regular inspections to provide early detection of problems and streamline the property maintenance process (learn more). Vendor and Supplier Selection Choosing the right property management service providers and vendors is crucial to successful property management. Establishing relationships with reliable and responsive contractors ensures that maintenance and repair issues are addressed promptly, reducing downtime and inconvenience for renters. It’s essential to vet vendors thoroughly, checking their credentials, references, and reviews to ensure they meet the necessary quality and reliability standards. Building a network of trusted professionals can lead to better service rates, priority scheduling, and consistent adherence to due dates as well as work quality standards. Additionally, negotiating long-term contracts with preferred vendors can offer cost savings and a more streamlined management process. By prioritizing quality vendor and supplier selection, property managers can enhance the overall efficiency of their operations and maintain high tenant satisfaction. Technology and Automation Incorporating technology and automation into property management can significantly enhance efficiency and communication. For instance, online portals for collecting rent payments and addressing maintenance requests simplify transactions and ensure transparency. They can also facilitate incentives for prompt rent payment, follow up on late payments, and generally optimize rent collection with an eye to optimizing cash flow. Property management software can also streamline vendor and tenant communication, track maintenance schedules, and provide detailed financial reporting. These tools not only save time but also build trust and improve resident satisfaction by ensuring quick and effective responses to their needs. Naturally, you will need to conduct a due diligence process of technology selection and provider assessment that addresses pricing, customer support, and support for the features that are mission-critical for your organization. Second Nature’s Outlook Effective property management is essential for maximizing the profitability and longevity of single-family home rentals. By addressing common challenges with strategic solutions, property managers can enhance resident satisfaction, reduce vacancy rates, and maintain the property’s value. Embracing technology and proactive management practices are critical components of any successful SFR business strategy. Property managers are encouraged to explore these solutions and adopt the approaches that best suit their specific needs. Learn more about property management company best practices, marketing, and more in our Second Nature Community.

Calendar icon June 7, 2024

Read more

How to Craft a Notice to Tenant to Clean Property [with Template]

Ensuring that rental properties are well-maintained is crucial for property managers and landlords, not only to protect the value of their real estate investment but also to provide safe and pleasant living environments for residents. One important tool for maintaining property standards is a "Notice to Tenant to Clean Property" letter that communicates concerns about cleanliness and outlines necessary actions for residents. In today’s post we’ll cover essential elements you should consider around transparency and effectiveness, as well as a sample letter you can use to craft your own notice. A note on language: Here at Second Nature, we prefer to use the terms "resident" and “residency” rather than “tenant” and “tenancy,” in order to emphasize the human element of property management work. However, there may be instances where terms such as "tenant" are used for legal or industry-standard purposes within documents or communications. In these cases, please understand that our intent remains the same – to provide clear, accurate, and meaningful information to all people involved in the business relationship. What to Do When Your Tenant is a Hoarder? Hoarding can present significant challenges for property managers. It not only poses health and safety risks but can also lead to severe property damage. Here are steps to take when dealing with a hoarding situation: Understand the issue Hoarding is often a complex psychological condition that requires sensitivity and understanding. It’s important to approach the situation with empathy and awareness of the resident’s potential mental health needs. This understanding can guide your interactions and help you manage the situation more effectively. Conduct thorough inspections Regular property inspections are crucial for identifying hoarding behaviors early. These inspections should be conducted in accordance with the lease agreement and local laws. Document any findings with photographs and detailed notes to provide a clear record of the condition of the property. Communicate clearly and compassionately When addressing the issue with the resident, clear and compassionate communication is key. Explain the concerns and the potential consequences if the situation is not addressed. Emphasize that the goal is to ensure a safe and habitable living environment. Provide a formal notice If the hoarding issue violates the lease agreement, a formal "Notice to Clean Property" may be necessary (more on this below). Collaborate with professionals In severe cases, it may be beneficial to involve professionals who specialize in hoarding disorder. This can include social workers, mental health professionals, or professional organizers who can provide the resident with the necessary support to address their hoarding behavior. Follow legal procedures Ensure all actions taken are in compliance with local and state laws. This includes providing the correct amount of notice, following proper eviction procedures if necessary, and respecting the resident’s rights throughout the process. Document all actions Keep thorough records of all communications, inspections, and notices related to the hoarding issue. This documentation can be crucial if legal action becomes necessary and helps protect you as the property manager. By addressing hoarding with a combination of empathy, clear communication, and adherence to legal requirements, property managers can manage these challenging situations more effectively while maintaining the safety and integrity of their properties. Identifying When a "Notice to Clean Property" Letter is Necessary A "Notice to Clean Property" letter becomes necessary under various circumstances. It's essential to recognize these situations in order to maintain the property's value and condition, and to ensure compliance with lease agreements. Routine inspections Routine inspections are an integral part of property management, allowing managers to identify issues early and address them before they escalate. If an inspection reveals unsanitary conditions, excessive clutter, hoarding, or neglect of cleanliness, a formal notice is warranted. This proactive measure helps maintain the property and encourages residents to uphold their end of the lease agreement. Failing to address these issues promptly can lead to severe problems such as mold growth, pest infestations, plumbing issues due to neglected maintenance, and increased costs associated with turnover when a property is vacated. Complaints Neighbor complaints regarding cleanliness issues, such as uncollected trash, odors, or visible clutter, can indicate a need for intervention. Addressing these complaints promptly with a notice demonstrates that management is responsive to concerns and committed to maintaining a harmonious living environment. Ignoring such complaints can exacerbate the problem, leading to pest infestations that can create an unhealthy living environment for residents. Lease violations Most lease agreements include clauses that outline residents' responsibilities for maintaining the property in a clean and sanitary condition. When these clauses are violated, issuing a notice is necessary to enforce the lease terms and remind residents of their obligations. Failing to act on these violations can result in significant property damage, including plumbing issues from unaddressed leaks or blockages, mold growth from damp conditions, and ultimately, costly repairs and renovations needed to restore the property for the next resident. This can also lead to increased turnover costs, as the property may need extensive cleaning and repairs before it can be re-leased. The Importance of Clear Communication Open and effective communication is vital in property management, especially when addressing cleanliness issues. A clear, well-crafted notice helps prevent minor issues from becoming major problems and sets the stage for resolution. Proactive approach Early intervention through timely communication can prevent minor cleanliness issues from escalating into significant problems. Addressing concerns as soon as they are identified shows residents that management is diligent and proactive. Setting expectations A well-crafted notice clarifies expectations for resident maintenance responsibilities. By explicitly stating what is required, renters understand their obligations and the standards of occupancy they must meet. Documentation The notice serves as a documented record of the identified issue and the steps taken to address it. This documentation is crucial for protecting the property manager's interests if further action is needed, such as additional fees or eviction proceedings. Note that property managers can proactively address cleanliness and maintenance issues by clearly setting expectations with new tenants from the outset. This can be achieved by including a detailed cleanliness clause in the lease agreement, conducting a thorough walkthrough of the rental unit at move-in, and providing a welcome packet to ensure each tenant knows their responsibilities. During the initial walkthrough, managers should highlight specific cleaning requirements and standards, demonstrating proper care for different areas of the property. Regular communication, such as periodic reminders and tips for maintaining the property, can further reinforce these expectations and prevent issues from arising, ensuring a smooth and mutually respectful resident-PM relationship. Crafting a Compelling and Effective Notice Creating an effective "Notice to Clean Property" involves several key elements that ensure clarity and encourage compliance. Introduction Begin the written notice with a clear statement of its purpose as a formal notification regarding the property's cleanliness and upkeep condition. Include the property address and the resident's name(s) to avoid any confusion. Specific observations Detail the cleanliness issues observed during the inspection or reported by others. Use clear, descriptive language to ensure there is no ambiguity about the concerns. For example, instead of saying "the property is dirty," specify "dirty dishes are piling up, attracting roaches/pests; or “an abundance of waste materials is creating a health hazard/fire hazard." This also helps differentiate the cleanliness issue from normal wear and tear. Reference to lease agreement (optional) If applicable, cite relevant clauses in the rental agreement that outline the resident’s responsibility for maintaining the property in a clean and sanitary condition. This reference reinforces the legal basis for the notice and the resident's obligations – and helps ensure that you are respecting applicable tenant rights and state laws. Outline of expectations Clearly define the expected level of cleanliness and specific actions required to rectify the situation. A timeframe for follow-up is useful for helping the resident to address the issues, such as a 7-day notice period to clean. This approach gives residents a clear understanding of what needs to be done and by when. Consequences for non-compliance (optional) Briefly outline potential consequences for failure to address the cleanliness concerns within the designated timeframe. This might include increased inspections, withholding of security deposits, or legal action, including a potential order to vacate/eviction notice. Note that although it may well become necessary to instigate an eviction process, it’s important to maintain a professional tone and avoid excessive threats to encourage cooperation. Additional Considerations for Specific Situations Different scenarios may require tailored approaches when issuing a proper notice to clean the property. Health and safety hazards If the cleanliness issue poses a potential health or safety hazard, such as mildew/mold growth, pest infestations, or overflowing sewage, prioritize immediate action. In such cases, involving relevant authorities might be necessary to ensure the issue is resolved promptly and safely. Chronic offenders For residents with a history of neglecting cleanliness standards, consider outlining a stricter course of action. This might include increased inspections or even potential lease termination if the behavior continues. Clear documentation and a consistent approach are essential when dealing with chronic offenses. Delivery Methods and Maintaining Records Ensuring that the notice is delivered and documented correctly is crucial for effective property management. Delivery methods Consider the following methods for delivering the notice: Hand-delivery with a signed receipt: This method ensures the resident receives the notice and acknowledges its receipt. Certified mail with return receipt requested: This provides documented proof that the notice was sent and received. Other methods with documented proof of delivery: Any method that provides verifiable proof of delivery is acceptable. Maintaining records Retain copies of the notice, delivery confirmation, and any relevant communication for your records. This documentation is crucial if further action is necessary and serves as evidence that the issue was addressed appropriately. Free “Notice to Tenant to Clean Property” Template Providing a template can simplify the process for property managers. However, it's essential to note that legal advice is recommended to ensure compliance with local laws and regulations. ``` [Your Name] [Your Address] [City, State, ZIP Code] [Date] [Resident's Name] [Property Address] [City, State, ZIP Code] Re: Notice to Clean Property Dear [Resident's Name], This letter serves as a formal notification regarding the cleanliness condition of the property located at [Property Address]. During a recent inspection conducted on [Date], the following issues were observed: - [Detail the specific cleanliness issues] As per the lease agreement, Section [Lease Section], you are required to maintain the property in a clean and sanitary condition. To rectify the situation, please take the following actions by [Specify Deadline, e.g., 14 days from the date of this letter]: - [List the specific actions required] Failure to address these concerns within the specified timeframe may result in [potential consequences, such as additional fees, increased inspections, or eviction proceedings]. We appreciate your prompt attention to this matter. Please contact us at [Your Phone Number] if you have any questions or need further clarification. Sincerely, [Your Name] [Title] [Contact Information] ... Promoting a Culture of Responsibility Maintaining a clean and well-kept property is a shared responsibility between residents and property management. By promoting a culture of responsibility, property managers can create a positive living environment that benefits everyone involved. Encouraging residents to take pride in their living spaces and providing resources such as Second Nature’s Resident Benefits Package (RBP) can foster this culture. The RBP can include regular maintenance tips, access to cleaning services, or rewards for maintaining high standards of cleanliness. Ultimately, a collaborative approach leads to what we at Second Nature call a "triple win" — residents enjoy a pleasant living environment, owners maintain their investments, and PMs have an easier role to play in maintaining these thriving, beneficial relationships. Learn more about Second Nature’s RBP.

Calendar icon June 7, 2024

Read more

Receive articles straight to your inbox

Deliver the ultimate resident experience

Our Resident Benefits Package gives residents everything they want without all the work.