Triple Win Property Management Blog

Task Management Software for Property Managers: Everything You Need to Know

Property management moves fast. Every day involves a long list of tasks, deadlines, and tiny details that absolutely matter. When something gets missed, it creates real problems for residents, owners and our team. This is why the strongest property management companies rely on task management software. They are not leaving their business in the hands of sticky notes or who remembers what. They are organized, accountable, and running with clarity. At PM Pathbuilders, I spend a lot of time helping companies move from “things live in people’s heads” to “things live in a system.” When your processes live in software, your business becomes easier to run. Your team spends less time chasing information and more time doing meaningful work. A good task management software can take everyday, manual work and streamline it to save your team time, money, and headaches. If you are on the cusp of deciding to implement a task management software, it is worth asking: How many hours are lost to tasks that could happen automatically? How many follow ups, reminders, approvals, and repeat steps are eating up your team’s time? If your team is spending even one hour a day on something that should already be automated, that’s: 5 hours a week 20 hours a month 260 hours a year For one person. Multiply that across your entire team and the number gets expensive very fast. Task management software is not a tech upgrade. It is the modern foundation of property management. What is task management software? Task management software is a digital tool that helps your team track, assign, and complete the recurring work that keeps your business running. It exists to make sure every task gets done on time, by the right person, without anyone guessing what comes next. While the functionality varies—more on that later—the overall goal is the same: increased efficiency, decreased mistakes. At a basic level, every system starts as a to-do list. Tools like Trello are built around this idea. You write down tasks. You check them off. Simple. The next level of task management systems goes beyond just a simple checklist, and starts to introduce automation and interactions. Monday.com is a great example of this kind of tool, but there are plenty of them. These systems can trigger actions and hand tasks from one person to another. If one step is complete, the next one appears. If it is not complete, the workflow reacts and adjusts. The highest level of task management software is built specifically for property managers. Platforms like Aptly and LeadSimple take automation further. They connect directly to your property management software to pull in real data, create accountability, and run your core processes automatically. Renewals, delinquency, onboarding, move outs, inspections, and status changes all become organized and trackable. The result is simple. Your team does not have to remember the process. The software remembers it for them. What can task management software do for property managers? Task management software plays two important roles in a property management company. First, it keeps your team organized and on schedule so tasks are completed on time. It also creates a safety net. If something slips, there is a clear recovery step to get it back on track. It is also a powerful systemization tool. Instead of every team member doing things their own way, the software ensures a standardized experience for both owners and residents. That protects your brand and delivers consistent service no matter who handles the task. Task management software also elevates the resident and investor experience. You can build automated touchpoints like renewal reminders and onboarding check-ins that feel high touch and personal, but happen without any extra team effort. Owners receive a higher level of communication and service, and we do not lose time providing it to them. One of my favorite real examples comes from a company that struggled to track homeowner’s insurance policies. They added policy renewal dates into their task management system and automated follow ups to collect updated declarations before expiration. This protects the business from unnecessary risk and gives the owner a clear, elevated experience. As a management company becomes more mature, every step in the client lifecycle is supported by a process in the software. Some include resident or owner communication, like renewals. Others do not, like HOA documentation or licensing requirements. Regardless of the workflow, the right platform can automate it and ensure nothing is left to chance. Key features in task management software There are a lot of options on the market, and it can feel overwhelming trying to figure out what matters most. For property management companies, these are the three must-have features you should evaluate before making a decision. Integration with your property management software Your task management system has to talk to your property management software. Investor names, resident names, addresses, balances, lease expiration dates. All of it needs to sync directly into your workflows. Why it matters: You can automate lease renewals because the system sees upcoming expiration dates. You can automate balance owed notifications because the system sees delinquency. You eliminate double data entry, which is slow, expensive, and creates mistakes. Without a real integration, half of your processes will still live outside the tool, which defeats the purpose. Strong automation capabilities Not all automation is equal. Some tools automate like a checklist. Others automate like an operations engine. Ask specific questions: Can it send emails or text messages automatically? Can it assign tasks to the right person at the right time? Can it create calendar events or reminders without someone clicking a button? Can it trigger steps based on real data, like payment status or a new move-out notice? Think about what your business will need over the next two to three years. Not just what you need today. Ease of use in building out the system You are not just using the software. You are building your company inside it. That means the system must be practical to set up and maintain. Consider: Will your team be able to build and update workflows themselves? Do you want a platform with expert support or consulting help available? Do you prefer more flexibility even if it is more complex to configure? Just like your company, your software will need to evolve. Think about how much your processes have changed in the last ten years. They will keep changing. If the software is not updated regularly, it becomes stale and stops supporting the business the way it should. In general, the more the software can do, the more thoughtful the setup needs to be. Choose what your team can realistically manage while still keeping the system fresh and relevant over time. Are you ready for task management software? Another important question is whether your company is actually ready to add a task management system to your tech stack. The software is powerful, but it will only work if a few things are already true in your business. So… how do you know when you’re ready? In my opinion, you’re ready for task management software when a few things are true: You know who’s responsible for what, and who the backup is for each item. Roles and responsibilities are clear. You have clean processes that are relatively systematic, consistent, and ready to be automated. You have someone with enough capacity to act as a dedicated project lead for the software. For example, if you have an owner onboarding process that runs the same way every time, where you add the investor to your PM software, send their onboarding information, confirm their reserve contribution, and send a welcome email, that is something task management software should handle. Once it is mapped and automated, the system carries the weight instead of your people. Are you willing to let go of control? You should not only ask what you need from task management software. You have to ask what you are ready for. Automation requires trust. You need to feel comfortable with the idea that certain tasks will happen without you reviewing every step. You need to be okay with automated text messages and emails being sent at the right moments without you pressing send. You need to be comfortable with workflows automatically scheduling owner review calls or sending reminders when payments are late. These efficiencies move your company forward, but they require letting go of the belief that every communication must pass through your hands to be correct. Consider the business factors At the end of the day, like any other investment, this is about determining what’s the right fit for your company. Here are the two biggest business factors to consider: Company size: More people on your team can mean more capacity to help with implementation, but it also means more people to train and more habits to shift. Think about how much change your team can realistically absorb. Cost: Can your company afford it right now? There is a strong return on investment with task management software because it reduces the time your team spends on routine tasks. However, there is often a sizable upfront investment. If your software is priced per door, the cost will grow as you grow, so make sure that aligns with your long-term plan. Understanding change management Even the best software will fail if your team does not use it. Think about how your team has handled new technology in the past. Will automation feel supportive, or will it feel threatening? Will they embrace it or resist it? Will they default to the old way once things get busy? Team buy-in is not optional. If you launch a system and no one uses it, you will quickly end up with hundreds of overdue tasks and a team frustrated by the entire experience. Once that happens, adoption becomes even harder in the future. As you plan an implementation of this scale, ask yourself how you can lighten the load for the team, emphasize ease of use, and introduce the changes step by step. Look at team capacity, team size, and comfort with technology to determine which roles and processes should go first. Start with changes that genuinely make daily work easier, not harder. Task management is not set it and forget it One thing that often gets overlooked when teams are evaluating task management software is what it takes to keep it updated over time. Task management tools need regular attention. Processes change. Roles shift. Communication style evolves. If your software does not evolve with those changes, it stops supporting the business the way it should. In my opinion, the only thing worse than not having a task management system is having one that is outdated. That is when people get frustrated. The system is wrong, so the team works around it instead of with it. If someone’s role changes, automations must be updated. If your voice or tone changes, the messaging needs a refresh. If a process changes, the workflow should change with it. If your branding changes, email templates should reflect the new look and feel. And if legislation changes, you may need to adjust timelines, notice requirements, and compliance checkpoints. If that does not get updated immediately, it can break the entire workflow and cause real problems. Maintaining the system takes effort, but it is effort worth investing. When your workflows are aligned with how your company actually operates today, your team saves time. They spend more of their day doing meaningful work instead of recreating checklists. And both investors and residents get a better, more consistent experience from your company.

December 11, 2025

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Property Management Revenue: How Can Managers Increase Ancillary Revenue?

Ancillary revenue is a huge profit driver for property management companies. Today, we're looking at what ancillary revenue is, how it can give you better results, and how to get started building ancillary revenue streams. What is ancillary revenue? Ancillary revenue refers to any additional income not including rent that you derive from the properties you manage. By becoming greater service providers, PMs create opportunities for more revenue streams. There is a lot of money to be made in ancillary income in the property management industry and real estate industry. But many property managers don’t even consider the wealth of opportunities to increase profit, grow your business, and increase the satisfaction of your residents that ancillary income opportunities provide. It may seem counterintuitive to suggest that a practice exists that will simultaneously increase the amount your residents pay and increase their satisfaction with you, but if you provide the right ancillary services, and your residents find value in them, you can build a winning situation for all involved parties. How can property managers generate ancillary revenue? The best way to sustainably drive ancillary income for you and your business is by generating more value that your residents and investors want and charging for what that value is worth. Ancillary charges can apply to your investor clients and your residents. In short, property managers should figure out what’s important to their residents and clients and monetize those things. Ancillary revenue opportunities can come from programs that drive resident satisfaction, such as Resident Benefits Packages, property upgrades, pet insurance, pet rent, etc. You can also drive extra revenue through additional fees such as application fees or pet fees for new residents or for behaviors you want to discourage, such as late payment fees, early termination fees, paper lease fees, vendor screening fees, etc. Ultimately, each of these programs help to achieve what we call a “triple win.” A triple win, as described in this video, is any concept that manages to benefit the renter, you and your team of property managers, and the property owner. ‍ ‍ The importance of the triple win comes from the idea that long-term success that results in long-term profit must correlate with long-term satisfaction. Keeping all involved parties in a transaction satisfied will lead to high rates of re-signing, whereas ancillary income programs that residents don’t find value in can decrease renter satisfaction and hurt your bottom line in the long-term. Ancillary revenue stream examples in property management Let’s look at some of the most common and successful ancillary revenue examples. Ancillary programs work well for both multifamily and single-family rentals. You can break ancillary charges down into two categories: fees vs. special programs. Ancillary fees First, there’s the ancillary fees approach. Those can include the following. Resident-focused Security Deposit Processing Fees Leasing or Lease Amendment Fees Paper Lease Setup Fees Lease Renewal Fees Renters Insurance Late Fees Investor-focused Inspection and Maintenance Monthly Fees Marketing Fees (social media, etc.) Insurance Risk Mitigation Fees Vendor Screening Fees Rent Protection or Eviction Fees Essentially, property managers should be sourcing income on anything they’re spending money on themselves. This ensures that you can continue to grow, add on value, and pay your employees. Ancillary fees also help encourage the kind of behavior you want from your investors and residents. You don’t want residents to pay late? Incentivize on-time payments by adding a fee for late payments. You don’t want investors requiring you to use their vendors instead of yours? Charge a small fee for vendor screening. Then you’re either getting paid for your extra time, or the investor will decide it’s not worth it, and you’re saved the extra burden on your team. Special programs Of course, property managers can also generate additional revenue by developing programs that boost resident happiness and satisfaction. These programs can also help encourage the behavior you want, but the goal is more driven by a desire to improve the resident experience. The most popular – and effective – form of special program is the Resident Benefits Package. An RBP can include several different benefits for residents, from credit reporting to move-in concierge services to identity protection. And they’re easy to monetize for property managers. Increasing property management revenue The residential real estate market is changing. By finding new ways to generate revenue, property managers can accelerate business growth. Ancillary revenue is one of those ways, and it works by providing real value to the resident. These programs don’t necessarily have to directly create revenue, although many do, but the key is always to create value. Of course, some programs work better than others – and some attempts to drive ancillary income can actually do the opposite: drive investors away, or cause resident complaints. Let’s look at a few examples of what is and isn’t working for property managers. Ancillary revenue streams that are working Here are a few examples of the best drivers of ancillary revenue in property management. Resident gift programs One example of a program that creates value for the resident without charging the resident is a Christmas gift program run by the Home River Group based out of Boise, Idaho. Residents at HRG’s properties receive a gift package every holiday season that includes gift cards to local restaurants, movie theaters, bowling alleys, etc. This comes at no charge to the resident, but it does create happy renters, which leads to sustainable revenue in property management. 24/7 maintenance Another great example is 24/7 maintenance, which is often amenitized. Professional SFR managers have web portals, apps, 24/7 hotlines as part of their operations that enable a more professional and convenient resident experience. And it leads to faster resolution. Including maintenance support in a resident benefits package helps differentiate your service. Adding value through a resident benefits package also adds a new revenue stream for a property management business. Convenience services Convenience services are great examples of ancillary income programs that do drive immediate profit and achieve a triple win. Residents tend to realize a lot of value from convenience services, and these services have become the expectation for renters. Second Nature’s air filter delivery service, which is widely used by property managers around the country, achieves this by providing the resident with cleaner air to breathe and lower utility bills, providing the owner with the peace of mind of knowing the air filters are being changed on time, and providing you with some added ancillary revenue. A great way to identify opportunities for ancillary revenue services that achieve a triple win is by asking your residents. Just ask them. They’ll tell you what services they’re interested in and willing to pay for. This will not only help you identify key insights for your business, but it has a positive side effect of improving the relationship you have with your residents. Premium amenities You can also expand your offerings to include more premium options for residents, like dog walking services, electric vehicle charging stations, or smart home technology. These kinds of service offerings can often entice residents, even if they come with an amenity fee. The result is higher resident satisfaction paired with extra income. What doesn’t work in driving ancillary revenue As you can probably infer, programs that don’t work will be the ones that don’t achieve the aforementioned triple win. Property managers are starting to realize the value of the long-term game. The extra effort required to make sure residents feel respected and not leveraged specifically for profit creates a lot of value for the PM as it keeps renewal rates high. Here’s the type of behavior PMs should avoid when designing an ancillary revenue strategy. Cheap money grabs When your residents feel like they're just a warm body that pays monthly rent, that's really going to sour the relationship that you need to be focused on here. Truthfully, ancillary income can be created very easily, but cheap money grabs that make residents feel used are not going to be sustainable, and sustainable is the key word here. For example, there's a big difference between charging a pet fee vs. providing pet services and building a truly pet-friendly community that you also charge for. Not understanding what residents value If the resident doesn’t see value, your program’s long-term prospects are not going to be good. Understanding where a resident will find value also requires you to understand how a resident perceives value. There is a saying in marketing that perception is reality, and whether or not you realize it, you're perpetually marketing your properties to residents. How they perceive their experience is going to affect how they feel when it's time to renew. Mixed messaging The best ancillary benefit package in the world is going to be perceived negatively if the messaging around it uses words with negative connotations. Avoiding words like “fees” can help prevent a negative perception of a service you as the property manager are providing. A perceived lack of value for a required program contributes to a resident that feels disrespected, and a perceived lack of value for an optional program results in a program nobody uses. Either way, no benefit to the resident means no benefit to you. In the end, the best way to drive ancillary income is to find programs and services that add value for your residents and clients, and generate profit for your business. FAQ What is ancillary revenue in property management? Ancillary revenue is additional income property managers earn beyond rent, such as through pet fees, resident programs, or convenience services. Why is ancillary revenue important for property managers? It boosts profitability, offsets operational costs, and strengthens resident relationships by offering valuable, service-based add-ons. What are examples of ancillary revenue streams? Examples include Resident Benefits Packages, pet rent, maintenance fees, late payment fees, and convenience services like air filter delivery. How can property managers increase ancillary revenue? By identifying resident needs, adding service-based programs that deliver value, and monetizing convenience features that improve satisfaction. What is a resident benefits package (RBP)? An RBP bundles services like credit reporting, insurance, and maintenance support into one program that benefits residents and generates revenue. Can ancillary revenue improve resident satisfaction? Yes. When residents perceive real value—such as cleaner air, easier maintenance, or rewards—they’re more likely to renew leases and stay longer. What are common mistakes in ancillary revenue programs? Overcharging, poor communication, and offering services without clear value can harm resident trust and lead to turnover. Do ancillary fees differ for residents and investors? Yes. Resident fees may include late or pet fees, while investor fees can cover vendor screening, marketing, or inspection services. How can property managers find new ancillary income ideas? Survey residents, review competitor offerings, and identify pain points where convenience or service can be monetized sustainably. What is the “triple win” in property management? It’s when a program benefits residents, property managers, and owners simultaneously—driving satisfaction, efficiency, and profit growth.

December 5, 2025

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10 Steps to Onboard New Tenants

The tenant onboarding process is a critical step in ensuring a positive and productive relationship between residents and property managers from day one and usually occurs during the lease signing. For property management companies, new tenant onboarding represents a cornerstone of the "Triple Win" philosophy we advocate here at Second Nature. That's because an optimal process benefits all parties. As we mentioned, not only does a smooth onboarding experience foster tenant satisfaction, but it also delivers winning conditions for a positive tenant who is excited about their new home. It also recognizes their role as property residents rather than transactional entities and sets a positive tone for their experience with the property. On the part of the property management company, it also demonstrates professionalism and competence, which not only boosts your brand, but also enhances your ability to attract potential tenants in the future. Finally, it protects the real estate property owner. Clear communication of lease terms, expectations, and maintenance procedures helps reduce the risk of issues such as late payments, property damage, or misunderstandings. But how do you actually optimize the onboarding process? Today we'll look at standardized procedures you should implement to ensure consistency and a positive outcome for all. Note on language: "Tenant onboarding” is a commonly used industry term, but at Second Nature we're trying to evolve the word "tenant." We’ve seen the incredible work property managers do day in and day out to make renters feel like they’re so much more than just a tenant – they’re residents. Making renters feel like residents isn’t just philosophical, it also encourages them to invest in care for their home and add value to the property. This is why, at Second Nature, we prefer to call tenants “residents.” Like you, we think of them as people first – making your property their home. Why is the tenant onboarding process important? The tenant onboarding process is important because it sets the stage for the entire tenancy experience. Proper onboarding helps make sure that residents are well-informed about their responsibilities, as well as the property management company's expectations, which can lead to fewer misunderstandings and conflicts down the road. It also helps build and maintain a strong relationship between the resident and the property management team, which can lead to higher resident satisfaction and retention rates, which is especially beneficial to PMs. By creating a positive first impression, the onboarding process can significantly impact the long-term success of the rental arrangement for all parties involved. Steps to onboard new tenants While the only hard and fast rules you need to follow are determined by local laws, here are some key steps you'll want to make sure you're taking as you onboard your new residents and seek to foster a successful resident relationship: 1. Run background checks, collect and verify all tenant information The onboarding process starts with thorough tenant screening and background checks on prospective renters. The process of ensuring the accuracy of tenant information can be time-consuming, so this is where you will realize the greatest efficiencies as you optimize the process. Start by leveraging screening and credit check/credit score service providers to assess a tenant's financial responsibility and ability to meet rent payments, as well as identify any prior evictions or tenancy issues. Criminal background checks, run in accordance with fair housing laws and anti-discriminatory practices, can uncover potential red flags that may represent risks to the property or other tenants. You should also use standardized application forms that clearly request information, such as: Full legal name, contact details, and date of birth Employment information and income verification (via recent paystubs or employer contact details) Previous rental history, including contact details of prior landlords Emergency contact information Directly contact previous landlords and employers to confirm details provided by the prospective tenant, and verify the government-issued photo ID (driver's license or passport) they supply to confirm their identity. Consider offering an online application portal where tenants can submit their information and upload important documents securely. This allows for faster processing and reduces manual data entry (and therefore reduces the risk of errors). Again, ensure that all screening processes comply with fair housing laws to avoid discrimination based on protected characteristics. Related: Tenant Screening Checklist: Free Template and Form Example 2. Explain the lease and sign the agreement It's critical for all parties that you be transparent and clear about lease terms. To achieve this clarity in a repeatable, standardized way, consider structuring the process into four distinct stages: (i) Pre-signing review Schedule a dedicated time with the tenant to review the lease agreement. In the agreement itself, it's important to use clear, concise, and plain language that avoids legal jargon. Explain each clause, addressing key points like rent amount and due date, security deposit details and return policy, allowed usage of the property and any restrictions (such as pets or modifications), maintenance responsibilities of both the tenant and the property manager, and termination clauses/notice periods. (ii) Addressing concerns After the pre-signing review, proactively invite questions and address any areas of confusion or concern. Have supplementary materials and any other necessary information readily at hand, such as property manuals or tenant handbooks. (iii) Lease signing process Consider offering the option of secure e-signatures for a convenient and efficient signing experience, but do ensure readily available hard copies of the lease for traditional in-person signing preferences. (iv) Post-signing follow-up: Present tenants with a signed copy of the lease agreement for their reference. At that point, you should outline the next steps, such as payment details (more on that below) move-in date and procedures, utility setup details, and contact information for maintenance requests or emergencies. 3. Collect payments and security deposits An efficient tenant onboarding process will prioritize secure and convenient methods for tenants to submit their security deposit and rent payments. Naturally, this starts and ends with clear communication. If you have not covered this in the context of the lease agreement, do so now: Clearly outline all available payment methods, as well as rent due dates, late fee structures, and any associated payment processing fees. It's helpful to provide flexible payment methods. Options include secure online portals (whether hosted on your site or by a third-party payment processing provider) that allow tenants to pay using debit cards, credit cards, or e-transfers. This option presents multiple advantages, including automatic recurring rent collection, online receipts for all transactions, and a record of payment history for easy reference. You can also offer the option of direct bank transfers between the tenant's account and the accounts of your property management company. For technology-averse tenants, you may find it necessary to offer traditional payment methods such as cashier's checks or money orders, which provide a secure way for tenants to submit payments without the risk of personal check bounces. When it comes to security deposit handling, compliance is key. You must adhere to all local and state regulations regarding security deposit amounts, holding periods, and interest accrual (if applicable). It's helpful to hold security deposits in a separate account designated solely for this purpose. This demonstrates transparency and protects tenant funds. 4. Share copies of electricity and gas safety certificates While some regulations require property managers to make electricity and gas safety certificates available on request, in certain jurisdictions, the property management company may be legally obliged to provide them during the onboarding process. Always consult with local regulations and ensure compliance to avoid any legal issues. In any case, by proactively providing copies of safety certificates, clearly explaining their purpose, and maintaining proper records, property management companies demonstrate a commitment to tenant safety and uphold a high standard of professionalism. This fosters trust and transparency throughout the tenancy. While the certificates indicate the overall electrical and gas safety of your rental property, as well as any potential hazards, they also emphasize the tenant's responsibility to report any observed issues or concerns promptly. 5. Schedule move-in To efficiently schedule the move-in, inquire about the tenant's preferred move-in date and time frame during the lease agreement signing process. If you're offering a few available move-in windows, strive to accommodate their preferred date and time, as this demonstrates your commitment to tenant satisfaction. If the tenant's preferred date is unavailable, propose options that minimize disruption, such as an earlier or later move-in time within the same day. Once a mutually agreeable move-in date and time are established, send a confirmation email or document outlining the details as well as a move-in checklist. Note that Second Nature includes a move-in concierge as part of its Resident Benefit Program. 6. Prepare the property for move-in day The onboarding process culminates in a meticulously prepared property for the tenant's arrival. Start by conducting a pre-move-in inspection and cleaning. This covers the entire property, including: Floors, windows, and all surfaces. Appliances Bathrooms and kitchens Ensure that all smoke and carbon monoxide detectors are operational, and have fresh batteries. Also, address any outstanding maintenance or repair requests, and verify that all applicable utilities are functioning properly. You'll want to take any meter readings in the presence of the tenant during the move-in process. Consider providing small "welcome amenities'' (toilet paper, tissues, light bulbs, and so on), as well as a welcome packet that includes contact details, important property information, trash collection schedules), and emergency procedures. Such gestures foster a sense that the property is being managed with care. 7. Deliver keys and share property manager contact information While the process of delivering keys and sharing contact information may seem trivial, it's an excellent occasion to once again demonstrate your professionalism and care for the property. First, coordinate a convenient time for the tenant to pick up their keys. This can occur during a move-in walkthrough or previously. Consider offering flexible options for key collection, such as collection of keys from the property management office, or secure drop-off at the property, if this is feasible. Maintain a record of the specific keys issued to the tenant. If the property utilizes key fobs or electronic access systems, ensure the tenant receives proper instructions and activation procedures. As far as contact information goes, provide the tenant with various contact methods, including any dedicated phone lines for tenant inquiries and maintenance requests, email addresses for non-urgent communication, and access to an online tenant portal (if applicable) for rent payments, maintenance requests, and communication. If you have not already done so, outline your operating hours and response timeframe for inquiries and maintenance requests. Provide a separate after-hours emergency contact number for urgent situations. 8. Leave a welcome message, card, or gift pack for the tenant While not essential, incorporating a personalized touch during the onboarding process can significantly enhance the tenant's experience. For instance, a brief handwritten note left at the property upon move-in adds a personal touch, as does a warm welcome email. Such a message can express that the tenant has chosen your property, offer availability to answer questions, and reiterate important contact details for the tenant's reference. Professional greeting cards with similar messages are also an effective way of enhancing your brand, particularly when co-branded with local restaurants and grocery stores to offer discounts or coupons. Another option consists of gift packs containing small, practical items such as basic toiletries, coffee/tea, baked goods, or cleaning supplies. Ensure that any message, card, or gift reflects a professional tone and avoids overly personal greetings. 9. Follow up after one week with the onboarded tenant to get feedback An optimal onboarding process extends beyond the initial move-in. Following up with the resident after a week demonstrates your company's attentiveness and professionalism, and goes a long way toward boosting retention rates. Schedule a follow-up call or email approximately one week after the tenant has settled in (at which point they will have become well acquainted with the property). A call allows for a more personal touch and enables the tenant to voice any concerns directly, while an email gives them the flexibility to respond at their convenience, as well as providing a written record of the communication. Sample wording might go along the lines of: "I hope you're settling in well at [property address/name]. Is there anything we can help you with?" or "We hope everything is going smoothly after your move-in last week. Do you have any questions or concerns we can address?" Remind the tenant of the various contact methods available for the property management company, and address any raised concerns promptly to demonstrate your willingness to assist in resolving issues. You may also wish to consider incorporating a brief tenant satisfaction survey into the follow-up email, if you've chosen this approach. This can provide valuable insights into areas where the onboarding process can be further improved. 10. Schedule periodic rental inspections with the tenant A crucial aspect of responsible property management involves conducting periodic inspections. Here's a professional approach to scheduling these inspections while fostering a positive relationship with the resident. Clear communication is paramount. It's important that you outline the frequency and purpose of inspections within the lease agreement, and explain the rationale behind inspections, emphasizing property maintenance and ensuring tenant safety. Of course, you'll reserve the right to conduct immediate inspections in case of emergencies or suspected violations of the lease agreement. However, prioritize informing the tenant whenever possible, and always adhere to local and state regulations regarding the frequency and notification requirements for rental inspections. Before scheduling an inspection, provide ample written notice. This allows residents to prepare the property and minimizes disruption. As necessary, work with the tenant to find a mutually agreeable date and time for the inspection. Allow the tenant to be present during the inspection, and limit the inspection to the essential aspects, avoiding intrusion into personal belongings. Download our rental inspection checklist to ensure you’re covering all the bases. Then, provide the tenant with a copy of the inspection report, highlighting any findings or maintenance needs. Tips to improve the tenant onboard experience A smooth and efficient onboarding process can set the stage for a positive tenant experience. Below are some helpful tips: Create a property management tenant onboarding checklist A comprehensive tenant onboarding checklist helps ensure that no critical steps are overlooked. This checklist should include all tasks, from initial background checks to the final move-in day preparations. This will help maintain consistency and efficiency in your onboarding process, and ensure that every resident receives the same high level of service. Create a welcome package for new onboarding tenants A welcome package can make new tenants feel appreciated and valued right from the start. It can include practical items such as toiletries, cleaning supplies, baked goods, and information about the local area. Personal touches such as a handwritten welcome note or discounts to local businesses can also enhance the resident’s initial experience, as well as the image of your property management company. Use technology to streamline processes Utilize technology to streamline the onboarding process. Offer online applications, e-signatures for lease agreements, and an online portal for rent payments and maintenance requests. Technology can make the process more convenient and efficient for both property managers and residents, and easier for PMs to manage the status of everything. Dedicated tenant onboarding software, like Second Nature's Resident Onboarding, can help communicate essential information, help residents better understand rules, responsibilities, and expectations, and customize the resident benefits that you offer. Personalize the experience Personalizing the onboarding experience can make residents feel valued and welcome. Address them by name, remember important details about them, and provide personalized touches such as a welcome note or small gift. Final thoughts Remember, an onboarding process is not just a series of steps; it's a tool to enhance communication, establish expectations, and create a positive resident experience. Our top recommendation for ensuring a world-class resident experience is to build a resident benefits program. Second Nature has pioneered the only fully managed Resident Benefits Package for single-family property managers. Learn more about resident experience management in our State of Resident Experience Report, or explore the benefits of a Resident Benefits Package. FAQ What is tenant onboarding and why does it matter? Tenant onboarding (or resident onboarding) is the process of welcoming new residents, reviewing lease terms, collecting payments, and preparing the property before move-in. A smooth onboarding process sets expectations, builds trust, and reduces issues later in the lease. How is a resident different from a tenant? At Second Nature, we use the word “resident” because renters are more than just tenants. Thinking of them as residents emphasizes their role as people making your property their home, which fosters stronger relationships and long-term retention. What steps are included in the tenant onboarding process? The process typically includes screening and background checks, explaining and signing the lease, collecting rent and security deposits, sharing safety certificates, scheduling move-in, preparing the property, delivering keys and contact info, providing a welcome message or gift, following up after move-in, and scheduling periodic inspections. Why are background checks important during onboarding? Background and credit checks help verify tenant information, assess financial responsibility, and identify potential risks. This protects property owners while ensuring a safe and secure community. What should be explained during the lease signing? Lease signing should cover rent amounts and due dates, deposits, property use rules, maintenance responsibilities, termination clauses, and payment processes. Transparency prevents future misunderstandings. How should security deposits and rent payments be collected? Offer secure and flexible options such as online portals, direct transfers, or checks. Always comply with local/state laws regarding security deposit limits, storage, and refunds. What documents or certificates should new tenants receive? Residents should receive electricity and gas safety certificates (where legally required), lease copies, and any property manuals or welcome packets. Providing these documents promotes safety and transparency. How should property managers prepare the home before move-in? Managers should inspect and clean the unit, test appliances, replace detector batteries, take utility meter readings, and provide essentials like trash schedules and emergency contacts. How can property managers create a great first impression? A welcome gift, handwritten note, or branded package with local coupons adds a personal touch and shows residents they’re valued from day one. Should property managers follow up after move-in? Yes. Following up within a week helps identify concerns early, boosts satisfaction, and strengthens trust. A short call or survey can provide valuable feedback. Why are regular property inspections necessary? Periodic inspections help maintain property condition, ensure resident safety, and prevent costly damage. Always provide proper notice and comply with local regulations. How can technology improve tenant onboarding? Online applications, e-signatures, payment portals, and resident portals streamline the process, reduce paperwork, and create a smoother experience for both managers and residents.

December 3, 2025

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Ancillary Services in Property Management: How to Expand Your Value Without Losing Your Focus

More and more, property management professionals and property management companies are looking for services that they can add to their offerings in order to capture more business without adding too much overhead. These ancillary services can increase net operating income and help you elevate your business. Let’s take a look at what kinds of ancillary services are available to property managers, the factors you should be considering as you look to add them to your offering, and how you can add them without stretching your team too far. Examples of ancillary services There are plenty of examples of ancillary services that property managers can offer, some more popular than others. When you step back and look at the expertise you already have, it becomes pretty clear: you’re sitting on a goldmine of services owners need. Here are some of my favorite (and profitable) ancillary service opportunities I see PM companies offering: Real estate sales: This is one of the most common ancillary services I see offered. Property manager professionals, and especially leasing agents, often have the sales and people skills that selling homes requires, making it a logical service to add for investors. If an owner is going to sell, they should be selling with you, not disappearing into another agent’s pipeline. Resident buying services: Another real estate sales angle is to help your residents on the path to homeownership. Teaching your residents about how to purchase properties, what down payment assistance options are available, and what to expect through the process can help build a sense of trust and ultimately choose to purchase a home with your help. Rental brokering: Another great opportunity for leasing agents, many property management professionals act as resident brokers for properties that are outside their own portfolio. This can be a bit market dependent, but in more competitive or luxury markets, this is a premium experience that residents are willing to pay for when the stakes are high. Insurance shopping: Some property managers offer to shop for homeowner’s insurance for their clients. It is a quick value-add. Help owners shop policies and save money, while positioning your business as the trusted advisor who looks at the whole investment, not just the rent roll. Appraisal coordination: One service that I find more property management companies offering in-house is the appraisal process. PMs will help find and schedule an appraiser on behalf of their investor, then meet the appraiser at the property on the day. Appraisals often help investors for processes like refinancing a mortgage or acquiring a HELOC to expand their portfolio, but a recent appraisal can also help the PM themselves more accurately set rent prices. Managing large maintenance projects: More and more property managers are starting to serve more as asset managers, which often includes providing advice and project management on things like large repairs, remodels, or additions that will add value to properties. You already have the vendor relationships, scheduling oversight, and cost awareness, so charge for it. This is where PMs start moving into true asset management. Managing evictions: Evictions are one of the worst parts of the job for most property managers, but for those who are particularly good at it, it can be a very in-demand skill. Your PMC can manage evictions for non-clients as an additional service, adding extra business on a flexible basis using expertise you already have in-house. Consulting eviction managers typically file the necessary legal paperwork, go to court, execute the eviction, and file any necessary collections, providing a complete end-to-end service. Appearing as an expert witness: When they’re involved in legal proceedings, real estate investors often need to call expert witnesses to speak to the facts of a case. They help juries or judges better understand the facts of the case. Experienced PMs are uniquely qualified — and this can be extremely lucrative with the right positioning. If your company is already doing the hard part (running properties well), there’s no reason not to package that expertise into additional services that deepen relationships, drive retention, and unlock new revenue streams. Finding time for ancillary services The key to adding ancillary services is making sure that they: Make sense for your business financially Fit with the skills and capacity of your current team Won’t detract from the core services you offer to your investor clients Even though these added services can be great for your bottom line, you can never prioritize them over the core of your management business. Your PMA is the scope of work you’re promising you’ll do for a client and should always take precedent. That said, most property management businesses have seasons where operations are running smoothly and there is additional capacity. When that happens, you may look for ways to grow without simply stacking more doors into the portfolio. Strategic ancillary services can help you increase revenue, create deeper client relationships, and build a more resilient business model during those windows of opportunity. Run the numbers The first step is making sure that whatever additional services you’re considering adding make financial sense for your company. In particular, if you’re going to need to add additional headcount to be successful, there’s some math to be done. How much money do you need to charge for an ancillary service in order to justify bringing on an additional team member to manage it? Do you have the lead flow to make this a viable part of your offering? How long will it take to recoup any investment you’re making? Ancillary services can help you go beyond just adding more and more doors as your only lever of growth, but you need to make sure the numbers add up before you dive in. Examine current capacity The next factor to consider is what kind of capacity your team currently has. There’s only so much that an individual team member can do. You don’t want to stretch people so thin that they become unhappy in their roles, or you’ll quickly find yourself losing staff. Consider the skills that you currently have in-house—oftentimes your existing staff are capable of doing these things, but you have to look at whether they have time. Ask yourself, is there anyone who’s currently not at maximum capacity? They might be able to take on additional services. Even more importantly, is there anyone whose capacity is highly seasonal? Seasonality presents opportunity There are many property management roles that are highly seasonal, and leasing agents are the perfect example. They’re super busy during the busiest times of year and not busy during the slower seasons. Seasonality leaves you with a couple of different options to optimize your business. First off, you can adjust processes to try to balance their work. If you know that, from May to September, your leasing agents will be swamped, how do you plan ahead for October to April? Maybe you can break the inspection cycle apart from the leasing cycle so that they’re performing inspections in the slow season, giving them a more balanced schedule year-round. The other option is to take advantage of the slower months to give them ancillary work. If they have capacity to focus on real estate sales or coaching residents on homebuying skills, you can leverage these added services without needing to increase payroll. Know thy market Remember, like everything in property management, there will be variation based on your local market. I already mentioned that different markets have differing levels of demand for things like renter brokers, but there’s also the question of regulation. Regulations and licensing play a big role in how many of these ancillary services you can provide, and you need to make sure you’re protected legally. Some roles, like real estate sales, require licensing in almost all jurisdictions. In some areas, insurance shopping may or may not be considered insurance brokering, which also requires a license. Other functions might not require licensing, but do have certification requirements or training requirements. The good news is that these requirements can be a strategic advantage rather than a barrier. Certifications and licenses create professional development opportunities for your team, helping them grow while strengthening your company’s competency. They also become a differentiator in a competitive market. When you are the company that understands property management and insurance better than anyone else, your value becomes far more obvious to investors. Knowing your market keeps you compliant, profitable, and positioned as the expert worth partnering with. Getting started is more important than being perfect Growth in property management rarely comes from giant leaps. It comes from small, intentional moves that build capability and confidence over time. Start with what you can execute well today, then refine and expand once you’ve proven demand and established the right systems. One way to start is by looking at bigger, more established companies for ideas, and determining how you can adapt those ideas on a smaller scale. If the enterprise company in your market has an entire maintenance business on the side, you don’t have to do the same thing, but you can pull one team member to take on outside vendor work part-time. Focus on a realistic starting point and define how you will measure success before growing the initiative. When companies try to launch at full scale right out of the gate, they tend to overwhelm their team and dilute what already works. Getting started, learning, and adapting will take you much further than trying to be perfect before you begin.

December 2, 2025

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Property Maintenance Software: CMMS, Work Order & Vendor Management Platforms Compared

Property 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. When it comes to property maintenance software, single-family property managers have to first identify how they approach maintenance and, second, what tech solution will best support their team, workflows, and operational structure. It’s a daunting task! 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 maintenance. We’ll explore both platform and point solutions, and outline how to weigh the pros and cons of each. Related: Best Single Family Property Management Software How we selected the best property management maintenance software Our team has extensive experience in both property management and technology, allowing us to accurately assess how any given software aligns with the needs of property managers. Our SMEs have taken a deep dive to evaluate each solution based on practical usability, reliability, and specific features that benefit scattered site and single-family property management operations. By focusing on functional capabilities as well as user feedback, we’ve curated a list that genuinely enhances efficiency and simplifies maintenance operations. The bottom line: This isn’t just a random list. Each recommendation we’ve discussed has been reviewed for confirmation by our team and SMEs so that it meets high industry standards. How to choose the right property management maintenance software There are plenty of factors that you'll want to consider when you're looking at different maintenance software for your property management company. Some of the most important points are: Portfolio size: Depending on how many units you currently manage—and how many you anticipate managing in the near future—some tools may work better for you than others. Scalability is an important consideration because you don't want to be dipping and replacing a tool a year from now because it can't grow with your company. Budget: Consider the amount that you can afford to invest in a maintenance management tool. While they can have very high returns on investment, they do require some time to see that ROI. It's also important to look at how a tool is priced. Some charge per unit while others have a flat fee or different pricing tiers. Existing tools and integrations: Make sure that the maintenance tool you select will play nicely with the other tools in your tech stack. You should be looking for a tool that will integrate with the rest of your services so that you don't have to do double data entry, which takes up time and can be highly error prone. One extra tip: make sure to read the fine print and find out whether integrations are included, or whether the maintenance tool you're looking at charges for integration points. 1. Second Nature Of course… we had to mention ourselves. (Our house, our rules!) While Second Nature isn’t necessarily a property maintenance software, it is a leading resident experience property management solution. We reduce maintenance needs through preventive maintenance strategies and take work off the property manager’s plate. For instance, our Air Filter Deliver service ensures that residents get convenient service, lower energy costs, and higher air quality. The result is that property managers and investors see a reduction in HVAC maintenance requests and costs. Other maintenance features included in our solution include on-demand pest control and utility setup. Best for: Single-family or scattered site portfolios where on-site maintenance teams aren't feasible. 2. 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 facilitates communication for work orders, and includes workflow automation, work order management tools, online maintenance and service requests, 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 Best for: Large portfolios with single-family, multi-family, or mixed buildings. 3. 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 take 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. Best for: Property management companies that already use another property accounting software but are feeling the pains of complicated maintenance workflows. 4. 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, maintenance staff, 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 Best for: Property management companies looking for general maintenance functionality as part of a larger property accounting system. 5. 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 50 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 Best for: Property managers looking to expand their maintenance workforce in one of Lula's 50 available markets. 6. 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 Expensive if all you need is a maintenance point solution rather than a full platform. Best for: Single- or multi-family, student housing, or HOAs looking for an integrated maintenance platform inside their property management tool. 7. Mezo Mezo is an AI-driven, cloud-based property maintenance management software, now part of the Property Meld family. 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 Best for: Large portfolios of properties focused on resident satisfaction and communication, already using one of the property management platforms that Mezo integrates with. 8. 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) Best for: Residential, commercial, or mixed portfolios that want to balance regular repairs and maintenance with large-scale capital projects. 9. 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 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: Ideal for landlords and smaller property management companies Expensive if all you need is a maintenance point solution rather than a full platform Some functionalities are still being developed Best for: Smaller property managers looking for a user-friendly accounting platform with integrated maintenance management. 10. 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 residential property managers, focused more on commercial properties Complex if you are not tech-savvy Best for: Companies seeking comprehensive maintenance history and work order management powered by a mobile app. 11. Latchel Latchel is a property maintenance point solution that helps automate maintenance communication, scheduling, work orders, etc. Your residents message the Latchel team directly on the Latchel platform and get an immediate response to begin troubleshooting the issue. If the problem requires a maintenance visit, the Latchel team will deploy that and follow up with the resident. Pros: Fast response times Easy to use for maintenance communication Cons: Many reviews say the issues didn't get fixed correctly App is great for communication but sometimes requires the PM to step in and manage Best for: PMCs looking to delight residents, provide flexible options for compensating residents for maintenance issues, and solicit positive reviews. Key features of the best property maintenance software When choosing property maintenance software, consider the key features below to make sure you’re selecting the most efficient and effective solution for you. Tenant maintenance requests The software should allow tenants to easily submit maintenance requests through a user-friendly portal or mobile app. This feature ensures that all maintenance issues are reported promptly and tracked efficiently. Tenant communication Effective communication with tenants is crucial for maintaining good relationships and ensuring that any issues that come up are resolved quickly. Look for software that offers built-in messaging systems, automated notifications, and communication logs. Vendor management and payments Managing vendors and processing payments can be time-consuming. The best property maintenance software should streamline vendor management by including vetting, scheduling, and paying contractors. This helps ensure that maintenance tasks are completed by reliable professionals in a timely manner. Work order management and history A robust work order management system is essential for tracking the progress of maintenance tasks. The software should allow you to create, assign, and monitor work orders, as well as maintain a detailed history of all maintenance activities. This is particularly helpful for identifying recurring issues and planning preventive maintenance. Mobile app and cloud features With the increasing reliance on mobile devices, having an iOS and Android mobile app for property maintenance software is a must. The app should offer the same functionality as the web-based platform, allowing property managers to manage tasks on the go. Cloud-based features ensure that all data is accessible from anywhere, providing flexibility and real-time updates. Key benefits of property maintenance software Property maintenance software offers several advantages that streamline day-to-day operations and enhance efficiency. Most notably, it helps simplify communication. A user-friendly platform helps tenants, property managers, and vendors stay connected. Clear communication reduces misunderstandings, speeds up response times, and keeps everyone updated on the latest information. Other benefits include: Improved accountability and transparency: Maintenance software logs every task, from request submissions to work order completions, making it easy to track the progress of maintenance requests. This visibility assures that nothing falls through the cracks, which helps foster trust and accountability. Time savings for routine tasks: Features such as work order assignments, vendor payments, and updates minimize the need for interventions and constant follow-ups, freeing up time for property managers to focus on more value-added tasks. Improved resident satisfaction: Prompt responses to maintenance requests are key to resident satisfaction. When residents can easily report any new issue and track its progress, they feel more valued, which helps improve retention rates. Better planning and cost management: With the ability to track recurring issues and repairs using maintenance software, property managers can plan preventive actions that save time and money in the long run. FAQ How does property maintenance software help most property managers reduce day-to-day operational burden? Property maintenance software automates routine tasks that consume most property managers' time, including work order creation, vendor assignment, resident communication, and payment processing. Instead of manually tracking maintenance requests through spreadsheets or email chains, the software centralizes all data in one platform where maintenance staff can access work orders, residents can submit requests instantly, and owner portals provide real-time updates without constant phone calls. This automation reduces administrative labor hours by up to 70% for routine maintenance tasks, allowing property managers to focus on portfolio growth and tenant retention rather than chasing down repair status updates. What should prospective tenants expect from properties using modern maintenance software? Properties using maintenance software typically offer prospective tenants faster response times, transparent communication about repair status, and convenient mobile access to submit requests. Tenants can report issues through resident portals or mobile apps rather than calling during business hours, receive automated updates about technician arrival times, and track repair progress in real time. This technology also enables maintenance staff to arrive prepared with diagnostic information and necessary parts, reducing the number of visits required. Properties with maintenance software generally resolve requests 40-60% faster than those using manual systems, directly improving tenant satisfaction and lease renewal rates. How do owner portals in maintenance software improve transparency for property owners? Owner portals provide real-time visibility into maintenance costs, response times, and property condition without requiring constant communication from property managers. Owners can log in anytime to review work order history, approve expenses above preset thresholds, view before-and-after photos uploaded by maintenance staff, and track vendor performance metrics. The software automatically generates reports showing maintenance spending trends, helping owners make informed decisions about capital improvements and preventive maintenance investments. This transparency builds trust between property managers and owners while reducing time spent on status update calls and monthly reporting. What's the difference between platform solutions and dedicated maintenance software for property management? Platform solutions integrate maintenance with accounting, lease management, rent collection, tenant screening, and other property management functions in one system, ideal for property managers who want unified data across all operations. Dedicated maintenance software focuses exclusively on work orders, vendor management, and repair tracking, offering deeper functionality for maintenance-specific workflows but requiring integration with separate accounting or lease management tools. Most property managers with portfolios under 100 units benefit from all-in-one platforms that simplify their tech stack, while larger operations or those with complex maintenance needs often combine a platform solution with specialized maintenance software for enterprise-level capabilities. How does maintenance software help property managers save money beyond reducing labor hours? Maintenance software prevents costly emergency repairs by enabling routine inspections, tracking asset history to predict equipment failures, and scheduling preventive maintenance before small issues escalate. The software also provides vendor performance data that helps property managers negotiate better rates with reliable contractors and eliminate underperforming vendors who require expensive callbacks. By analyzing maintenance data across portfolios, property managers identify recurring problems that justify capital investments, such as replacing aging HVAC systems before they fail during peak season. Properties using maintenance software report 25-35% lower annual maintenance costs compared to reactive maintenance approaches, primarily through prevention rather than emergency response.

December 1, 2025

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Property management operations: Complete guide, strategies and best practices

For property managers, basic operations like budgeting, collecting rent, and handling maintenance often take up the bulk of your time. Balancing the management of day-to-day tasks, delivering results to owners, and keeping properties in good condition at market rent can often feel all-consuming. In this article, we’ll look at the core property management operations PMs have to manage, why they’re so important, and how operators can streamline these processes to deliver better results in less time. What are property management operations in real estate? Property management operations are all of the various tasks and processes that go into planning, directing, and controlling property-related functions. This includes both the work related to the property itself—like maintenance and security—and the management of residents—like leasing, onboarding, and rent collection. Core property management operations and responsibilities There are dozens of core property management operations, which fall into a few different categories: Property upkeep Repairs and maintenance Property security Inspections and walkthroughs Resident coordination and management Marketing vacancies Leasing Security deposit management Resident onboarding Collecting rent Coordinating lease renewals Answering support calls Carrying out evictions if needed Business processes Budgeting Expanding door count Handling taxes Hiring and managing staff Reporting results Why property management operations matter for investors and managers Property management operations are key at every level because they keep your business moving efficiently, they keep happier residents in your properties longer, and they keep owners from churning and finding new management. All of these operations keep the value of your investors’ assets high while also delivering a high quality of living to residents. Well-organized operations also keep your company compliant with federal, state, and local regulations, reducing risk and ensuring you’re operating fairly. High-quality processes and operations maximize the value of your business and deliver better results for real estate investors. Goals of effective property management operations While many property managers are forced to focus on the day-to-day just to get by, there are a few broader goals that successful property managers look at. From increasing satisfaction to maximizing investment returns, effective property management operations should deliver growth and progress, not just maintain the status quo. Maximizing property value A top priority for property managers should be maximizing the value of their investors’ properties. Maintaining the property's condition and ensuring it remains in good repair to protect its value, identifying opportunities for upgrades and renovations can deliver dramatic increases in value, too. Optimizing income from real estate Setting competitive rents, collecting on time, and minimizing vacancies are all core functions for a property manager. They ensure that the investor is paid on time and remains happy with your services. Identifying ways to optimize income is essential to serving as a business partner to your investors. Improving tenant satisfaction The best property managers don’t just provide places for their residents to live, they consistently strive to improve their living situations. From improving the physical condition of the property to adding new resident benefits, or updating processes to better fit their residents’ needs, property managers are uniquely positioned to make life a little easier for a large group of people. Making property management more efficient With everything else going on, it can be difficult to find time to optimize your business. By developing streamlined processes and adopting the right technologies, property managers can spend less time on routine tasks and more time growing their business. Key operational areas in property management operations Resident management in property management operations Resident management includes all things related to placing, retaining, and delighting the people who live in your properties. That includes things like screening applicants, but also building relationships and making sure that resident needs are met consistently and proactively. Sometimes, this also includes handling disputes, fielding questions and complaints, and enforcing the terms of the lease. Some key aspects of resident management include: Attracting and screening applicants Signing leases Managing lease compliance Renewing leases Developing resident relationships Administering resident benefits Financial management in property management operations Financial management in property management is the combination of all items related to the finances of your properties. From maintenance costs to rents and fees, these operations impact the general ledger and, ultimately, your company’s bottom line. It includes not only the ongoing management of a property’s finances, but also future investments and reserve funds that may come into play later on. Some of the most important financial processes are: Security deposit management Rent collection Reserve fund maintenance Budgeting and reporting Expense management Property maintenance and upkeep in property management operations Property upkeep is all about the physical condition of the properties you manage. While sometimes residents alert you to maintenance issues or needed repairs, it’s important to also conduct your own inspections or walkthroughs to ensure that the property is in good condition. This category also includes planning for and recommending future upgrades to the property and investments that will increase the property’s value or command higher rents. Core maintenance and upkeep operations include: Routine maintenance Repairs Preventative maintenance Seasonal maintenance like winterizing or HVAC inspections Large-scale renovations Appliance or fixture upgrades Regulatory compliance and risk management in property management Property management and real estate are highly regulated industries, which makes risk management and regulatory compliance essential parts of the job. Because states, counties, and cities can have more specific restrictions than the federal government, it’s important to stay on top of the ever-changing regulatory landscape. Regulatory management includes tasks like: Legal compliance Property and tenant safety Comprehensive lease documentation Full security deposit compliance Streamline your property operations with Second Nature Streamlining your operations can transform your business, but it can seem like an intimidating idea. With Second Nature’s Resident Benefits Package, you can remove hours of work from your team across HVAC maintenance, pest control, and more, all while incentivizing residents to pay on time and stay longer. FAQ What is included in property management operations? Property management operations includes all of the different tasks required to control property-related functions, including property upkeep, financial management, leasing, maintenance, resident coordination, and business processes. How do property management operations improve rental income? Effective property management operations create happier residents, encouraging them to renew their leases and pay on time. As a result, your property management company has more consistent rent income and lower expenses related to advertising, background screening, and vacancies. What tools help streamline property management operations? Multiple tools, including task management software, property accounting software, electronic lease collection platforms, resident screening tools, and Resident Benefits Packages can all help streamline property management operations. Before selecting tools, you should look at the individual needs of your business and where your operations could use the most streamlining, then look for tools that can help that specific function. How do modern property management operations benefit residents? Modern property management operations create a better living experience for residents. Modern operations are focused on delivering a top-tier experience to residents, rather than simply keeping the property functional. Many property managers are finding innovative ways to delight residents in addition to fulfilling the standard commitments of property management. What role does technology play in property management operations? The property management technology space has grown to offer more and more solutions to property managers looking to streamline and automate their operations. Modern technology tools help property managers better manage daily operations like rent collection, applicant screening, property listings, and maintenance communications.

November 18, 2025

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Best Lease Management Software for Property Managers and Multifamily Operators

Effective lease management software solves one specific operational problem: eliminating manual tracking of lease expirations, renewal terms, and compliance requirements across portfolios where spreadsheets become unmanageable. In this article, we'll review seven lease management solutions: Second Nature, Buildium, AppFolio, Propertyware, Landlord Studio, DoorLoop, and RentRedi. We'll compare features, pricing, and ideal use cases so you can find the right fit for your portfolio size and property type. What is the best lease management software? Lease management software that justifies its cost centralizes document storage, tracks critical dates, automates renewal notifications, and maintains audit trails. The baseline functionality (what you're paying for regardless of platform) includes template-based lease creation, e-signature integration, automated expiration alerts, and version-controlled document storage. Platforms worth considering beyond baseline functionality sync bidirectionally with accounting software, generate renewal offers based on configured rent increase logic, and flag compliance requirements automatically. Portfolio-wide visibility becomes critical above 50 doors: you need a single dashboard showing lease status, renewal pipeline, and compliance gaps without opening individual property records. Property managers running 200+ scattered-site doors typically lose 12-15 hours weekly to manual lease tracking. Leasing coordinators check the property management system for expiration dates, cross-reference signed documents in separate storage (Dropbox, Google Drive, local drives), update master spreadsheets, and manually follow up on renewal offers. The coordination loop repeats weekly because no single system maintains current status. Automated lease management pulls expiration dates directly from lease records, triggers renewal notices 90-120 days before lease end, tracks resident engagement (email opens, portal logins), logs responses, and escalates non-responses after configured intervals. The 12-15 hours previously spent on manual tracking shifts to revenue-generating activities: touring properties, processing applications, coordinating move-ins. Seven best lease management software platforms compared Lease management platforms optimize for different operational profiles. A scattered-site single-family portfolio with multiple investors requires different functionality than a multifamily portfolio with standardized lease terms. Platform selection depends on portfolio size, property type mix, investor reporting requirements, and existing technology stack. Second Nature Second Nature integrates lease management with resident benefits rather than treating leases as standalone document workflows. The platform connects lease terms directly to service provisioning: when a lease activates, included benefits (like HVAC filter delivery, renters insurance, credit reporting, and utility coordination) are provisioned automatically without manual setup. Property managers can offer residents the choice to upgrade their lease enrolled services; for example, some residents might opt for higher-grade HVAC filters if a member of their family has asthma. The platform covers baseline lease management: document storage, renewal tracking, automated notifications, and compliance monitoring. The differentiation is lease terms trigger service delivery automatically. Lease execution triggers automatic service provisioning. A lease including HVAC filter delivery, renters insurance, credit building, and move-in concierge activates all four services when signed (no manual enrollment, no coordination across separate vendors, no follow-up to confirm activation). Lease termination ends services automatically. Second Nature offers a lease workflow that’s easier for residents to understand than a traditional PDF lease. By walking through each lease obligation and benefit, Second Nature helps residents engage with their lease, customizing options and understanding what’s expected of them during their residency. Automated date reminders and automations Second Nature provides reminders to residents who have not yet signed their lease. Second Nature also works directly with the property manager’s property accounting software to send out lease renewal documents when the time comes. Insurance lapses trigger automatic enrollment in backup coverage (typically included in RBP at $12-15/month), preventing the coverage gap that creates liability exposure. Billing adjusts automatically, with no manual follow-up required. Compliance tracking The platform maintains compliance documentation across all RBP services, including insurance certificate tracking, filter delivery confirmation, and credit reporting enrollment status. Owner compliance requests pull documentation directly from the system (no manual compilation from separate vendor records, no scrambling to prove coverage existed during a specific timeframe). Insurance compliance without automation means weekly certificate checks, manual follow-up on expired policies, and coordination gaps where coverage lapses before backup policies activate. Property managers typically discover lapses 2-3 weeks after expiration, creating liability exposure that owners rightfully question. Certificate monitoring with automatic backup enrollment closes the gap. When regulations change, Second Nature also allows property managers to push updates to their entire database of leases, rather than updating them individually to reflect new requirements. Document management and reporting Second Nature’s document management capabilities allow property managers to upload and tag leasing documents by property group. For example, they may have specific documents for single-family homes, and different documents for multi-family properties. Leasing agents can quickly upload addenda and other documents based on specific property conditions, like whether they have on-site laundry, whether appliances are included with the rental, and whether they have shared or individual utilities. Documents can then be sorted and updated based on their property group, and updates will automatically carry through to all new leases for properties in that group. Integration capabilities Bidirectional integration with property accounting software syncs lease terms, rent amounts, resident data, and billing schedules. Changes in either system update automatically: lease-enrolled services configured in Second Nature flow to accounting software, resident move-outs in the accounting system terminate services in Second Nature. Best for Scattered-site single-family and small multifamily portfolios where Resident Benefits Packages improve retention. The platform makes economic sense when RBP offerings (filter delivery, insurance, credit building) align with resident demographics: renters who value convenience services and credit-building opportunities show higher renewal rates. Pricing Second Nature's success-based pricing is based on portfolio size and which RBP services you include. The lease management capabilities come as part of the broader RXP platform rather than as a standalone product. Implementation timeline Fast implementation is a key differentiator for Second Nature, with specific timelines depending on portfolio size and historical data migration requirements. Dedicated implementation includes template configuration, integration setup, team training, and initial lease migration. Resident benefits are then enrolled on an ongoing basis as existing leases renew. Buildium Buildium has become the go-to all-in-one property management platform for independent managers and smaller PMCs. The lease management functionality integrates tightly with accounting, maintenance, and communication tools in a single system. All-in-one lease lifecycle management Buildium handles the full lease lifecycle in-house. You can create leases from templates, send them to residents for e-signature, store signed documents, track key dates, and automate renewal workflows. The system includes a library of state-specific lease templates and addenda, though you'll want your attorney to review them for your specific needs. Automated rent escalations and critical date reminders The renewal workflow in Buildium is straightforward and effective. The system identifies upcoming expirations based on your configured timeline (typically 60-90 days out), generates renewal offers with your specified rent increases, and tracks resident responses. You can configure automated reminder sequences that send follow-up emails to residents who haven't responded. For portfolios with consistent rent increase strategies, this automation works well. If you need complex escalation logic that varies significantly by property or owner, you'll handle it more manually. Compliance tracking Buildium tracks required disclosures by state and flags when leases need specific addenda. The system doesn't automatically update when jurisdictions change requirements. You'll need to monitor regulatory changes yourself or work with legal counsel. The platform does make it easy to apply updated terms across your portfolio once you're aware of changes. Document management and reporting All lease documents live in Buildium's document center with automatic organization by property and resident. The system maintains version history and provides audit logs showing who accessed or modified documents. Reporting shows lease expirations, renewal status, occupancy rates, and lease term analysis across your portfolio. Integration capabilities Because Buildium is an all-in-one platform, integration mainly matters if you're using specialized tools for specific functions. Buildium integrates with DocuSign for e-signatures and some third-party maintenance coordination tools. If you're using standalone accounting software, you'll need to evaluate whether Buildium's accounting module meets your needs or if you want to maintain separate systems. Best for Property managers with 20-500 doors who want a single platform handling accounting, leasing, maintenance, and communication. Buildium works well when your portfolio follows relatively standard lease terms and you don't need extensive customization for individual owners. Buildium struggles when you're managing 40 different investors with unique requirements. You end up maintaining 15 separate lease templates, manually selecting the correct one for each property. Pricing Buildium starts at $62 per month on their Essential plan. Implementation timeline For property managers starting fresh or migrating from purely manual processes, Buildium implementations typically run 2-4 weeks. If you're migrating from another property management platform, expect 4-8 weeks, depending on how much historical data you're moving and how complex your current processes are. AppFolio AppFolio targets larger property management companies and offers sophisticated lease management capabilities built for scale. The system handles complex lease structures, including commercial properties and mixed-use portfolios, alongside traditional residential leases. Enterprise-grade lease intelligence and automation AppFolio's lease management is built for complexity. The platform handles residential leases, commercial leases with complex escalation clauses, rent concessions, tenant improvement allowances, and multi-year terms with varied payment structures. The lease intelligence features automatically extract data from documents, populating key fields and making information searchable across your entire portfolio. This becomes increasingly valuable as you scale. Automated rent escalations and critical date reminders AppFolio's renewal and escalation logic is sophisticated. You can configure complex rent increase formulas based on CPI adjustments, market rate changes, property-specific factors, or resident payment history. The system can apply different escalation logic to different lease types or properties automatically. Critical date tracking covers everything from lease expirations to option exercise deadlines, with notifications routing to your team, owners, or residents based on rules you configure. You can add custom milestones specific to your operations beyond the standard rent escalation and insurance renewal reminders. Compliance tracking AppFolio maintains detailed compliance records and can track jurisdiction-specific requirements across different markets. The system flags when leases need specific disclosures or terms based on property location. Like most platforms, it doesn't automatically update when regulations change, but it makes applying updates across your portfolio efficient. Document management and reporting Document management in AppFolio handles large volumes without slowing down, maintains detailed version histories, and lets you control exactly who sees what. An owner can access documents for their specific properties without seeing anything else in your portfolio. You can also build custom reports that analyze whatever matters to your operation. The business intelligence tools surface patterns you might miss when looking at properties individually. Integration capabilities The system integrates with major financial institutions, various utility billing services, and numerous third-party tools. However, AppFolio works best when you're using its full suite. The platform prioritizes accounting, maintenance, leasing, and communication, all within the platform. Best for Property managers with 200+ doors, particularly those managing 500-5,000+ units across multiple property types. AppFolio handles the complexity of larger operations, mixed residential/commercial portfolios, and sophisticated reporting requirements that smaller platforms struggle with. The platform may make less sense for property managers with under 100 doors or those with very simple lease structures, unless you have plans to grow quickly. Pricing AppFolio doesn't publish pricing publicly, but it has a free trial for its three tiers of plans. Implementation timeline AppFolio implementations can run 2-4 months for mid-sized portfolios (200-500 units). As always, implementation time depends on the size of your portfolio and the complexity of data being migrated. Propertyware Propertyware focuses specifically on single-family and scattered-site property management. This makes it a strong fit for property managers dealing with individualized lease terms and geographically dispersed portfolios. Flexible lease management for scattered-site portfolios Propertyware's lease management emphasizes flexibility and customization. You can maintain unique lease templates for different owners while ensuring compliance and maintaining portfolio-wide visibility. The platform includes e-signature capabilities, automated document generation from templates, and document storage with version control. Automated rent escalations and critical date reminders: Renewal workflows in Propertyware are both automated and flexible. The system can run standardized renewal campaigns across your portfolio while allowing manual intervention when specific situations require it. Rent escalations can follow set formulas or be customized property-by-property. One investor wants aggressive rent increases on C-class properties but conservative increases on A-class to protect retention. Another wants flat $50 increases regardless of market conditions. Propertyware configures different escalation logic for each owner's portfolio while running automated renewals across all properties. Compliance tracking Propertyware tracks compliance requirements and lets you configure rules specific to different jurisdictions. The system can flag when properties in specific locations need particular disclosures or lease terms. You can also track owner-specific requirements to ensure each property meets its investor's standards. Document management and reporting Document management handles scattered-site operations with detailed audit logs and secure owner portals. Investors access documents for their specific properties without seeing your full portfolio. Reporting covers lease expirations, renewal status, and term analysis with customizable filters. Integration capabilities Propertyware integrates with numerous third-party tools, including various accounting platforms, tenant screening services, maintenance coordination systems, and payment processors. This flexibility lets you build a tech stack that fits your specific needs rather than being locked into one vendor's ecosystem. Best for Property managers with 100-2,000 doors in scattered-site single-family portfolios, particularly those managing properties for multiple investors with varying requirements. Propertyware handles the complexity of individualized lease terms without forcing everything into a standardized box. Pricing Propertyware starts at $1 per month, per unit. There are two additional tiers at $1.50 per month per unit and $2.00 per month per unit. Implementation timeline Typical implementations run 6-10 weeks, including data migration, template setup, integration configuration, and team training. The timeline can extend if you're moving from multiple disconnected systems or have significant data to move. Landlord Studio Landlord Studio targets smaller landlords and property managers with straightforward portfolios. The platform emphasizes simplicity and ease of use over functionality. Simplified lease management basics Landlord Studio covers lease management basics. Within the platform, the lease creation process is simple. You select a template, customize key terms, send it to the resident for signature, and store the signed document. The platform doesn't offer the sophisticated template management or complex automation you'll find in more developed systems. What it does offer is straightforward functionality without overwhelming features. Automated rent escalations and critical date reminders Rent increase capabilities are basic. You can schedule rent increases and the system will remind you when they're upcoming, but there's no complex escalation logic or market-based adjustment features. For portfolios with simple rent increase strategies (flat dollar amount or percentage each year), this works fine. Critical date reminders cover lease expirations and rent increase dates. The notification system is straightforward. You get reminders at intervals you configure, and you handle follow-up manually. Compliance tracking Landlord Studio includes basic lease templates by state, but doesn't offer sophisticated compliance tracking or jurisdiction-specific monitoring. You're responsible for ensuring your lease terms meet local requirements. Document management and reporting Document storage is organized by property with basic search and retrieval. Reporting shows upcoming lease expirations and renewal status, but doesn't offer the detailed analytics and business intelligence you'd find in more sophisticated platforms. Integration capabilities Landlord Studio offers limited integrations compared to more complete platforms. The system integrates with some payment processors and accounting software, but you won't find the extensive third-party connectivity of platforms like Propertyware or AppFolio. Best for Landlords and property managers with 1-50 doors who prioritize simplicity over sophistication. Landlord Studio works well if you have straightforward lease terms and want basic features without complex customization. Pricing Landlord Studio offers a free tier with limited functionality and paid plans starting at $12 per month. Implementation timeline Implementation is minimal. You can be operational in a few hours. There's little to configure and little training needed. DoorLoop DoorLoop positions itself as a modern, user-friendly property management platform for small to mid-sized portfolios. The offer is complete functionality with an emphasis on intuitive design. Clean interface matters when your team is entering dozens of leases weekly. If template selection requires navigating four menus and clicking through confirmation screens, your leasing coordinator spends valuable time per lease. At 40 leases monthly, you might spend 2 or more hours in unnecessary navigation. Modern and user-friendly lease workflows DoorLoop handles full lease lifecycle management, including document creation from templates, e-signatures, storage, and renewal automation. The platform includes a library of lease templates and addenda, with customization options for your specific needs. The user interface is notably clean and modern compared to some legacy platforms. A property manager could be up and running in DoorLoop within three days, compared to the two weeks with the previous platform they were using. Automated rent escalations and critical date reminders DoorLoop automates the standard renewal process from identifying expirations through escalating non-responses. Rent increases are configured as flat amounts or percentages. The calendar integration sends critical date reminders to your team and can be configured to notify owners of upcoming expirations for their properties. The notification logic is straightforward rather than highly customizable. Compliance tracking DoorLoop includes state-specific lease templates and tracks basic compliance requirements. The system flags when specific disclosures are needed based on property location. Like most platforms, it doesn't automatically update when regulations change, but it makes applying updates across your portfolio efficient once you're aware of them. Document management and reporting Document management is well-organized with automatic filing by property and resident. The system maintains version history and provides owner portals for investor access to documents. Reporting covers standard lease metrics with some customization options. Integration capabilities DoorLoop integrates with common tools, including payment processors, tenant screening services, and some accounting platforms. The integration ecosystem is growing, but not as extensively as more established platforms like AppFolio or Propertyware. Best for Property managers with 20-300 doors who want modern, user-friendly software without the complexity or price point of enterprise platforms. DoorLoop works well for managers who've outgrown entry-level tools but don't need the sophisticated functionality of AppFolio or Rent Manager. Pricing DoorLoop pricing starts around $69/month in their Starter plan. Implementation timeline Implementation typically runs 2-4 weeks for straightforward migrations. The user-friendly interface means training time is shorter than more complex platforms. DoorLoop provides implementation support and has strong documentation for self-service setup. RentRedi RentRedi targets small landlords and property managers with a mobile-first approach. The platform emphasizes functionality accessible from smartphones rather than requiring desktop computer access. Mobile-first lease management RentRedi covers basic lease management with document creation, e-signatures, storage, and renewal reminders. The platform is designed for mobile use, so the interface is simplified compared to desktop-focused platforms. Lease templates are straightforward and cover common residential situations. Customization options are more limited than other platforms, but sufficient for simple lease terms. Automated rent escalations and critical date reminders: Renewal reminders notify you of upcoming lease expirations, but the automation is basic. The system doesn't include sophisticated renewal campaigns or complex rent escalation logic. You'll handle most renewal communications manually, with the platform providing reminders and document management support. Compliance tracking RentRedi includes state-specific lease templates but doesn't offer compliance tracking or monitoring. You're responsible for ensuring lease terms meet local requirements. Document management and reporting Document storage is organized by property with mobile access. You can access lease documents from your phone, which is convenient for on-the-go property management. Reporting is basic because your upcoming expirations and renewal statuses come without detailed analytics. Integration capabilities RentRedi integrates primarily with payment processors for online rent collection. The integration ecosystem is limited compared to other platforms. Best for Small landlords with 1-20 doors who manage properties on the go and prioritize mobile access. RentRedi works well if you don't need sophisticated automation or customization, and you value being able to handle lease management from your phone. Pricing RentRedi offers plans starting at $5 per month, with a Growth plan billed at $29.95 monthly. Implementation timeline Implementation is minimal. The mobile-first design means less to configure and less training needed. Best lease management software: Key factors to consider Portfolio size and complexity Door count and lease complexity determine appropriate functionality. 30 simple residential leases require basic document storage and renewal reminders. 500 doors with varied terms, multiple property types, or commercial components require sophisticated automation, complex escalation logic, and robust reporting. Platform capabilities should match operational complexity, not exceed it. 15-door single-family portfolios overpay for enterprise features. 800-door mixed-use operations require sophistication that basic platforms can't deliver. Integration requirements If you've already invested in accounting software, maintenance coordination tools, or screening services, prioritize platforms that integrate smoothly. Ripping and replacing your entire tech stack rarely makes sense. Integration quality varies significantly. Bidirectional sync (changes in either system update automatically) eliminates manual reconciliation. One-way sync or periodic batch updates create reconciliation gaps. Third-party middleware connectors (Zapier, custom APIs) introduce failure points and maintenance requirements. Team capabilities and training time Consider your team's technical sophistication and available training time. The most powerful platform becomes useless if your staff can't or won't use it effectively. A PMC buys sophisticated software, spends $15,000 on implementation, and then half the team keeps using the old spreadsheet system "just as backup." Within three months, they have duplicate data everywhere, nothing matches, and nobody trusts either system. Owner expectations Some investors want constant visibility into their properties. Others trust you to handle details. Choose software that makes it easy to deliver the reporting level your client base expects. If you manage properties for 50 different investors who all want different reports and different access levels, you need a platform with effective owner portal functionality and customizable reporting. If you manage three investors who trust you completely and want a quarterly summary email, that sophistication is a wasted expense. Mobile access requirements Property managers conducting site visits, coordinating maintenance, or showing properties require mobile access to lease information, contact details, and documentation. Platform mobile capabilities range from full-featured apps (document access, signature collection, task management) to basic viewing functionality requiring desktop access for most operations. Growth trajectory Buying software purely for today's needs is shortsighted, but paying for enterprise features you won't use for five years doesn't make sense either. Look for platforms that can scale as you do without requiring complete migrations. Choose a platform that handles your current portfolio plus 50-100% growth. If you're managing 100 doors and plan to reach 200 doors in three years, make sure your chosen platform handles 200 doors effectively. But don't buy enterprise software designed for 5,000 doors if you're at 100 doors with no immediate plans to scale dramatically. Total cost beyond subscription fees Don't evaluate platforms on monthly subscription costs alone. Factor in implementation costs, training time, integration expenses, and the opportunity cost of learning curve inefficiency. A property manager in Nevada could choose the cheapest platform option to save $150/month compared to the alternative. Implementation then takes three times longer than expected, requires hiring a consultant, and her team will struggle with the clunky interface for six months. When calculating the true cost, she will have spent $12,000 more than if she'd chosen the slightly more expensive platform with better implementation support and user experience. Implementation practices for the best lease management software Start with clean data. Don't migrate messy data into a new system. Use implementation as an opportunity to standardize, correct errors, and establish better practices going forward. Review your lease templates before migration. Identify inconsistencies. Decide which version of the terms becomes your standard. Clean up your contact data. Verify resident information is current and accurate. This upfront work prevents months of cleanup later. Phase your rollout strategically. Consider implementing in stages rather than flipping a switch across your entire portfolio. Start with one property type or a subset of owners, work out the kinks, then expand. Pick your five most tech-savvy owners for phase one. Get their properties migrated, train their residents on the new portal, and work out any workflow issues. Once that's running smoothly, expand to the next group of owners. By phase three, when you're onboarding your most change-resistant owners, you'll have worked out all the problems and can show them proof that the system works from owners who've already transitioned successfully. Invest in proper training. Budget real time for training. Your team needs to understand not just how to use the software, but why the new workflows matter. The operations manager who's been doing things manually for 10 years won't change habits without clear reasoning. Set clear migration timelines. Establish specific dates when old systems will be retired. Running parallel systems "just to be safe" inevitably leads to duplicate data and teams reverting to old habits. Communicate clearly with stakeholders. Residents, owners, and team members all need to understand how the new system affects them. Will residents get a new portal login? Will owners receive different reports? Will team workflows change significantly? Manage these expectations proactively. Don't surprise residents with a new portal the day their lease renewal is due. Don't wait until an owner asks for a report to explain the new format. Why the best lease management software includes Resident Benefits Packages A Resident Benefits Package like Second Nature's creates opportunities within your lease management approach. An RBP connects lease terms directly to services residents value. When HVAC filter delivery, renters insurance, credit building, resident rewards, identity protection, and more are documented in your lease as part of a benefits package, several things happen: Instead of separate addenda for insurance requirements, filter change responsibilities, and utility setup procedures, you're documenting a single benefit package. Residents understand what they're receiving, and your lease terms are clearer. When filters arrive automatically at residents' doors every 60-90 days, you eliminate ambiguity around who's responsible for filter changes. A property manager can avoid a dispute that could cost $3,000 in HVAC repairs without the filter delivery being documented in the lease terms. A resident can claim the PM was responsible for all HVAC maintenance, including filter changes. But documentation shows installation remains the resident's responsibility. Residents who value tangible benefits like filter delivery and credit building are more likely to renew. Hive Real Estate saw 40% more on-time payments by adding perks and ease of access to the customer benefits package. From a lease management perspective, an RBP is a complement that makes lease terms more valuable to residents and easier to execute for property managers. Choose the best lease management software for your team and residents Second Nature connects your lease terms directly to services residents actually value. When you sign a lease that includes Second Nature's Resident Benefits Package, services activate automatically. The result is lease management that delivers tangible value and improves renewal rates while reducing the strain on your operations. Want to see how Second Nature can integrate into your lease management process? Book a free 30-minute demo and discover how connecting lease terms to resident benefits can increase satisfaction for your team and your residents. FAQ What is lease management software? Lease management software centralizes the entire lease lifecycle, from drafting through renewals and move-outs. It stores documents, tracks key dates, automates notifications, integrates with accounting systems, and maintains audit trails. Property managers see fewer missed deadlines, better standardized terms across portfolios, and demonstrated compliance on demand without manual tracking. How much does lease management software cost? Pricing varies significantly based on portfolio size and feature depth. Factor in implementation costs, training time, and integration expenses beyond subscription fees. Can lease management software integrate with accounting systems? Integration capabilities vary significantly by platform. Most modern lease management systems integrate with popular accounting software like QuickBooks, though integration depth differs. Some platforms like AppFolio and Propertyware offer native, bidirectional sync that automatically updates rent rolls and lease terms across systems. Others, like Landlord Studio and RentRedi, have limited integration requiring manual data transfer. Evaluate integration capabilities carefully before selecting software, as disconnected systems create more work instead of less. Do residents need to access the lease management software? Resident access varies by platform and your preferences. Most systems offer optional resident portals where tenants can view lease documents, sign renewals electronically, and access important information 24/7. This self-service capability can reduce your support burden and improve resident experience, but it can also lead to frustrating calls from residents who can’t access their portals. You can use lease management software effectively for internal operations even if residents never directly access the system. Mobile-first platforms like RentRedi emphasize resident access, while others focus primarily on property manager functionality. How long does it take to implement lease management software? Implementation timelines range from hours to several months, depending on platform complexity and portfolio size. Simple platforms like Landlord Studio and RentRedi can be operational within hours with minimal configuration. Mid-tier systems like Buildium and DoorLoop typically require 2-4 weeks, including basic data migration and team training. Platforms like Propertyware need 6-10 weeks for full implementation. Enterprise systems like AppFolio often require longer, including complex data migration, extensive configuration, integration setup, and team training. Time investment includes data cleanup, template standardization, workflow configuration, and testing before going live across your portfolio. What's the difference between property management software and lease management software? Property management software is a full platform that handles all operational aspects. Lease management software focuses specifically on the lease lifecycle, including document creation, e-signatures, storage, renewal automation, and compliance tracking. The choice depends on whether you prefer an integrated suite or best-of-breed tools for specific functions.

November 12, 2025

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NOI Growth: How to boost property profitability without raising rent

Net operating income (NOI) growth is the foundation of every strong property portfolio. It determines investor confidence, cap rate performance, and the long-term stability of your real estate assets. But as rent caps, rising expenses, and resident expectations evolve, property managers are finding new ways to grow NOI without simply increasing rent. In this post, we’ll outline the most effective revenue levers to expand NOI sustainably, including new revenue streams, operational efficiencies, and retention strategies that pay off year after year. What is NOI growth in property management? NOI growth refers to the increase in a property’s net operating income over time, or the difference between how much revenue your properties generate and how much it costs to run them. Put simply, it’s the clearest indicator of whether your portfolio is becoming more profitable and efficient year over year. Your NOI growth reflects operational health: fewer vacancies, lower maintenance costs, and more predictable cash flow. For investors, it signals rising asset value, better leverage, and stronger long-term returns. What makes NOI growth powerful is how many levers contribute to it. Every retained resident and every new revenue stream compounds into higher margins. Understanding NOI growth and why it matters for property investors NOI and NOI growth represent your property’s revenue after operating expenses. It’s a direct indicator of profitability and a key driver of valuation. For example, the first 48 hours of vacancy heavily impact NOI growth and the overall bottom line. Higher NOI means higher cash flow, better debt terms, and more competitive refinancing opportunities. Before diving into strategies, it helps to see how small changes in NOI can create an outsized financial impact. The chart below breaks down the core metrics every operator should track. Metric Formula Impact NOI Gross Income - Operating Expenses Indicates cash flow before taxes/debt Cap Rate NOI / Property Value Determines market value and investor yield Value Growth NOI / Cap Rate Even small NOI increases can raise property value significantly For example, increasing NOI by just $10,000 at a 6% cap rate adds $166,000 in property value. 6 proven strategies to drive NOI growth Improving your NOI growth is about stacking small, consistent wins that strengthen both revenue and efficiency. The following six levers give you, as a property manager, clear and measurable ways to grow NOI while maintaining a strong resident experience: Diversify and monetize amenities Leverage utility pass-throughs and efficiency Create ancillary income streams Automate to reduce costs Retain residents for long-term growth Tie NOI growth to investor value Let’s take a closer look at each lever and how it impacts NOI growth. 1. Diversify and monetize resident amenities Adding or upgrading amenities can unlock new income sources. Instead of costly renovations, focus on resident-first services that provide convenience and justify premium pricing. Examples: Reserved parking or EV charging stations Pet-friendly facilities or on-demand grooming Smart home upgrades like keyless entry or thermostats Resident rewards and experience programs Each added value creates room for modest fee increases while improving satisfaction and retention. 2. Implement utility pass-throughs and efficiency upgrades Utility reimbursement programs allow property managers to recover shared costs transparently. Implementing ratio utility billing systems (RUBS) or submetering reduces waste and aligns usage accountability with residents. Pair these systems with efficiency upgrades: Smart thermostats and leak detection sensors LED lighting and HVAC optimization Preventive maintenance schedules to reduce downtime 3. Build ancillary income streams beyond rent Look beyond rent for consistent, low-friction revenue: Preferred renter insurance programs Filter delivery subscriptions Storage and package lockers Wi-Fi or group-rate internet services These offerings not only grow NOI but also build loyalty by making daily life easier for residents. 4. Automate operations to reduce property management costs Automation helps managers operate leaner portfolios. From digital leasing and AI chat to maintenance coordination, automation reduces labor costs and error rates while improving resident responsiveness. Integrate platforms that automate: Rent reminders and late notices Work order routing and vendor dispatch Renewal tracking and digital signatures The result: faster processes, fewer missed charges, and better oversight across your operations. 5. Improve resident retention for sustainable NOI growth Resident turnover can erase months of NOI gains. A single vacancy can cost between $1,500–$5,000 when factoring in lost rent, marketing, and repairs. To boost retention: Build community with regular touchpoints and benefits Offer loyalty incentives or reward programs Use feedback surveys to identify friction points early 6. Connect NOI growth to property value and investor returns Strong NOI performance builds investor trust and increases the appeal of your portfolio for refinancing or future acquisition. Higher NOI translates directly into higher valuations and stronger loan-to-value ratios. Real estate investors want stability, consistent returns, and confidence that their assets are being managed strategically. Every operational efficiency, reduced turnover, and satisfied resident compounds into long-term value that strengthens your investor relationships. A resident benefits package (RBP) offers built-in proof of performance that investors can see month over month. NOI growth is a language investors understand. When your operations generate steady income, protect assets, and improve resident satisfaction, you create the kind of financial resilience that keeps investors coming back. How NOI growth impacts property valuation and investor returns Consistent NOI growth strengthens the overall financial position of your portfolio. For both property managers and investors, NOI is the foundation for asset valuation, financing leverage, and long-term return potential. Cap rate compression: Even modest NOI increases can create outsized valuation gains. A $10,000 annual NOI lift at a 6% cap rate adds roughly $166,000 in property value, showing how small operational improvements compound into major equity growth. Refinance and lending advantages: Lenders evaluate performance based on NOI stability and debt coverage ratios. Higher NOI unlocks better loan terms, higher loan-to-value thresholds, and lower financing costs which gives operators more flexibility to scale or reinvest. Investor confidence and acquisition appeal: Consistent NOI growth demonstrates disciplined management and reliable cash flow. Portfolios with predictable income attract more investors, achieve faster absorption in the market, and command stronger valuations. Portfolio resilience: Strong NOI growth performance helps move through market cycles. Healthy income margins create financial stability and allow property managers to reinvest in resident experience without cutting into returns. That’s why leading operators are pairing their NOI strategies with modern resident experience platforms. They’re turning financial performance into a repeatable, system-driven advantage. Choosing the right NOI growth strategy for your portfolio Every property management company has different levers to pull when it comes to improving NOI. The key is knowing which investments produce sustainable gains instead of short-term bumps. The following operate as a core list for improving NOI growth: Prioritize scalability: Look for solutions that grow with your portfolio. A process that works for 50 doors should still function at 500 without adding headcount or chaos. Focus on predictability: The most effective NOI strategies reduce volatility. This could be cutting maintenance surprises, improving renewals, and stabilizing income month over month. Balance tech and human touch: Automation and data help scale operations, but retention still depends on strong resident relationships and clear communication. Evaluate total impact: Before adopting any new platform or process, measure its influence across costs, satisfaction, and workload. Real NOI growth comes from the intersection of all three. Property managers that combine operational efficiency with an exceptional resident experience consistently outperform peers on NOI metrics. That’s where modern, managed solutions like Second Nature come in. How Second Nature’s Resident Benefits Package drives NOI growth The Resident Benefits Package from Second Nature helps property managers improve retention and efficiency simultaneously. By automating essentials like filter delivery, credit building, and renters insurance, property management companies reduce maintenance costs and increase satisfaction. Here’s how Second Nature’s Residents Benefits Package grows your portfolio: Higher resident retention: When residents see consistent value through services like filter delivery, rewards, and credit building, they stay longer. Fewer turnovers mean lower vacancy loss and steadier cash flow. Shared service fee revenue: Property managers gain a new recurring revenue stream by offering RBP services at scale. This creates predictable, transparent income that compounds month after month. Reduced maintenance overhead: Automated services like filter delivery and preventive maintenance reminders cut work orders and protect assets, reducing costly HVAC and repair issues across units. Operational efficiency and automation: Second Nature’s fully managed model replaces manual processes with automated engagement and resident self-service tools, giving property management companies more capacity per property managed. Improved resident satisfaction: Each benefit adds convenience, personalization, and reliability. Happier residents renew more often, pay on time, and leave stronger reviews, all of which strengthen your NOI foundation. You can see below how Second Nature’s core benefits translate directly into measurable NOI gains. Second Nature benefit NOI impact Air Filter Delivery 38% fewer HVAC maintenance requests Renters Insurance Program Increased compliance and liability reduction Credit Building Faster rent payments and fewer delinquencies Resident Rewards Higher renewal likelihood By improving the resident experience, Second Nature enables predictable NOI growth without relying on rent hikes. NOI Growth: Build a Plan for Higher Retention and Lower Costs With Second Nature From automation to retention, NOI growth doesn’t have to come at the cost of resident satisfaction. With Second Nature, property managers can deliver convenience that keeps residents paying and staying while creating measurable financial upside for investors. Book a free, personalized demo to see how your team can create a consistent resident experience for predictable financial growth. FAQ What is NOI in property management and why does it matter? Net operating income (NOI) measures how much profit a property generates after operating expenses are deducted. It’s one of the most important indicators of a property’s financial performance, revealing how efficiently it’s being managed and how much income it’s capable of producing. A higher NOI strengthens cash flow, increases property value, and improves your ability to secure favorable financing. How does Second Nature help property managers drive NOI growth? Second Nature helps property managers increase NOI by improving retention, generating recurring ancillary revenue, and reducing maintenance costs. Its Resident Benefits Package automates services like filter delivery, credit reporting, and renters insurance — creating efficiency gains that translate directly into higher profitability. What are the best ways for property managers to increase NOI without raising rent? Property managers can grow NOI without rent hikes by focusing on operational efficiency, retention, and ancillary services. Key strategies include automating maintenance, implementing utility pass-through programs, offering revenue-generating amenities, and investing in resident experience programs that reduce turnover and stabilize income. How does NOI growth increase property value? Property value is directly tied to NOI through the capitalization rate (cap rate). Even small increases in NOI can significantly boost property valuation. For example, a $10,000 annual NOI increase at a 6% cap rate adds roughly $166,000 in property value — showing how operational improvements compound into major equity gains. How does automation improve NOI and reduce property management costs? Automation reduces manual labor, administrative overhead, and human error. Tools that handle rent reminders, maintenance coordination, and renewals allow teams to manage more units with fewer resources. This efficiency improves NOI by lowering costs while enhancing the resident experience through faster, more consistent service. Why is resident retention the key to sustainable NOI growth? Retaining residents directly preserves NOI by reducing vacancy loss, turnover expenses, and marketing costs. Each renewal represents months of protected income. By offering consistent value through loyalty programs, community engagement, and benefits packages, property managers create stability that drives long-term NOI growth. Can small NOI increases significantly impact property value? Yes. Even modest NOI gains can translate into large valuation increases due to cap rate leverage. For example, boosting NOI by just $1,000 per month adds over $200,000 in asset value at a 6% cap rate. Small operational improvements — like preventive maintenance or higher retention — can create meaningful equity growth. How does preventive maintenance support NOI growth and asset protection? Preventive maintenance minimizes costly repairs, extends equipment lifespan, and reduces downtime. By catching issues early, property managers avoid emergency expenses that erode NOI. This proactive approach stabilizes operations, keeps residents satisfied, and maintains asset value over time. How do real estate investors use NOI data to evaluate portfolio performance? Investors analyze NOI trends to assess profitability, efficiency, and risk across their portfolios. A growing NOI signals strong management and stable returns, making properties more attractive for refinancing or acquisition. Consistent NOI performance also supports higher valuations and stronger investor confidence.

October 21, 2025

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Technology in Property Management: Building More Efficient Workflows

Technology in property management is changing how operators run their portfolios and how residents experience their homes. New tools are helping property managers cut manual work and meet rising expectations. A few of these include: Digital rent collection, improved maintenance request systems, smart locks, and AI-driven analytics. This article explores the most impactful technologies shaping property management today, especially the shift towards resident-centric platforms. You’ll see how each innovation reduces workload, improves communication, and makes it easier to scale without adding complexity. We’ll also examine why resident-centric platforms are transforming the competitive landscape and enabling teams that make the switch to achieve stronger results. What is technology in property management? Key tools explained Technology in property management refers to digital tools and platforms that replace manual processes with automated systems. Examples include rent collection portals, maintenance request systems, smart locks, communication platforms, and AI analytics. These tools are also implemented to improve the resident experience, which in turn gives more back to property owners. That can include: Online rent collection and accounting integrations Maintenance portals that track and resolve work orders Smart home devices like locks, thermostats, and sensors Automated communication tools that keep residents informed Analytics and AI platforms that highlight risks and opportunities Together, these technologies reduce the back-and-forth that slows property managers down. They also give residents the transparency and convenience they now expect from every service in their lives. When payments, maintenance, and communication are handled smoothly, it creates a sense of reliability that shapes how residents view your entire operation. How technology in property management improves daily operations Technology in property management has moved beyond simple tools for accounting or rent collection. It now touches nearly every part of the resident and property manager experience. Routine work like collecting payments or scheduling vendors can now run automatically, freeing managers to focus on strategy and resident relationships. At the same time, residents have come to expect that level of efficiency and visibility in their living experience, raising the bar for what “good management” looks like. That impact shows up in several core areas where new tools are already changing the way property managers work. Let’s break down the most important ones. Digital rent collection technology in property management Rent collection has long been a manual, time-consuming task. With digital platforms and technology in property management, residents can pay through online portals or mobile apps, and property managers can track everything in one place. With these tools, you can: Accept ACH, debit, and credit card payments Automate reminders and late fees Sync transactions directly with your accounting system Provide residents with instant receipts The result comes down to a number of improvements: fewer late payments, steadier cash flow, and less time chasing checks. For residents, it’s the convenience of paying anytime, anywhere. This efficiency helps both sides feel more secure and builds a trusting relationship. How does property maintenance technology improve workflows? Maintenance is one of the biggest pain points for property managers and residents alike. New technology in property management makes it easier by centralizing requests, automating updates, and coordinating vendors. Instead of juggling phone calls and spreadsheets, everything lives in a single portal. Maintenance requests make the process easier: Let residents submit requests with photos and details Track work orders from submission to completion Automate scheduling and vendor assignments Keep residents updated with status notifications This approach reduces delays and cuts down on repeat calls. For property managers, it means less time chasing contractors. The level of transparency also creates confidence that issues will be handled quickly and reliably. How technology improves resident communication in property management Residents appreciate strong communication. When residents ask questions about move-in dates or maintenance requests, they usually expect an immediate answer. Although that isn’t always possible, automating the process with new technology in property management helps the process stay intact. A missed message can delay a repair, create duplicate requests, or leave a resident unsure if their issue is being handled. Resident communication platforms bring everything into one hub. Instead of juggling different channels, property managers and residents both know where to send and find information. With these systems in place, you can: Send announcements and reminders to all residents at once Keep an ongoing record of conversations for each unit or building Share and store important documents like leases, renewal notices, or policy updates Give residents quick self-service options for common questions Clear and consistent communication creates confidence that a resident’s needs won’t fall through the cracks. Property managers also feel the benefit. They keep their residents happy and can spend more time doing higher-value work. What smart home technologies are used in property management? Smart devices are becoming a standard expectation in many rentals. According to a survey by Rently, 54% of renters expect modern rental properties to include smart locks, smart thermostats, and security cameras. Common examples include: Smart locks: Enable keyless entry, improve security, and simplify turnover between residents Smart thermostats: Reduce energy bills and give residents more control over comfort Leak and smoke sensors: Catch issues early and protect property assets AI and analytics in property management: Proactive insights Artificial intelligence and data analytics are helping property managers move from reactive to proactive operations. Instead of waiting for issues to appear, technology can surface insights that guide smarter decisions. AI-driven technology in property management lets teams: Predict maintenance needs based on equipment data Spot patterns in payment behavior to reduce delinquency Automate repetitive tasks like scheduling or follow-ups Generate reports that highlight risks and opportunities These insights save time and prevent costly mistakes. More importantly, they let you focus on building relationships with residents and investors while the system handles the routine. Why resident-centric property management technology matters Resident-centric technology in property management helps change how residents experience daily life in your community. Residents feel taken care of when they can use automated tools to pay bills and request maintenance tickets. They notice the difference compared to properties still relying on paper forms or unreplied emails. This shift matters because residents are comparing your services not only to other properties, but also to the consumer apps they use every day. They expect the same level of speed and clarity they get from banking, shopping, or food delivery. A portal that shows when a work order was received and who’s scheduled to handle it does more than cut down on phone calls. It builds confidence that issues will actually be resolved. For property managers, that confidence translates into real outcomes: Higher retention: Residents are more likely to renew when everyday tasks are easy and reliable. Operational leverage: A single message or update reaches everyone instantly, saving hours of back-and-forth. Market advantage: Properties with seamless resident tech stand out in competitive markets where amenities alone no longer tip the scale. The move toward resident-first platforms shows that convenience and transparency are the baseline. For example, Second Nature helped the team at Hive Real Estate see 40% more on-time payments and 50% fewer maintenance requests. How? By giving more automation and more options to their residents. With the right, easy tools, the residents were more proactive in working with the Hive Real Estate team. How to choose the right technology in property management Before diving in directly to Second Nature, it’s important to take a look at what the right tool should bring to your property and your team. There are a lot of platforms and tools available, and you want the right mix for your portfolio. The wrong choice can add complexity instead of reducing it. The right choice makes daily work easier and creates a better resident experience. Use the following list as a quick overview of what to look for: Integration: Does the tool connect seamlessly with your property accounting software, CRM, or property management platform? Disconnected systems create more work, not less. Ease of use: If staff or residents struggle to adopt it, the benefits won’t materialize. Look for platforms with simple, intuitive interfaces. Resident impact: Prioritize tools that directly improve the resident experience, such as reducing wait times for maintenance or simplifying payments. Support and training: Technology in property management is only as good as the rollout. Choose vendors that provide strong onboarding and ongoing help. ROI: Ask how the tool will save time, reduce costs, or increase renewals. If the value isn’t clear, keep looking. Evaluating technology through this lens is more likely to build a stack that works together smoothly. Comparing technology in property management tools Not all technology in property management delivers the same value. Core platforms cover the basics, while resident-centric layers like Second Nature extend the benefits to everyday living. Focus area Standard property management platforms With Second Nature Rent collection Online portals and automated reminders Credit building to encourage on-time rent payments Maintenance Request tracking and vendor scheduling Proactive services like filter delivery reduce requests by 38% Resident communication Centralized messages and notifications Rewards programs and concierge services that build loyalty Compliance and protection Lease tracking and insurance requirements Automated renters insurance program enrollment and identity protection Resident experience Limited to digital access and convenience Tangible monthly value that keeps residents paying and staying Unlike standard property management platforms, Second Nature adds benefits residents actually notice — like credit reporting, filter delivery, and insurance automation. This means stronger retention, fewer service calls, and a direct ROI that other tools can’t match. See how Second Nature elevates technology in property management The resident experience is where growth and scalability start. If your current tools stop at accounting, payments, or basic communication, Second Nature helps you add that missing layer. With our fully managed Resident Benefits Package, you give residents real value every month while your operations run more smoothly in the background. This creates long-term value for your properties and differentiates your property in an already competitive market. Request a demo to see how Second Nature turns technology in property management into higher retention, lower costs, and better resident satisfaction. FAQ What are the most important technology tools in property management? The most impactful tools include digital rent collection platforms, maintenance portals, resident communication apps, smart home devices, and AI-driven analytics. Together, these technologies reduce manual work and create a more transparent resident experience. How does technology in property management help reduce costs? Automation cuts admin time. Digital rent collection improves cash flow. Smart devices prevent costly repairs. Together, these technologies reduce inefficiencies and increase resident satisfaction. What role does artificial intelligence play in property management technology? AI helps property managers predict maintenance issues, identify late payment patterns, and generate insights that guide proactive decision-making. This reduces risk and ensures smoother daily operations. Is property management technology difficult to implement? Adoption challenges often include staff training and system integrations. Choosing user-friendly platforms with strong vendor support makes implementation smoother and accelerates ROI. Can small and mid-size property managers benefit from technology in property management? Yes. Digital tools scale to portfolios of any size. Even small teams can streamline rent collection, automate communication, and improve resident services without adding extra staff. How does resident-centric technology improve retention? When residents can pay online, track maintenance requests, and access self-service communication, they feel more confident in the property’s reliability. This convenience directly improves satisfaction and renewal rates. What should property managers look for when selecting technology solutions? Key factors include ease of use, integration with existing systems, direct impact on resident experience, vendor support, and clear ROI. The right mix ensures both efficiency and long-term value.

October 2, 2025

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Kristin Johnson Founder & CEO of TripleTie

Property Management Accounting Software: 10 Platforms to Try

Property management accounting is a specialized branch of accounting that deals specifically with the financial management of rental properties. Property management accounting software helps property managers track rent payments, manage expenses, handle tenant deposits, and produce financial reports. Managing single-family rental properties can be a daunting task, especially when it comes to accounting and finance management. Understanding property management accounting, as well as the best property management accounting software to support it, can make this task significantly easier. In this article, we're talking to a property management accounting expert. We'll delve into the best property management accounting software available in 2025, and we'll help you choose the right software that fits your property management needs. We'll also address frequently asked questions about property management accounting software, including aspects like ease of use, integrations, pricing, and support. What to know about property management accounting software In general, property management accounting software serves to alleviate the time and effort that might be required to manage finances manually. It can also help plan for expenses, foresee any revenue issues, and make better-informed financial decisions. And perhaps most importantly, it helps property managers stay in compliance with requirements around tax calculations and reporting. Note that there are two key components of property management accounting in real estate: corporate and trust accounting. Corporate accounting involves the financial transactions and record keeping of the property management company itself and is generally the same kind of accounting you'd do with any business or corporation. This might include the company's operational expenses, income, taxes, payroll, etc. Trust accounting, on the other hand, is unique. It concerns the financial management of real estate investors' funds held by the property management company. This can include tenant rent payments, security deposits, and funds reserved for property maintenance or repairs. It's crucial to keep these funds separate and accurately tracked to comply with legal requirements and maintain transparency with property owners. Because of the unique nature of bookkeeping with trust accounting – and its relevance for property managers – we're mostly focusing today on trust accounting, or software that can manage both corporate and trust accounting. Meet the expert: Kristin Johnson, Founder & CEO of Bynnd Kristin Johnson founded and leads the property management accounting solution Bynnd, which is designed to help property management companies manage and conduct accurate trust accounting. Related: Best Single Family Property Management Software Best property management accounting software Let's go over some of the best property management accounting software in 2025. After that, we'll also share an extensive FAQ that we had with Johnson about the ins and outs of property management accounting. Before diving into our list, we asked Johnson about her experience using property management software and which platforms we should include. “Having the ability to work within one system is huge,” she says. “Rather than having to parse out, for example, I do my screening over here, and I do my maintenance over here. Instead, you have it all integrated and built-in, and the system talks well with itself. You're not having to import and export so much data. That's crucial.” She gives an example of a time when she was using a platform that didn't have that capability. “When we were working in New Mexico, we had to charge sales tax on services. So our management fees, our RBP, all of those things had to have sales tax added onto them. Our software at the time didn't have a function built where I could say, ‘This item is taxable, and this is the tax rate.' I had to manually create recurring bills on every single one of those fees. And then, every year, when the state updated the sales tax rate, I had to go and update thousands of recurring bills. It was a nightmare!” So, as we go through the list, keep in mind that different software has various degrees of customization, open APIs, etc. Cost is a big consideration, but looking for an all-in-one is also important. 1. Rentvine Johnson's top recommendation for accounting software is Rentvine. “Rentvine is really dialed in on trust accounting,” Johnson says. “There's no need for a lot of the workarounds that we see in some of the other trust accounting providers. At its core, it's a true trust accounting platform, and then the beauty and usability are built on top of that piece.” Rentvine is deeply customizable for property management tools and needs, with the ability to build your unique owner statements, custom management fees, custom late fees, etc. “The other thing I love about Rentvine is that it does have an open API,” Johnson says. “So if you did want to integrate with an external property maintenance company, for example, you can get a seamless integration through the API.” Pros: User-friendly design with an intuitive dashboard that simplifies property management and accounting tasks. Rentvine's accounting system is robust and includes automatic rent collection, workflows, real-time expense tracking, and detailed financial reporting. Features like online resident portals, CRM, maintenance management, and built-in messaging make resident communication more streamlined. Cons: Some users have noted that the mobile app doesn't have all the features the desktop version offers. While RentVine offers excellent features, the platform may be more expensive compared to other property accounting options, especially for smaller property portfolios. 2. AppFolio AppFolio is an extremely popular property management platform that works well for both residential and commercial property management. It has a modern and intuitive interface but can be pricey with add-ons and complex to use. What we like about AppFolio is the reporting ability, property management automation (late fees, smart bill entry, etc.), utility management features, etc. The drawbacks include the price and, as Johnson points out, it's not as customizable as she would want for an accounting piece. However, if you're willing to use a few workarounds and you like AppFolio for the other key features, it does have a solid accounting platform. Pros: AppFolio provides a comprehensive suite of property management tools that include automated invoicing, ACH and online payments, financial reporting, and bank reconciliation. It offers a CRM with excellent resident and owner portals for transparent communication, key metrics, and easy access to financial data. AppFolio supports both corporate and trust accounting, which is important for regulatory compliance. Cons: AppFolio is not as customizable as other software options and may require workarounds. While AppFolio is feature-rich, it has a steeper learning curve which may be challenging for less tech-savvy users. Pricing is based on a per-unit model, which could make it expensive for managers with a smaller number of properties. 3. Buildium Buildium is a comprehensive property management software designed to simplify all facets of property management, including robust accounting features. It provides seamless handling of all property-related transactions, from tracking rent payments and vendor bills to handling maintenance costs and fees. The software also supports both corporate and trust accounting, ensuring legal compliance and transparency. Pros: User-friendly interface with a strong emphasis on accounting. Automatic bank reconciliation, making it easy to manage multiple bank accounts. Robust reporting, including balance sheets, cash flow, and income statements. Cons: The learning curve can be steep for those new to property management software. Advanced key features may require premium plans, which could be costly for small businesses. 4. Yardi Breeze Yardi Breeze is a cloud-based property management software ideal for smaller-scale PMCs. The platform offers a robust suite of tools, including strong property management accounting capabilities. Pros: Yardi Breeze provides in-depth financial reporting and all the necessary accounting features you’d expect in a purpose-built solution, from tracking rent collection and expenses to generating financial statements. It has a user-friendly interface and offers automated invoice processing and bank reconciliation, simplifying accounting tasks. Like others, Yardi offers support for corporate and trust accounting. Cons: The software is feature-rich, which may result in a steep learning curve for those unfamiliar with property management software. Some users have reported that customer service response times can be slow. Its comprehensive features come at a higher price point compared to other options in the market, which may be a barrier for smaller businesses. 5. Hemlane Hemlane is a cloud-based property management solution designed for small to midsize businesses, with a focus on facilitating the relationship between property owners and managers, residents, and service professionals. Pros: Hemlane's accounting features are comprehensive, providing the ability to track expenses, automate rent collection, and generate financial reports. With corporate and trust accounting support, PMs can maintain compliance and transparency. User-friendly and intuitive interface, which is a big plus for those new to property management software. Cons: While it has a good range of features, some users report that it lacks the depth of more comprehensive management systems. Some users have reported occasional system slowdowns and bugs. Limited customer support hours can make it challenging for businesses that operate outside of these times. 6. TenantCloud TenantCloud is a cloud-based property management software solution suitable for landlords and property managers of all sizes. It offers a wide array of features, including a dedicated accounting module. Pros: Industry-standard accounting functionality allows users to track profits and expenses, send invoices, collect online payments, and generate financial reports. Its intuitive interface and ease of use are especially appealing for those new to property management software. TenantCloud provides flexibility and easier legal compliance with both corporate and trust accounting. Cons: Some users report that the system can be slow and occasionally glitchy. While its basic property management features are on a free plan, advanced accounting functionalities come with paid plans, which might be a drawback for small businesses. Some users have reported that the customer service could be more responsive and supportive. 7. Rent Manager Rent Manager is a versatile property management software solution that provides a wealth of features tailored to PMs, including accounting. Pros: Rent Manager users can track revenue and expenses, automate invoicing and payment processing, and produce detailed financial reports. The software offers both corporate and trust accounting, ensuring compliance and providing transparent financial management. Rent Manager's open API allows for integration with numerous other property management tools, making it a flexible choice. Cons: Some users find Rent Manager's extensive features a bit overwhelming, leading to a steeper learning curve. The cost can be high for small businesses or those with fewer units, as pricing is based on the number of units managed. While Rent Manager offers comprehensive support, there are some reports of slower response times. 8. Propertyware Propertyware is a cloud-based, end-to-end property management software that offers a range of features, including a strong accounting suite. They offer custom fields and automation for PMs, real estate investors, and residents. Pros: Propertyware's accounting module is quite comprehensive, allowing users to track revenue and expenses, handle online payments, and generate detailed and customized financial reports. It includes options for trust accounting and corporate accounting. It includes an “owner portal” and maintenance request management features. Cons: The initial setup can be complex to get right, and there can be a steep learning curve for those new to property management software. The pricing is not ideal for smaller PMCs with fewer than 250 rental properties. 9. Rentec Direct Rentec Direct is a web-based property management software designed for “landlords” and property managers, offering a wide variety of features, including an extensive accounting system. Pros: Rentec Direct's accounting tools provide capabilities for tracking income and expenses, automating rent collection, and producing in-depth financial reports. Like other solutions, Rentec allows property managers to operate under either trust accounting or corporate accounting. Features like owner portals, work order management, tenant screening, and SMS services. Cons: The product and interface are older and less intuitive than others on the market. The reporting feature, while robust, may require some time to understand and use effectively. Some users have reported that the system can be slow at times, particularly during peak usage hours. 10. DoorLoop DoorLoop is a property management software designed to streamline the management process for property managers with all sizes of portfolios. It comes with a robust accounting suite, among other features. Pros: Property managers can use DoorLoop for all their accounting tasks, including income and expense tracking, rent collection, and financial reporting. It offers both corporate and trust accounting. The software has a user-friendly interface, making it an attractive choice for users with varying levels of tech proficiency. Cons: While DoorLoop offers many features, it may take some time to get used to all of its capabilities, and it is less customizable than other options. Some users have reported occasional system slowdowns and bugs. The cost could be high for those managing a smaller number of properties as the pricing is based on the number of units managed. Honorable Mentions The list above is not intended to be exhaustive, but we did want to make a brief mention of a few other property management software applications that incorporate some accounting features: RealPage: RealPage provides a technology platform rather than a software application per se, with the aim of enabling “real estate owners and managers to change how people experience and use rental space." ResMan: ResMan’s tagline reads, “ResMan's industry-leading property management platform helps multifamily and affordable housing managers operate more efficiently and deliver higher rates of return to investors.” Entrata: Entrata operates with the tagline, “The operating system built to help you focus on residents, not technology.” A note on other accounting software While this article focuses on software tailored to property management accounting, it's worth mentioning general accounting solutions like QuickBooks Online. QuickBooks, a well-known accounting software, is versatile and can be effectively used in a variety of industries, including residential property management. It offers robust features like tracking income and expenses, invoicing, and generating detailed financial reports. However, because it's not specifically designed for property management, it may lack specialized features like tenant and lease tracking or lease management, maintenance requests, or property-specific reporting. That's why it didn't make our main list, but for some property managers, especially those managing a small number of units, it might serve their needs adequately. FAQ: Property management accounting As part of our conversation with Kristin Johnson, we asked some of the biggest burning questions property managers have asked us about property management accounting. What accounting should I use for property management business? Kristin Johnson: The type of account property managers need is a true trust account – which very few banks actually offer. Many local banks or even big ones like Chase and Wells Fargo will give you a checking account and then label it a trust account. That is NOT a trust account. In normal bank accounts, you have $250K of FDIC insurance. A trust account has FDIC insurance per owner that has funds in the account. So they each have $250K of FDIC insurance. The only bank that I'm positive offers true trust accounts is Enterprise. How should you report rent in property management accounting? Kristin Johnson: If a resident pays early, it's considered prepaid rent. It needs to stay booked as prepaid rent until it gets actually booked against the rent charge, and only then should the funds be made available to the owner. I know that some property managers use it to pay bills. But technically, it's a liability until it's actually earned, so it should not be used to pay bills, and it should not be distributed to the owner. Those are funds that belong to the renters until there's an actual rent charge booked against them. That's piece number one to understand. Then, getting to the end-of-year side of it, the IRS does lay out that prepaid rent is taxable in the year that it is collected. So it should be reported as part of the 1099 income. What is the purpose of clearing accounts in property management? Kristin Johnson: The clearing account really serves as an intermediary while the security deposit funds are essentially in transit. When we're getting ready to move out a tenant, those funds get released from the holding account, and it goes into the clearing account where we are booking, say, cleaning against it or whatever move-out charges need to go against it before we do a final distribution to the tenant. So it's just kind of a quick intermediary place where it sits very temporarily before the security deposit gets released and then distributed. What should be the frequency of record keeping in property management? Kristin Johnson: “Money in should be accounted for immediately as received. States will usually dictate how quickly receipts have to be deposited, but our recommendation is that they always get deposited the same day with the bank or as soon as practical thereafter. As far as record-keeping to the owner goes, most states actually mandate that at least monthly reporting happens to the owner. Certainly, in trust accounting, record keeping should be looked at daily, weekly, and monthly to make sure that it's staying in line. Soft reconciliation should be happening at least weekly, if not daily, to ensure that all of the money is fully accounted for and that you're not going to have any issues when you're closing out the end of the month. How much should a property management company spend on accounting? Kristin Johnson: Accounting is one thing in property management that you don't want to skimp on. The most important function of a property manager is to be a good steward of other people's money. I don't know that there's a range, but I will say that it very well may end up being your largest expense. But worth the money. Choose the right property management tools The software you choose for property management accounting can significantly streamline your operations and contribute to the growth and success of your business. Each option has its strengths and potential drawbacks, so it's vital to select a solution that fits your unique needs and portfolio size. By equipping yourself with the right property management tools, you can streamline your accounting processes, ensure accuracy and compliance, and ultimately, drive your property management business toward greater success. If you want to get more input on your property management software, check out our Triple Win PM Community on Facebook. Or, if you’re ready to get started, schedule a demo to learn more about our Resident Benefits Package.

June 20, 2025

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The Complete Guide to Automated Rent Collection for Property Managers

Automated rent collection is a system that enables residents to pay rent online via digital and electronic means such as online portals, direct debit, ACH, direct deposit bank transfers, or debit card or credit card payments. This approach streamlines the rent collection process, saves valuable time, and reduces human errors associated with manual rent collection and payment reminders. It also offers residents a secure, convenient rent payment experience, improving both satisfaction and retention. In this guide, we'll cover: The top online rent payment systems for property managers Best practices to automate rent collection Step-by-step implementation strategies Today's Expert: Wolfgang Croskey, Founder & President of How’s My Rental What is automated rent collection? Automated rent collection leverages single-family property management software to streamline the process of receiving rent payments from residents. While traditionally rent collection might involve paper checks or manual online payments, automated rent collection automates these steps, alleviating the issue of late rent payments. Residents can schedule recurring payments or make one-time payments (or partial payments) electronically through the software, covering not only rent but also any monthly fees like utilities, pet rent, or parking. The software automatically debits the designated bank account on the due date, eliminating the need for manual processing and the potential for missed payments or late fees. Common challenges in manual rent collection Before diving into automation, it’s important to understand the inefficiencies and frustrations property managers often face with manual rent collection. While traditional methods like paper checks, cash payments, or manual bank transfers have long been standard, they come with a host of problems that can negatively impact operations and relationships between landlords and tenants. Here are five of the most common. 1. Time-consuming and labor-intensive Manually collecting rent often means making phone calls, sending reminders, processing checks, and reconciling accounts by hand. This not only takes up valuable time but also diverts attention from other critical responsibilities like maintenance coordination, inspections, and leasing. 2. Late or missed payments Without automation, residents are more likely to forget their due dates or delay payments, especially if they have to take extra steps like mailing a check or logging into a bank account. This creates inconsistent cash flow and forces property managers to spend time chasing down payments. 3. Risk of human error Manually entering and managing payment records increases the chance of errors—whether it’s misplacing a check, entering incorrect payment data, or losing track of who has paid and who hasn’t. These mistakes can lead to financial discrepancies, resident disputes, and even compliance issues. 4. Lack of transparency When payment records are scattered or incomplete, it becomes difficult to maintain clear financial documentation. This lack of transparency can affect everything from owner reporting to tax preparation and financial forecasting. 5. Strained PM-resident relationships No one enjoys awkward conversations about money. When tenants fall behind and managers have to follow up manually, it can strain relationships and lead to negative resident experiences. Automating the process, including sending automatic reminders, helps depersonalize the transaction and maintain a more professional dynamic. Key features to look for in automated rent collection tools With so many rent collection platforms available, choosing the right one can feel overwhelming. To make an informed decision, it’s essential to evaluate each solution based on the features that truly support efficiency, accuracy, and a better resident experience. Here are the must-have capabilities property managers should look for: 1. Recurring payment scheduling Residents should be able to set up automatic monthly payments with ease. This reduces the risk of late payments and improves cash flow consistency. 2. Tenant notification and reminder systems Automated alerts, such as upcoming rent due dates, payment confirmations, or failed payment notices, keep both residents and property managers informed and accountable. 3. Integration with accounting software The ability to sync with platforms like QuickBooks or property management accounting systems can eliminate redundant data entry and reduce financial errors, and simplify tracking income across your portfolio. 4. Mobile app accessibility Residents increasingly prefer mobile-first experiences. A tool that allows them to pay rent, receive alerts, and access their payment history from their smartphone enhances convenience and satisfaction. 5. Secure payment processing Look for platforms that offer bank-level encryption and PCI-compliant systems to protect sensitive financial information for both residents and property managers. 6. Tenant credit reporting capabilities Some platforms allow managers to report on-time rent payments, including credit card payments, to credit bureaus. This can be a valuable incentive for residents and a selling point for Resident Benefits Packages. Best automated rent collection apps for property managers 1. Second Nature At Second Nature, our focus is on improving the lives of both residents and property managers. That's why we've designed solutions aimed at adding value and alleviating rent collection challenges for all parties involved. With our Resident Benefits Package, we offer a range of features designed to encourage timely rental payments and assist residents in bolstering their credit, safeguarding their identity, and maintaining financial stability. Learn more now 2. AppFolio AppFolio is a cloud-based property management software that offers online rent collection, security deposit, tenant screening, property inspections, and accounting/bookkeeping software features. AppFolio's pricing structure is tiered, with the specific cost depending on the number of units you manage and the features you require. Learn more about AppFolio 3. Buildium Buildium is a property management platform that provides a range of features, including online rent payments, payment processing, resident communication, maintenance tracking, and financial reporting. While Buildium does not publicly disclose specific pricing information, its website indicates pricing is based on the number of units you manage.. Learn more about Buildium 4. Avail Avail is a cloud-based rent collection tool that allows PMs to automate rent, send rent reminders, track payments, and manage rental properties. The pricing for Avail depends on the number of units you manage, with increased discounts for larger portfolios. Learn more about Avail 5. Rentec Direct Rentec Direct is a software platform for property managers that offers features such as online rent payments, tenant screening, lease tracking, and maintenance management. Rentex Direct pricing scales with the number of units you manage, with economies of scale for larger portfolios. Learn more about Rentec Direct 6. Rentvine Rentvine is a cloud-based property management accounting solution that offers interactive portals, maintenance coordination, online rent collection, electronic lease signing, and more. A relative newcomer to the property management technology space, Rentvine is focused on providing an easy-to-use, customizable interface for both residents and property managers. Rentvine includes all features regardless of pricing tier, adjusting pricing based on your unit count. Pricing starts at $199 per month and Rentvine offers a three month free trial. Learn more about Rentvine 7. DoorLoop DoorLoop is a cloud-based solution designed to cater to a variety of property types, including single-family homes and multi-tenant buildings. It offers tools to streamline property management tasks, including marketing and leasing units, screening and managing residents, processing rent payments and managing leases, tracking maintenance requests and coordinating repairs, and generating financial reports for property owners. Pricing is tiered based on the features you require. Learn more about DoorLoop 8. YardiBreeze Yardi Breeze is a cloud-based solution offered by Yardi, a venerable company in the real estate and property management industry. The software offers features designed to streamline tasks typically encountered by landlords or property managers, including marketing and leasing vacant properties, screening and managing residents, processing rent payments and rental applications electronically, tracking maintenance requests and repairs, and generating financial reports for owners and real estate investors. For quotes, contact Yardi Breeze directly. Learn more about YardiBreeze 9. RentRedi RentRedi is a mobile-first property management software that allows landlords to collect rent payments online, screen tenants, and manage maintenance requests through a user-friendly app. RentRedi’s pricing structure is subscription-based and ranges from $12/month (paid annually) to 29.95/month (pay-as-you-go). Learn more about RentRedi Benefits of automated online rent collection Rent collection software offers a variety of benefits that are specific to SFR property management companies. After all, the impact of reducing workload and saving time adds up, especially when you need to devote so much of your energy to operations across a dispersed area. Here's a closer look at the advantages: Reduced workload and time savings Automating rent collection eliminates the need to chase individual payments, freeing up time for tasks that can be time-consuming, such as inspections or maintenance coordination. Fewer late payments With on-time automated payments, rental income (and therefore cash flow) becomes more predictable. This allows for better financial planning and budgeting for property maintenance, repairs, or unexpected expenses. Simplified accounting and record-keeping For property managers, autopay eliminates the need for manual rent collection processes and reduces the risk of late notifications or missed payments. Rent collection features also help streamline accounting processes by providing accurate and up-to-date records of rent payments and other business transactions. And of course, recurring payments can be set up to occur automatically, saving property managers time and reducing the need for follow-up with tenants. No more existential dread around rent time! Reduced risk of errors Manual processing of checks or cash can be error-prone. Automatic rent collection minimizes the risk of human error in recording payments, ensuring accurate financial records and avoiding potential miscommunications or disputes. Improved security Automated rent collection platforms typically use secure payment processing systems to safeguard sensitive financial information. This provides peace of mind for property managers and residents alike, as their payment data is protected from unauthorized access or fraud during online transactions. Potential for scalability Even for smaller companies managing a few properties, automated rent collection lays a foundation for a more efficient system. As your portfolio grows, the automation remains in place, simplifying rent collection regardless of the number of properties you manage. In fact, Wolfgang Croskey says automation can level the playing field. “Technology is the great equalizer,” he says. “It allows us to compete with these nationwide companies and to provide not only the same level of service but to be able to pivot and adapt much quicker than those larger companies can. So for me, you're a smaller company, AI and Automation Tech is that equalizer that's going to allow you to shine just as well as these larger companies.” Related: 12 Tasks for Property Management Automation Enhanced resident communication and satisfaction For residents, recurring rent payments provide a convenient and hassle-free way to pay rent on time every month. It eliminates the need to remember to make a payment, reducing the risk of late fees and improving their credit score by building a consistent payment history. Property managers who are reporting rent payments to credit bureaus (such as TransUnion) as part of a Resident Benefits Package can use this as a massive incentive for residents to automate payments. Additionally, tenants can set up recurring payment options using their preferred payment method, making it easy and flexible for them to manage their finances. The other component of improving the resident experience is offering mobile app-based automatic payment methods. That’s why allowing residents to pay rent with Apple Pay or Google Pay is gaining popularity across the property management industry. Zelle is another payment service that can help with ACH payments without transaction fees. PayPal and Venmo are other mobile payment platforms. With these mobile payment apps, renters can pay their rent using their mobile devices. It’s a win for residents because they can easily make automatic payments on the go using their smartphones without the need for a physical wallet or a business day visit to a bank or property management office. Additionally, these mobile payment methods are highly secure, as they use biometric authentication to ensure the transaction is authorized by the account owner, minimizing the risk of fraud and identity theft. It’s important to note that some property management companies have experienced the rare but profoundly irritating (and costly) phenomenon of chargeback claims in relation to rental payments made by credit card. If you’re in the market for software that supports automated rent payments, this is an important issue that you should raise with the sales representative. Tips for successful adoption Even the best rent collection software isn’t plug-and-play. Implementation can come with speed bumps, especially when transitioning residents or staff from manual systems. Here’s how to avoid common pitfalls and ensure a smooth rollout of your automated rent collection process. 1. Anticipate and address resident hesitation Not all residents will be eager to switch from checks or manual transfers to an automated system. Be ready to communicate the benefits clearly—like convenience, reduced late fees, and potential credit-building—and provide step-by-step guidance for setup. Some managers offer small incentives (like gift cards or waived fees) to encourage adoption. 2. Validate resident data before launch Ensure that resident names, bank details, lease terms, and payment schedules are entered correctly into the software before enabling automation. A few minutes of verification upfront can prevent hours of frustration later on. 3. Offer training and support resources While most modern rent collection tools are user-friendly, not every resident or staff member is tech-savvy. Provide tutorials, FAQ sheets, or one-on-one assistance during the initial rollout. A smooth onboarding experience increases trust and usage. 4. Monitor payment activity closely at first Keep a close eye on payments during the first one to two billing cycles. Look for missed transactions, failed payments, or incorrect amounts, and address them immediately. Early intervention helps prevent long-term issues. 5. Prepare a backup process Even with automation, things can occasionally go wrong. A resident’s bank account may change, or a software update could cause a glitch. Have a manual backup process ready (such as an alternate payment portal or temporary paper payment option) to keep operations running without disruption. Use Second Nature to automate rent collection At Second Nature, our mission is to create a Triple Win for residents, property owners, and property managers, adding value and reducing headaches for everyone involved. Our Resident Benefits Package provides services that incentivize on-time rent payments and support residents in building credit, protecting their identity, and remaining financially sound. Ready to streamline rent collection and get automatic rent payments? Contact us today to schedule a free demo!

June 16, 2025

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AI for Property Management: Benefits and Top Tools

AI is one of the hottest topics of the past year, especially in property management. Property managers all over the country are trying to get up to speed on what it is, how to use it, and why. So what is AI for property management, and how valuable is it, really? AI is best positioned to help property managers by supporting and automating a lot of administrative or repetitive tasks. It’s also a great resource for helping to analyze and understand performance metrics and to gain insights from data. More and more software and service companies are building AI into their solutions, helping users to leverage AI more effectively than ever before. Think about tasks like screening residents, coordinating maintenance, and communicating out key messages about rent collection, due dates, and policies. All of these can be assisted by AI, leaving you to spend more time on strategic efforts. Keep in mind, AI is not here to replace property managers, it’s just here to make them more efficient. In this post, we’ll explain the benefits and opportunities that PMs can see with AI, along with some of the best AI tools for property management. Benefits of AI for property management AI does a lot of things, so sometimes it can be difficult to figure out what specifically you should be using it for. For property managers, there are plenty of practical use cases, from marketing and lead generation to scheduling and compliance. Task automation Artificial intelligence is very good at automating routine or repetitive tasks. Think about invoice processing, maintenance scheduling, showings coordination, inspections, and more. AI can take on a lot of these tasks, giving you more capacity to dive into strategic planning. It can also help with more complicated tasks like compliance monitoring and fraud detection. Not only is that one less task you have to handle, but it also helps ensure financial security. Better communication AI tools can also enhance the way that you communicate with residents and clients. You can use it to help understand maintenance requests, automate follow-up communications and satisfaction surveys, and schedule repairs. All of this helps build a better resident experience, which can increase lease renewals and decrease vacancies. Faster screening AI is great for automating background checks, credit evaluations, and rental history analysis, and some of the leading tools in the industry are able to analyze applicant data to predict lease default risk. All of this helps to ensure that property managers select reliable tenants more efficiently. Predictive maintenance Predictive AI is also particularly useful for things like preventative maintenance and estimating future maintenance costs. For example, when combined with internet-connected hardware, some AI tools can assess property conditions and flag upcoming maintenance issues before they occur. Whether you’re trying to predict plumbing failures or minimize HVAC repairs, AI can help. Targeted marketing Marketing is one of the most prominent areas where companies are leveraging AI. Modern tools can help write property descriptions, build websites, and syndicate listings to get more applicants faster. Review management AI can also help solicit and respond to customer reviews. By analyzing resident satisfaction, artificial intelligence tools can pinpoint the best moments to automatically ask for reviews. Plus, newer tools can also craft responses to reviews based on the content and sentiment, making sure every review is followed up on. 8 Best AI tools for property management There are hundreds, if not thousands, of AI tools available that property managers can evaluate. To simplify things, we’ve collected eight of our favorites here to give you a sense of what’s available. Feel free to browse this list, do your own research, and see what fits best for your company and your workflow. 1. TenantCloud Best for: Applicant screening TenantCloud has a fully-featured, robust resident screening tool that goes beyond a simple credit report. In fact, with a proprietary algorithm, TenantCloud can actually predict the risk of an applicant defaulting on their lease or causing other problems. Fully compliant with the Fair Credit Reporting Act, TenantCloud offers multiple ways to view report data, while also validating applicant identity and running a full background check. While TenantCloud offers a full suite of tools, applicant screening stands out from the rest. Key features: Flexible reporting options based on your specific needs Identity validation, income verification, credit check, and background checks Optional County Criminal Records Search for deeper research Flexible pricing based on company size and door count Lease default risk analysis 2. AppFolio Realm-X Best for: Automated communications Our partner AppFolio is widely known as one of the largest property management software providers on the market. With Realm-X, AppFolio has entered the AI space to help property managers save time on manual tasks. In particular, Realm-X thrives when tasked with communications to residents. With a single prompt, property managers can generate comprehensive, customized emails to residents based on specific criteria like lease term, date of renewal, or rent price. The tool also helps automate maintenance scheduling, application review, and lease renewals. Key features: Embedded into AppFolio natively Reimagined inbox to prioritize and respond to key messages Detailed workflow automation Natural language chatbot Communication generation 3. EliseAI Best for: Leasing management EliseAI is designed to automate the mundane parts of the leasing cycle so that you can fill your units with highly qualified, satisfied residents. With a built-in customer relationship management tool, Elise organizes all of your resident data, reports, and workflows. Elise offers integrated tour scheduling, a chatbot to handle inbound requests, and the ability to automatically recommend units to specific applicants based on square footage, number of bedrooms, budget, amenities, outdoor space, and more. It serves as a comprehensive prospect management tool, superpowered by AI. Key features: Automatic responses to inbound leads Smart tour scheduling Personalized unit recommendations based on size, budget, amenities, and more 24/7 customer support for your residents and applicants Built in CRM Data center with robust reporting 4. RealPage AI Screening Best for: Applicant screening RealPage AI Screening is designed to move beyond just measuring an applicant’s ability to pay, and instead look at their willingness to pay. With comprehensive AI integration, RealPage reaches a deeper level of screening and understanding applicants. RealPage’s solution promises to reduce bad debt, delinquencies, and evictions using powerful proprietary data. Key features: Integrates with any property management software platform Leverages RealPage history of over 30 million lease outcomes Predictive scoring model for applicants Risk Advisory Services to optimize risk threshold Criminal and financial history checks 5. Showdigs Best for: Leasing management Showdigs aims to take the manual and repetitive parts of the leasing process off your team’s plate. The tool is focused on the applicant experience, offering real-time automated communications and a chatbot to answer applicant questions. All of this is personalized to the individual, helping to increase conversion rates to residents. Showdigs also puts a heavy emphasis on security and fraud prevention. With AI-driven facial recognition, age verification, and ID verification, the tool weeds out scam applications so you can focus on the individuals who actually want to rent from you. All of this is backed by a U.S.-based call center for support when your team has a question. Key features: Personalized search process for residents 24/7 automated communications to keep leads warm Advanced security measures and scam prevention ID check and facial recognition to verify identity U.S.-based on-demand call center for support 6. Happy Property: Maintenance Best for: Maintenance coordination and inspections HappyCo has been a well known name in the property management space for nearly a decade, particularly for their intuitive inspection tools. Now, in the AI era, they’ve taken their offering to the next level. Their maintenance and inspection tool automatically schedules inspections, routine maintenance, and preventative repairs. HappyCo is also mobile-first, allowing your team members in the field to see everything they need. Happy Property: Maintenance also offers automatic work order generation, using AI to pull all the necessary details from a maintenance request and pass it on to your vendor of choice. With automated scheduling, it’s one less thing your team has to worry about. Key features: Customizable inspection and maintenance templates 24/7 support for residents Automatic inspection and maintenance scheduling Integration with popular property accounting software Digital make-ready board to expedite turns Comprehensive reporting and document management Automated scheduling 7. Convin Best for: Customer and resident support There are plenty of AI tools out there that aren’t specifically designed for property managers, but are still valuable nonetheless. Convin is one of them. Convin is designed to increase customer retention through real-time guidance on live phone calls. Convin integrates with your phone support system to offer support agents real-time insights on customer behavior, needs, and challenges. The result is a better informed support team, happier customers, and higher customer retention. If your company is small and doesn’t have a dedicated support team, Convin can still help with inbound calls to your main business line. Key features: Real-time customer insights Customer audits for behavior and compliance Immediate prompts to answer complex customer questions Built-in agent training for new support agents Relevant knowledge base information to help solve customer challenges 8. SOCi Genius Reviews Best for: Review management SOCi Genius Reviews is an artificial intelligence-powered tool for responding to customer reviews, both good and bad. Reputation management is key for property managers, but can sometimes take up a disproportionate amount of time. SOCi is here to fix that. SOCi is designed to respond to reviews by reading tone and sentiment, then replying appropriately in your own brand voice. Each review response is personalized, on-brand, and contextual. It also offers reports to spot trends in customer feedback so that you can make changes to your business in order to delight more customers. Key features: Brand voice training to make sure all replies are on-brand Integrates with multiple review sites to spot all reviews Personalized responses to generate maximum engagement Emerging trend reports Automatic or personally selected responses Simplify property management with Second Nature Artificial intelligence can help property managers focus on the things that matter. If you want to save time, boost revenue, and create happier residents and clients, Second Nature’s Resident Benefits Package can help. With everything from Group Rate Internet to on-demand pest control and a move-in concierge, the RBP helps maximize the resident experience while minimizing the work your team spends on manual tasks. See Second Nature in action: request a demo today.

May 6, 2025

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Four Keys to Successfully Scaling a Property Management Company

Scaling a property management company is not easy. Between finding the right clients, hiring new team members, and keeping your processes up to date and efficient, there's a lot involved. We sat down with industry expert Patrick Freeze to get his take on how to successfully scale a property management company. Patrick Freeze was once a professional poker player. Now he is the CEO of Bay Property Management, a Baltimore-based firm that has scaled to over 6,000 doors and is one of the largest PMCs on the east coast. While his personal origin story is one of the most interesting in the industry, we're focused on his company’s growth story and the tactics used to go from zero to thousands of units under management. Bay Management took a marketing-focused approach, complemented by intentional and detailed process optimization. Freeze was a wealth of information, and we've tried to boil down our conversation to four top strategies. 1. Focus on SEO and digital marketing From day one, Bay Property Management has invested in its organic marketing efforts to help attract new business. Freeze himself became an expert in SEO early on, and today it remains a primary focus of his marketing team. “I started reading everything I could on online marketing, so SEO, pay-per-click, etc. Over the course of a year, I became really skilled at doing all the marketing on my own,” says Freeze. “So if you were to type in property management companies, Baltimore property management companies, or any variation of those keywords, we could come up number one. And then we started getting phone calls 24/7.” Bay grew rapidly as a result of its ability to generate web traffic and organic leads through SEO. Freeze doubled the size of the business each year for several years after the initial launch, eventually expanding into four different markets. Freeze credits his and his team’s investment in top-of-funnel digital marketing tactics as the catalyst for his rapid business growth. The CEO estimates he gets between 120 and 140 new single-family leads a week, almost exclusively from online sources. “We have 10 people in our marketing department that solely focus on that. Google is actually going through a big algorithm update right now, and you have to be on top of those. If you’re not, you’re not going to rank well in search. We spend a lot of time on that. Someone could probably argue the other side and say you should be more diversified, but it’s worked for us.” 2. Never stop examining your processes One of the biggest challenges for a growing business is process development and refinement. Scaling requires careful, deliberate processes, and that can often be more difficult than growing the client list. A rapidly growing PMC has already optimized its process for finding new business. Defining the systems your company will depend on to be efficient is a new kind of undertaking, something Freeze learned quickly as Bay grew to nearly 200 employees. “When you’re managing 500 units, you know everyone at the company very well, and you can get away with not having systems, policies, procedures. When you have 190 people, you really have to have your systems down,” says the CEO. Freeze notes that the challenges that come with a large company are not universal, and what you have to be prepared for at 50 employees is different from 150. It pays to focus on continuous improvement and always be optimizing; process management is never something that’s done. “So I think probably scaling from five employees to fifteen, to 50 To 100. You have to keep iterating. You have to continuously make improvements on what you're doing. So what worked for 200 doors is not going to work for 1,000. So a good example: when we started out, we had one person handling maintenance, one person handling accounting, one person as the property manager, right? And I would go out and get new business. Well, as the company continued to grow then we had two people on maintenance. And then we had two property managers. And as we were growing, we realize, wait a second, when a work order comes in, whose work order is that?” Defining roles and minimizing redundancy Early on in the company’s growth, Freeze sought to define the exact responsibilities of all positions within the company in order to minimize overlap. Overlap in roles leads to inefficiencies, which can be avoided with clear guidelines as to exactly what role is responsible for what upcoming tasks. “We have a handbook for our property managers that’s probably 80 pages. We have a procedural guide for every single position,” says Freeze. “I don’t think anyone whom I’ve talked to that has scaled has not had very, very defined policies, procedures, handbooks, because if you don’t, it’s going to be a total mess.” Structure has helped create more traceable outcomes, which results in processes that are “more easily optimized and improved as the company continues to grow. “We made a change when we had about 1,000 or 1,200 units from having maintenance coordinators and property managers to just having the property managers handle everything. It was a big switch for the company, but I think it was for the better because we know exactly when there’s a mistake that’s made. We can trace that and see exactly who was responsible for the problem instead of having four hands in the pie.” 3. Take the time to hire the right people “I don’t think there is anything more important than having good quality employees,” says Freeze. “You can get all the new business you want, but if you don’t have good employees managing the new property, you’re going to lose it as quickly as you gained it.” Bay did not grow to almost 200 employees without a developed process for finding highly skilled team members. While the hiring process has become much more role-specific now, Freeze credits a unique interview design—one that’s much more action-focused than response-focused—for helping him pick the people best suited for property management. “I had a list of 30 to 40 questions that had nothing to do with property management. I would ask questions like ‘who is the vice president?’ ‘What is 46 times 24?’ I used to have this brick wall in my office and I would ask how many bricks are on the wall. I would ask them to name something that’s complicated but you know really, really well, and take five minutes and explain it to me. And I would just keep going on and on for probably 30 minutes with these questions.” Freeze never particularly cared if the candidates got the answers correct. He was much more interested in their process for getting to the answers and how they handled the unusual interview. “In property management, you’re constantly dealing with problems. You’re basically problem-solving when you’re a property manager, and if you can’t deal with complicated questions, you’re probably not going to be able to deal with complicated situations. So I would just start blasting off for 30 minutes all these random questions, and some people did great with it and we would hire them. We probably had 25% of all people who wouldn’t even finish the interview.” Resilience is a key trait for a property manager, but also one of the harder traits to identify in an interview setting. Bay’s interview process succeeded in testing for it. Freeze’s process also includes a timed writing test designed to see if candidates can write clearly and quickly when applying for a company that’s very email heavy. The process is designed to test ability more so than experience, and it’s helped get the right people in place from the beginning, allowing Bay to offer a better property management service that is more marketable. 4. Invest in legal and compliance Compliance is hard enough in the heavily regulated world of property management, but one of the biggest challenges as you expand into other markets is managing the different laws and ordinances in each individual market. Freeze believes that compliance is “far and away” the biggest challenge of scaling. “All of our leasing agents have to know different things in different jurisdictions that we’re in, because the requirements are different,” says Freeze. “We have attorneys review our stuff every single year, all of our lease documents, addendums, etc. Even with all that said, there is so much legislation that is passed every quarter that it can be tough to stay up on it.” Managers at Bay’s regional offices are required to be remain current with the nuances of local leasing laws and ordinances, which can change monthly. “They really are changing that much, as crazy as that sounds. And then when COVID happened, it was a complete and utter nightmare. They were changing weekly, and the odds of getting hit with a big class-action lawsuit go up, and you can be sued for something that you don’t even know you’re doing wrong. So always make sure you are totally buttoned up and spending extra money on compliance. I can’t say that enough. You can’t spend too much on that.” Advantages of scaling a property management business With these tips for scaling a PMC, you can increase the size and scope of your business, achieving higher levels of efficiency, profitability, and growth. Let’s look at what benefits you stand to gain from scaling your business. Improved profitability: As a business grows, it can benefit from economies of scale, which can help to reduce costs and improve profitability. Whether you're negotiating rates with a maintenance vendor or ordering air filters for your properties, you can usually get better deals when buying in bulk. Competitive advantage: Larger businesses can offer a wider range of products or services, enter new markets, and achieve greater brand recognition, all of which help you stand out from the competition. Plus, investors may be more likely to trust a business with more doors under management, which they see as more professional and more experienced. Improved access to capital: A larger and more successful business is often able to attract more investment and secure better financing terms, which can help to fuel further growth. In the case of property management, it can also draw clients. Attracting and retaining top talent: Scaling a business can help to create new professional growth opportunities for employees, increase job security, and improve overall job satisfaction, which can help to attract and retain top talent. Increased innovation: As a business grows, leadership can spend more time working on the business, rather than in the business. That means more time can be spent identifying opportunities, building efficiencies, and developing ancillary revenue streams. Tools you need to scale your property management business The property management industry is an enormously tech-savvy group of people. In our network of property management companies, we’ve seen quick adoption of new tools and tech like AI, cloud-based systems, and more. Of course, the property management tools you choose will depend on the specific needs and goals of your PMC, but here are some tools and property management software solutions that we’ve seen most highly rated in our industry. Slack: A cloud-based platform that makes communicating with your team easy. You can get immediate responses from team members, and even vendors or clients you add to your channels. LeadSimple: Sales CRM and process automation RentCheck: Automating property inspections Process Street: No-code, simple process and workflow management Airtable: a low-code platform to build collaborative apps to visualize data, processes, and more. Zapier: A tool that allows you to integrate all your applications and set up automated workflows between them. These are just a few of the many property management tools available. It's important to evaluate the specific needs and goals of your business, and choose a tech stack that best fits those requirements. How Second Nature helps with scaling Second Nature was built on the idea that we can make property management easier for everyone involved—residents, investors, and especially property managers. To that end, we’ve built fully managed services that generate greater value for your PMC by delivering better resident experiences. Second Nature’s Resident Benefits Package aims to provide tools that are customizable across multiple property management levels, needs, and niches. With fully managed and integrated services that add value for residents and investors, you can much more easily see the benefits of scale. Our team takes care of the details for you so that your team can focus on growth, reputation, and quality. Learn more about Second Nature’s industry-leading RBP and how it can help you scale with greater ease.

April 18, 2025

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How to Design An Effective And Adopted Ancillary Revenue Program

Ancillary revenue programs like Resident Benefits Packages have really hit their stride in the property management industry. We've come a long way from just collecting rent, and today's property managers have realized that creativity and innovation can drive new revenue streams and value-generating services. And that’s exactly what ancillary revenue is all about. We sat down with some of the best innovators in the business to talk about what makes an ancillary revenue program effective, how to make them sustainable in the long-term, how to incorporate revenue management, and how to know which ones can work for your business. What is ancillary revenue? Ancillary revenue is any additional source of income generated by a property that is not directly related to its primary function or purpose. In property management, property managers offer additional services to generate additional income for themselves and their client investors beyond the rent or lease payments they receive from residents. Most of us are familiar with ancillary revenue streams like those used in the airline industry or hotel industry, but the key to a good ancillary revenue program is that it should generate value without nickel-and-diming people. Examples of ancillary revenue in property management can include things like pet fees, renters insurance programs, management fees, and more. These boost your total revenue while adding value for residents and investors. They're not just upsells, they're really about value generation and finding a way to diversify revenue streams. How to design an effect ancillary revenue stream “There is one characteristic that is the most important, and that is that you have to believe in it,” says Steve Pardon, Head Broker at JMAX Property Management. “If you believe that there is a benefit to doing it, then you’re good. If you don’t, then it’s hard to sell.” You have to believe in what you're charging people for. Pardon hits on the most important question you should ask any time you’re adding cost to your residents: does it really create a benefit? While ancillary income programs benefit the PM, by driving revenue, add-on services that don’t create a benefit for the resident can have long-term consequences. Paul Mauk of Invitation Homes agrees. “You can make anything mandatory, but if it doesn’t create value for the residents, you’re going to pay the price down the line,” he says. Most ancillary revenue opportunities today are operated as part of a resident benefits package built into your business model. Pardon has rolled out an RBP to his residents, but took a very measured and analytical approach to ensure that everything his residents were paying for created value for them. Pardon summarizes his thorough process for determining value with "you have to believe in what you're charging people for." JMAX operates in the Roanoke, Virginia area, and Pardon considers the nature of his specific area when deciding what he believes in charing people for, noting that he feels certain programs work better or worse in his rural market than they would in an more dense market like an Atlanta. Residents rarely object to paying for services they find value in, which is why an RBP built with the principles Pardon describes above can be so successful. If we can find ways in which to make it an easier process for our residents, we can enhance our offering, enhance the experience for them, and increase the length of stay that we see from our residents. You can read about resident pushback to RBP here. Looking beyond pure profit Good ancillary services can come in many different shapes and sizes, and not all are just about making more money. HomeRiver Group, for example, sends each and every resident in a HomeRiver group managed home a holiday gift. “One thing that we're getting ready to do right now is our holiday gift to the residents, which is another win-win,” says HomeRiver Group CDO Andrew Propst. “We find local companies like restaurants or movie theaters. We buy a bunch of gift cards at a discount. We put it in a nice little letter and we send it out to the tenants. They get $50 in value, we paid $25 for that, and we spread Christmas and holiday cheer. And, you know, we get good Google reviews. It makes some money. We help local businesses. It's a big one.” Paul Mauk of Invitation Homes notes that ancillary services that don’t directly drive profit can still be hyper-effective as long term initiatives if they contribute to low turnover rates in properties. “I think the type of initiatives that we're having success with are those things that provide for enhanced leasing lifestyle for our tenants or residents,” says Mauk. “And that's often driven via survey and input from residents. So instead of us pretending that we know every potential amenity they would like, we’re actually reaching out to them and asking them what the value proposition would be from their perspective.” Asset protection is also top of mind for Mauk as a long-term strategy. By shaping resident behavior, Invitation Homes can minimize vacancies and maximize lease compliance. “One additional thing would be items that aren’t necessarily potentially revenue drivers for us, but help us relative to asset preservation. So things that may be very specific and required within the lease, if we can find ways in which to make it an easier process for our residents, we can enhance our offering, enhance the experience for them, and increase the length of stay that we see from our residents.” Minimizing turnover is the most important thing for most property management companies. The more time a resident lives in a property, the better ROI for the owner, which means better client retention for you and more potential for referrals. That’s why the resident experience aspect of ancillary services is so critical, even more so than the additional funds they can procure. Ancillary revenue examples Let’s look at some examples of the best ancillary revenue ideas in property management right now. The services with an asterisk (*) are all available in Second Nature’s fully-managed Resident Benefits Package. Air Filter Delivery* Air filter delivery is a premium service for residents that automates air filter delivery to all your properties on a set schedule. Filter delivery simplifies the process for residents and ensures timely replacement at a low cost. HVAC repair costs have increased by 48.7% year over year, and an air filter delivery subscription can cut costs up to $300 per year. At Second Nature, we’ve seen our filter delivery drive a 38% reduction in total HVAC ticket requests, and save residents $14.82 per month in energy costs on average. Group Rate Internet* 98% of renters already pay for internet service, so it's a great opportunity to provide a simple benefit that you know residents want. With Group Rate Internet, you can offer gigabit-speed internet to your residents at a price lower than they could get otherwise. Provide an improved resident experience and a simple way to grow your business, fully managed by Second Nature. Resident Rewards Program* Rewards aren’t just a perk for residents—they’re a powerful way to incentivize on-time rent payments. Talk about a win! Residents receive rewards like discounts to local businesses when they pay rent on time. You and your investors see an increase in on-time payments, and residents now see rent day as rewards day. Credit Building* Rent is one of the most significant regular payments any of us make. Why not report that to build credit? That’s what property managers are doing as a benefit to residents and an extra incentive to pay on time. A study by TransUnion found that 67% of residents would choose homes with rent reporting over other equivalent homes. Credit building supports your residents, helps attract financially responsible applicants, and encourages residents to pay rent on time. Move-In Concierge* Any time you move into a new house, one of the biggest headaches is setting up utilities. One great ancillary revenue stream is to provide a move-in concierge. At Second Nature, we manage this for you. Our move-in concierge helps residents find the best utility options in the area and can help simplify setup. In one phone call, residents get what they need. Identity Protection* Did you know that identify theft is a larger security risk today than home burglary? One in eight Americans were victims of identity fraud in 2021, equaling up to $52 billion in losses. Identity protection gives residents peace of mine and protects them finacially – which also protects their abilty to pay rent. Related: How to Help Residents Use Their Identity Protection Services During a Data Breach Renters Insurance* A quality renters insurance program will allow residents to keep current coverage if they wish, but be automatically enrolled in the PM's program if it ever lapses. That also means no more compliance tracking for your staff. Did you know that 90% of professional property managers require residents to carry insurance, but only 41% maintain compliant coverage? At Second Nature, our renters insurance program has 100% compliance, protecting residents, investors, and the PMCs. Pest Control* Many property management companies offer on-demand pest control services to residents to keep cockroaches, ants, and more out of the property. Property managers reduce complaints while offering a massive benefit to residents, and asset protection for them and their investor. Holiday gift program A holiday gift program helps residents feel seen, known, and remembered. Residents receive coupons or gift cards to local establishments as a wish of good cheer during the holiday season. Who doesn’t love a holiday gift? Security deposit alternatives We’ve seen security deposit alternatives proliferate in the last few years. Property management companies are choosing to offer other ways to cover financial liabilities without requiring a huge payment at move-in, such as a surety bond or ACH authorization. Home-buying assistance programs Home-buying assistance helps boost resident experience and trust, while also investing in resident retention. Learn more about assistance programs for long-term residents looking to purchase a home. How Second Nature helps create ancillary revenue At Second Nature, we work with property management companies around the country to help them generate more value for their residents and additional revenue for their business through a Resident Benefits Package (RBP). The Second Nature RBP is a custom suite of benefits that elevates the resident experience while adding profit to your bottom line. An RBP is a powerful ancillary revenue strategy, and because it's fully managed, it doesn’t add any burden to your team. Generate more value for your investors, ease for your residents, and profit for your PMC with an RBP. Register now for our next RBP Workshop, where you can hear from real RBP users about how it's changed their business.

March 3, 2025

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6 Property Management Skills for Success

In the high-stakes world of property management, professionals are constantly juggling a multitude of responsibilities. Developing your property management skills, from resident relations to financial acumen, can help you excel. The pressure is immense, and it's no wonder that over 25% of real estate property managers (PMs) are expected to abandon the industry within the next five years. The burnout is real, and the struggle to find enough time is a common theme among PMs. The right property management skills, paired with careful professional development, can significantly alleviate these pressures and transform careers. These top skills include communication, organizational prowess, financial acumen, relationship building, adaptability, and marketing savvy. In today’s post, we’ll examine these "big six" skill sets that truly elevate good property managers to great. 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. Top 6 skills for property managers Trying to pinpoint the most important skills for property managers is tough. The job encompasses so many things, but here are the top six that we find most important. 1. Communication Strong communication skills are the cornerstone of successful property management. Clear and concise communication ensures that all parties involved are on the same page, reducing misunderstandings, boosting negotiation skills, and fostering a collaborative environment. Clear and concise communication Effective communication is not just about speaking or writing well; it's about conveying a message in a way that is easily understood by everyone involved. This means avoiding jargon, being direct, and tailoring communication styles to different audiences. How you’d communicate with a potential tenant about maintenance issues might differ from how you’d interact with a contractor or a rental property owner. Make sure that you're conveying the right message to the right person. Active listening Active listening is equally crucial, particularly when it comes to resident relations. Active listening consists of four key steps: Fully concentrating on the other speaker Understanding their key message Responding honestly to show you're engaged Remembering what is being said so you can put it into action later This skill helps constructively address the concerns of residents, and over time will build trust and decrease tenant turnover. Multilingual capabilities In today's multicultural society, having speaking a second language can be a significant asset. While not a requirement in most parts of the country, being able to speak the language of your residents improves communications, making you a more effective property manager. 2. Organizational prowess A top-notch property manager excels in organization. With so many moving parts, you need to have a systematic approach to managing the details and keep everything running smoothly. Organization is a fundamental property management skill. Time management Successful property managers prioritize tasks and address important issues promptly. Property managers have a lot going on, so utilizing calendars, to-do lists, and project management software can help them stay on top of their work. Attention to detail Paying close attention to details ensures that nothing falls through the cracks. This could mean ensuring that maintenance requests are logged correctly or reviewing financial statements for discrepancies. Keeping detailed records is also key to property management success, so make sure your documentation is clean and timely. 3. Financial acumen Strong financial management skills are about understanding and executing the monetary aspects of property management to ensure profitability and sustainability. Financial management Creating and adhering to a budget is crucial. This involves forecasting future expenses and revenues to ensure that the property remains profitable. Plan for unexpected costs and allocate funds where they are needed most through effective budgeting. If you're looking to develop as a property manager, taking financial management courses may be in your best interest. Rent payments Efficient rent collection processes are essential to maintaining cash flow and ensuring timely payments. This includes implementing automated systems for rent collection and tracking payments to minimize late or missed payments across all rental properties in your portfolio. Financial reporting Generating accurate financial reports is critical for monitoring financial performance, identifying areas for improvement, and making informed decisions. These reports provide insights into rental income, expenses, and profitability, helping property managers to stay on top of their financial health. Understanding rental markets Staying informed about property values and rental market trends helps your property management business set competitive rental rates, ensuring maximum occupancy and profitability. You can track local market conditions and pricing, vacancy rates, economic factors, and demographic trends through industry reports, often available from property management software providers and real estate research firms. Spend some time finding sources you trust, and then subscribe to their newsletters so you can stay informed and up to date. 4. Relationship-building Building strong relationships is at the heart of property management. You need to foster trust and ensure that all stakeholders are satisfied. Excellent interpersonal skills Interpersonal skills are central to managing relationships with residents, contractors, and property owners. Focus on being approachable, empathetic, and professional, which will build a positive rapport with all parties involved. Negotiating skills are also vital. Whether you're negotiating a lease agreement, a new management agreement, or a maintenance contract, you need to know how to get the result that's best for the business. Conflict resolution Conflicts are inevitable in property management. Whether it's a dispute between residents or an issue with a contractor, having effective conflict resolution skills is key to maintaining harmony and ensuring that problems are resolved swiftly and fairly. Responsiveness and follow-through Being responsive to queries and requests shows that you value and respect others' time and concerns. Following through on commitments builds trust and reliability, which are essential in maintaining strong relationships. Customer service In the context of day-to-day operations, excellent customer service skills are about much more than resolving issues. They’re about creating a positive experience for residents, which can lead to higher retention rates and positive word-of-mouth referrals. 5. Adaptability The property management industry is dynamic and ever-changing. Top performers thrive in this environment by being adaptable and open to change. Problem-solving You need to be able to identify issues, evaluate options, and implement solutions quickly and efficiently. Strategic thinking skills help you make judgement calls on the fly and solve issues before they escalate. Staying current with regulations As industry development continues, regulations and laws related to property management are constantly evolving. Staying current with security deposit restrictions, relevant landlord tenant law, and other regulations is essential to ensure compliance. Regular research and training on local, state, and federal laws will protect you and your business. Embracing technology Technology is transforming property management. Embracing new technologies like property management software, smart home devices like smart locks and security systems, and digital marketing tools can streamline operations and improve efficiency. 6. Marketing savvy In addition to operational tasks, being marketing-savvy is a vital organizational skill. You should know how to market properties effectively to attract and retain residents, using traditional methods as well as social media and other digital platforms. Optimizing rental listings Rental listings are one of the most important pieces of the property management lifecycle. Property marketing requires an array of skills including search engine optimization, photography, and audience knowledge. You need to be able to speak specifically to the potential residents for each of your rental properties in order to attract the best applications. Building social proof You also need to be able to leverage social media to share personal stories. Sharing reviews, customer testimonials, and real stories from residents can help attract not only renters, but also investors. Differentiating your brand The property management industry is crowded. That's why you need to be able to differentiate yourself. Decide who you are as a property manager and as a company, and get very specific about who you want to target In a commoditized world, you need to be able to build a strong brand with a clear message that gives clients something to measure you on other than price. Property management certifications If you want to show expertise, commitment, and professional development, consider obtaining relevant real estate industry certifications. Certifications such as the Certified Property Manager (CPM), Residential Management Professional (RMP), or the Certified Apartment Leasing Professional (NALP) provide recognition of specialized knowledge and skills, enhancing credibility and career advancement opportunities. They show a dedication to the industry, to growth, and to providing the best possible service in your role. Final thoughts There are certain skills that highly successful property managers have: communication, organizational prowess, financial acumen, relationship-building, adaptability, and marketing savvy. These skills not only help in managing day-to-day challenges, but also pave the way for long-term success and job satisfaction. And while developing those skills is important, so is leaning on processes and tools to help you along the way. Second Nature's Resident Benefits Package (RBP) provides fully-managed benefits that reduce maintenance requests, protect you and your residents, and give you back more time to develop your skills. Learn more about property management company best practices, marketing, and more in our Second Nature Community.

February 11, 2025

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Property Management Agreement Guide + Free Template

As real estate investing becomes more popular, so does property management. Busy professionals and out-of-town real estate investors increasingly rely on property managers to handle the day-to-day operations of their rental properties. If you want to stand out to new investors, you need a clear and comprehensive property management agreement. In today’s guide we’ll cover the essentials of a property management agreement that drives transparency and peace of mind for investors relying on you to manage their assets. What is a property management agreement? A property management agreement is a legally binding contract between a property owner and a property management company or individual. This document outlines the specific responsibilities and duties of the property manager, the expectations of the property owner, the terms of service, and the compensation structure. The agreement serves as a guideline for both parties to understand their roles, rights, and obligations in managing the rental property, ensuring a clear and professional relationship. Why do you need a property management agreement? A property management agreement is essential for multiple reasons: Clarity and expectation management: It improves the property management relationship by clearly defining the roles and responsibilities of both the property owner and property manager. Legal protection: The agreement provides legal protection for both parties, specifying the terms of the services provided and the consequences of breach of contract. Financial management: It outlines the financial aspects of the relationship, including management fees, rent collection, and maintenance costs, ensuring transparency in financial transactions. Maintenance and repairs: The agreement specifies the procedures for handling maintenance and repairs, ensuring the property is well-maintained and any issues are promptly addressed. Dispute resolution: The agreement includes provisions for resolving disputes, which can help prevent conflicts from escalating and provide a clear path for resolution. What should a property management agreement include? Crafting a solid property management agreement doesn't have to be daunting. Here's a breakdown of the key components: Parties involved Clearly identify the legal name and contact information of the property owner or owners. Do the same for the property management company or individual. Property description Include the full address of the property being managed. For added clarity, consider including the legal description, particularly for complex property ownership structures. Specify whether the property is a single-family home, multi-unit building, or commercial property. Mention any unique features (e.g., pool, historic designation) or limitations (e.g., zoning restrictions, HOA rules). Term and termination details Define the start date of the agreement. Outline termination provisions and reasons for termination by either party (e.g., breach of contract, property sale). Specify the required notice period for each party if they wish to terminate the agreement (e.g., 30 days, 60 days). Explain how the date of termination should be communicated (written notice, specific format [e.g., certified mail]), the process for early termination, and any applicable indemnification measures. Manager responsibilities Detail the process for tenant screening, including applications, background checks, and credit checks. Outline procedures for the collection of security deposits, rent payments, and late fees, and document the eviction processes. Specify the property manager's duties and roles in overseeing maintenance requests, repairs, and independent contractor/vendor selection (approval thresholds, cost limitations). Define the frequency and format of financial reports provided by the property manager (monthly statements, annual reports). Establish communication protocols regarding tenant relations, maintenance emergencies, and routine updates. Consider outlining the property manager's availability for emergencies (24/7 hotline, designated contact person). Owner responsibilities Specify the owner's responsibility for major repairs beyond normal wear and tear. Outline the owner's role in providing access to the property for maintenance or showings when residents are not present. Define how major decisions regarding the property (e.g., renovations, capital improvements) will be made (joint agreement, owner approval). Address expectations regarding the frequency and purpose of property inspections conducted by the owner. Clarify the owner's responsibility to maintain appropriate insurance coverage for the property. Fees and compensation Detail the structure of the property management fee (percentage of rent collected, flat fee). Address any additional disbursements for specific services, such as resident placement or lease renewals. Dispute resolution Explain the process for resolving disagreements between the owner and the property manager (mediation, arbitration, legal action) and responsibility for legal fees. Specify the governing laws that apply to the agreement in case of disputes. Free property management agreement template (basic) This contract template is for informational purposes only and should not be considered a substitute for legal advice. Please consult with an attorney to tailor the agreement to your specific needs and to ensure that the provisions of this agreement comply with local and state laws. Property Management Agreement This Property Management Agreement ("Agreement") is made and entered into as of [DATE] by and between: [Property Owner Name] residing at [Property Owner Address] ("Owner"), and [Property Management Company Name] located at [Property Management Company Address] ("Manager"). WITNESSETH WHEREAS, Owner is the legal owner of the property located at [Property Address] (the "Property"); and WHEREAS, Manager desires to provide property management services for the Property; and WHEREAS, Owner desires to engage Manager to provide such services for the Property NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the parties agree as follows: 1. Services Manager agrees to perform the following services for the Property (Services may be added or removed based on specific needs. Consult with a lawyer.): Resident screening and resident selection (application processing, background checks) Collection of rent and late fee enforcement Maintenance oversight and coordination (up to $[AMOUNT] per repair) Move-in/move-out inspections Monthly financial reporting related to management of the property 2. Term and Termination This Agreement shall commence on [DATE] (the "Effective Date") and shall continue for a period of [NUMBER] year(s), unless earlier terminated as provided herein. This termination of this Agreement may be effected by either party upon [NUMBER] days' written notice to the other party. 3. Management Fee Owner shall pay Manager a monthly management fee equal to [PERCENTAGE]% of the gross monthly rent collected. 4. Legal Proceedings In the event of a legal proceeding arising out of this Agreement or the management of the Property, the following provisions shall apply: Authority: The Property Manager is hereby authorized to initiate and prosecute any legal action deemed necessary to collect rent, enforce the terms of tenant leases, or protect the Owner's property interests. Owner Approval: Prior written approval from the Owner shall be required for any legal action exceeding $[Dollar Amount] or involving potential litigation. Costs and Reimbursement: The Property Manager shall keep detailed records of all legal expenses and attorney’s fees incurred. The Owner shall reimburse the Property Manager for all reasonable and documented legal expenditures associated with authorized proceedings. Representation: The Owner shall have the right to be represented by their own counsel in any legal proceeding. However, the Property Manager shall have the right to participate in the proceedings and may retain separate counsel at the Owner's expense if a conflict of interest arises. Communication: The parties agree to cooperate fully and share all relevant information in a timely manner throughout any legal proceedings. 5. Dispute Resolution (Optional - Replace with preferred method if applicable) Any dispute arising out of or relating to this Agreement shall be settled by [METHOD OF DISPUTE RESOLUTION, e.g., mediation] in accordance with the rules of [NAME OF MEDIATION PROVIDER] (the "Rules"). The decision of the mediator shall be final and binding on the parties. 6. Waivers The Owner acknowledges and waives any and all claims, demands, or causes of action against the Property Manager arising from the following, unless such claims arise from the Property Manager's gross negligence or intentional misconduct: Acts or omissions of any resident of the Property. Loss or Property damage caused by reasons outside the Property Manager's reasonable control, including natural disasters, acts of war, or civil unrest. Unexpected repairs or maintenance issues beyond the scope of normal wear and tear. The Owner further agrees to indemnify and hold harmless the Property Manager from any and all claims, liabilities, damages, losses, or expenses (including attorney's fees) arising from the Owner's violation of this Agreement or any applicable laws or regulations. 7. Entire Agreement and Governing Law This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written. The terms of this Agreement shall be governed by and construed in accordance with the laws of the State of [STATE]. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. [Property Owner Signature] [Property Owner Name (Printed)] [Property Management Company Signature] [Property Management Company Name (Printed)] Optional addenda For specific situations, consider adding supplementary documents like: Bed bug addendum Pool addendum Pet lease addendum These addenda can address unique requirements and regulations related to these aspects of the property. Ready to get started? Download our free template. Related: How to Write a Letter Notifying Your Tenant of the Sale of Property Best practices when using property management agreement templates Using property management agreement templates can streamline the creation of your contracts, but it’s important to adapt them carefully to meet your specific needs and legal requirements. Here are some best practices to ensure your agreement is both comprehensive and effective. Personalize the agreement Every property is unique, and so are the needs of the property owners and managers. Personalize your agreement by: Including unique features or limitations of the property, such as historical designations, HOA rules, or special amenities.. Adjusting the fee structure and additional details to match your specific financial arrangements. Regularly update and review Regularly review and update property management agreements to reflect changes in: Local, state, and federal laws that might affect your agreement's legal compliance. Current market conditions, such as changes in rental rates or maintenance costs. Establish effective communication channels Establishing effective communication channels within the agreement ensures smooth operations and quick resolution of issues. Include: Primary contacts for both parties and their preferred methods of communication. Clear guidelines for reporting maintenance issues, handling resident inquiries, and providing updates. Plan for contingencies Anticipate potential issues and include contingency plans in your agreement by: Outlining steps for handling emergencies, including contact information for emergency services and protocols for urgent repairs. Providing a clear process for resolving disputes, including mediation or arbitration clauses to avoid costly legal battles. Cover legal considerations Consulting with a lawyer is crucial to ensure your property management agreement is legally sound and reflects your specific circumstances. An attorney can help you with: Clearly defining which maintenance issues are the responsibility of the property manager and which fall to the owner. Outlining a comprehensive pet policy including pet restrictions, fees, and deposit requirements. Ensuring your agreement adheres to all relevant laws and regulations in your area, such as resident rights and fair housing regulations. Selecting the appropriate liability insurance for your properties to prevent lack of coverage down the road. FAQ Q: Is a property management agreement legally required? A: While not always mandatory, a property management agreement is highly advisable. It protects both the owner and the manager by outlining expectations and responsibilities of managing properties. Q: Do I need a lawyer to draft the agreement? A: While not mandatory, legal guidance is highly recommended. An attorney can ensure the agreement is legally sound, protects your interests, and complies with local laws. Q: Can I use this template for agreements outside of property management, e.g., for lease agreements or rental agreements? A: No, this template is specific to property management agreements. For other types of agreements, consult with a lawyer or use appropriate templates designed for those purposes. Q: What should I do after finalizing the agreement? A: Once both parties have signed the agreement, keep a copy for your records and provide one to the property manager. Familiarize yourself with the terms and communicate openly to ensure a smooth and successful working relationship. Build a foundation for success A well-drafted property management agreement is the cornerstone of a successful relationship between owner and property manager. By using the provided template as a foundation and consulting with a lawyer for customization, you can establish a clear and comprehensive agreement that provides full transparency and fosters a smooth rental property experience. On top of your agreement, consider rolling out a resident benefits package (RBP). It’s a powerful way for property managers to create a Triple Win—for residents, investors, and themselves. An RBP like Second Nature’s is designed to be simple to use and easy to implement. All the services included within it are managed externally by Second Nature, meaning there is no day-to-day upkeep required from the manager. You plug it in and Second Nature keeps it running. The value creation an RBP generates—with such little work required from the PM—is an incredibly easy way to grow your business and create great experiences that residents will pay and stay for. Don't get left behind in the evolving world of resident experience. Learn more about our fully-managed Resident Benefits Package and how we can build ease for you, your investors, and your residents.

February 7, 2025

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How to Create Property Management Business Plan [Free Template]

There are as many different perspectives on property management business plans as there are different PM businesses. But one thing holds true – in the classic adage usually attributed to Dwight D. Eisenhower – it’s not the plan that matters so much as the planning. Outlining a detailed business plan is key to defining and communicating your goals to potential clients and investors. It also requires deep insight into what residents want to experience. You may be new to the property management industry, have been managing properties for years and are ready to start your own business, or own a property management company but are looking for greater investment. Whatever the case, we’ll cover important topics to address business plan creation. We’ll explain why business planning can be so important, as well as who to target with your plan. We’ll also share a free template to get you started. Key Learning Objectives: How to identify and find your ideal clients How to articulate your value proposition What to include in your business plan How to outline your business plan A free property management business plan template What is a property management business plan? A property management business plan is an overview of your company's services, go-to-market strategy, financial plan, and leadership. It provides details on your property management company and how you intend to operate it. Your business plan should be thorough enough that readers can clearly see how you'll run a successful property management business. It should illustrate that you have a comprehensive understanding of the industry and your position in it, as well as your future growth goals. Why do you need a property management business plan? A property management business plan provides a clear view of what you need to do to make your business successful. The process of creating a business plan forces you to truly evaluate your standing as a company, including factors like cash flow, staffing, and sales strategy. Your business plan also provides a roadmap for success. It outlines what steps you need to take to be successful. Whether you're considering large financial projects or incremental business improvements, your business plan helps you better understand how to execute. It also helps you position your company within the property management industry. It can guide your ability to stand out compared to other property management companies and acquire new investors to manage. What to know before creating a property management business plan For entrepreneurs, planning is the key to success. Here’s what you need to get clear at the outset. State laws governing property management business Each property management company’s approach is very dependent on regional or state regulations. Before taking any steps to either start or change your business, you need to have a clear understanding of the local laws governing your business venture. We highly recommend hiring an attorney who can help you navigate those laws and regulations. How to create a successful property management business plan Peter Lohmann, CEO of RL Property Management, lays out three critical steps for residential property managers looking to crystalize a successful business plan: Identify your ideal clients. Articulate your unique value proposition for those clients. Go out and find leads. Who are your ideal clients? “Get really clear on who your ideal customer is,” Lohmann says. “Are you managing associations, office buildings, big apartments, single-family rentals, etc.? The narrower and more specific you can be, the better your life is going to be and the more money you’re going to make.” In other words, anything outside of this target market is going to be a waste of your time. That’s why this is the first step. “The more narrow and specific you can be here, the more directly you can speak to your prospects in a way that’s compelling,” Lohmann says. “Everything becomes easier – content strategy, sales conversations, even operations become easier – if you know who you want to manage for and what types of properties you want to manage.” Articulate your unique value to those clients The next step is to identify your unique value proposition. There are tons of other property management companies out there. Why should your ideal client choose you? In Lohmann’s words: “Your second step is to ask, ‘Why should anyone care?’ Property management isn’t a new concept; there are tons of property managers. So, identify what your unique value proposition is.” This is key to figuring out not just who to pitch to but how to pitch to them. “What are you going to talk about?” Lohmann says. “You can’t just say, ‘Oh, hire us, we’re the best!’ You need clear examples that say, ‘Our company does something a little different.’” For RL Property Management, that started as a promise that they would never charge a leasing fee. “Sure, it’s kind of crazy, and I don’t know anyone else who doesn’t charge that, but it worked,” Lohmann says. “We were trying to figure out why everyone hated their property manager. And we decided that it might be an incentive problem where the property manager’s incentive is to fill the unit as quickly as possible so they can get that big leasing fee, and that was creating bad outcomes for property owners. So we decided that we weren't going to charge a leasing fee, and we've stuck with it ever since.” How to find your ideal clients The third and final step of preparation is to identify where you need to go out and find leads and engage property management marketing. “Given what you know about how you defined your ideal prospect and your company and what they offer, the next question is where you go and get these leads,” Lohmann says. “A lot of property managers start with this third step. They just say, ‘How can I get more leads?’ But that’s the wrong question. Why do you deserve those leads? Answer that first. Downstream of that is ‘Where are those people hanging out, and how can I get this to them?’” Getting this step right involves researching property management and real estate property in your area and getting familiar with industry news, conferences, and listings. Define your business model Your business model, which is a core piece of a business plan, outlines your cost structure and revenue streams. Put simple, it's how you plan to generate profits. Many property management companies select from a few different business models and fee structures. For example, full-service, fee-based, and hybrid models are all popular. This is where you should decide whether you want to charge a flat fee, charge a portion of rent, or some combination. Consider how you want to charge for listing and leasing services, big-ticket maintenance items, and more. What should a property management business plan include? If you’re starting a new business and aiming to present a business plan to investors, or even business partners, you should outline each section below as a presentation deck. The information presented in this section needs to read like it is designed for investors and should highlight key terms and concepts they care about. Here’s a sample property management business plan outline, followed by a detailed explanation: Executive Summary Company Overview Market Analysis (Industry, Customer, and Competitive Analysis) Services Marketing Plan & Sales Strategy Operations Management Management Team Financial Plan Growth Opportunities Executive summary This is a high-level overview of your entire presentation, and should be the last section that you write. You want to be concise but interesting and hook the reader quickly. Outline the following in broad strokes: The type of property management company you are operating Your target market Your objectives Your plan for meeting these objectives Company overview The company overview will dive deeper into your property management niche and business model. Explain what types of properties you manage and how you operate. Options include single-family residential property management (SFR), multi-family property management (MFR) or residential apartments, HOA management, and commercial property management. Give a brief history of your company and your legal business structure. Other important information might include: Your key competitive differentiators and core competencies Your metrics for success Your management team Financial details Mission and vision statements Market analysis (industry, customer, and competitive analysis) The market analysis benefits you almost as much as it does your audience. Researching for this section will help you more deeply understand the industry, customers, and competition. Industry analysis should include details on the trajectory of the market, its size, and key trends, along with challenges and opportunities. Customer analysis should include details about your target customers, their wants and needs, etc. Competitive analysis should outline direct competitors (PMCs in your area) and indirect competitors like in-house managers, automated tools, etc. Explain why your value proposition is unique. Ideally, present a thorough SWOT (strengths, weaknesses, opportunities, threats) analysis. Services This section should describe the property management services the company plans to offer, such as leasing, maintenance, and rent collection. Depending on the jurisdiction, legal compliance and documentation services may be relevant to property management associations as well. This section should also discuss the pricing strategy for these services. Marketing plan and sales strategy Your go-to-market section should describe the company's marketing and sales strategy, including how it plans to attract and retain clients. It should also discuss any advertising or promotional campaigns the company plans to undertake. Promotions could include paid advertising in print and on websites, social media marketing, radio advertising, SEO marketing, and more. Here, it’s important to document your marketing channels (organic online, targeted online, print advertising, professional networking) as well as ongoing sales and marketing programs. Related: 10 Property Management Goals to Set for the Year (with examples) Operations management Outline your short-term processes and long-term business goals, as well as estimate day-to-day operations. What property management software are you using in the business? What bottlenecks slow down work that’s moving through the organization? How will you structure your company and your teams? You should also include details on critical process workflows, risk mitigation strategies, and technology integrations and updates. Management team Outline your management structure and the skills and experience of your management team. Highlight property management and other real estate experience. Consider who you have in the company, who is a right fit, and who needs to be looked at as not a great fit. Financial plan Outline your major cost centers and revenue drivers. What management fees are you going to charge? You should include a profit and loss statement, balance sheets, and a cash flow statement. Growth opportunities Identify and outline the most targeted growth opportunities for your business right now and over the next five and ten years. Knowing your long-term goals requires you to gain a deep understanding of the real estate and property management market in your area and to understand clearly where you fit in and how you can generate growth and value for years to come. Typically, this section includes: Expansion plans Strategic alliances Technology upgrades Emerging market trends Property management business plan free template Follow this checklist or else download our free PMC business plan template to customize to your business. Executive Summary The type of property management company you are operating Your target market Your objectives Your plan for meeting these objectives Company Overview Mission and vision statements Your property management niche and business model How you operate Company history Your legal business structure Your key competitive differentiators and core competencies Your metrics for success Your management team Financial overview Market Analysis Industry assessment Customer analysis Competitive analysis Services Marketing Plan & Sales Strategy Outline of sales and marketing plans Marketing channels Ongoing sales and marketing programs Operations Management Long-term business goals Current processes Critical process workflows Risk mitigation strategies Technology integrations and updates Management Team Management structure Skills and experience Financial Plan Financial projections Cost centers and revenue drivers P&L statement Balance sheet Cash flow statement Growth Opportunities Targeted growth opportunities Expansion plans Strategic alliances Technology upgrades Emerging market trends ‍ Get your free PMC business plan template here. Beyond the business plan: Increase retention with an RBP At Second Nature, we work with property managers around the country to develop better resident experiences that generate more value for their clients and their companies. A Resident Benefits Package, or RBP, helps property managers at every stage of their company’s growth. Each product in this package delivers a service that residents want and sets your PMC apart. Our goal is to help make running a successful property management business as easy as second nature. Related: Property Management Startup Checklist

January 29, 2025

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What to Include in Your Rental Listing Description: Examples & Template

Effective rental listings attract quality applicants, minimize vacancy time, and set the tone for your residents’ experience. That’s why it’s worth taking the time to craft a compelling rental listing with attention to detail, engaging descriptions, and clear information. In today’s blog, we’ll focus on helping property managers create winning listings. Specifically, we’ll discuss: What you need before you get started What rental listings should include How to write rental listing titles, descriptions, and FAQs What to do before posting your rental listing Rental listing overview A rental listing is the first interaction many residents have with their potential new home, so it needs to entice people and welcome them in. These listings typically appear on renting platforms like Apartments.com, Zillow, and Realtor.com, showcasing essential details, images, and descriptions that help potential residents quickly identify whether a property suits their needs. A top-notch listing typically includes: A compelling headline: Highlight a unique feature like "private balcony" or "near downtown" to get the prospective resident interested. High-quality photos: Clean, well-lit pictures of both interior and exterior spaces that showcase the entire rental property. Essential details: Number of bedrooms and bathrooms, square footage, total monthly rent (including base rent and any recurring mandatory charges), pet policies, and amenities. For example, compare these headlines: "2BR Apartment in Midtown" "$1,800 per month– 2 Bed/1 Bath Apartment in Midtown with In-Unit Laundry" The second headline not only gives more details but also draws attention to a key feature. Well-written listings also set expectations by including restrictions (e.g., "no smoking" or "no pets") and highlighting proximity to schools, parks, or public transit. This saves time by weeding out residents who wouldn’t be interested and minimizes the number of questions you have to answer later. What the rental listing should include A strong rental listing provides all the information a prospective resident needs to make an informed decision. Here’s what to include: Interior details: Number of bedrooms and bathrooms, square footage, and specific features like hardwood floors or vaulted ceilings. Common spaces: Shared amenities such as a fitness center, pool, or laundry facilities. Exterior spaces: Whether the property has a yard, patio, or balcony. Restrictions, such as pets, smoking, occupancy limits, and specific leasing conditions. Neighborhood highlights: Nearby transit options, grocery stores, restaurants, schools, and anything else relevant for residents. Application process: Requirements for background and credit checks, income restrictions, and how to apply. Costs: Monthly base rent, security deposit, application fee, Resident Benefits Package fee, and other mandatory charges (e.g., pet fees or parking fees). A listing that answers common questions upfront not only attracts serious inquiries but also positions the property as professionally managed, giving prospective residents more confidence in applying. Before you write your rental listing Before you start, you’ll want to gather all the information you need to create that captivating rental listing description. (Don’t worry–you can use our checklist below to get started!) 1. Property details: Include dimensions, features, and any recent updates or renovations. 2. Photos: Take high-quality images. Ensure the space is clean and well-lit, and avoid common mistakes like leaving toilet seats up or capturing clutter. Highlight the space’s uniqueness and look to other professional listings for inspiration. James Barrett, Co-Founder of Tenant Turner, and a property management expert, said, “You don’t need to have the most expensive digital camera and the greatest lenses. With modern phones, you can get the right quality. And if you're in a market where you're getting a lot of people from out of town, virtual tours [recorded with your smartphone] can be effective." 3. Optional extras: Consider including a virtual tour or 3D models, especially for residents relocating from another city. Virtual tours can help prospective residents imagine themselves in the space and better understand how a home flows from one room to the next. If you’re interested in these elevated listing experiences, we recommend checking out Plan-O-Matic. Rental listing information checklist The checklist below will ensure that your rental property description a) is comprehensive and b) appeals to potential tenants by addressing all key aspects of the property. Address and Property Type Property address (including city and zip code) Rental type: single-family home, apartment, condo, townhome, or other Rental Property Details Number of bedrooms Number of bathrooms Total square footage (including both interior and exterior, if applicable) Appliances provided (e.g., refrigerator, stove, microwave, washer/dryer) Special features (e.g., hardwood floors, vaulted ceilings, natural light, walk-in closets, fireplaces, etc) Lease term: specify duration (e.g., month-to-month, 6 months, 1 year) Parking details (on-street, driveway, garage) Application Process Background check required? (Yes/No) Credit check required? (Yes/No) Income requirements (e.g., minimum 3x rent) Documentation required (e.g., proof of income, references, identification). Consent required for checks (include state-specific legal requirements, if applicable) Costs Total monthly rent amount (defined as base rent plus any recurring mandatory charges). Security deposit amount (include explanation if it’s first and last month’s rent, etc.) Application fee (if applicable) Additional costs (Note: Any recurring mandatory charges should be separately itemized with descriptive language explaining the purpose of each mandatory fee): Resident benefits package Parking fee Pet fee or deposit (including whether the deposit is refundable or not) Utilities: Included utilities (e.g., water, sewer, trash collection, electricity, heating, cooling) Resident’s responsibility (list any excluded utilities). Pet Policy Pets allowed? (Yes/No) Limitations (e.g., specific breeds, size/weight restrictions, number of pets) Specifics (e.g., cats only, dogs only, exotic pets excluded) Amenities Shared amenities (e.g., fitness center, pool, clubhouse, laundry room) Property-specific amenities (e.g., private patio, fenced yard, garage) Community outdoor spaces (e.g., park, basketball court, garden) On-site services (e.g., 24-hour maintenance, package lockers, online payment portal) Location Highlights Nearby public transportation options (list closest stops/stations) Proximity to key commuter roads and highways Proximity to key locations: Shopping centers Grocery stores Dining and entertainment venues Pharmacies Nearby schools (mention top-rated ones, if applicable) Parks or recreational areas in the vicinity Some property listing platforms might require an FAQ section at the bottom of the rental listing with additional information that the prospective resident can review quickly to get an overview of the rental property. Many of the details listed in this checklist will also be included in the FAQ section, so be sure to have this information on hand. FAQs reduce back-and-forth communication, streamlining the process. Writing the title for the rental listing Your headline is your hook. Make it descriptive, concise, and attention-grabbing. Use this template for inspiration: [Rent Price] – [# Beds / # Baths] [Property Type] in [Neighborhood] with [Feature]. Examples: $1,750 per month– 1 Bed/1 Bath Apartment in Uptown with Floor-to-Ceiling Windows and Stunning Views $2,200 per month– 3 Bed/2 Bath Home in Old Town with Private Garden The combination of price, features, and location provides a degree of assurance that the right audience will click through and respond to the call to action. Writing the description for the rental listing Keep your rental description short but impactful, and use vivid language to highlight the property’s best features and selling points. Avoid generic phrases. Instead, provide specifics that create a mental image of living there. Also, keep the description to about four to six sentences (maximum eight sentences). Use this formula: "Looking for [adjective, adjective] living? Discover this [# of beds]-bedroom, [# of baths]-bathroom [type of house] in [neighborhood/city], ready for move-in on [date available]. Featuring [unique feature, such as 'an open-concept kitchen,' 'a spacious backyard,' or 'stunning city views'] and [additional amenities, such as 'on-site parking' or 'in-unit laundry']. Conveniently located near [landmark, public transportation, shops, or schools]. [Accepts/Does not accept] pets. Total Rent: [rent-amount]/month (which includes base rent plus [description of recurring mandatory fees]). Security deposit: [number of months deposit] months. Utilities: [list of utilities included or specify resident responsibility]. Apply now: [application process details, such as an online link or email address], or contact [your name] at [your phone number] to schedule a viewing." Example: Bright and spacious 2-bedroom apartment in the heart of Downtown. Enjoy modern stainless-steel appliances, in-unit laundry, and stunning city views from your living room. Just steps away from cafes, public transit, and parks. Pet-friendly. Total rent is $2,000/month (which includes base rent plus [utilities, RBP, etc.]) with a $1,000 security deposit. When mentioning restrictions or requirements, be upfront. This prevents mismatched expectations, saving time for everyone involved. Pro-tip: Something worth noting is that prospective residents may be put off by properties that have been on the market for a while. It may raise questions about why it hasn’t been leased yet. For that reason, we recommend updating your listing description to simply say, “ready for move-in today” once the property is available, rather than keeping a specific listing date from the past. Including Resident Benefits Package language in the description When listing a rental property that includes a Resident Benefits Package, it’s important to be transparent about both the price of the package and what benefits are included. This can help set clear expectations upfront, and help attract potential residents who are interested in the benefits you’re offering. Here’s an example of how you can present your Resident Benefits Package in a listing: At [Company Name], we strive to provide an experience that is cost-effective and convenient. That’s why we provide a Resident Benefits Package (RBP) to address common headaches for our renters. The total monthly rent price of $[total rent price]* includes base rent plus our RBP which includes our renter’s insurance program, on-demand pest control services, air filter delivery, utility concierge, rent reporting services for credit building and more, automatically added to every property as a required program. More details upon application. *If you provide your own insurance policy, the resident benefits package cost will be reduced by the amount of the insurance premium billed by Second Nature Insurance Services (NPN No. 20224621). Before you post your rental listing It’s a best practice to conduct a final check before posting your listing: Proofread: Typos and unclear details can affect credibility, so you’ll want to make sure you review the copy and run a spelling and grammar check. Comply with Fair Housing laws: Avoid discriminatory language. Review photos: Make sure your listing photos are uploaded correctly. Review the photos to make sure there are no duplicates, the photos aren’t blurry or rotated, and that all the photos accurately represent the space. Review costs: Make sure you’ve mentioned screening costs, such as the credit and background check, as well as any other associated costs. Verify platform rules: Ensure your listing adheres to site guidelines. Once the listing is posted, track how residents find your property—whether through a listing site, social media, or referrals. This insight will help refine your strategy for future listings. Learn more: How to Screen Potential Tenants: Tips for Property Managers What is Security Deposit Insurance? Pros and Cons Pet Policy for Renters: Best Practices for Property Managers Great example of a rental listing Let’s take a look at an example of a great rental listing and what makes it stand out. Why it’s a great listing: Simple, high-quality photography showing the exterior of the unit Clear details of beds, baths, square footage, move-in date, and full address Transparent pricing including both base rent and total monthly cost Why it’s a great listing: Highly transparent, itemized cost breakdown Clear terms and conditions regarding utilities, pet fees, and insurance Highlights key features like fireplace, fenced yard, and pet friendliness Why it’s a great listing: Once again, it highlights key features, going into more detail about them Emphasizes flexibility in lease terms Summarizes the Resident Benefits Package, such as what’s included and that it’s a required program Final thoughts Creating a rental listing that stands out requires attention to detail and a focus on providing clear, engaging, and accurate information. A well-crafted listing not only attracts the right residents but also sets the tone for a positive renting experience. One often overlooked tip is to ask prospective residents how they discovered your listing. This can help you understand which platforms yield the best results, allowing you to refine your approach over time. For additional guidance and resources, check out these helpful tools: 9 Ways to Improve Your Resident Experience Property Management Rental Inspection Checklist [Free Template] To gain deeper insights into crafting rental listings that convert, watch the on-demand webinar Listing to Leased. This session explores expert tips for creating professional, appealing listings. Finally, learn how you can elevate the living experience for your residents with Second Nature’s Resident Benefits Package. It's a simple way to enhance resident satisfaction and streamline property management.

January 16, 2025

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Why Rent Reporting Services Are a Triple Win for Investors, Residents, & Property Managers

All kinds of big consumer purchases are reported to credit bureaus—car loans, credit cards, even furniture financing—but for many people, their largest and most consistent monthly expense simply doesn’t make the cut: rent. Rent reporting services are transforming the property management landscape, creating a Triple Win of benefits for residents, property managers, and investors alike. These programs bridge a critical gap in the financial system by turning rent payments into a tool for building credit. “It’s kind of crazy that someone’s largest monthly expense—their housing payment—is one of the only payments that isn’t on their credit report,” our Chief Customer Officer Andrew Smallwood said in a recent interview. “It’s a really significant payment on a monthly basis.” Below, we’ll take a closer look at the concept of rent reporting and its benefits: For residents: Empowering financial growth through improved credit scores. For property managers: Enhancing tenant satisfaction while reducing administrative hassle for providers. For investors and owners: Increasing tenant stability and ensuring consistent cash flow. Note: At Second Nature, we prefer the term “residents” over “tenants” to emphasize the relationship aspect of property management. However, legal contexts may still require “tenant” for clarity. What exactly is rent reporting? Rent reporting is the process of submitting rental payment data to credit bureaus (TransUnion, Equifax, and Experian) so that rent payment history becomes part of a resident’s credit history. This creates a built-in reward system providing additional incentives to pay rent on time, helping residents build credit and, in turn, access better financial opportunities. For property managers, offering this service can streamline operations and enhance resident satisfaction by aligning their financial goals with reliable rent payments. There are two primary ways rent reporting works: Property manager-led reporting: Property managers can use a rent reporting service to submit rental payments on behalf of their residents, ensuring accuracy and consistency. Resident-led reporting: Residents can sign up for a rent reporting service themselves, which tracks their payments and reports them directly to the credit bureaus. Once payments are reported, they’re factored into the resident’s credit score. On-time payments reflect positively, potentially boosting their score. If missed or incomplete payments are reported, they may have a negative impact. Typically, a new tradeline appears on a resident’s credit report within 90 days of starting the service. Rent reporting services: A Triple Win Residents Smallwood reflected that a member of the Second Nature team rents a home and gets credit building services through their Resident Benefits Package. This individual tracked the first 16 months of renting the property. “What he saw was his score increased by 72 points over that time period, which, to put that in perspective, getting an increase of 20 to 40 points is likely going to move somebody up one to two tiers. A 70-point score is likely to boost somebody up probably two tiers, maybe even three, but what’s the impact of that? It makes life outside of rent much more affordable.” Rent reporting services give residents a significant advantage by transforming what was once an unrecognized expense into a credit-building opportunity. In turn, an improved credit history can open doors to new financial opportunities, such as better loan and credit card eligibility, improved interest rates, and even greater accessibility to future housing. For example, residents who report rent payments see an average 29% increase in their credit scores, which could mean the difference between qualifying for a mortgage, or securing lower interest rates from lenders on a car loan or credit card. This kind of improvement can also lead to significant annual savings on car payments, credit card interest, and future mortgage payments. When it comes to cost, residents who self-report typically pay a small monthly fee for these services, while property managers offering the service as part of a benefits package often include it in their rent agreement. In either case, the investment is minimal compared to the financial benefits of improved credit. Of course, it’s important to note that credit scores are influenced by multiple factors, and while rent reporting can be a powerful tool, it’s not a guaranteed fix-all—residents must also maintain good financial habits across all areas of their credit history to see meaningful, long-term improvements. Smallwood reflected on the impact of rent reporting services, saying, “When you think about the median home price of $400,000 or more and the mortgage somebody would be taking on that to be qualifying at one to two tiers… [they benefit from a] lower interest rate because of [their] credit score. The impact of that is going to be tens of thousands, maybe even a hundred thousand dollars or more over the lifetime of somebody’s mortgage product. “That’s a huge life-changing type of financial impact. It also means on their auto financing, that they’re going to be getting that at a lower rate. It also means their credit card, if there’s a balance, they're going to be paying a lower point of interest right on that credit card. It may mean the difference between even qualifying for a mortgage in the first place or qualifying for that auto loan that they need to get to work in the first place. And so, somebody’s credit score can really have a huge impact on their financial life, and experience as a resident getting the benefit of their largest monthly contribution towards building their score can make a huge difference.” Property managers Rent reporting services offer property managers a cost-effective solution to streamline operations, enhance tenant relationships, and reduce financial risk. In fact, a 2021 study from TransUnion found that 73% of renters would be more likely to make on-time payments if they knew their payment history was being reported to the bureaus. Positive reporting: On-time payments reported to credit bureaus can have a significant impact on residents building credit, incentivizing timely payments, and reducing the likelihood of delinquencies. Tenant screening: Rent reporting creates a transparent rental history and credit profile that future landlords can access, offering insights into a tenant’s payment behavior—both positive and negative. Marketability: Properties offering rent reporting attract tenants with financial goals aligned toward building good credit. These financially responsible tenants are also more likely to pay on time, reducing overall risk. Additional amenity: Including rent reporting as part of a benefits package positions property managers as forward-thinking and resident-focused, helping to retain existing tenants while drawing in new ones. Rent reporting services can even create opportunities for ancillary revenue streams—depending on the program structure. Investors and owners For investors and property owners, rent reporting services provide an invaluable level of financial stability and predictability. By incentivizing on-time rent payments, these services reduce the likelihood of delinquency, ensuring a steady stream of income. Owners can rest easier knowing their tenants are more likely to stay in their homes longer, minimizing costly turnovers and vacancies. Additionally, rent reporting aligns tenant interests with responsible financial behavior, which translates to fewer risks for property owners. Stable, long-term tenants not only protect the value of the investment property but also contribute to overall financial peace of mind. Final thoughts Rent reporting services can represent a transformative opportunity for residents, property managers, and investors. By integrating rent payments into credit reporting, these services empower residents to build better credit, provide property managers with streamlined tools to enhance tenant satisfaction and offer investors the stability of longer-term, financially responsible tenants. Interested in exploring what these services can do for your residents? Second Nature’s Resident Benefits Package makes implementing rent reporting effortless. With features like credit reporting to all three major credit bureaus, 24 months of back-reporting on past payments, and an automated, fully managed process, Second Nature ensures you can maximize the value of your property management strategy while creating meaningful benefits for residents. To learn more about how rent reporting and the entire RBP can create a Triple Win for your company, join our upcoming RBP Workshop.

January 2, 2025

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