Calendar icon June 28, 2023

FAQs on Property Management Profitability

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. 

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.”


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How to Set Up a Property Management Business For Profitability – and Where You Might Go Wrong

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?”

How to Optimize 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.”

Best Practices to Increase Profitability 

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.

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.

How Can Property Management Companies Increase Profit? 

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.”


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10 Best Property Management Maintenance Software

In the property management world, tech solutions abound. There are so many different players on the market, but sometimes, that wealth can be tough to navigate. When it comes to property management maintenance software, single-family property managers have to identify, first, how they approach maintenance and, second, what tech solution will best support their team, workflows, and operational structure. It’s a daunting task! That’s why Second Nature builds integrated solutions to support residents in preventing issues from ever developing. These solutions reduce maintenance needs through preventive maintenance strategies and take work off the property manager’s plate. But no matter how much prevention you build in with tools like our Resident Benefits Package, you’re always going to need some maintenance management. So, today, we’re going to look at some of the best approaches you can take and the best software available to you for property management maintenance. Property management maintenance software solutions come in two basic categories: Platform Solutions: Property management operations platforms or accounting software that include maintenance support, among other full-service property management solutions. Dedicated Point Solutions: Property management software designed to tackle one specific problem – in this case, maintenance. We’ll explore solutions that fit into both of these categories and how to weigh the pros and cons of each. 1. Property Meld Property Meld is a leader in the small to medium-sized property management business space. It’s a maintenance point solution to optimize work order management, response time tracking, vendor and resident communication, scheduling, and analytics. Its built-in “Owner Hub” helps provide the right amount of transparency to your clients. Perhaps the best feature is the Insights Tool, which helps you track metrics like the median speed of repair, average resident satisfaction, vendor health score, total spend per unit, and more. Pros: The user interface is intuitive for PMs and residents Opening repair tickets takes just minutes Tracking repairs and resident satisfaction is easy and transparent Powerful analytics help you see your success at a glance Cons: If you’re looking for a full-service operations platform, Meld won’t be the solution for you. 2. Lula Lula is another dedicated point solution focused on property maintenance technology. They leverage a network of vetted contractors to make finding the best technicians easy. Lula’s team becomes an outsourced extension of your property management company, troubleshooting, coordinating, and managing maintenance tasks. They operate in over 30 markets in the US and boast results like 80% one-trip resolutions and a net promoter score of 80. Pros: They do the work to vet and provide the vendors You can bring your own vendors in if you want to Integrates with any software Customizable plans for self-service or full-service Cons: May not yet be available in your market Only focuses on maintenance 3. Buildium Buildium is a popular all-in-one solutions platform and property accounting software with excellent management features. The web-based solution and app provide support in accounting and invoicing, communications, leasing, and maintenance activities. Their portals provide tenant support, maintenance management, and templates to make every part of property management easier. Pros: A near-complete solution for property management Excellent tenant and owner portals and communication hubs Analytics and tracking to streamline operations and results A 14-day trial helps you evaluate if it’s a fit Customizable packages Cons: Lack of transparency for owners The listing process isn’t as comprehensive as some users want Can be pricey 4. Mezo Mezo is an AI-driven, cloud-based property maintenance management software. The aim of the app is to take work off your plate by automating maintenance ticket responses, resolutions, and insights. Mezo takes requests directly from residents and uses conversational AI to ask questions in real-time, identify problems, and diagnose the issue. It will support residents in resolving the issue on their own or integrate with your management system to get work orders quickly sent. Pros: Residents can get help immediately when they have issues and potentially resolve themselves with Mezo’s chatbot support Technicians arrive with Mezo’s analysis and diagnosis, allowing them to come prepared and resolve issues quicker Integrates with most PMS options Cons: Doesn’t integrate with all other PM tech solutions As a newer technology, still has some bugs and gaps 5. Lessen Lessen, formerly SMS Assist, is an enterprise-level solution providing tech-powered renovations and maintenance at scale. It’s an end-to-end platform for maintenance operations with a vetted vendor network and provides everything you need for maintenance or turning projects. PMs simply use the app to request projects, deploy Lessen network pros, track progress and checklists, check for quality control remotely, and process payments – all in one slick tech solution. Pros: Excellent, seamless tech that’s easy to use and deploy A fully vetted vendor network takes that work off your plate An established brand that has worked out the “kinks” in service Cons: More ideal for more enterprise companies who need scale (rather than smaller SFR PMs) 6. AppFolio AppFolio is a full-service rental property management platform solution that is very popular with single-family property management companies. The web-based app streamlines and automates every stage of real estate management, including management, training, marketing and leasing, maintenance, accounting, reporting, and communications. For maintenance, AppFolio includes workflow automation, work order managemen toolst, online maintenance request, mobile inspections, and more. Pros: Easy-to-use technology with great UX Fully mobile and automated Customizable dashboards and advanced reporting Cons: An expensive platform if all you need is a maintenance point solution Customer service is not always available for maintenance line 7. Rentvine Rentvine is a full-service property management platform that focuses on communication support between PMCs, residents, and clients. The platform streamlines application and tenant screening, inventory management, accounting with a manager’s ledger and client money tracked separately, marketing, leasing, and – of course – maintenance. The app tracks all your work orders from start to finish and supports communication between residents, property managers, and vendors throughout. Pros: Easy to use with excellent customer support Owner and tenant portals work seamlessly Excellent accounting process Cons: Has fewer features than some competitors but is continuously improving 8. DoorLoop DoorLoop is another full-service property management software that provides all the features a property manager needs to manage their portfolio. You can handle accounting, maintenance, listings, marketing, client success, and more, all from the app. For property management maintenance, their software helps manage work orders, handle vendor payments, and track the process from start to finish. Pros: Intuitive, streamlined UX that’s user-friendly Great customer service Excellent integrations Cons: Expensive if all you need is a maintenance point solution rather than a full platform Some functionalities are still being developed 9. FTMaintenance FTMaintenance is a computerized maintenance management system (CMMS) point solution platform designed for maintenance managers, executives, and technicians. While it’s not specifically designed for property management, the software streamlines work order management, vendor payments, tracking, and more. For some PMs, this could be the added solution they need to focus simply on complex maintenance jobs. Pros: Robust work order tracking Excellent mobile app for vendors and maintenance managers Analytics and organization Cons: Not designed specifically for property managers, focused more on commercial properties Complex if you are not tech-savvy 10. UpKeep UpKeep is another CMMS point solution focused entirely on managing maintenance. It’s not designed specifically for property managers but may have the features you need if you’re looking for a maintenance-specific app. Explain key features, pricing, and why it should be considered. Their web and mobile app helps manage day-to-day maintenance life cycles, work orders, payments, and more. Pros: Great work order tracking with in-depth reports and financial analysis Easy to use for maintenance scheduling and organizing work orders Cons: Not specific to residential property management Difficult to learn how to use How Second Nature Helps with Property Management Maintenance When it comes to maintenance, at Second Nature, we’re always looking to empower the resident. Our Resident Benefits Package provides solutions that minimize maintenance needs and costs in the first place. From HVAC/air filter delivery to on-demand pest control to rental rewards, we aim to incentivize residents to care for their property and take work off the property manager’s plate. We also work closely with other property management software providers to ensure you have everything you need for success in your SFR property management business. Learn more about the Second Nature RBP and how it can bring ease to your work.

Calendar icon November 17, 2023

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Preventive Maintenance Checklist for Property Management

A big part of property management is prevention. Property managers anticipate issues, plan for problems, and execute solutions. For some, a key part of this prevention is to develop a property management preventive maintenance checklist. For multi-family property managers, a regular preventive maintenance check is standard–and easy. Their properties are often all contained to one apartment building or community, and it’s easy to do a walkthrough to ensure everything is as it should be. For single-family property managers, it gets a lot more complicated. With scattered-site properties, regular inspections are impractical and expensive. In fact, one of the best ways to approach prevention is to help equip residents to take preventive measures themselves. At Second Nature, that’s our approach: “How do we make it easy for residents to handle preventive care of the property?” In this article, we’ll explore both approaches to preventive maintenance: Doing inspections as a property manager – or finding solutions where residents support the process. Let’s dive in. What is Preventive Maintenance? Preventive maintenance is a proactive approach to keeping a property in good condition with the purpose of preventing unexpected failures and maximizing longevity. This type of maintenance encompasses a broad range of activities, from routine inspections (more common in multifamily) to air filter delivery services that keep HVAC systems running smoothly. By implementing preventive maintenance tactics, property managers aim to prolong the lifespan of property components, maintain property value, and provide a safe, functional, and appealing living environment for residents. What is a Preventive Maintenance Inspection – and Who Conducts It? A preventive maintenance inspection is a regularly scheduled, systematic evaluation of a property designed to identify and rectify any emerging issues before they escalate into serious problems. In other words, a preventive maintenance inspection is like a health check-up for a property. A well-documented inspection also provides a record of maintenance that can be valuable for insurance claims, move-outs, etc. Generally, SFR property managers find themselves in three different camps when it comes to property inspections: Those who visit sites only when an issue arises. Those who conduct scheduled annual preventive inspections, whether there are issues or not. Those who conduct biannual or seasonal preventive inspections, whether there are issues or not. But there’s also a fourth option: Those who rely on a partner who helps manage prevention for them. There is so much residents can do themselves to prevent larger issues from ever developing – they just need a little support. For example, if a resident is changing their air filter on time, the property manager is going to get fewer HVAC tickets, and the HVAC system is going to last longer. If you can provide scheduled air filter delivery, residents can stay on top of their filter changes. Whichever of the camps you fall into, we want to provide you with resources in this article to make preventive maintenance easier. If you’re the type of property manager who prioritizes regular preventive maintenance inspections, we have a checklist template for you below. If you’re the type of property manager who prefers to react when issues arise (often more cost-effective), we have some suggestions for how to help residents manage preventive measures on their own. What to Include in a Preventive Maintenance Checklist Let’s say you do prioritize regular inspections. Crafting a preventive maintenance checklist for property management is all about anticipating needs and averting potential issues before they arise. Building your checklist begins with a thorough assessment of the property's unique features and vulnerabilities. By understanding the life cycle of various components of a property across the seasons – from HVAC systems to appliances – you can prioritize tasks and schedule maintenance in a way that minimizes wear and tear. Your checklist will likely include the following categories: Structural Maintenance Electrical Systems Plumbing & Water Systems HVAC Systems (Heating, Ventilation, and Air Conditioning) Appliances (if provided) Lawn & Outdoor Areas Pest Control Safety & Security Systems Interior Checks Miscellaneous (Garage, waste disposal, etc.) Sample Preventive Maintenance Checklist for Property Management Companies With input from OnSightPROS, we’ve built a preventive maintenance checklist template for single-family rental property management companies. Use this template as-is or tweak it to fit your property needs! If you want a downloadable and more in-depth template for all types of rental inspections, check out our original post on rental inspection checklists and Get the download here. Structural Maintenance Roofing: Inspect for leaks, damaged tiles, or shingles. Check gutters and downspouts. Foundation: Check for cracks, water damage, or shifting. Walls and ceilings: Look for cracks, dampness, and signs of mold. Electrical Systems Safety checks: Ensure that outlets, switches, and wiring are in good condition. Lighting: Regularly test all indoor and outdoor lighting fixtures. Inspect circuit breakers and panels. Plumbing & Water Systems Drains and pipes: Check for leaks or buildup. Water heater: Test hot water temperature and pressure relief valves and inspect for signs of wear. Faucets and fixtures: Ensure proper flow and check for leaks. HVAC Systems (Heating, Ventilation, and Air Conditioning) Filters: Ensure they are up to date. With Second Nature’s Air Filter Delivery, you’ll have the date stamped right on the filter itself. Ductwork: Check for mold or leaks. Seasonal checks: Ensure the heating system is ready for winter and cooling for summer. Appliances (if provided) Oven, range, microwave: Check for cleanliness and ensure they are working efficiently. Refrigerator: Check coils and inspect seals. Washer and dryer: Inspect hoses and ensure the resident is keeping lint and drainage clean. Lawn & Outdoor Areas Landscaping: Ensure that the landscaping is tidy and up to HOA standards, if applicable. Paths and driveways: Check for cracks or tripping hazards. Pools: Ensure safety measures are in place. Pest Control Notice any signs of pests With Second Nature’s On-Demand Pest Control, you can be sure residents can call a professional immediately if they ever have issues. We handle it for you. Safety & Security Systems Smoke and carbon monoxide detectors: Ensure residents have kept up to date and they are installed properly. Fire extinguishers: Check expiration dates and ensure they're easily accessible. Emergency exits and paths: Ensure they're clear and well-marked. Interior Checks Floors: Look for damaged tiles, caulk problems, carpet wear, or wood floor issues. Windows and doors: Ensure they open and close smoothly, and check seals. Miscellaneous Garage and parking areas: Check for proper lighting, security, and cleanliness. Waste disposal: Ensure trash bins are clean and in good condition. The Importance of Preventive Maintenance Did you know that something as simple as getting air filters delivered on time can reduce HVAC costs by hundreds of dollars annually? More on that in a minute, but it’s clear that for property managers, preventive maintenance isn’t just about keeping the property in good shape—it's a strategic approach that yields all kinds of benefits. By prioritizing prevention, you can: Minimize costly repairs: Regular maintenance can prevent small maintenance issues from escalating into expensive emergencies. Extend asset longevity: Helping residents proactively care for components like HVAC systems extends their lifespan, saving money in the long run. Enhance resident satisfaction: Supporting a resident in maintaining their property means fewer complaints and issues, leading to higher retention rates. Ensure safety: Regular checks keep safety hazards at bay, reducing the risk of accidents and liability. Improve property value: Consistent upkeep maintains or even increases the property's market value. Stay compliant: Keeping up with building codes and safety regulations is non-negotiable, and preventive maintenance ensures compliance. By incorporating a preventive maintenance strategy, property managers not only safeguard the property's physical health but also its financial viability and desirability in the market. It's a proactive measure that resonates well with residents and investors alike. Best Tools to Support Preventive Maintenance Here’s the big question: How can property managers for single-family homes make preventive maintenance easier? Scattered-site properties don’t lend themselves to regular inspections. So, the best solution, as we mentioned above, is to help your residents do it themselves. Here are three of our favorite products to get that done. Second Nature We’ve built a Resident Benefits Package with proactive property management in mind. Each feature – from renter’s insurance to on-demand pest control to air filter delivery – aims to address ongoing needs and prevent common issues from escalating. Let’s take air filter delivery as an example. In the largest HVAC data study of its kind, filter delivery service reduced HVAC ticket requests by 38% Just by including a filter subscription for your residents, you can help them cut energy costs and ensure your HVAC system lasts for the long term. Learn more about all of the features of our Resident Benefits Package and how it delivers results for residents, property investors, and property management companies. RentCheck RentCheck is a property inspection app built to help residents do inspections on their own. The property manager can request and track routine inspections from the resident. You can set up any cadence you want and customize the self-guided inspection requirements. RentCheck will fully automate reminders and support residents in completing a video inspection that then gets sent to you as a shareable report. zInspector zInspector is another very popular rental inspection app in the SFR property management space. Like RentCheck, property managers use zInspector to schedule, customize, and receive inspections conducted by residents themselves. The app also includes a toolkit with an evolving set of property and task management tools. You can get 360 photos and virtual tours with a compatible 360 camera and printable, customizable inspection reports. FAQs Q: What are the benefits of preventive maintenance? Preventive maintenance offers a multitude of benefits, including: Cost Savings: It reduces the likelihood of incurring expensive emergency repairs and extends the life expectancy of property assets. Efficiency: Regular maintenance ensures that all systems and appliances are running at optimal performance, which can lower energy costs. Tenant Retention: A well-maintained property leads to higher tenant satisfaction, which can decrease turnover rates. Safety: It helps identify potential safety issues before they become hazardous, promoting a safer living environment. Value Preservation: Ongoing care maintains and can enhance the property's value over time. Compliance: Ensures that the property remains in compliance with the latest building codes and safety regulations. Overall, preventive maintenance is essential for maintaining a property's integrity, ensuring tenant satisfaction, and optimizing operational budgets. Q: What is included in basic preventive maintenance? Basic preventive maintenance for property management typically encompasses: Routine Inspections: Regularly checking the structural integrity of the property, including roofs, walls, and foundations. HVAC Maintenance: Ensuring heating, ventilation, and air conditioning systems are clean and functioning properly. Plumbing Checks: Looking for leaks, clogs, or wear in pipes and fixtures. Electrical System Audits: Inspecting electrical panels, wires, and safety systems to prevent malfunctions. Groundskeeping: Checking outdoor areas, including landscaping, gutters, and drainage systems. Appliance Upkeep: Servicing provided appliances to prevent breakdowns and extend their lifespan. Safety Inspections: Verifying that all safety equipment, like fire extinguishers and smoke detectors, is in working order. These tasks are designed to identify and address issues before they develop into more significant problems, helping to ensure the property remains safe, functional, and appealing to tenants. Q: What’s the ideal schedule for preventive maintenance? The ideal schedule for preventive maintenance can vary depending on the specific needs of a property, but a general guideline is as follows: Weekly/Monthly/Quarterly: Regular checks on a weekly to quarterly basis are more common for multifamily properties and apartment buildings, with quick checks on high-usage areas and equipment, such as communal spaces and gardening upkeep. Quarterly maintenance inspections could include more in-depth inspections of HVAC systems, plumbing and electrical systems, and seasonal preparations. Annually/Seasonally: A small number of SFR property managers will conduct seasonal or semi-annual inspections. A few more conduct annual inspections (unrelated to move-in or move-out, which always includes inspections). These are more in-depth inspections to keep an eye on potential issues.

Calendar icon November 15, 2023

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