Triple Win Property Management Blog

Measuring the Impact of Resident Experience Beyond the Warm and Fuzzies

Measuring the business value of your investment in resident experience can often feel difficult. A lot of the time, property managers just feel whether or not it’s working. There’s a different tone to the conversations you have with residents when they’re happier. Your team all feel it in their day-to-day work. And for some of us, that’s a huge part of why we put so much emphasis on resident experience. It makes us feel good, it makes them feel good, and it makes our team feel good. But sometimes you also want to know how it’s impacting the bottom line. Especially when you’re in a growth stage, you can’t always afford to shovel money into resident perks, gifting programs, and other resident experiences if you can’t prove that it’s actually successful and impacting the bottom line. That’s why, at Nestwell, we track several KPIs related to resident experience, and why I’m going to outline them here. 1. Customer Satisfaction Customer sentiment, CSAT, or customer NPS (“Net Promoter Score”) are generally designed to measure the same thing: how happy your residents are with your company. This is one of the most important metrics for us, because it’s an indicator of how well we’ve been doing our jobs, and a predictor of how likely those residents are to stay with us, take better care of their properties, and leave us positive reviews. We ask for resident satisfaction via our call system and email ticketing tool. When a ticket is resolved, the resident is asked on a simple 1-5 score how happy they are with the experience. For tickets that have been open for a long time or require a lot of back and forth, we also ask them to provide feedback privately, which is often more nuanced than a simple number. Finally, we use a tool that processes our support call recordings and analyzes the resident’s sentiment throughout the conversation. It can identify, based on their tone and language, whether they’re frustrated, sad, happy, etc. We can then take all of this data and analyze it quickly across different lines, whether that’s property type, team member they worked with, or reason for the call. That gives us a much more detailed look at what we’re doing well and where we might be falling short in the resident experience. 2. Lease renewal rate Lease renewal rate is a core KPI that most property managers are probably already tracking, in part because it helps forecast future vacancies and how busy your leasing team will be at a given time. But we also like to keep tabs on it because it’s a reflection of how happy our residents are with us. In addition, we’re looking at why some residents choose not to renew and categorizing that into two categories of what we can control and can’t influence. Knowledge is power and understanding the difference is critical to improving resident satisfaction and retention. Many non-renewals stem from factors outside a property manager’s influence — life events, job relocations, home purchases, or financial hardship. These circumstances are inevitable and shouldn’t be viewed as failures. Recognizing them for what they are helps teams focus their energy where it truly makes a difference, rather than chasing outcomes that can’t be changed. On the other hand, controllable factors are opportunities for growth. Responsiveness to maintenance requests, clear communication, consistent policies, and fair renewal pricing all directly impact a resident’s decision to stay. When property managers consistently deliver high-quality service and proactively address preventable issues, they reduce turnover, strengthen trust, and protect profitability. The key is to track both categories separately—own what’s within your control and learn from what isn’t. Finally, we’re considering the length of renewals and whether residents renew repeatedly. Someone who opts for a two year renewal is probably pretty happy with us as PMs, and if they’re renewing year after year, that’s also a good sign. 3. Early exits (and their reasons) Conversely, we’re looking deeply at residents who opt to break their lease early. If they’re willing to pay an early termination fee just to get away from us, that’s a very bad sign. But, just like with those who opt not to renew, there could be extenuating life circumstances that have nothing to do with us. To help parse the two, we’ve started conducting exit interviews with residents who choose to terminate a lease early, asking what’s driving their decision and whether there’s something we could have done to give them a better experience. These have been hugely informative and led to some important discussions within our team. 4. Google reviews and online reputation Online reviews are another hot topic within property management, and something that most companies are keeping tabs on. At Nestwell, we talk about our reviews internally every single week, flagging any negative comments and celebrating the positive ones. Reviews are so important to us that we’ve tasked our frontline team members with asking for a certain number of feedback requests each week after all resident interactions. The thing about online reviews is that they can quickly create pile-ons. When a resident leaves a negative review and another resident sees it, they feel inspired and empowered to leave their negative comments, too. But I believe that the same thing happens in a positive direction. When residents see others leaving positive reviews, they’re encouraged to do the same, and suddenly you have a series of ten or twelve new reviews in a few days. There’s been a lot of discussion around reputation management software and different tools that can manage your Google reviews for you. We do use a simple tool that analyzes sentiment in reviews, flags trends, and notifies us of changes, but we don’t like to use a lot of the automation features that are available. Our philosophy is, this is a people-first business, so we want real human interaction rather than a bot that has stock replies for positive or negative feedback. Don’t underestimate the power of Google reviews. They can really create a flywheel effect: we take care of our team, our team delivers a great resident experience, the residents leave great feedback, and that helps new residents find us, kickstarting the whole process again. 5. Participation in our homebuying program I previously outlined our Evernest homebuying program and why we chose to implement it. One ancillary benefit of the program is that it serves as a great barometer for how well we’re doing with our residents. Ideally, we want residents who are ready to buy a property—some of those who are choosing not to renew or opting to terminate their lease early—to think of us first. We want them to come to us and say, “Hey, you’ve been so good to me as property managers that now I want to work with you when I buy my first house.” On the other hand, if they’re choosing to forego a potential discount on their house just so that they don’t have to work with us, that’s a pretty big alarm that we need to be doing things differently. Final thoughts Measuring resident experience can be tricky, but even if you don’t have a homebuying program set up, or you don’t have intricate reputation management software, there are still meaningful touch points in your business that can serve as a reflection of your performance. It might take some creativity and digging, but it’s absolutely worth it to be able to show the value of your resident experience efforts. But don’t overlook the intangible benefits; the feeling that phone calls are easier, your team is more inspired, and your residents are happier.

November 13, 2025

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The Why and the How of Nestwell’s Homebuying Assistance Program

At Nestwell, we believe firmly in the power of real estate to create not just individual financial wellbeing, but generational wealth. That’s one of the core reasons that we’ve developed Evernest, our homebuying program for residents who are looking to make the jump into ownership. We offer a credit to residents who use one of our real estate agents to purchase their home, and in doing so we’re helping to build a stronger path to financial wellness, happier residents, and a true triple win experience. Why offer a homebuying program? At Nestwell, we truly believe that anyone can be a homebuyer. Unfortunately, for many renters, there’s a belief that homeownership will simply never be for them. There’s a persistent narrative that they’ll be renting forever, never able to take the next step. We don’t want that to be the truth, and we don’t believe it to be the truth. We primarily manage A and B class housing, so if our residents are consistently paying rent on time, they’re probably a lot closer to homeownership than they might realize. That’s why we want to plant the seed of home ownership to break any limiting beliefs and provide an option for our most qualified residents. How it works When we designed our program, we decided not to build a system where residents earn credits with each month’s rent payment. Instead, we looked at the financials behind the program. As a property management company, we make consistent income from each rent check, but as a real estate company, we also receive compensation when people buy homes with us. So we wanted to focus on that sale rather than maximizing rent payments. In return, we’re willing to give a portion of those earnings back to the resident. We give a portion of our real estate commission back to the residents as a credit, and, packaged with credits from the preferred lenders we work with, residents can save up to $6000. We’re taking the long game approach, looking to earn those sales rather than keep qualified buyers in leases just so that they can “earn” credits with us. We consider the whole homebuying program to be a part of our resident benefits package, and it’s open to all of our residents, so long as they’re in good standing. For those residents who might not be as close to purchasing due to credit, we have a credit boosting program and also partner with credit repair companies to help residents overcome any financial or credit hurdles. Integrated into our entire process Our homebuying program isn’t something we bury deep in a resident handbook. Instead, it’s something we want to promote as much as possible, and make sure that residents truly understand it. We educate residents at every step of the resident lifecycle. When we show homes to applicants, we talk to them about the Evernest program. When they sign a lease, not only do we include the addendum, but we reemphasize how the program works. When we move them in, we give them more content that spells out the opportunities of the program, and link them to resources where they can learn more. Next, after about 90 days, our real estate agents divvy up our list of newer residents and reach out to touch base with them and ask about their experience with us so far. If they get a positive response, they introduce themselves as a real estate agent and let the resident know that they’re available when it comes time to purchase a home. In many cases, our leasing agents are also real estate agents, so they serve as a consistent point of contact from the very beginning. We emphasize the program again during quarterly walkthroughs, asking residents whether they like their home, neighborhood, and if they’re hoping to stay long-term to put down roots. Then, with about 90 days left before their lease is up, we evaluate whether they’re going to be a serious candidate for the program. Our goal is to identify the best candidates and really engage with them in one-on-one conversations, rather than casting a net that’s too wide. Benefits across the business Nestwell has seen plenty of benefits from our homebuying program, and not just on the financial side. Whether it’s operational improvement, resident satisfaction, controlling the lease renewal workloads, or reputation, it’s been a boon all around. Creating more lead time to fill vacancies Our goal is never to encourage good residents to break their leases. With that said, especially during periods where the market is hot, if someone wants to buy a home and they find one that’s right for them, they’re going to break that lease anyway. We might as well get ahead of it, be in control of the narrative, and know what’s coming. If the property management arm of our business is properly communicating with the real estate arm, we have more notice, we can help control when that resident vacates, giving us more lead time to prepare for a turn, market that property, and get it filled sooner. We can keep costs lower for both the resident, the investor, and ourselves, and create a triple win in the process. Improving resident satisfaction Providing up to $6,000 in homebuying credit is obviously going to help your residents feel a bit better about you. Even if they don’t end up using it, just knowing it's there can help shape their perception of you. But one thing we didn’t expect is how much the program has helped us manage the residents who don’t like us. We’ll occasionally get complaints from residents about property evaluations, maintenance, or lease obligations that they feel are burdensome. Now, we have the opportunity to take that pain and reframe it. Our response isn’t something like, “Too bad, this is what you signed up for when you signed your lease.” Instead, we can say, “hey, it sounds like you would be a whole lot happier as a homeowner. Let’s see how we can make that happen.” Building an investor pipeline With other residents, the program gives us the opportunity to turn them into real estate investors. Sure, that first home might be their primary residence for a while, but down the line they may decide to turn it into an investment property. We’ve had former residents come back to us years later with a small portfolio of properties that they need help managing, and they’ve said things like, “I remember when I was a resident, and you did regular walkthroughs every quarter. It was obnoxious at first, but you were fair about what you withheld from my security deposit. You had a great real estate team. Now, as a homeowner, I understand the reasons for all of that, and I need someone like you who will treat my residents well and behave professionally.” They remember our management style and their experience as a resident so well that they trust us to manage their new investment. Expanding our company Finally, our homebuying program helps us build a stronger reputation not just as great property managers, but as real estate agents who are easy to work with and go the extra mile. We want to make it known that we’re not just property managers, so creating a pipeline of clients for the real estate portion of our business is extremely valuable. Final thoughts Creating a homebuying program can feel like an overwhelming proposition. The good news is, there’s no single right way to do it. We built a program that was right for Nestwell, but plenty of companies have taken their own approach and seen similar success. Here’s my biggest advice if you decide to take the leap: Educate your residents: Make sure your residents know about and understand the program. Don’t bury it deep in some corner of your website; make sure people can actually make sense of—and make use of—the program. Focus on the resident experience: One of the biggest benefits of a homebuying program is how much it improves resident satisfaction. Don’t undercut that by nickel and diming them, making them jump through unnecessary hoops, or creating a bait and switch situation. Put yourself in their shoes, walk through what that homebuying experience actually looks like, and optimize it to make it as delightful as possible. Measure success across the whole business: Especially if you’re investing a lot of time and money into a homebuyer program, make sure you’re not just looking at a singular ROI metric. Take a broader view of how the program is impacting your business, whether it’s brand building, referrals, an increase in applications, or something else entirely. Remember, you can always start small, expand the program, and make changes along the way. Talk to your residents, hear them out, and do what you can to deliver the best experience possible.

November 11, 2025

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Small Gestures, Big Impact: How JWB’s “Love Budget” Builds Connection and Joy

At JWB, we’re always trying to build a company that people love to work for, and that residents love to work with. A little bit over two years ago, we made a change to our property management team’s policy that built on both of those, empowering our PMs and driving more unexpected delight for our residents. The premise was simple: we wanted to find a way to give property managers more discretion over the little things they can do for residents. The result was a dedicated budget for each PM that they can spend however they want, as long as it’s to provide an extra boost to residents. Integrating with our personal approach JWB has always taken the approach that real estate and property management are inherently personal businesses. That’s why one of our core values is “People first.” We go above and beyond to connect with our residents, build a rapport, and develop a relationship that goes beyond just transactional steps. A welcome survey that goes beyond just the basics One way that we do that is with our welcome survey. When a new resident moves in, we send them a simple survey that goes beyond just logistical information, and asks questions like: What do you do for fun? What’s your favorite restaurant in town? What’s a charity that means a lot to you? Do you prefer coffee or tea? What’s your favorite flower? We frame this as a get-to-know-you, telling our residents that, because we often sign three-year leases, we want to get to know them more closely. We know life happens, and we want to be there with them through the ups and downs. Think about your own life and all the things that have changed or happened in those last three years. Putting those personal details to use We then store their answers in our property management system so that anyone on the team can easily access them. That means that when a resident calls into the office or sends us an email, we have a whole list of conversation starters to make things more personal. The next logical step, though, was finding a way to use those facts to create meaningful moments down the line. How could we truly go above and beyond, more than just having something to talk about when we pick up the phone? That’s where our gifting budget came in. Introducing the “love budget” We’ve always tried to bring an extra bit of joy to our residents, in part because it helps drive renewals. One way we approach this is by incentivizing renewals with upgrades to the property, which give the resident a nice boost to their living situation, but also create wins for the investors. We even had a dedicated budget item for incentives like this. When we were looking for more ways to give a little bit extra to our residents, we held a resident experience workshop. One of the biggest learnings we had coming out of that was that our property managers wanted the opportunity to do things outside of the renewal period. There were points throughout the lease where they wanted to give their residents a surprise. It could be a hard time or a happy time—it didn’t really matter. The question for us as business leaders was, “How can we do this in a way that empowers the property manager to make decisions, but also keeps the cost to the business reasonable?” Ultimately, we chose to carve out a piece of our larger incentives budget and give PMs the discretion to use it however they wanted, on whichever residents they wanted. We called it the “love budget” (the name was also chosen by the property management team) and put it into practice about two years ago. Our property managers can break up the budget across multiple residents, or they can decide to spend it all on one thing. It can be a gift card, a rent credit, concert tickets, flowers, a donation… it really doesn’t matter how it’s spent. But PMs do have to spend it. We track each individual’s budget, and if they aren’t using it, we follow up with them and make sure they plan to use it before the end of the month. Building competitive advantage One of the other considerations we had when we developed the program was how it would stand out in the market. We wanted to differentiate from any other company in town. The way I see it, there are plenty of great PMs who do wonderful things, but we want to do things that we can look at and confidently say “no other property manager in our market is going to do this”. Not only did this help us stand out on its own, it also gave us some great material that we could use from a marketing and PR perspective. There were some fantastic examples of really impactful things we did for our residents, and we’re able to track those and promote them later. Ultimately, we want to show that we support people through more than just housing. These residents are not just numbers to us. Empowering our property managers Before we implemented the love budget, our property managers did still have a way to give gifts and surprises to their residents, but the process was clunky. Basically, they could bring up ideas that they wanted to execute on, and then their supervisor would have to decide whether or not to approve it. The big shift was putting power in the PM’s hands. Our belief was that our boots-on-the-ground property managers should be able to do this quickly, on the fly, while they’re on a phone call with someone. Jumping through approval hoops just delays and waters down the impact. They’re closest to the decision being made so they should be making the decision themselves. It’s also really gratifying for the property manager to know that they have decision-making rights. They feel empowered, and they get to go home at the end of the day and say, “Yes, my job can be really hard, but today I got to do something kind and meaningful that someone’s going to remember.” There’s science behind giving that suggests iIt can be more satisfying to be on the giving side than the receiving side. We want our property managers to feel that satisfaction. It gives our team a lot of pride in what they do, which makes them want to work better and give an even better experience to our residents. How it comes to life One of the coolest things about this program is that we’ve seen so many different creative things our property managers have done. Giving them the freedom to do what they feel is going to be most impactful for the residents that they’ve developed relationships with is so much fun to see. Here are a few unique examples of how our property managers have used their love budget: One resident—an older woman—had been in the unit since before we managed it. For her 90th birthday, her property manager ordered a huge bouquet of flowers and hand delivered it to her door. The PM took a photo with her and shared it with the team and it really motivated people and impacted them. Another resident’s son was having a birthday, and he loved Spider-Man. The property manager personally curated a gift basket with all things spiderman. That resident still mentions it any time she comes into the office, mentioning that her son still loves his Spider-Man pajamas. One family with young kids mentioned that the kids really loved animals, so we gave them an annual membership to the zoo. They could go as often as they wanted without having to worry about the cost. Creating a personal touch at any scale The reason that I love our program so much isn’t because we’ve invested a ton of money into it. It’s just that it reaches our residents in meaningful, personal ways. Regardless of the scale or financial position of your business, it’s the thought that counts. That might sound incredibly cliché, but it’s true. Ask yourself, how are you taking the time to learn enough about your residents that you can add a simple touch? How are you providing a more personalized experience than they’d get from anyone else? I honestly think that even just asking a simple question like “how’s your grandson’s soccer season going?” can go a long way, and that’s completely free. The key is to get out of the transactional mindset and get personal. At the end of the day, this business isn’t about doors or leases — it’s about people. And when your team feels empowered to lead with empathy, you create something that spreadsheets can’t measure: loyalty, pride, and genuine human connection. Looking to create a more engaging, personalized resident experience? Schedule a demo of Second Nature's Resident Experience Platform to see how.

November 6, 2025

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How Resident Experience Technology Transforms Property Management

Resident experience has emerged as one of the biggest competitive differentiators for property managers. In a world where everything from ordering a sandwich to finding a vacation home is positioned as an experience, residents are realizing that their living situation should be a comprehensive experience, too. The technology behind building resident experiences creates a true triple win, driving efficiency for property managers, convenience and comfort for residents, and increased retention for investors. Second Nature, the industry’s first Resident Experience Platform that personalizes the renting experience, is a prime example of how technology can build a stronger resident experience and benefit everyone involved. What is resident experience technology in property management? Resident experience technology for property managers is the category of software, platforms, and devices that improve convenience, comfort, and community for those living in rental homes. Resident experience technology can encompass all kinds of rentals and community living facilities, including apartment buildings and other multifamily housing, as well as single-family rentals. The goal of these tools is to improve the resident experience, increasing resident satisfaction and retention. Why resident experience technology matters for property managers and residents Delivering a high-quality resident experience is essential to creating and sustaining lease renewals and long-term tenancy. As other industries adopt experience technology that makes communication, safety, and convenience easier than ever, resident expectations are increasing, and property managers need to continue adapting in order to meet those rising demands. Some of the biggest value drivers of resident experience technology are: Improved and centralized communications Simplified access to multifamily amenities Enhanced safety and security Frictionless resident onboarding Personalized living experiences Community building Simplified maintenance Document transparency Centralized communication channels A comprehensive resident experience technology suite can help significantly cut down on emails, calls, and paper notices. Instead, residents and property managers can connect through one single portal, app, or platform, which helps improve clarity, reduce delays, and make previous conversations easily findable and referenceable. Simplified amenity access and booking If you manage multifamily properties, you may be juggling multiple tools to help manage access and bookings for things like community gyms, parking spots, business centers, and game rooms. With the right technology in place, you can allow residents to book shared spaces more easily, cutting down on overhead for you and creating a smoother living experience for your residents. Enhanced safety and security Integrated technology can also make it easier to offer and manage services like connected alarms and smart locks, which help prevent security issues before they escalate. This can help deliver more peace of mind for your residents, increasing the likelihood that they’ll renew and helping to fill vacancies more quickly when they do occur. Frictionless onboarding and move-in Modern tools can help go beyond traditional electronic lease signing, online checklists, and PDF resident handbooks. Instead, resident onboarding technology can offer a truly understandable leasing process for residents, paired with personalized recommendations for movers, utility providers, and more. Starting off the resident relationship on the right foot is crucial to securing a renewal down the line. Personalized living experiences Residents want flexibility, choice, and customization. With modern leasing and onboarding technology, you can give residents the power to select their lease-enrolled benefits and opt into additional services that they want or need. One-size-fits-all solutions can frustrate residents, leading to a worse living experience. Community building and engagement If you manage multifamily properties, fostering a sense of community and increasing engagement can leave your residents feeling happier and like they truly belong. Resident experience technology offers apps, forums, and portals that foster connection by sharing updates, promoting events, and encouraging neighbor-to-neighbor interaction. Proactive maintenance and service requests Technology should also help you both prevent and resolve major maintenance issues. Whether you’re minimizing HVAC work orders by encouraging residents to change their filters on time or eliminating infestations by making it easier for residents to coordinate pest control treatment, technology can help prevent small problems from turning into major disruptions. Transparency in documents and billing One of the biggest frustrations for many residents is that they don’t fully understand their lease documents and may not know where to find supporting documentation. By making leases, policies, and payment information clear and easily accessible, you can help residents feel more in control and reduce potential confusion. Key benefits of resident experience technology for apartments and multi-occupancy living Multifamily communities benefit in many different ways from well-managed experience technology. Some of the biggest examples are: Convenience and comfort: Resident choice, combined with modern technology like smart home thermostats and lighting, allow residents to personalize their living environment and improve comfort. Amenity management: Technology allows residents to book and manage shared amenities such as cinema rooms, co-working spaces, and parking spots through an app. Community engagement: Apps and community portals facilitate communication among residents, enabling them to connect, share information, and participate in events. Smart security: Connected security systems can detect potential threats and alert residents or emergency services via mobile devices. Energy efficiency: Smart energy management systems monitor and optimize energy usage, leading to lower costs and reduced waste for residents. Resident experience technology for single-family rental homes At the same time, there are plenty of technology features that offer greater benefits to single-family rental homes. Some of those benefits include: Move-in guides: Residents can easily find movers, connect to local utilities, and often include amenities like high-speed internet right in their lease. Lease service personalization: Technology gives residents the ability to select custom lease-enrolled services, like what rating of air filter they’d like for their HVAC system or what kinds of pests they’d like covered under their prevention plan. One-click lease updates: Instead of managing dozens of lease templates for different kinds of properties, PMs can instantly update all of their leases with a single click based on size, location, or other details. This saves a huge amount of time during the leasing process, getting residents in the door and settled more quickly. Top resident experience technology platforms and solutions For property managers looking to leverage technology to improve their resident experience, there are plenty of options in the market. Some solutions offer comprehensive resident experience platforms, while others specialize in specific property types or functionality. What works best for your particular portfolio is up to you, but we’ve outlined some of the most popular categories of resident experience technology that are worth looking into. Resident experience platforms A true resident experience platform, like Second Nature, contains comprehensive leasing and resident onboarding tools, alongside ongoing resident benefits that make for frictionless living and financial health. An RXP should provide communication and engagement tools that allow residents to better understand their benefits and obligations, along with incentives that encourage them to pay rent on time, report maintenance issues in a timely manner, and take better care of their homes. Smart building platforms Smart building platforms typically focus on areas like building security and access, sometimes offering additional functionality like booking management for shared spaces. They typically provide detailed management of security systems, cameras and motion sensors, and smart lock or remote building access. They’re often narrow in their offerings, so they may not provide things like lease communication or document management. Aged care solutions Some resident experience tools are more focused on particular types of housing or demographics, in this case aged care. These platforms offer improved functionality for communicating with staff, care givers, and residents’ families, but may not offer the appropriate tools that other types of rental housing require. Make sure to carefully consider whether a specialized tool like these can meet your residents’ needs. Property accounting systems Property accounting systems like Buildium, Rentvine, AppFolio, and Yardi offer many of the day-to-day functions that property managers need to keep their businesses running. They have detailed accounting functionality to manage monthly rent, fees, dues, security deposits, and more. They may offer simple resident portals and online payments, along with maintenance tracking. However, they often don’t go as deep on resident experience as a detailed RXP, so they’re typically best used in conjunction with other resident experience technology. How Second Nature powers seamless resident experiences Technology is no longer optional when it comes to improving the resident experience. It’s become an essential part of meeting modern expectations. With Second Nature, you can provide a comprehensive resident experience platform that gets residents onboarded quickly with a more complete understanding of their lease obligations, then provides ongoing benefits like Credit Building, Group Rate Internet, Resident Rewards, and more. With a full suite of benefits, Second Nature provides an experience that residents are willing to pay for and stay for. If you want to explore how resident experience technology can boost satisfaction and streamline your business processes, book a time with a dedicated RXP expert in your area today.

October 30, 2025

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The Move-In Experience Sets the Tone for the Entire Lease

It’s pretty common—and backed by science— that someone’s first experience dictates how they’ll feel about the rest of their experience. That’s why the move-in experience is so important for property managers, because if you can nail onboarding, you’re likely to have a customer who loves you for life. Now, obviously, this isn’t 100% foolproof, but if you miss the move-in experience, you have a steep mountain to climb to rebuild that relationship. We’ve seen this in our own data at JWB, too. When we get a negative review from a resident within a month of move-in, the chances of that resident renewing go down. If they put in a maintenance request within the first seven days, their resident NPS is lower for the full duration of their lease. The move-in is the tone setter, and there are lots of important business metrics tied to these experiences. Control what you can Obviously, some things during the move-in process are out of your control. For example, we’ve had residents show up to move in, and it turns out there’s been a break-in at the property since we did our last walkthrough. The key is to control what you can. That might mean timely communications, clear instructions about key pickup, or a nice move-in gift waiting for them when they arrive. For us it includes a detailed walkthrough prior to move-in. We choose not to do this alongside the resident, because getting in there early gives us the chance to get in front of any issues before the resident is exposed to them. It keeps their first impression positive and makes things appear seamless. Focus on expectation setting A huge part of a good resident move-in and onboarding experience is setting clear expectations up front. You want your residents to know exactly what they can expect from your team, the process, and the condition of the home before they ever set food in the property. As part of our process, we talk through what’s in the lease with approved applicants. We note things like elective vs. included items, what “as-is condition” really means, and more. We’re not just sending them a long PDF lease and asking them to sign it. Our philosophy is, if you’re going to pay us a bunch of money, first we want you to know what you’re getting so that there’s no confusion later. We’ve also created a simple move-in walkthrough video that covers some of the most important things our residents need to know, like: How to create their resident portal How to submit a maintenance request Where to find our contact information, including our emergency number What a Resident Benefits Package is In the era of Tiktoks and Instagram Reels, residents don’t want dense handbooks that they’re never going to read. By giving them a simple, digestible video, we’re increasing the chances that they’ll pay attention and actually understand it. Solicit and consider feedback Beyond expectation setting, one of the core ways we try to create a great move-in experience is by truly connecting with our residents. We do that by making them feel heard, and by providing a dedicated, private place where they can provide feedback on their experience. (As a side benefit, this keeps them from voicing any negative comments publicly.) As part of this process, we established post-move-in check-in calls, and put a particularly heavy emphasis on these in 2025. All of the property managers on our team are responsible for calling the residents in their portfolio about two weeks after move-in. They’re basically just saying, “Hey, how’s it going?” But they’re also specifically asking about: How the residents are settling in If there’s anything they need from us to make them more comfortable Whether any maintenance items have popped up What else we can do to make sure they’re happy and to start this long-term relationship off on the right foot Since we’ve implemented these calls, we’ve seen a direct boost in our 30-day post-move-in NPS, so it’s clearly having an impact. Give residents the power of choice These check-in calls also have the impact of giving us clear areas of focus. One area where we received a lot of feedback was our move-in cleaning. As part of our turnover process, we do a final cleaning and a final mowing to make sure that the properties are ready for our new residents on day one. Unfortunately, we received some critical feedback about the quality of our cleanings, with some residents saying that their home wasn’t clean enough when they moved in. That caused us to step back and look at our process more closely. Typically, we do a deep cleaning during the property turn, after any maintenance is done and before we start showings. That’s fully paid for by the owner. Then, if the property is vacant for a while, we’ll do a touch-up cleaning every couple of weeks, and one final touch-up before move-in. That typically consists of a simple dusting and sweeping, but from time to time, when a property is vacant for a long time, there could be bigger dirt build-ups that get missed. Ultimately, we got together and decided that we wanted to give people the option of a deeper move-in cleaning. Basically, new residents could choose to either have our standard wipe-down cleaning for free, or opt into a move-in deep cleaning, for an extra fee. We partnered with a vendor to get this at a flat cost and make it as affordable as we could for our residents. This way, if a deep cleaning is important to a new resident, they can choose to have it done and it eliminates a potential future complaint. If the resident feels it’s too expensive, or if it isn’t that important to them, they can decline it, but it still eliminates a future complaint because they made that decision. Now our residents feel empowered by choice and they have a sense of agency in the move-in process. Monitor your progress and keep improving the move-in experience Make sure that, as you’re making changes to your onboarding process, you’re tracking the impact of those changes. In our case, our resident experience coordinator monitors all of our NPS data and meets regularly with the team to address any feedback we’ve gotten. We can see changes in both short-term (30-day) NPS and long-term NPS as those residents move through the rest of their lease term. Data can be a powerful tool to help you improve resident experience, but the most important thing is to put yourself in the shoes of the resident, and to keep striving for a better and better experience.

October 23, 2025

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Why Recognizing Residents as the Lifeblood of your Business Drives Success

It’s still unfortunately common for property managers to see their relationships with residents as adversarial. After all, there seems to be a constant stream of residents submitting maintenance requests, calling in with complaints, and paying their rent late, right? They’re taking up our time and preventing us from doing important work, aren’t they? Sure, it can sometimes feel that way, but at Nestwell, we want to recenter the conversation on residents as the lifeblood of our business. By recognizing residents as the key to our success, we can develop better relationships, keep our team, our residents and our investors happier, and deliver better business results. Without residents, what do we have? The truth is, without residents, property managers don’t really have a role to play. The way I see it, all property management activities start with someone showing interest in and renting a property. Only once we have residents in place can we start collecting rent, earning our fees, and generating value for our clients. The first of every month, when rent is paid, is a new heartbeat. It injects more life into our businesses. Without those residents, the whole thing collapses. Most property managers recognize that when it comes to the leasing process, but they don’t often carry that same mindset through the full lease term. As a profession, we tend to invest a ton of time in getting the home rented, but we don’t continue that investment through the full resident experience. We have to change our mindset and recognize that residents are important every day, not just the days that they cut us a check. The high-maintenance subset doesn’t represent all residents A lot of the bad reputation residents get comes from a very small—but very loud—minority of residents. Maybe 5% of residents cause a whole lot of pain and headaches for our teams. They pay late, or they fail to report big maintenance issues, or they keep unregistered pets. But the other 95% are great residents who do their best to pay on time and follow the rules. Unfortunately, because we mainly interact with that difficult 5%, we start to feel like that’s what all residents are like. We have to actively keep in mind that most residents are great, and they deserve our support and appreciation. At Nestwell, we believe that even that 5% deserves appreciation. We try to make a focused effort to see things from their perspective, to understand that they’re people with a lot going on in their lives, just like us. Changing language changes behavior That mindset shift isn’t easy, but it starts with the way that we talk about residents. For starters, we use the term “resident” instead of saying “tenant.” These are real people with families, emotions, and needs, so we try to humanize them with language. Even in contracts, wherever we’re legally allowed to, we’re switching to “residents.” All of our help articles use that term. We’re trying to make it the standard as much as possible. Beyond just specific words, we’re changing how we talk about our residents in general. Property management is a tough job, so it’s completely natural to want to vent to your teammates. We want to commiserate, we want validation that we aren’t the only ones going through it. The problem is, ranting and complaining about residents sets a negative tone, and that gradually becomes the default around the office. The negativity carries over to the next interaction with a resident who maybe didn’t do anything wrong at all, and it starts to form a cycle. You lose the ability to separate out the good residents from those few negative residents. That’s why we never want to set a dynamic on our team where it’s okay to speak ill of residents. Instead, we want to be positive and upbeat. Approaching property management with positivity and joy might seem like a difficult proposition, but it really does go a long way. It encourages professionalism, pulls residents into the same mentality, and makes tough conversations a little bit easier. Ultimately, a positive attitude drives better resident experiences. Be a solution seeker One of our core values at Nestwell is to be solution seekers. When a problem arises—which tends to happen most days in property management—our job is to solve it. We start by separating the core issue at hand from the emotions of the person reporting it. We assume positive intent, and that the resident coming to us with a problem is trying to do the right thing. We try to get at the root of the issue, rather than getting defensive or biting back. That mindset is essential to keeping positive relationships with our residents. Providing value creates value in return I recently read the Arbinger Institute’s Leadership and Self-Perception, and one of the key takeaways is that humans are naturally myopic. Instead of looking at the bigger picture, we focus on what we ourselves need. But in order to be a leader, we need to learn how to get outside of our own little boxes. We need to see what others need and we need to express compassion. There’s tremendous value in doing our jobs well, having that compassion, and being good to people instead of just begrudgingly checking boxes. We can humanize our residents by understanding them and helping them, and that has value in and of itself. And if you aren’t fully bought in on this altruistic approach, remember that when you help others, they’re more likely to help you. When you create a better resident experience, you’re more likely to get lease renewals and positive Google reviews. When you create a positive environment in your office, your team members will be happier and more motivated. Empathy, engagement, and understanding are just good business.

October 16, 2025

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Why Tenant Satisfaction Surveys are the Missing Piece in Your Retention Strategy

A tenant satisfaction survey is a tool that property managers can use to measure how well they’re meeting resident expectations, wants, and needs. Measuring resident satisfaction is particularly important because it allows all property management professionals—from managers to leasing agents to maintenance teams—to understand how well they’re performing and start making changes to improve. More importantly, it allows them to actually measure whether those changes are having an impact. Satisfaction surveys also help identify resident issues early, before they escalate or surface as negative public reviews. When implemented properly, they also improve retention rates and net operating income, allowing your business to grow. Surveys work best when they’re used consistently and follow best practices. It’s not enough to run a survey without a clear plan in place, or to check a box. It needs to be deliberate and your team needs to be fully bought in. In this article, we’ll give you a practical guide to creating and running satisfaction surveys that drive real improvement for your residents and your team. A note on language: The term “tenant satisfaction” has been used in the property management industry for a long time. Here at Second Nature, we prefer to think of renters as residents, because it humanizes them and emphasizes that they’re people, not just monthly rent checks. The industry is slowly evolving on language, and many people still use the term tenant, so we’ll use both in this article, but lean towards “resident.” What is a tenant satisfaction survey? A tenant satisfaction survey is a method of collecting feedback from your residents on how well you’re meeting their expectations, with the intention of making changes to your processes to improve the rental experience. The goal of the survey is to collect structured feedback from residents about their experience living at one of your properties. A satisfaction survey is not just about identifying what complaints your residents have, but also where things are going well and where there might be easy wins to boost satisfaction. You want to use surveys as a tool for understanding overall satisfaction, not just dissatisfaction. You can run surveys at different points in the leasing lifecycle, including move-in, lease renewal, the completion of maintenance work, or the midpoint of a lease. When used consistently, they don’t just provide valuable information to your internal team, they also help build trust and show residents that their voice is valued. Why tenant satisfaction surveys matter Satisfaction surveys can be beneficial in a number of areas. They give you deep insight into how you’re performing, which can help you: Drive higher retention, renewal rates, and positive Google reviews Uncover growing issues before they balloon into costly problems Make smarter decisions around policies and processes for maintenance, staffing, and upgrades Generate higher net operating income through improved resident experiences Shift from a reactive management style to a proactive approach Types of tenant satisfaction surveys There are a few different types of satisfaction surveys that you can implement, depending on your goals as a business. These generally correlate to specific points in the resident lifecycle. Here are some different survey types that you should consider: Move-in surveys: As you can probably guess, this type of survey is typically conducted shortly after a resident moves in. It can be helpful for understanding residents’ first impressions of you and what your resident onboarding process is like. It also starts the relationship off on the right foot, with residents feeling like their voice matters. Ongoing or annual surveys: It’s helpful to conduct a standardized survey at the same time each year. This helps track long-term satisfaction and patterns over time, which is especially helpful if your company is consistently growing, either in headcount or door count. Maintenance follow-ups: This survey type is helpful for measuring vendor performance, but also communication effectiveness and whether your overall maintenance process is fast and thorough enough. Pre-renewal or exit surveys: It’s important to understand why your residents are staying or leaving. For example, you may find that residents love your property and management company, but they’re pursuing homeownership or moving because of life circumstances. That’s extremely helpful in contextualizing your retention rate. Using multiple survey types, rather than relying on just one, will give you a fuller picture of the resident experience, so long as you’re not overwhelming your residents with constant survey requests. Keep in mind, short, focused surveys tend to get better response rates, so breaking up one long survey into multiple touch points can be much more efficient. How to measure tenant satisfaction When you’re getting up and running with satisfaction surveys, it’s important to know what kinds of KPIs you’re going to use to evaluate the data. The particular KPIs you’re measuring will inform what kinds of questions you ask. For example, you might consider: Satisfaction scores on a 1-5 or 1-10 scale Net promoter score (NPS) Open feedback Whichever KPIs you’re measuring, it’s important to track them over time in order to spot trends, especially as you change tools or policies, which might cause a significant shift in satisfaction. You should also consider segmenting data by portfolio or property type. For example, your multifamily residents might have a more positive opinion of your maintenance processes than single-family residents. As much as quantitative data is important—and often easier to analyze—qualitative data is also highly valuable. Open response questions can provide more context to objective numbers, and might also reveal motivations and emotions that don’t come through otherwise. Questions to include in a tenant satisfaction survey There are plenty of different directions you can take your survey, and exactly what questions you include may depend on the areas of your business that you’re looking to optimize. We’ve categorized some sample questions by area of focus so that you can easily develop a survey that fits your needs. We’ve provided examples of questions better suited to single-family homes, and others better suited to multifamily communities. Property condition How would you rate the condition of your home on a scale from 1 to 10, with 1 being worst and 10 being best? How would you rate the cleanliness of your home on a scale from 1 to 10, with 10 being cleanest and 1 being least clean? How would you rate the landscaping and upkeep of outdoor areas at your property, on a scale from 1 to 10? Are there areas or features of your home that need repairs or replacement, or items you’d like to see modernized? (Leave this as an open response question.) Responsiveness How would you rate the process of submitting a maintenance request, on a scale from 1 to 10, with 1 being the worst and 10 being the best? How would you rate the communications you receive from your property management team after you submit a maintenance request? This can be a sliding scale from “too much communication” to “not enough communication,” with the midpoint being the correct balance. How would you rate the quality of work done by the maintenance team on a scale from 1 to 10, with 1 being the worst and 10 being the best? How would you rate the amount of time it takes to complete maintenance requests on a scale from 1 to 10, with 1 being the worst and 10 being the best? Staff interactions How true do you find the following statements? I know how to get in touch with my property management team when needed I know how to reach a property management team member in an emergency situation, even if it’s after business hours How professional would you say your property management team is on a scale from 1 to 10, with 1 being unprofessional and 10 being professional? How helpful would you say your property management team is on a scale from 1 to 10, with 1 being least helpful and 10 being most helpful? Describe the last interaction you had with a member of our team and how it went. Community experience How safe do you feel in your community on a scale from 1 to 10, with 1 being least safe and 10 being safest? Rank the following community amenities by how much you use them, from most used to least used. Pool Dog park Business center Fitness center Tennis courts Community clubhouse Have you had any issues with noise in the building, eg. from neighbors? Please tell us about them. If you could choose one new community amenity that you don’t already have available to you, what would it be? Likelihood to renew or recommend How likely are you to renew your lease on a scale from 1 to 10, with 1 being least likely and 10 being most likely? How likely are you to recommend your property management company to a friend or family member on a scale from 1 to 7, with 1 being least likely and 7 being most likely? Note that you should use a mix of rankings, rating scales, and open-ended prompts in order to capture the most data possible. You should also always make it completely clear how the rating systems work and which end of the scale means what, in order to minimize confusion and inaccurate data. Finally, make sure that you keep your surveys brief to encourage completion. Feel free to take some of these questions for your own survey, but we don’t recommend using them all in one survey. How to create and send a great tenant survey Now that we’ve covered what you should include in your surveys, let’s take a look at the steps you should follow as you build and send your survey. 1. Choose the right timing Best practice is to send surveys at key touchpoints, like move-in, lease renewal, after a maintenance request, or half way through the lease. The timing you choose will depend on the types of information you’re looking to gather, so it’s ultimately a business decision. 2. Design a short and mobile-friendly survey Residents don’t want to fill out long, complicated surveys, so keep things short and to the point in order to increase completion rates. We recommend aiming for about 5 questions, and no more than 10. Make sure that your survey is also optimized for mobile devices, which will also help increase participation. 3. Use the right tools Make sure that you’re choosing the best survey tool for your needs. Popular tools include Google Forms, Survey Monkey, and Typeform, but you may have a survey feature built into your property accounting software. Each tool has its strengths and weaknesses, so do some research to make sure you’re getting all the features you need, and not paying for features you don’t. 4. Guarantee anonymity Make sure that you’re emphasizing resident anonymity when asking about sensitive topics, like neighbor interactions. If you’re asking about less sensitive topics but still want to offer the option of anonymity, most survey tools will allow you to make email addresses optional. That way you can follow up with residents who choose to provide their information, but residents who wish to remain anonymous can still do so. 5. Add a clear introduction It helps to contextualize why you’re surveying your residents. This is also a great opportunity to emphasize how much you value resident feedback, and the role it plays in your decision making as a business. This will help residents feel valued, increase honesty, and increase overall participation. 6. Send the survey and encourage participation Make sure that you’re being respectful of your residents’ time, while also following up with them to increase response rates. For example, you can schedule a reminder email or add an in-app notification in their resident portal to remind them about the survey. You can also consider small incentives, like gift cards, or enter all participants into a raffle to receive a larger prize. Turning feedback from a tenant survey into action Of course, collecting all of this information is only valuable if it leads to meaningful improvements. So how can you take the feedback from your survey and put it into action? Start by carving out time on your calendar to review results after each survey. Compare new results to previous feedback and look for patterns, changes, or recurring issues. From there, you can make a game plan on which items to tackle first. Prioritize quick wins that emerge across your survey data, like communication frequency, but keep a running list of larger projects and resurface them in your quarterly planning meeting. Survey insights can be used for long-term planning like budgets, staffing, and capital planning, too. Make sure that you’re also communicating the outcomes of your survey, both internally and to residents themselves. While you don’t have to be fully transparent with every single data point, make sure that residents know what’s been changed as a result of their feedback. That will encourage more participation in future surveys, but also build a sense of trust. Internally, make sure the team is aware of how the company is measuring up and what changes you plan to make in response. Turn tenant feedback into proactive improvements Satisfaction surveys can help uncover issues like missed maintenance, poor communication, low renewal intent, and faulty processes. Moreover, it gives you a playbook to continuously improve your business. While juggling operations and retention can feel overwhelming, making time for satisfaction surveys can have a multiplier effect across the company. If you want to drive better resident outcomes and increase your tenant satisfaction survey results, look to Second Nature’s Resident Benefits Package, which boosts retention, improves the resident experience, and protects you, your residents, and your properties—all with no extra work from your team.

September 30, 2025

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Why We Developed JWB’s Homestep Home Buying Program

Homebuying assistance programs are starting to gain traction among property management companies, and for good reason. They’re a great way to give something back to your residents while also differentiating yourself from the competition. In this article, I’m going to walk through Homestep, JWB’s homebuyer assistance program, including how it works, how we implemented it, and how it’s helped our business so far. Asking, “what’s the most we can do?” At JWB, instead of asking ourselves “What’s the least we can do to solve this problem?” we ask ourselves, “What’s the most we can do?” We’re always looking for ways to go above and beyond to delight our clients and our residents. With our Homestep program, we wanted to take that approach even further. We knew that housing affordability is a challenge, both in our city of Jacksonville and across the nation. High interest rates make affordability even more difficult, and many residents didn’t feel prepared, equipped, or educated enough on the topic to build up a downpayment. With that in mind, we wanted to try to take a small bite out of that elephant and make an impact for the residents that we serve. We recognize as a team that home ownership and equity can not only change a person’s immediate situation, but start to create generational wealth and put more power in the hands of the everyday people that we’re working with. We have real estate expertise in house, and we wanted to pass that on to our residents. Plus, from a pure business standpoint, we were confident that a robust homebuying program could be a differentiator from leasing, all the way through the full resident experience and lifecycle. How the program works When we designed the Homestep program, we wanted something that would give true value to our residents without overloading our team or overcomplicating our existing processes. We were deliberate about who we allowed to participate and what kind of home purchases qualified. Who’s eligible to participate? To start, we didn’t want this to be an opt-in or closed program. That’s why every resident that rents from us is automatically enrolled from day one. At least signing or renewal, residents are automatically enrolled, and stay enrolled provided that they remain in good standing. Each month that they rent one of our properties, they earn $100 per month toward a future housing purchase, with benefits maxing out at $3600. We offer a lot of long-term leases, which also max out at three years, so it was a logical way to align the program. Of course, residents don’t have to wait the full three years to leverage their Homestep funds. They’re eligible to redeem their funds for a home purchase any time after twelve months of residency with us. We also allow Homestep users out of their lease early with no penalty, as long as they’re in good standing; rent is paid, no physical damage to the property. We ask that residents provide a 60 day notice once they’re under contract for their home, and we don’t charge any fees for terminating the lease early. That added flexibility means that more residents can take advantage of the benefits they’ve earned, while we still have ample time to prepare for a turnover. Redeeming your Homestep benefit When a resident in the Homestep program finds their dream home, the process is pretty simple. As long as they don’t have an open balance on their lease ledger, there’s no major damage to the property, and they’ve rented with us for at least a year, they’re eligible to use the funds they’ve accrued. This isn’t just a simple transfer of dollars—we don’t hand them a check and say, “go buy a house.” Instead, we work with them via our Realtors. Residents have the option to purchase one of our new construction properties that are for sale. If they aren’t interested in purchasing one of our homes, that’s also completely fine; they can work with a JWB real estate agent to buy whatever home they’d like. In fact, we hired a dedicated Homestep buyer’s agent who’s a true specialist in first-time homebuying, so residents know exactly who they’ll be working with. We designed the program this way because we wanted everything to be as flexible as possible. Our homes are affordable compared to the average sales prices in Jacksonville, but we didn’t want to lock our residents into that. We wanted to give them options by opening the program up to any home in the area, provided they work with one of our agents. Going beyond finances We also knew that homebuying challenges extend far beyond just affordability. That’s why our program starts with education. We pair the financial side of the program with education, support, and resources to drive value. We want our residents to understand topics like escrow accounts, property taxes, homeowners insurance, PMI, and HOA fees before they make one of the biggest financial decisions of their lives. These are things that first-time homebuyers might not understand, and we want to be there to truly support them. We had already started hosting free homebuying education classes years before we introduced the Homestep program. We had worked to support residents who were looking to buy homes, matching them with our lending partners and insurance partners. We were already offering our realty services to residents who wanted to purchase homes. The Homestep program just reemphasized the importance of our education efforts. Every quarter we market our homebuying class to all of our residents. We host them at our office in the evenings, and we provide pizza and soda so that people can bring their kids and families if they need to. Sessions are about an hour long and open to the first 100 registrants, which is the max capacity for our office space. One particular member of our team is extremely well versed in real estate, and has actually done all of JWB’s property acquisitions, so she was a natural fit for this role. She teaches our homebuying class and leverages all of that expertise to help our residents better understand what the process is like. We invite a preferred lender to co-teach the class and cover the underwriting process and financial side of homebuying. It’s an opportunity for our property managers to get facetime with residents, and our realty team is there to answer any questions anyone has. Afterward, we send attendees follow-up information on the Homestep program so that people are fully informed and know what their options are. Seeing real results We only introduced the Homestep program a little bit under a year ago, but already we’re seeing a real impact on the lives of our residents. We already have over 3,200 residents officially enrolled, which is a big chunk of our 5,600 homes under management. We have about 30 residents currently actively looking to find a home through the program, most of them working with our Homestep buyers agent, and four under contract. Year to date, we’ve closed 11 deals with our residents. As a side benefit, it’s also helping us build up our realty business’s brand, which has been great to see. The long-term goal for the program is to hit five Homestep closings per month. We’re really excited about the growth of the program and our ability to have such a huge impact on our residents’ lives. Honoring our commitment to our clients As we were putting together the Homestep program, we wanted to make sure that we were also honoring our commitment and our fiduciary duty to our clients. There was a lingering question of whether encouraging residents to purchase homes—and vacate our rental properties—was counter to our mission. The reality is, residents who are interested in the Homestep program are likely to be high quality, dependable residents. They’re more likely to pay on time and take better care of the property because they want to be eligible to use those funds when the time comes. There’s an inherent benefit in having financially-savvy residents in your properties. Plus, we made sure that residents have to stay for at least twelve months in order to use their funds, so we’re already encouraging them to stay at least a year. Plus, they start to develop a more personal connection to their home, their management company, and the property owner, because we’re giving them real, life-changing value. Aligning our focus as a company We didn’t get a lot of pushback from clients, who saw the benefit of the program. We did have some conversations about it internally, because we wanted to make sure that this investment was aligned with our mission. We even looked at our internal KPIs, like renewal rates, and reevaluated how we were measuring performance. Now, in addition to their goals around renewing a certain number of leases, property managers are also measured on how many Homestep leads they generate. We wanted to shift our view to look at the bigger picture. What is it that we’re trying to accomplish? By reevaluating our team’s goals and realigning them with this new initiative, we stayed true to our mission as a business. We didn’t want to be so focused on just one metric—in this case, renewal rate—that we missed the larger point. Do what makes sense for your company Introducing a comprehensive homebuyer assistance program has been great for JWB. If you have the financial means and infrastructure to develop a homebuying program of your own, I’d definitely recommend it. But the good news is that you don’t have to shell out a ton of money to empower your residents. We chose to offer the $100 per month, but there are other ways to do this that cost a lot less. Homebuyer education classes can be done cheaply or even for free if you have someone qualified on staff. Offering credit building services is a great way to help residents prepare for homebuying. There are plenty of ways to get creative. Remember, small steps can still make a big impact. Looking for more ways to delight your residents? Join our next RBP workshop to hear from real property managers who have implemented a Resident Benefits Package and improved the resident experience.

September 25, 2025

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Experience First: Why We Hired a Dedicated Resident Experience Coordinator

In more than a decade in property management, I’ve learned that delighting residents is one of the best ways to increase renewal rates and win more clients. We recently made the choice to formalize that into a dedicated full-time role, the Resident Experience Coordinator. Through careful planning, plenty of internal conversations, and a little bit of experimentation, we’ve seen a clear impact on our business and our resident satisfaction. It’s been a great business decision and a great way to show that we’re invested in our residents. After all, we can all say we care about resident experience, but if we aren’t intentionally taking steps to make residents thrive, do we really care that much? What is a resident experience coordinator? A resident experience coordinator is a dedicated individual on our team whose primary focus is increasing resident satisfaction by going above and beyond, gathering and listening to resident feedback, and recommending policy and process improvements across the business. She operates across the property management team and works on improving every aspect of our business that touches the lives of residents. While this isn’t a common role at most property management companies, we at JWB decided to take the leap and invest in resident experience like never before, with the goal of improving our residents’ lives and giving them the best renting experience possible. Why we decided to create a dedicated role Conversations about making resident experience a dedicated role started after we hosted a resident experience workshop. The workshop looked at what we were doing today and how we could improve our resident outcomes. We left that meeting feeling like we were doing a lot of great things and working hard to deliver a strong resident experience, but that we could always be doing more. We decided that, since our property management and support teams were closest to our residents, we should ask them for ideas, suggestions, and pain points to solve for. We came away from that conversation with about 80 different ideas on how we could continue improving. We were excited to get started, but we immediately realized that all of these ideas would add more work to our property managers’ plates without removing any of their existing tasks. We didn’t want to overload our team or shift their priorities away from other business-critical work, and we worried about things getting lost in the shuffle if we gave them too many tasks. That’s when we started to consider creating a new role. Making it full-time As we started to think about hiring a dedicated person for this role, our only real question was whether it was truly a full-time responsibility. We knew there was tremendous potential value, and we were bought in on the idea, but we didn’t want to hire someone only to realize it should have been a part-time job. We started by putting together a job description. We weren’t just listing out responsibilities (although that was part of it); we were identifying core goals, KPIs, and metrics. We had to determine how to objectively measure resident experience, if it could be measured at all. What are the roles and responsibilities? Around the same time that we were starting to discuss hiring for this position, we were also experimenting with building out a resident committee. We wanted to select 10-12 residents who could be our “VIPs,” who could weigh in and give feedback, ask us questions, and help improve our processes. We knew we would need someone to spearhead this initiative, and the resident experience coordinator was a perfect fit. We had our first job responsibilities nailed down. We had also tested out running a community town hall event for all of our residents. The idea was that we would get them together locally and have an open discussion about where we were meeting expectations, where we weren’t, and what we could do better. It was a deeply vulnerable experience, but it was hugely successful, and we knew we wanted to do more. Again, this was the perfect project for a resident experience coordinator to take on. We had other events on the docket, too, like social and community gatherings at our multifamily properties, which were another great opportunity for this role. But we also wanted to go beyond just event coordination. Here are some of the other day-to-day functions that we found were a great fit for this particular role: Overseeing our review process: The resident experience coordinator is responsible for soliciting new reviews, but also for monitoring every site where we get reviews, responding to them when needed, and communicating them to the internal team. Managing NPS data: This person owns our net promoter score, reviewing scores weekly, monitoring trends, and identifying opportunities to make improvements. This is a core KPI for a resident experience coordinator. Reviewing our escalation process: Particularly when it comes to maintenance and work orders, we want to make sure we’ve got strong processes in place for escalation paths. This role reviews escalations on a routine basis, looking and when, why, and how items were escalated, what trends there are, and how we can adapt our processes. What aren’t the responsibilities? We were very careful to make sure we weren’t creating confusion between this new role and our expert property managers. The biggest difference is that our PMs each have a portfolio of homes that they’re responsible for, and they still handle all of the basic management functions like collecting rent, renewing leases, and coordinating move-outs. The resident experience coordinator does not have a set portfolio, and instead works across all of the properties that we manage, helping to deepen relationships. She sits on the property management team, but as an extension of the team. Make no mistake, our property managers are still building strong relationships with their residents. The experience coordinator does not replace that. They’re still friendly faces and helpful points of contact for residents. The experience coordinator just adds another level of proactive support to help delight residents wherever possible. Having a measurable impact Ultimately, we ended up hiring for this role from within. We took someone who had years of experience on our team, working with our residents and vendors, and shifted them into this position, and it couldn’t have gone better. She’s already won teammate of the month twice this year because of the impact she’s had on the business and her peers. Our NPS score is higher than it’s ever been, thanks in part to her hard work and dedication. And we’ve gotten great anecdotal feedback from our residents about her performance and customer interactions. Across the board, shifting to a dedicated experience coordinator has been a boon. Remember, there’s a lot of financial value in improving the resident experience. Happy residents stay longer, take better care of your properties, leave better reviews, and refer other residents to your properties. But there’s also just inherent value in taking good care of your residents. At the end of the day, we want to provide safe, comfortable, enjoyable housing for as many people as we can, and dedicating time and resources to the resident experience is a huge part of that. Final thoughts Making hiring decisions is always tricky. You have to consider your finances, the size of your existing team, and how quickly you plan to expand the business. But hiring a dedicated resident experience coordinator was a great decision for our business. I’m a firm believer that having a dedicated person leads to the best outcomes over time. Our hope was to see NPS scores increase because of the increased touchpoints, better communication methods, and a heartfelt person who can step in when things go wrong, and that’s exactly what’s happened. If your business is in a position where hiring is on the table, make sure to consider an experience coordinator. If you're looking for additional ways to improve your resident experience, consider adding a Resident Benefits Package.

September 18, 2025

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Resident Satisfaction Surveys: The Complete Guide for PMs

In order to build resident retention, you need to start with resident satisfaction. And to do that, you need to develop a method to actually measure how happy or unhappy your residents are. Without objective measurement, you’ll have no way of knowing whether you’re improving. That’s where resident satisfaction surveys come in. In this post, we’ll walk through what resident satisfaction surveys are and why they’re so important, along with what questions you should be including, some of the best survey tools out there, and how to actually leverage data once you’ve collected it. What is resident satisfaction? Resident satisfaction is a measure of how happy residents are with their rental property and the team managing it, along with how well property managers are meeting resident expectations and needs. In other words, resident satisfaction is a quantitative measure of how well you as a property manager are delivering a high-quality resident experience. Measuring resident satisfaction puts you in the driver’s seat to start testing improvements in your processes and seeing how effective they are. What is a resident satisfaction survey? A resident satisfaction survey is a tool used by property managers to measure resident satisfaction, usually by gathering feedback via a questionnaire about things like happiness, complaints, and likelihood of renewing. A resident satisfaction survey is typically sent at regular intervals to large groups of residents in order to gather their feedback. It’s a key part of managing the resident experience because it provides a property manager with benchmarks and trends. What is the purpose of a resident satisfaction survey? A resident satisfaction survey helps you to measure the overall experience a resident has at your property, including the property itself, staff performance, maintenance, responsiveness, and more. Conducting regular satisfaction surveys helps demonstrate your company’s commitment to improving the resident experience, as well as your willingness to listen and adjust course based on feedback. A well run resident satisfaction survey provides opportunities to recognize what’s working and celebrate those things—including highlighting team members who are doing an exceptional job. At the same time, it offers a chance to reflect on what’s not working as well and flag them as areas for improvement. Over time, satisfaction surveys can be used to measure progress and validate decision-making, ultimately leading to better resident retention, positive reviews, and happy clients. Key benefits of resident satisfaction surveys Resident satisfaction surveys can help your residents feel more connected to you as a property manager and feel like they’re being heard. Satisfaction surveys also give you opportunities to improve your business. Here are some of the key things that resident satisfaction surveys can help you do: Make more informed decisions and enhance your services: When you gather feedback on what residents truly want, you’re able to be better informed in your decisions and consistently improve your business. Manage your reputation: When you have happier residents, they’re much more likely to leave positive reviews (or at least they’re less likely to leave negative reviews). When you’re known as a property management company that listens to resident feedback, that goes a long way toward securing new residents and new clients. Address issues quickly: Resident satisfaction surveys can often help you identify potential conflicts before they arise, including maintenance issues, communication struggles, or misalignment with resident expectations. Increase transparency: Satisfaction surveys also drive better communication with residents and give you a look at what residents expect of you. They also pull back the curtain for residents, who get a better view of the reasoning behind some of your decision making. Satisfaction surveys simply improve the resident experience overall, which is vital to the success of your business. What information should you gather in a resident satisfaction survey? Selecting what to include in your resident satisfaction survey can seem intimidating, but it helps to approach it based on a few key categories. Keep in mind that making the survey too long will decrease your response rate, so you don’t want to include too many questions. Try to focus on key areas like the property itself, maintenance experiences, customer service, and overall perceived value. Be sure to also include an opportunity for residents to comment on anything you didn’t ask about, to make sure they cover their most pressing topics. Resident information Consider starting your survey with basic resident information like their address or unit number, which will help you identify and respond to any local issues. You can also ask about how long the resident has lived in their home and how long their lease is, which helps give context to their other answers. Property condition The condition of a property plays a massive role in how satisfied the resident will be, so asking them for their thoughts on the home itself is important. This is a great way to identify potential issues that otherwise might not get spotted until the next inspection walkthrough. It can also catch potential problems early, before they turn into more expensive maintenance issues. If you’re surveying residents in a multifamily building, be sure to ask about both their specific unit and any common areas. Maintenance experience If something does go wrong with a property, you want to make sure your maintenance team is delivering on your promise of customer service. Ask about recent maintenance tickets that the resident has put in, as well as the responsiveness of your team to that issue. This is also a great place to ask about the frequency of maintenance calls, recurring problems, and what kind of condition the maintenance team left the property in. Customer service and staff Customer service is one of the clearest areas that you can improve with fast process changes. That makes it a perfect area to collect resident feedback, iterate, and measure progress. Ask residents how satisfied they’ve been with recent staff interactions. If they only recently moved in, ask for their feedback on the leasing and move-in process. If they recently renewed, as about their experience with renewal. Amenities and community features If you manage multifamily housing, amenities and community events are often a key part of the resident experience. Ask about things like pools, gyms, dog parks, and other common areas, including both how often residents use them and how satisfied they are. If you manage single-family homes, you can still ask about any amenities or extra services that you offer. If you provide a Resident Benefits Package or include internet or utilities with rent, ask how your residents like these features and how much value they provide. Digital resident experience If you use a property accounting software tool, it likely includes at least some digital experiences, like a maintenance portal or an online rent payment tool. You may also offer a digital leasing experience, pet screening or other online services. Poll residents on how useful they find these tools to be and where they run into problems in order to better optimize your tech stack. Safety and security Ask residents about how safe they feel in their homes and in their communities. Include questions about locks and other security measures, especially if you include smart locks, video doorbells, or security cameras with your properties. If you manage multifamily, you can also ask about overall community security, like swipe access to buildings or lighting around the property. A resident who doesn’t feel safe isn’t likely to stay long, so make sure you’re acting quickly if any security concerns arise. Value for money Make sure that you’re asking residents how much value they feel you provide to them. If your pricing is wrong, residents are likely to be vocal about it, and unlikely to renew their leases. Validate your pricing strategy with current residents in order to attract and retain high quality renters. Open feedback Finally, always be sure to leave a place for residents to provide open feedback. This can often surface valuable insights that you didn’t otherwise ask about. Even if residents don’t take advantage of the opportunity, it gives them a sense that you’re open to hearing their thoughts and that they have a reliable place to offer ideas. Best practices for effective resident satisfaction surveys With those topics in mind, it’s important to build and share your survey in a way that will generate authentic responses from as many residents as possible. Let’s take a look at some best practices for maximizing the effectiveness of your survey. Incentivize participation You can build the most detailed, thoughtful, comprehensive survey in the world, but it’s not going to be useful if none of your residents participate. Consider offering an incentive for residents to complete the survey; even a small reward can get residents invested. You can offer incentives like gift cards, or you can enter participants into a drawing for a larger prize, like an Apple Watch or a new TV. You can even offer a rent discount or prime parking space as the grand prize. If you use a Resident Rewards program, you can set up survey responses as an activity you want to reward, giving your residents points to use on the prize of their choice. Remember, the larger your sample size, the more accurate your data will be, so increasing participation should be a top priority. Ask clear and concise questions Next, make sure that the questions you’re asking in the survey are clear and concise. Don’t get bogged down in technical jargon or internal terminology; put yourself in the shoes of a resident reading the survey and make sure that it’s easily understandable. Simple question formats like multiple choice or “rate on a scale from 1 to 10” can also minimize confusion—just make sure you define what a 1 means and what a 10 means! Ask unbiased questions When you’re writing your questions, make sure you’re not constructing them in a way that will influence responses one way or the other. For example, don’t preface a question about maintenance response times by saying “We take pride in responding to maintenance requests as quickly as possible,” because that can influence your residents’ responses. You should also make sure you aren’t requiring residents to answer a question about something that isn’t relevant to them. For example, make sure you’re not asking, “How would you rate your recent renewal experience?” to residents who haven’t recently renewed their lease. If they’re required to answer, they’ll give inaccurate information, skewing your results. Survey Monkey has a comprehensive guide to best practices, so take a look and make sure that you understand how to write unbiased questions before you jump in. Protect resident anonymity and confidentiality Finally, make sure that residents feel comfortable being open and honest with you by ensuring anonymity and confidentiality. If a resident is afraid they’ll be retaliated against for giving negative responses, they’re not likely to be fully transparent. You can help ensure anonymity by detaching responses to each question from others, and communicating this to respondents. This means that questions about one topic can’t be cross-referenced with questions about another topic to identify an individual. 5 Best tools for resident satisfaction surveys Selecting the best tool for your survey depends on a few factors, including budget, how many surveys you’re sending per year, how many responses you aim to gather, and how detailed you want your questions to be. When choosing a tool, make sure you’re opting for one that will automate delivery and follow-up, provide a mobile-friendly interface, and help with data analysis. JotForm: JotForm offers a user-friendly tool for building surveys, along with basic data analysis and visualization for your results. It also includes several survey templates to help get you started. The free version of JotForm only allows you to collect 100 responses per month, so if you have a larger number of units you’ll likely have to upgrade to a paid subscription. Google Forms: Google forms are simple and free with any Google account. Google forms are somewhat limited in your ability to customize the look and feel or add your company logo, and there isn’t as much flexibility in the types of questions you can build out. However, the easy integration with Google Sheets makes sharing and analyzing data very easy. Survey Monkey: Survey Monkey is one of the most established survey tools available, and that history has given the company plenty of time to perfect their product. Survey Monkey has one of the most complete tools you’ll find, with plans starting at $30 per month for up to 50,000 responses. Typeform: Typeform is a newer survey tool, but also has excellent user friendliness and some of the best visual customization options around. Pricing starts at $25 per month, but a jump to the Plus plan allows you to remove Typeform branding and collect up to 1,000 responses per month for $50 per month. Sogolytics: Sogolytics is a highly detailed, powerful data collection and analysis tool. With stronger analytics and visualization tools than most other survey tools, Sogolytics is great for companies with larger portfolios and a high volume of data. How to use your resident satisfaction survey data Once you’ve gathered all your responses, it’s time to dig into the results. The key here is to remember that survey responses don’t exist in a vacuum, and they shouldn’t be analyzed that way. You shouldn’t be looking at each response on its own and then moving on. Instead, look for patterns in the results. Are you getting consistently low marks on your maintenance response times? Are residents frustrated with the lease signing process? Most survey tools offer basic analytics functions that will let you see average response scores and where you’re over- or underperforming. Make sure you’re also comparing responses over time. That will help you better understand whether the changes you’ve made are having the desired impact, or whether there’s more work to be done. Finally, make a clear game plan based on the results of your satisfaction survey. What can you do to address some of the most common areas of criticism? What steps will you need to take to make changes? How long will that take? Write out a project plan that you can share with the larger team and prioritize it so that you don’t let key issues fall to the wayside. Improve resident retention today You’re probably not going to get your resident satisfaction survey exactly right on the first try, but by following the guidelines in this post, you can get off to a great start. From there, you can iterate and improve each time you send out a survey. The key is to start measuring resident satisfaction sooner rather than later so that you can start making tangible improvements. Happy residents stay longer and are more cooperative, helpful, and understanding. Creating a cycle of transparency can go a long way to helping your business and your relationships. If you’re looking to improve resident satisfaction without adding more work to your plate, consider adding a Resident Benefits Package to your offering.

September 9, 2025

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Tenant Turnover: How to Calculate It, What It Costs, and How to Reduce It

Tenant turnover is the process that occurs when a current tenant vacates a rental property, and a new tenant moves in. It's just the natural process of residents moving in and moving out. Sometimes, it's a sign of a challenging property, but often, it's just a natural part of the renting journey. While tenant turnover is a standard part of the rental business, the downside is that it often comes with associated costs and potential revenue loss due to vacancy periods. Tenant turnover costs can exceed thousands of dollars per month and hurt your cash flow, significantly impacting tenant retention rates. Understanding the ins and outs of tenant turnover is essential for effective property management and profitability. It's key to reduce the time of a turnover and to know the average tenant turnover rate in your area to improve tenant retention. Second Nature's Outlook: "Tenant turnover” is an industry term used from time to time. But we here at Second Nature are 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 more than just tenants—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 renters “residents.” Like you, we think of them as people first—making your property their home. How to calculate tenant turnover rate Getting the tenant turnover rate calculation correct is essential for property managers and landlords to understand their property's performance and the effectiveness of their management strategies. The good news? The math isn't complicated! Go through these three simple steps in our tenant turnover formula to get your rate: Determine the number of move-outs in a year: First, identify the total number of tenants who moved out of your property during a specific period, usually a year. Identify your average number of total units: Calculate the average number of rental units you have available for that same period. For example, if you started the year with 10 units and ended with 12, your average would be 11 units for the year. Calculate the turnover rate: Divide the number of move-outs by the number of total units and multiply by 100 (to get a percentage). Tenant Turnover Rate = (Number of Move-outs) / (Number of Units) X 100 For instance, if you had three move-outs in a year and an average of 11 units, your tenant turnover rate would be: (3/11) X 100 = 27.27%. This means that 27.27% of your units experienced tenant turnover that year. Understanding this rate can help you set targets and measure the success of your retention initiatives. Related: How to Write a Tenant Move-Out Letter Understanding tenant turnover costs Vacancies disrupt your income stream and your investors' cash flow. The longer the vacancy, the more you're spending on marketing and management to find a new tenant. Here are four ways tenant turnover costs property managers due to the presence of vacant units. 1. Maintenance and repair After a tenant leaves a property, you have to restore it to a marketable condition. Ideally, the tenant leaves it in excellent condition. But you'll still likely need to pay for deep cleanings, some light repairs, and some updates like fresh paint, patching holes, etc. Additionally, as a property sits vacant, it will slowly deteriorate to some degree. The longer the vacancy, the greater the need for maintenance, upkeep, or repair. 2. Showings Whether you do in-person showings or virtual/remote showings, there is a cost to prepping and opening the property to prospective tenants. You may need team members on site, or to make time to set up virtual showings. 3. Marketing A vacant property is a property that needs to be filled. You may primarily use services like Craigslist or Zillow, which require time and cost within your own team to build and maintain listings. Or, you may also pay for ads to get more views. And, of course, in some cases, you'll need to include real estate agent commissions in your budget. 4. Overhead The whole process of turning a property involves hands-on effort from yourself and your team (if you have one). The cost in time and team members' salaries can add up. How to reduce tenant turnover We don't have to tell you that high tenant turnover is a property manager's nightmare. It incurs significant costs, from marketing the property and screening new tenants to potential lost income during vacancies. Tenant turnover costs can add up to thousands for each unit each month. However, with the right strategies in place, reducing tenant turnover is more than achievable. Let's explore these tenant retention strategies that not only enhance the resident's living experience but also boost the value of your client-investor's assets, such as how to offer incentives and your business's reputation. 1. Offer competitive rent prices Ensure your rent prices are in line with the local market. Overcharging can lead to tenants seeking more affordable options elsewhere. Fortunately, with the interconnectedness of the real estate market, and a proliferation of software and apps that help track it, property managers can easily stay on top of the latest market trends. 2. Foster a strong property manager-tenant relationship Regular communication and a respectful attitude can go a long way. Make tenants feel valued and heard. Address their concerns promptly and maintain transparency in all interactions. Clear and consistent communication goes a long way to protect this relationship. A Resident Benefits Package is an excellent way to prioritize the PM-resident relationship. It shows them you care about their lived experience and offers solutions to their most common pain points. 3. Address maintenance requests promptly Swiftly responding to and resolving maintenance issues demonstrates that you care about the tenant's comfort and safety. Regular maintenance checks ensure small issues don't become major problems. When tenants see that the property is well cared for, they're more likely to stay – and to take care of it themselves. Another important factor is offering on-demand pest control, not just preventive care. Residents will rest easy knowing that, should any issues arise, they know exactly who to turn to and that it will be dealt with promptly. 4. Update and renovate Modernizing appliances or adding new amenities can make the property more attractive and encourage tenants to stay longer. Modern, functional amenities can be a significant draw. Periodically update or add amenities like a dishwasher, laundry units, or improved outdoor spaces to enhance the property's appeal. 5. Offer lease renewal incentives Consider providing discounts or other benefits for those who renew their lease and avoid extra fees , making the option more enticing. A resident rewards program can accomplish this along with incentivizing on-time rent payments and extra TLC for the property. 6. Ensure security One of the top priorities for any resident is feeling safe in their home. This extends beyond just locking doors; it involves well-lit outdoor areas, potentially installing security cameras, etc. But did you know that identity theft has actually surpassed home burglaries as a risk to renters in the past two years? That's why our Resident Benefits Package includes identity protection and renter's insurance. Insurance protects your property, and identity protection preserves the resident's financial stability – and, therefore, their ability to continue making rent. By proactively ensuring that security measures and insurance are up-to-date and effective, property managers can instill trust and peace of mind in their tenants, encouraging them to stay longer. And by providing identity protection, you can ensure that payments are safe, too. 7. Conduct regular inspections Routine inspections aren't just about ensuring that tenants are treating the property well; they're also an opportunity to identify and address minor issues before they escalate. By regularly checking in and maintaining open communication, property managers demonstrate commitment to the property's upkeep and the tenant's well-being. These inspections also give residents the confidence that they're in a proactive environment. They know you're looking out for them and likely won't feel the need to look for alternatives that might be less proactive. 8. Implement a rewards system Resident rewards are an integral part of an RBP for good reason. Recognizing and rewarding responsible behavior can play a significant role in fostering loyalty among residents. By introducing a rewards system, property managers can incentivize timely rent payments, property care, and long-term leases. Whether it's a discount on a month's rent, a gift card to a local establishment, or points that can be redeemed for various perks, rewards make tenants feel appreciated. Over time, this builds a positive relationship, encouraging them to renew their leases and view their rental as more than just a temporary dwelling. 9. Vet applicants thoroughly One of the best proactive steps in ensuring long-term tenancy is by meticulously vetting potential tenants. The process of screening new tenants, with background checks, evaluates a tenant's rental history, financial stability, and overall fit for the property. By identifying individuals with a history of timely payments, respect for previous rental properties, and stable employment, property managers increase the likelihood of having residents who will care for the property, abide by lease terms, and remain for extended periods. This approach not only minimizes potential conflicts and evictions but also fosters trustworthy and transparent relationships with your residents. 10. Seek feedback and act on it Actively seeking feedback from tenants provides invaluable insights into areas of improvement and showcases a genuine commitment to enhancing their living experience. Whether it's through regular surveys, suggestion boxes, or casual conversations, understanding tenant concerns and promptly addressing them helps build trust and rapport. When residents see that their opinions matter and lead to tangible changes, they feel valued and heard. This proactive communication strengthens your relationship and often encourages longer stays as residents recognize the effort made to optimize their living environment. Tenant turnover checklist for property managers Here’s a checklist template for managing tenant turnover at your properties. 1. Pre-notice period Review lease expiry dates. Initiate renewal conversations with tenants. Survey tenants on reasons for move-out if they choose not to renew. 2. Once notice is given Provide move-out instructions to tenants. Schedule a pre-move-out inspection. Inform maintenance team of upcoming vacancy. 3. Inspection and repairs Conduct thorough move-out inspection. Document and photograph any damages beyond normal wear and tear. Get estimates and schedule repairs and upgrades. Clean or replace carpets if necessary. Paint walls where required. 4. Marketing the property Update online listings with current photos and features. Set competitive rent based on market research. Host open houses or private viewings. 5. Tenant application and screening Collect applications from prospective tenants. Conduct thorough background and credit checks. Check references from previous landlords. 6. New tenant onboarding Prepare and sign a new lease agreement. Offer a welcome packet, gift, and orientation for new tenants. Hand over keys and ensure they understand property rules. 7. Post-move-in Seek feedback on the move-in process. Provide information on reward programs or other incentives. Remind new tenants of maintenance request procedures. 8. Financial matters Finalize any previous tenant's security deposit returns, accounting for any deductions. Set up new rent collection methods with the incoming tenant. 9. Continuous improvement Analyze reasons for turnovers. Update property features based on tenant feedback. Consider conducting a yearly review to address potential concerns before they lead to turnover. Print or save this checklist to ensure a smooth tenant turnover process and mitigate potential challenges. By following these steps, property managers can streamline the transition period and maintain a high standard of service for all residents. Related: Step by-Step Tenant Onboarding Process Looking for additional ways to reduce tenant turnover? Consider adding a Resident Benefits Package to your offering.

September 1, 2025

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How to Measure and Improve Resident Experience

We’ve long talked about the importance of the service economy, but recently we’ve seen more and more companies embracing the next evolution of business: the experience economy. Success is no longer about giving your customers quality service, but about providing them a memorable, top-tier experience. For property managers, that means embracing the resident experience as a comprehensive approach to managing. By providing a great resident experience, you not only set yourself apart from your competitors, but you also increase resident retention and business growth. In this article, we’ll walk through what resident experience is, how to measure it, and how to improve on resident experience metrics. What is resident experience? Resident experience is the way that a renter perceives and feels about their living situation. It goes beyond just the quality of the physical property they rent, and includes how well the property is maintained, the ease of moving in, paying rent and requesting maintenance, and every other touch point they have with their management company. More and more property management companies are beginning to emphasize the overall rental experience through amenities, digital tools, or add-on services that make life easier for their residents. Why is resident experience so important? Resident experience permeates every aspect of a renter’s living situation, so it’s essential to maintaining happy, engaged residents. The importance of resident experience is both cultural and financial, but there are four main areas where it has the biggest impact: Attracting new residents: Providing a standout resident experience is a great way to bring qualified new residents in the door quickly. By advertising your resident experience perks in your listings, you’ll stand out from the crowd. Plus, happy residents are more likely to leave positive reviews across sites like Google Business and Yelp, which can be an important factor in attracting applicants when you have vacancies. Retaining existing residents: A great resident experience can also help avoid vacancies in the first place, since happier residents are more likely to renew their leases. That means less vacancy time, lower marketing expenses, and more time for your team to focus on value-adding activities. Building resident investment: Residents who are enjoying their living experience also become more engaged, and have a larger emotional investment in their home. That can lead to lower delinquency rates, more cooperation when scheduling inspections, and an increased likelihood of reporting small maintenance issues before they escalate into big-ticket items. Increasing revenue: All of these factors directly drive improvements in your bottom line. When residents sign faster, stay longer, and pay on time, everyone wins. Beyond that, you can often add revenue via lease-enrolled services that provide a better living experience for your residents. How to measure resident experience: 7 metrics to track Resident experience can feel like a difficult thing to wrap your arms around. When it touches every interaction that your company has with a resident, it can seem intimidating to measure objectively. But, as the saying goes, what gets measured gets managed, so it’s essential to set resident experience metrics, measure them regularly, and consistently strive to improve them over time. 1. Resident satisfaction Resident satisfaction is, at its core, how happy a resident is with their experience renting from you. The most common way to measure this is through resident surveys. There are several common times that property managers try to survey residents, often when they’ve recently had an interaction and it’s top of mind. Here are some common examples: Just after move-in At move-out At lease renewal time After a maintenance issue is resolved After an inspection All of these offer great opportunities to get honest feedback about recent interactions with your company. 2. Resolution times One of the most effective ways to keep residents happy is by resolving any maintenance issues quickly and efficiently. Maintenance is one of the biggest disruptions that most residents face, and there’s an increased expectation that they’ll have access to a 24/7 maintenance line and an online portal or app to report issues. Most property accounting software tools can report out how long each maintenance request takes, from first report to resolution. Keep tabs on these numbers and look for ways to optimize your maintenance and reduce resolution times. 3. Resident community participation Depending on the nature of your portfolio, the resident community might be an important part of your business. For example, if you manage larger multi-family properties or a large number of scattered-site units in an HOA, neighborhood, or condominium building, you may hold regular community events. Make sure you’re keeping track of attendance at these events and looking for opportunities to increase participation. 4. Amenity usage Residents who take advantage of amenities are more likely to be engaged with their rental home and renew their lease. You should be measuring how often residents are using things like the pool and the gym, but make sure you’re not forgetting digital amenities, especially if you’re managing single-family homes. For example, you may be able to run reports to find out how many residents are using services like resident rewards or credit building, which offer great value to residents and can elevate their experience. 5. Digital platform usage By now, most modern property management companies have invested in digital property management tools, and nearly all of those tools include some kind of resident portal. Whether residents use them to pay rent, request maintenance, or connect with their neighbors, you should be tracking what percent of your residents are using them. Most property management tools will allow you to generate reports showing whether or not residents have activated their portals, and some can also show how often or how recently they’ve logged in. Engagement with digital tools is a great indicator of whether a resident has adapted to your management approach. 6. Renewal rate Ultimately, renewal rate is one of the most important measures of how happy your residents are. Unhappy residents move out, and happy residents renew (barring other life circumstances). If you’re not already tracking your renewal rate (and your average occupancy length), you absolutely should be. Retention has a massive impact on your business and should be a top priority for improvement. 7. Net promoter score (NPS) Similar to resident satisfaction, net promoter score, or NPS, measures how likely your residents are to recommend your company to a friend. It’s a common metric among service-based companies, and you’ve almost certainly seen a pop-up asking you to rate your own satisfaction on a one to ten scale. NPS is powerful because it doesn’t just give you an average satisfaction score; it categorizes customers as promoters, neutral, or detractors, giving you a more comprehensive picture of how satisfied they are. How can property managers enhance resident experience? Once you’ve put together a process for managing the resident experience, it’s time to focus on improving it. What changes can you make to move the needle and create a better experience for your residents? Let’s take a look at six different ways you can make life better for your residents, while also creating wins for your company and your investor clients. 1. Update your resident communication In a people-first business, communication is everything. During move-in and move-out, while scheduling an inspection, or while providing updates on an ongoing maintenance request, you should be providing clear, transparent updates so that your residents feel confident in what’s happening. Recently, more and more property management companies have adopted texting platforms and instant messaging tools so that they can have real-time conversations with residents without picking up the phone. That’s especially important with younger demographics who may prefer text-based communication. As AI agents get better and better, you might consider adding one to your technology stack in order to provide quick answers to simple questions from residents. 2. Make residents’ moves easier The move-in experience is one of the most critical moments in the resident lifecycle. Forward-thinking property managers are embracing technology to help, but it’s still not meeting resident expectations. In fact, in AppFolio’s 2025 Renter Preferences Report, they found that 60% of residents said that digital move-in services were important, but only 38% said that they had a digital tool available to them. Using a dedicated tool to help residents understand their lease obligations, connect with utility companies, and get situated in their new home can add a new level of experience and start off your relationship with residents on the right foot. 3. Provide residents with modern tech conveniences As digital native generations continue to flood the rental market, offering technology in your rentals is increasingly important. These high-tech amenities can set you apart and make life that extra bit more convenient for your residents. Here are some examples of technology that can move the needle: Smart home technology: From connected thermostats to bluetooth lights, there are plenty of low-cost, high-impact items you can add to your properties to add a level of convenience. Even small improvements like adding USB-C ports to power outlets in key locations can make residents feel like your properties are a step above. Advanced safety features: Residents are also increasingly expecting access to things like smart locks and internet-connected cameras. They provide peace of mind and a sense of security that residents will appreciate, and have the side benefit of making resolution easier if something does go wrong. Visitor management systems: Visitor management systems allow residents to grant access to guests without having to physically let them in. While these are more common in multi-family buildings, they’re useful for single-family homes, too. Smart locks with digital keys can let residents coordinate with guests, dog walkers, and housecleaners much more easily. 4. Provide residents with facilities and amenities they care about Modern amenities are increasingly popular, especially among younger residents. While multi-family managers may be envisioning huge capex items like pools and clubhouses, it doesn’t have to be so pricey. Instead, consider items like Group Rate Internet, which delivers a service that residents are already paying for, at a cheaper rate. These kinds of conveniences exceed resident expectations while delivering the benefits that they actually want. 5. Upgrade your property maintenance management We’ve already illustrated why maintenance is one of the most important areas of focus for most property managers. The reality is, a well-maintained, clean, safe property drives a positive resident experience in a way that poorly maintained homes simply can’t. Make sure to look closely at your maintenance processes to see where you can save time and improve satisfaction. There are several emerging AI tools that help predict and address maintenance issues. You can also drive a decrease in work orders with automated air filter delivery, which keeps HVAC systems healthier and decreases the need for maintenance. 6. Offer your residents additional benefits If you’re not currently offering a Resident Benefits Package, it might be time to consider it. By offering value-adding services to your residents, you can improve their experience and drive higher satisfaction. For example, you might consider adding: Credit building: By reporting on-time rent payments to credit bureaus, you can help boost your residents’ credit scores. In fact, according to the DC Housing Authority, residents who use credit reporting services see an average credit score increase of 29 points. Pest control: With on-demand pest control services, you can decrease the amount of time your team spends responding to pest calls, while also delivering faster, better service to residents. Resident rewards program: Resident rewards provides discounts, gift cards, and more to residents who pay on time. It’s a great way to elevate their experience with minimal financial investment. Renters insurance program: By integrating renters insurance compliance into your lease, you can ensure complete coverage for residents. Grow your PM business by improving resident experience In order to thrive as a modern property management company, you need to be laser-focused on delivering a quality resident experience. The best way to do that is by establishing clear measurements, then making business decisions designed to improve those metrics. If you’re looking for a simple way to improve resident experience without adding more work for your team, check out Second Nature’s Resident Benefits Package. Register now for our next RBP workshop to hear from real property managers about the impact the RBP has had on their business.

August 5, 2025

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Preventive Maintenance Checklist for Property Management

Good property managers respond to maintenance issues quickly, but great property managers work to prevent issues from arising in the first place. You anticipate issues, plan for problems, and execute solutions. One key part of prevention is developing a property management preventive maintenance checklist. For multifamily property managers, a regular preventive maintenance check is standard... and easy. Units are often all contained to one apartment building or community, and it’s quick enough to do a walkthrough and ensure that everything is as it should be. For single-family or scattered-site property managers, it gets a lot more complicated. Quick walkthroughs more than once or twice a year are impractical and expensive. In fact, one of the best ways to approach prevention is to help equip residents to take preventive measures themselves. Here at Second Nature, we're constantly asking ourselves, “How do we make it easy for residents to handle preventive care of the property?” In this article, we’ll explore both approaches to preventive maintenance: doing inspections as a property manager, or finding solutions where residents support the process. Let’s dive in. What is preventive maintenance? Preventive maintenance is a proactive approach to keeping a property in good condition with the purpose of preventing unexpected failures and maximizing longevity. This type of maintenance encompasses a broad range of activities, from routine inspections to air filter delivery services that keep HVAC systems running smoothly. By implementing preventive maintenance tactics, property managers aim to prolong the lifespan of property components, maintain property value, and provide a safe, functional, and appealing living environment for residents. What is a preventive maintenance inspection, and who conducts it? A preventive maintenance inspection is a regularly scheduled, systematic evaluation of a property designed to identify and rectify any emerging issues before they escalate into serious problems. In other words, a preventive maintenance inspection is like a health check-up for a property. A well-documented inspection also provides a record of maintenance that can be valuable for insurance claims, move-outs, and more. Generally, single family property managers find themselves in three different camps when it comes to property inspections: Those who visit sites only when an issue arises. Those who conduct scheduled annual preventive inspections, whether there are issues or not. Those who conduct biannual or seasonal preventive inspections, whether there are issues or not. In fact, we conducted a casual Facebook poll to see what single-family property managers said about the frequency of their property inspections. Most PMs who responded said they conduct an annual inspection. A smaller amount said they conduct two inspections per year, and another group said they do it only when needed. A very small amount of property managers polled said they conduct quarterly inspections. But there’s also a fourth option: partnering with a third-party vendor to help manage prevention. There's a lot that residents can do themselves to prevent larger issues from ever developing, but they need a little bit of support to get started. For example, if a resident is changing their air filter on time, the property manager is going to get fewer HVAC tickets, and the HVAC system is going to last longer. If you have a reliable way to provide air filters to residents exactly when they're needed, residents can stay on top of their filter changes. P.S: Want to see more insights and tips, and participate in future polls? What to include in a preventive maintenance checklist Let’s say your company prioritizes regular inspections. Crafting a preventive maintenance checklist for property management is all about anticipating needs and averting potential issues before they arise. Every property is different, so building your checklist begins with a thorough assessment of the building's unique features and vulnerabilities. By understanding the life cycle of various components of a property across the seasons—from HVAC systems to appliances—you can prioritize tasks and schedule maintenance in a way that minimizes wear and tear. Your checklist will likely include the following categories: Structural maintenance Electrical systems Plumbing & water systems HVAC systems (Heating, Ventilation, and Air Conditioning) Appliances (if provided) Lawn & outdoor areas Gutters, downspouts, and drainage Pest control Safety & security systems Interior checks Miscellaneous (Garage, waste disposal, etc.) Sample preventive maintenance checklist for property management companies With input from OnSightPROS, we’ve built a preventive maintenance checklist template for single-family rental property management companies. Feel free to use this template as-is or tweak it to fit your particular properties! If you want a downloadable, in-depth template for all types of rental inspections, download it here. Structural maintenance Roofing: Inspect for leaks, damaged tiles, or shingles. Make sure gutters and downspouts are clear of blockages or debris. Foundation: Check for cracks, water damage, or shifting. Walls and ceilings: Look for cracks, dampness, and signs of mold. Electrical systems Safety checks: Ensure that outlets, switches, and wiring are in good condition. Lighting: Regularly test all indoor and outdoor lighting fixtures. Inspect circuit breakers and panels. Plumbing & water systems Drains and pipes: Check for leaks, blockages, or buildup. Water heater: Test hot water temperature and pressure relief valves and inspect for signs of wear. Faucets and fixtures: Ensure proper flow and check for leaks or dripping. Heating, Ventilation, and Air Conditioning (HVAC) Filters: Ensure they are up to date. With Second Nature’s Air Filter Delivery, you’ll have the date stamped right on the filter itself. Ductwork: Check for mold or leaks. Coil fins: Make sure air conditioner fins are clean and not damaged. Seasonal checks: Ensure the heating system is ready for winter and cooling for summer. Drain pans: Make sure any drain pans and overflow drains are clear of obstruction. If your system has an emergency overflow shutoff, test to make sure it's working correctly. Appliances (if provided) Oven, range, microwave: Check for cleanliness and ensure they are working efficiently. Make sure that gas burners light quickly and safely. Refrigerator: Check coils for cleanliness and inspect seals. Washer and dryer: Inspect hoses and ensure the resident is keeping lint and drainage clean. If the washer has a drain pan, make sure it's not damaged and that the drain is clear. Lawn & outdoor areas Landscaping: Ensure that the landscaping is tidy and up to HOA standards, if applicable. Paths and driveways: Check for cracks or tripping hazards. Pools: Ensure safety measures are in place and gate latches operate correctly. Fences: Check for holes in fences or damaged gates, especially if the property is marketed as having an enclosed yard. Retaining walls: Check for damage that could compromise the structural integrity of any retaining walls on the property. Pest control Look for chew marks, droppings, and any other signs of pests. With Second Nature’s On-Demand Pest Control, residents can call a professional at the first sign of any issues. We handle it for you, typically with no cost at point of service. Safety & security systems Smoke and carbon monoxide detectors: Ensure they are installed properly, including proper hardwiring, if required. Check batteries, backup batteries, and expiration dates. Fire extinguishers: Check expiration dates and ensure they're easily accessible. Emergency exits and paths: Ensure they're clear and well-marked, and that any exterior structures like stairs or fire escapes are in good condition. Home security systems: If the property includes a security system, ensure that window and door sensors are in working order. Interior checks Floors: Look for damaged tiles, caulk problems, cracked grout, carpet wear, or wood floor issues. Windows and doors: Ensure they open and close smoothly, and check seals. Check window screens for holes. Miscellaneous Garage and parking areas: Check for proper lighting, security, and cleanliness. Waste disposal: Ensure trash bins are clean and in good condition. The importance of preventive maintenance Preventative maintenance may seem like a hassle, but it can save significant money down the road. Even something as simple as getting air filters delivered on time can reduce HVAC costs by hundreds of dollars annually. Preventive maintenance isn’t just about keeping the property in good shape—it's a strategic approach that yields all kinds of benefits. By prioritizing prevention, you can: Minimize costly repairs: Regular maintenance can prevent small maintenance issues from escalating into expensive emergencies. Extend asset longevity: Helping residents proactively care for components like HVAC systems extends their lifespan, saving money in the long run. Enhance resident satisfaction: Supporting a resident in maintaining their property means fewer complaints and issues, leading to higher retention rates. Ensure safety: Regular checks keep safety hazards at bay, reducing the risk of accidents and liability. Improve property value: Consistent upkeep maintains or even increases the property's market value. Stay compliant: Keeping up with building codes and safety regulations is non-negotiable, and preventive maintenance ensures compliance. By incorporating a preventive maintenance strategy, property managers not only safeguard the property's physical condition, but also its financial viability and desirability in the market. It's a proactive measure that resonates well with residents and investors alike. Best tools to support preventive maintenance Here’s the big question: how can property managers for single-family homes make preventive maintenance easier without breaking the bank? As we saw in our Facebook poll, scattered-site properties don’t lend themselves well to frequent inspections. The best solution is to help your residents do it themselves. Here are three of our favorite products to get that done. Second Nature We’ve built a Resident Benefits Package with proactive property management in mind. Each individual benefit—from renters insurance to on-demand pest control to air filter delivery—aims to address ongoing needs and prevent common issues from escalating. Let’s take air filter delivery as an example. In the largest HVAC data study of its kind, filter delivery service reduced HVAC ticket requests by 38% Just by including a filter subscription for your residents, you can help them cut energy costs and ensure your HVAC system lasts for the long term. Learn more about all of the features of our Resident Benefits Package and how it delivers results for residents, property investors, and property management companies. RentCheck RentCheck is a property inspection app built to help residents do inspections on their own. The property manager can request and track routine inspections from the resident. You can set up any cadence you want and customize the self-guided inspection requirements. RentCheck will fully automate reminders and support residents in completing a video inspection that then gets sent to you as a shareable report. zInspector zInspector is another very popular rental inspection app in the SFR property management space. Like RentCheck, property managers use zInspector to schedule, customize, and receive inspections conducted by residents themselves. The app also includes a toolkit with an evolving set of property and task management tools. You can get 360º photos and virtual tours with a compatible 360º camera and printable, customizable inspection reports. FAQs Q: What are the benefits of preventive maintenance? Preventive maintenance offers a multitude of benefits, including: Cost savings: It reduces the likelihood of incurring expensive emergency repairs and extends the life expectancy of property assets. Efficiency: Regular maintenance ensures that all systems and appliances are running at optimal performance, which can lower energy costs. Tenant retention: A well-maintained property leads to higher resident satisfaction, which can decrease turnover rates. Safety: It helps identify potential safety issues before they become hazardous, promoting a safer living environment. Value preservation: Ongoing care maintains and can enhance the property's value over time. Compliance: Ensures that the property remains in compliance with the latest building codes and safety regulations. Overall, preventive maintenance is essential for maintaining a property's integrity, ensuring resident satisfaction, and optimizing operational budgets. Q: What is included in basic preventive maintenance? Basic preventive maintenance for property management typically encompasses: Routine inspections: Regularly checking the structural integrity of the property, including roofs, walls, and foundations. HVAC maintenance: Ensuring heating, ventilation, and air conditioning systems are clean and functioning properly. Plumbing checks: Looking for leaks, clogs, or wear in pipes and fixtures. Electrical system audits: Inspecting electrical panels, wires, and safety systems to prevent malfunctions. Groundskeeping: Checking outdoor areas, including landscaping, gutters, and drainage systems. Appliance upkeep: Servicing provided appliances to prevent breakdowns and extend their lifespan. Safety inspections: Verifying that all safety equipment, like fire extinguishers and smoke detectors, is in working order. These tasks are designed to identify and address issues before they develop into more significant problems, helping to ensure the property remains safe, functional, and appealing to residents. Q: What’s the ideal schedule for preventive maintenance? The ideal schedule for preventive maintenance can vary depending on the specific needs of a property, but as a general guideline: Weekly/monthly/quarterly: Regular checks on a weekly to quarterly basis are more common for multifamily properties and apartment buildings, with quick checks on high-usage areas and equipment, such as communal spaces and gardening upkeep. Quarterly maintenance inspections can include a more in-depth look at HVAC systems, plumbing and electrical systems, and seasonal preparations. Annually/seasonally: A small number of SFR property managers will conduct seasonal or semi-annual inspections. Many more conduct annual inspections. These are more in-depth inspections to keep an eye on potential issues. Minimize your preventative maintenance obligations with Second Nature Ready to see how a Resident Benefits Package can save you time on preventative maintenance and get you focused on value-driving activities? Register for an upcoming RBP Workshop to hear from real property managers about how they've streamlined so many preventative maintenance tasks.

June 12, 2025

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How to Write a Friendly Rent Increase Letter + Free Template

They're every resident's least favorite thing: rent increases. But for property managers, increasing rent is a necessary part of your fiduciary duty to investors. When it comes time to implement a rent increase, it's important to communicate with your residents clearly and professionally. The goal is to minimize conflict and prevent any unwanted surprises. Writing a rent increase letter is a critical first step in this process. By clearly communicating the reasons behind the rent increase, such as inflation and increased operational costs, you can help your residents understand the rationale behind your decision. A note on language: Here at Second Nature, we prefer to use the terms "resident" and “residency” rather than “tenant” and “tenancy,” to emphasize the human element of property management work. However, there may be instances where terms such as "tenant" are used for legal or industry-standard purposes within documents or communications. In these cases, please know that our intent remains the same – to provide clear, accurate, and meaningful information to all people involved in the business relationship. When should you increase the rent? You should be considering rent increases periodically to keep up with the rising costs associated with property maintenance and management. Specifically, inflation drives up the costs of utilities, repairs, labor, and general upkeep, making it essential to adjust rents to cover these expenses. Other rising expenses include property taxes, insurance costs, and even the costs of improvements—all contributing to the need for rent increases. By aligning rent adjustments with these economic factors, property managers can ensure the financial sustainability of their properties while continuing to provide quality living conditions for their tenants. What to consider when increasing the rent There are several factors to consider to ensure fairness and transparency during a rent increase. These considerations will not only help in setting a rent increase amount that's justified, but also in maintaining a positive relationship with residents. Rent competition Understanding the rental market's competition is crucial. Evaluate the current market rates for similar properties in your area – this will help in setting a competitive yet reasonable rent increase that aligns with local conditions. Lease term Consider the length of the lease term currently in place. Typically, longer lease terms might warrant smaller, more gradual increases to retain residents, while shorter terms may allow for more frequent adjustments based on market trends. Changes to property value An increase in property value can often justify a rent increase. This should reflect market conditions, the property's value, and any improvements that have been made during the lease term. Transparency about how this amount is calculated can help mitigate resident concerns. Additional property costs Make sure you're also considering any increases to other property costs. For example, if the property is a condominium or is in a home owner's association, factor in any special assessments or increases to dues. State notice period requirement Each state has specific legal requirements for notice periods before a rent increase can take effect. Ensure that you comply with these regulations to avoid legal issues and give residents enough time to plan for the change. Security deposit Review the impact of the rent increase on the security deposit. In some states, the security deposit may need to be adjusted in accordance with the new rent amount. Ensure that any changes are clearly communicated and legally compliant. Reasons to send a rent increase letter Sending a rent increase letter is a necessary step in maintaining transparent and professional relationships with residents. Here’s why they're essential: Legal compliance Some states and localities may have specific requirements dictating how a rent increase is communicated. A rent increase letter can help you stay compliant with notice periods and documentation. It serves as an official record of the change and helps protect against potential disputes. Clarity and transparency Providing a written notice offers clarity to residents about the new rent amount, the effective date of the increase, and the reasons behind it. This transparency helps maintain trust and minimize misunderstandings. Communication is one of the top factors in resident retention, so make sure you're putting in time to make things clear. Professionalism A formal rent increase letter reflects a professional approach to property management. A well-written letter will come across as intentional, well thought out, and respectful, rather than making residents feel like you're just making decisions on the spot or without solid reasoning. Record keeping Documenting rent increases helps maintain accurate records for your team, the investor, and the resident. This can be crucial for future reference, additional lease renewals, or if any legal issues arise. By considering the factors that go into the rent increase and clearly communicating the reasons, property managers can ensure a smoother transition and foster a positive relationship with their residents. What should a rent increase letter include? Here's what should be included in a rent increase letter to ensure your residents have all the information they need: 1. Friendly tone Use a warm and polite greeting while also keeping things professional. Express appreciation for the resident's tenancy, and highlight any specific areas where they've gone above and beyond. Regardless of any past tension, make sure to keep a respectful tone throughout. 2. Resident information Include the names of all residents on the lease, even if you primarily communicate with only one resident. Include the address of the property. Mention the end date of their current lease agreement. 3. Clear announcement of rent increase State the effective date of the rent increase. Clearly outline the new monthly rent amount. If applicable, mention any changes to additional fees like utilities, parking, or pet rent. Include any information on how the rent increase will impact the security deposit, if applicable. 4. Justification for the increase Highlight the specific reason or reasons for the rent increase. This could include rising property taxes, increased maintenance costs, market value adjustments based on comparable rentals, or significant property improvements you've made. Be specific and provide data or evidence to support your claims whenever possible. For example, mention the percentage increase in real estate property taxes or highlight the specific property improvements that are enhancing the resident's living experience. 5. Consequences of nonpayment Clearly explain the consequences if the new rent amount is not paid by the specified date. You can cite the terms of the lease agreement to reinforce these consequences. Remind the resident of the potential late fees or penalties that may apply. Describe the steps that will be taken if non-payment persists, such as the issuance of a notice to vacate or potential eviction proceedings. Emphasize the importance of timely communication from the residents if they foresee difficulties in making the payment, and encourage them to discuss potential solutions or payment plans. 6. Next steps for the resident Be clear about whether the resident needs to take any action in response to the change. For example, if they have automatic payments set up through their resident portal, be clear about whether they'll need to adjust the payment amount, or whether your property accounting software will automatically draw the new amount moving forward. Briefly remind residents of their right to review their new lease agreement. Express your willingness to answer any questions they may have regarding the rent increase. Clearly state your contact information (phone number and email address) for easy communication. Sample rent increase letter template Below is a template you can use for your rent increase letter. Simply customize it with your specific information. [Your Property Name and Contact Information] [Date] [Resident names] [Address of rental property] RE: Rent increase effective [effective date] Dear [Resident names], Thank you for continuing to rent with us. This letter is to inform you of an upcoming rent increase for [property address], effective [effective date]. Your current monthly rent of [current rent amount] will be adjusted to [new rent amount]. Additionally, [mention any changes to additional fees, e.g., "the monthly pet fee will increase to $XX"]. We understand rent increases can be disruptive, and we want to be transparent about the reasons behind this adjustment. The increase is necessary due to [list specific reasons for the increase, e.g., "rising rental rates for comparable units… ," or “neighborhood revitalization resulting in enhanced value…”]. [If applicable, provide data or evidence to support your claims]. We value you as a resident and appreciate our relationship. You have the right to review your lease agreement if you have any questions about its terms. We are also happy to answer any questions you may have regarding this rent increase. Please feel free to contact us at [phone number] or [email address]. Sincerely, [Your name and the name of your property management company] For example, our rent increase template looks like this: How to send a rent increase letter There are multiple things to consider when choosing how, logistically, to deliver a rent increase letter. You want to keep the process as simple as possible, but you also may need verifiable proof of the notification in case of any future disputes. First and foremost, you’ll need to consider local regulations. We highly recommend consulting with a lawyer specializing in landlord-tenant law to determine the mandated method for delivering rent increase notices. Some states or municipalities may require certified mail or another verifiable method (e.g., signed delivery receipts). Don't skip this step; non-compliance with local regulations can lead to legal issues down the line. Delivery method options Certified mail: This is generally the safest option. Certified mail provides a receipt confirming the letter's delivery and the date it was received. This documentation can be crucial in the event that there's a future dispute or legal proceeding. While certified mail is slightly more expensive than regular mail, the added security it offers can be worth the cost. Regular mail with signed delivery receipt: This option offers some level of proof of delivery but may be less secure than certified mail. While unlikely, residents can potentially refuse to sign for the receipt, leaving you with more work to do to make sure they're informed. Hand delivery: If feasible, handing the rent increase letter to the resident in person and obtaining a signed receipt is the most secure method. This is more challenging for scattered site properties. Note that while some residents might appreciate the convenience of email, it isn't always the most reliable notification method. Consider your residents' demographics and preferred communication channels when selecting your delivery method. Regardless of what you choose, the original lease agreement you have with your residents should explicitly state acceptable methods for delivering important notice letters, including rent increases. Make sure you're adhering to the guidelines set out in the lease. A note on property accounting software Property accounting software can be useful for maintaining a centralized repository of all your communications with residents, including rent increase letters. It's also a useful tool for furnishing clear audit trails and documentation in case of disputes. Make sure that the terms outlined in your rent increase letter are accurately reflected in your property management software to prevent any accounting mishaps. Rent increase FAQs Q: How many days’ notice of rent increase do residents need to be given? A: The required notice period for a rental increase can vary depending on your location and the terms of your lease agreement. In general, most states require that residents be given 30 to 60 days' written notice before a rent increase takes effect, though this can vary for year-to-year lease renewals vs. month-to-month. It's important to check local rent control regulations for specific details on timeframes, and consult with a local attorney if necessary. Q: Can the rent increase be contested? A: Depending on your location and specific circumstances, residents may have the right to contest a rent increase. For example, rent control laws in some jurisdictions allow residents to challenge rent hikes that are deemed to be excessive. It's best to obtain legal advice from a lawyer specializing in applicable local laws and state laws to understand your options. Final thoughts Prioritize clear communication and transparency, and you’ll find you can navigate rent increases effectively while maintaining a healthy and positive relationship with your residents. Every interaction you have with a resident shapes the way they think and feel about you. The way you communicate a rent increase can make all the difference in your renewal rate and resident satisfaction. It’s also the perfect opportunity to introduce a Resident Benefits Package (RBP) and remind residents of your role in adding value to their living situation. Learn more about the benefits of Second Nature’s fully managed RBP.

May 14, 2025

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What is Tenant Retention and 16 Ways to Improve it

What is tenant retention? Tenant retention refers to the ability of property owners or managers to keep their current tenants renewing their leases rather than having them move out and needing to find new renters. In the world of property management, retaining tenants is often more cost-effective and efficient than constantly finding new ones. This practice not only ensures a steady cash flow of rental income but also reduces expenses associated with vacancies, marketing, and new tenant screenings. To maximize tenant retention, you need a combination of value-driven services, proactive management, and strong tenant relationships. In this guide, we'll delve into 15 top tenant retention strategies. Second Nature's Outlook: "Tenant turnover” is an industry term used from time to time. But we here at Second Nature are 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 renters “residents.” Like you, we think of them as people first – making your property their home. 1. Offer a Resident Benefits Package It’s one of the biggest trends in property management for a reason! Offering a Resident Benefits Package (RBP) is a strategic move to elevate the overall resident experience. And nothing is more critical to tenant retention than their experience. An RBP typically bundles various services and amenities that cater to the modern tenant's needs and desires. This can range from convenience-driven offers like an air filter delivery service or move-in concierge to value-driven aspects like resident credit building and renters insurance programs. By incorporating such a package, property managers not only enhance the perceived value of living in their property but also position themselves as being attuned to the evolving demands of today's renters. That’s what makes an RBP such a significant differentiator in the competitive renter’s market, making tenants more likely to renew their leases and stay longer. 2. Address maintenance requests promptly When it comes to rental experience, property maintenance is a top priority – and, unfortunately, often a top pain point. One of the chief concerns for tenants is how swiftly and efficiently their maintenance requests are addressed. Quick and effective responses to these requests demonstrate a property manager's commitment to the well-being and satisfaction of their tenants. Delays or negligence can lead to a feeling of being undervalued or overlooked, pushing renters to look for alternative accommodations where their concerns might be treated with greater urgency. Moreover, swift repairs prevent minor issues from escalating into major, costlier problems. In essence, by prioritizing and promptly attending to maintenance requests, property managers not only ensure the structural integrity and safety of their property but also build trust and rapport with their tenants, encouraging longer stays. 3. Incorporate a Renter’s Insurance Program Offering or even mandating a renter's insurance program is a proactive measure that benefits both property managers and tenants. This insurance covers tenants' personal belongings in cases of theft, fire, or other unexpected events, granting them peace of mind. For property managers and owners, it offers an extra layer of protection, as tenants are less likely to pursue claims against the property for personal loss. Additionally, when damages or accidents occur that aren't the property owner's responsibility, having an insurance policy ensures that costs are covered without disputes. For owners, it protects their property and protects them from financial losses. They can also often get lower premiums on their own insurance if they can prove their renters are covered with their own policies. Second Nature addresses this benefit by offering a renter’s insurance program as part of our RBP. 4. Focus on security In today's evolving risk landscape – with digital threats, increasing weather risks, etc. – ensuring tenant safety should be a paramount concern for property managers. In turn, tenants are more likely to stay in a property where they feel safe and secure. By installing high-quality security systems, surveillance cameras, weather safety plans, or generators, and by regularly updating and maintaining these systems, property managers can provide an environment where residents feel their well-being is prioritized. It's not just about the physical infrastructure either. Identity theft has surpassed home burglary in the level of threat to renters. At Second Nature, we provide $1 million identity protection as part of our RBP. That ensures that residents feel safe – and that their financial stability is protected. That, of course, protects their ability to pay rent. A steadfast commitment to safety fosters trust and is a clear indication to tenants that their welfare is taken seriously, thus making them more inclined to renew their leases. 5. Offer incentives We all like a nice incentive now and then! Incentives play a pivotal role in tenant retention, acting as a value proposition that goes beyond just the living space itself. For example: By incorporating a credit reporting program, property managers can incentivize on-time rent payments, helping tenants build a positive credit history in the process. This not only promotes financial responsibility but also offers a tangible benefit to the tenant. Lease renewal incentives, such as discounted rent for the first month of renewal or free amenity usage, further encourage tenants to stay longer. Incentives create win-win solutions where tenants feel they're receiving added value while the property manager and owners benefit through consistent occupancy. 6. Offer Group Rate Internet The vast majority of renters today already pay for internet access in their homes. It's one of the most highly adopted services among renters, and for many of them it's an absolute necessity. With Group Rate Internet, you can integrate internet service directly into your leases. Residents no longer have to try to coordinate their internet contract with their lease term, and they can wave goodbye to hidden setup, cancellation, and equipment fees. Plus, thanks to negotiated rates, you can offer gigabit-speed service at a lower price than residents could get elsewhere. It's a clear win-win, and it's just one more benefit that will keep residents happy and increase their likelihood of renewing their lease. 7. Implement a rewards system Building a robust tenant relationship goes beyond addressing their needs; it also involves rewarding their loyalty. Programs in other industries maximize this type of value – think of Starbucks Rewards or Delta SkyMiles. A Resident Rewards program is similarly a strategic approach to foster customer satisfaction and long-term loyalty. Unlike direct incentives, these rewards programs offer points or credits for consistent on-time payments, renewing leases, or even care for the property. Over time, these points can be redeemed for tangible benefits or perks like gift cards, discounts on amenities, or special privileges within the property. By providing a continuous system of recognition, property managers can cultivate a positive tenant culture, making residents feel appreciated and thereby more inclined to renew their leases. Such a system also nudges tenants to adopt behaviors beneficial to both them and the property management, leading to a harmonious rental ecosystem. 8. Conduct regular inspections Regular inspections are a cornerstone of proactive property management and are essential for maintaining tenant satisfaction. By periodically assessing the condition of a rental property, managers can identify and rectify potential issues before they escalate. Whether it's a minor leak or wear and tear, addressing them early on reduces long-term maintenance costs and demonstrates a commitment to providing tenants with a well-maintained living space. Furthermore, these inspections offer an opportunity for open communication with tenants, understanding their concerns, and building trust. While it's crucial to respect a tenant's privacy by giving proper notice and scheduling at convenient times, these inspections emphasize the property manager's dedication to preserving the property's value and ensuring resident comfort. 9. Update and renovate In the competitive world of rental real estate, properties that remain stagnant quickly lose appeal. By making periodic updates and renovations, property managers can significantly enhance the rental's desirability and rental rates and keep it aligned with current housing trends. Whether it's a modern kitchen makeover, a bathroom upgrade, or simply a fresh coat of paint, these changes can breathe new life into a space. Not only do renovations increase property value, but they also communicate to tenants that their living experience is valued and considered. Tenants are more likely to renew their leases when they see active efforts being made to improve their living environment, ensuring they always feel they're getting the best value for their money. 10. Offer On-Demand Pest Control One of the fastest ways to sour a tenant's experience? Leaving them to deal with unwanted pests. It also might put you or the owner at risk of legal action, depending on the state. Whether it's ants in the summer or mice in the winter, pest issues can quickly escalate if not addressed immediately. By offering property management pest control as part of the tenant package, property managers demonstrate a proactive approach to potential issues and ensure that tenants feel their well-being is a top priority. This service minimizes the likelihood of recurring pest problems and showcases a commitment to maintaining a clean and habitable environment. It’s also a better ROI than preventive sprays that don’t necessarily address real issues. On-demand services ensure that actual issues are addressed as soon as they pop up (or crawl out!). Tenants will appreciate the quick response and effort to ensure their comfort, further solidifying their decision to stay long-term. 11. Include valuable services like Filter Delivery Property managers know that it’s often the small touches that leave a lasting impression – and nip bigger problems in the bud. One such valuable service is offering filter delivery. Regularly changing air filters not only ensures a healthier living environment by improving air quality but also boosts the efficiency of heating and cooling systems, saving significantly on energy bills. In fact, a study by the National Rental Home Council (NRHC) found that filter delivery could reduce costs by up to nearly 80%. By offering filter delivery, property managers remove a common chore from the tenant's list, demonstrating attention to detail and a commitment to their comfort. This proactive approach to maintenance, coupled with the convenience of direct-to-door delivery, can enhance the overall resident experience, making them more inclined to extend their lease. 12. Offer a Move-in Concierge The moving process can be one of the most stressful experiences for new tenants, filled with a myriad of tasks and uncertainties. In fact, most renters have already made their decision to renew or not within the first 30-60 days. By offering a Move-In Concierge service, property managers can significantly ease this transition. This service assists new residents with tasks like utility setups, mail forwarding, local service recommendations, and even scheduling movers or rental equipment. Beyond just the practical help, a Move-In Concierge communicates to the tenant that their comfort and smooth transition are a priority. This initial positive experience can set the tone for the entire duration of the lease, making tenants feel valued and well cared for from the outset. Related: How to Write a Tenant Welcome Letter + Free Template 13. Use digital solutions It’s just the reality of 2023 and beyond: Tenants expect digital convenience. Whether it's online rent payments, a tenant portal for logging maintenance requests, or virtual property tours, embracing digital solutions can greatly enhance the tenant experience. These platforms not only streamline administrative tasks, reducing the possibility of human error but also provide a more responsive and efficient service to residents. For younger generations especially, the ability to manage their tenancy online can be a significant deciding factor in choosing a rental property. Property managers who keep pace with technological advancements in the industry not only improve tenant retention but also position their properties as modern and forward-thinking. 14. Vet tenants thoroughly The process of tenant retention begins even before a lease is signed. By thoroughly vetting potential tenants, property managers can ensure they're selecting responsible individuals who are more likely to be great tenants – tenants who will respect the property, adhere to lease terms, and foster a positive community environment. This involves conducting comprehensive background checks, verifying employment and income, and checking references from previous landlords. By choosing good tenants who have a track record of timely payments and good behavior, you set the stage for a longer, more harmonious rental relationship. It's an investment in time upfront that can save countless hours and resources in the long run. 15. Seek feedback and act on it Among the best tenant retention tips: Tenant feedback is an invaluable tool for understanding what you're doing right and where there might be room for improvement. Actively seeking out tenant opinions through surveys, feedback forms, or simply open-door policies can shed light on aspects of property management that might otherwise go unnoticed. Of course, collecting feedback isn't enough on its own; the crucial step is to genuinely act upon the insights gathered. Whether it's a minor repair, upgrades, or better communication methods, implementing changes based on tenant feedback not only improves the living experience but also shows residents that their voices matter, fostering trust and encouraging longer tenancies. 16. Foster a strong property manager-tenant relationship The foundation of tenant retention often rests on the relationship built between the property manager and the tenant. This bond goes beyond mere transactions and lease renewals. It's about understanding, respect, and open communication. By being approachable, responsive, and genuinely caring about tenants' well-being and comfort, property managers can foster a sense of community and belonging. Regular check-ins, prompt responses to concerns, birthday or anniversary gifts, and occasional gestures of appreciation can make tenants feel valued. A strong relationship not only reduces the chances of tenants seeking a new place but also encourages positive word-of-mouth recommendations, benefiting the property's reputation and bottom line. Tips for successful tenant retention program At the heart of tenant retention is a simple yet profound realization: tenants, much like any consumers, are looking for value, ease, and assurance in their choices. When it comes to exploring the topic of tenant retention meaning, for us, it’s all about the resident experience. The key question for tenant retention is simply: “How do we create an experience so good that residents never want to leave?” Answering this question helps property managers identify exactly what residents are willing to pay for and stay for. Here are a few tips for approaching the resident experience. Get a much more in-depth look at it through our 2023 State of Resident Experience Report. Focus on convenience: Today's residents value convenience more than ever. Be it quick maintenance solutions, easy-to-access amenities, or streamlined communication, the easier you make life for your tenants, the more likely they are to stay. A resident benefits package or on-demand services are ways to weave in this convenience. Embrace digital transformation: The digital age has transformed tenant expectations. Online rent payments, digital lease signings, AI-powered helpdesks, and smart home integrations are just a few avenues where digitalization can significantly enhance the resident experience. Aim for the Triple Win: True success in tenant retention is realized when all parties involved – the residents, property managers, and owners – feel they're gaining value. Implement strategies where each party stands to benefit, ensuring harmonious, long-lasting relationships. By grounding your tenant retention program in these principles, you not only meet resident expectations but often surpass them. How Second Nature helps with tenant retention Navigating the world of tenant retention can be intricate, but Second Nature simplifies the journey. Our comprehensive Resident Benefits Package (RBP) is meticulously designed to cater to modern tenant needs, offering unparalleled convenience and value. By focusing on strategies that drive resident satisfaction, Second Nature ensures both property managers and owners achieve higher tenant retention rates. Embrace the RBP, and witness the transformative impact it brings to your property management endeavors.

March 7, 2025

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Your Guide to Property Management Laws, Regulations, & Rules

Property management activities involve overseeing rental properties, ensuring they’re maintained, residents are managed, and finances are handled effectively. While a real estate license is not always necessary to manage rental properties, licensing requirements can vary significantly by state. Typically, states may require property managers to hold a real estate license or work under a licensed broker. Property managers should familiarize themselves with the specific regulations in their state to ensure compliance. Related: What is the resident benefits package? Basics of Property Management Regulations Property management regulations serve as the legal backbone for managing rental properties, outlining obligations for property managers, and protecting residents. These rules vary across states, but a few core areas apply universally: Licensing requirements To legally operate, property managers in many states must hold a real estate license or work under a licensed broker. Some states, like California and Texas, have specific regulatory bodies overseeing these activities, such as the California Department of Real Estate or the Texas Real Estate Commission. These agencies enforce compliance and provide resources for navigating the requirements. Fair housing compliance The Fair Housing Act prohibits discrimination based on race, color, religion, sex, familial status, disability, or national origin. Adherence to these anti-discriminatory laws is mandatory, affecting everything from resident screenings to marketing practices. Lease and rental agreements Legally binding lease agreements must meet state-specific guidelines. These include clear communication and terms on rent, security deposits, maintenance responsibilities, and notice requirements. States often cap security deposits and mandate how they should be handled, including timelines for their return after the lease ends. Maintenance and habitability Property managers are required to keep residential properties safe and habitable. This includes ensuring access to essentials like heating, water, and electricity, as well as addressing safety hazards such as mold or lead-based paint. Laws typically require reasonable notice to residents before entering for repairs, which again, varies by state. Resident rights and evictions Eviction procedures are governed by state law, dictating notice periods and allowable reasons for termination. For instance, in states like California, tenants must receive at least three days of notice to cure or quit before an eviction process can proceed. In other jurisdictions, notice periods and rules around "unconditional quit" orders differ. Financial responsibilities Property managers must handle resident funds, such as rent and security deposits, in accordance with local laws. Accurate record-keeping and transparent accounting practices help avoid disputes and ensure compliance with tax and financial regulations. Understanding these fundamentals, along with state-specific variations, is essential for property managers to operate lawfully and build trust between property owners and residents. What Are Some Important Property Management Rules and Regulations? Property management laws encompass various areas, ensuring the safety, rights, and responsibilities of both property managers and tenants. Key areas include: Anti-discriminatory laws The Federal Fair Housing Amendments Act (FHAA) establishes clear protections to ensure equal access to housing opportunities. This includes prohibiting practices such as refusing to rent, setting different terms, or falsely claiming availability based on a person’s race, color, religion, sex, familial status, national origin, or disability. Property managers must also ensure advertising does not suggest a preference or limitation that violates these protections. Accessibility, such as allowing reasonable modifications for residents with disabilities, is another critical aspect of compliance. Local laws often extend these protections further, making it essential to review and adhere to all relevant regulations. Lease paperwork Lease agreements are foundational to the relationship between property managers and residents. These contracts should specify key details such as rent amount, payment due dates, security deposit terms, and the length of the lease. They must also outline responsibilities for property maintenance, procedures for repairs, and rules for renewal or termination. Many states impose specific requirements, such as disclosures about lead-based paint or local ordinances. Failing to include mandatory terms or misrepresenting details can lead to legal disputes or voided agreements. To safeguard both parties, leases should be clearly written, precise, and compliant with applicable laws. Safety, maintenance, and repairs Providing a safe and habitable environment is a legal duty for property managers. Basic habitability standards include functional heating systems, access to potable water, weatherproofing, and working electrical systems. Some jurisdictions have additional requirements, such as pest control, smoke detectors, and carbon monoxide alarms. When repairs are necessary, most states require property managers to provide adequate notice before entering a resident's home. Promptly addressing maintenance issues not only avoids legal complications but also reduces resident turnover and protects the property’s long-term value. Residents, in turn, may have the right to withhold rent or arrange repairs themselves if habitability standards are not met. Financial management Managing resident funds requires strict compliance with legal standards to prevent disputes, protect financial integrity, and promote a relationship of trust. Security deposits are often regulated by state laws, which set limits on amounts, dictate how funds must be held (e.g., in separate escrow accounts), and outline timelines for their return after a lease ends. Monthly rent collection should follow a clear system, with receipts provided and payment terms documented. Accurate record-keeping is not only a best practice but also a legal requirement in many states, particularly during tax filings or legal audits. Property management laws by state Each state has specific property management laws that property managers must adhere to. For instance, in many (but not all) jurisdictions, property managers must obtain a real estate broker license to operate. These laws are typically drafted and enforced by various regulatory bodies such as the state's Department of Real Estate or similar agencies. For instance, the California Department of Real Estate is responsible for regulating real estate activities, brokers, and salespersons, including those who work in property management, while the Texas Real Estate Commission handles these responsibilities in Texas. These agencies ensure compliance with state licensing laws and often provide resources and guidelines for property managers of both residential properties and commercial properties. Below is a table linking to the respective government sites for state-specific regulations: State State Body Alabama property management laws Alabama Real Estate Commission Alaska property management laws Alaska Real Estate Commission Arizona property management laws Arizona Department of Real Estate Arkansas property management laws Arkansas Real Estate Commission California property management laws California Department of Real Estate Colorado property management laws Colorado Division of Real Estate Connecticut property management laws Connecticut Department of Consumer Protection Delaware property management laws Delaware Real Estate Commission Florida property management laws Florida Department of Business & Professional Regulation Georgia property management laws Georgia Real Estate Commission and Appraisers Board Hawaii property management laws Department of Commerce and Consumer Affairs' Real Estate Branch Illinois property management laws Illinois Department of Financial and Professional Regulation Indiana property management laws Indiana Professional Licensing Agency Iowa property management laws Iowa Department of Inspections, Appeals, & Licensing Kansas property management laws Kansas Real Estate Commission (for commercial real estate property management only) Kentucky property management laws Kentucky Real Estate Commission Louisiana property management laws Louisiana Real Estate Commission Michigan property management laws Michigan Department of Licensing and Regulatory Affairs Minnesota property management laws Minnesota Department of Commerce Mississippi property management laws Mississippi Real Estate Commission Missouri property management laws Missouri Division of Professional Registration Montana property management laws Montana Department of Labor and Industry Nebraska property management laws Nebraska Real Estate Commission Nevada property management laws Nevada Real Estate Division New Hampshire property management laws New Hampshire Real Estate Commission New Jersey property management laws New Jersey Real Estate Commission New Mexico property management laws New Mexico Real Estate Commission New York property management laws New York State Division of Licensing Services North Carolina property management laws North Carolina Real Estate Commission North Dakota property management laws North Dakota Real Estate Commission Ohio property management laws Ohio Division of Real Estate & Professional Licensing Oklahoma property management laws Oklahoma Real Estate Commission Oregon property management laws Oregon Real Estate Agency Pennsylvania property management laws Pennsylvania Real Estate Commission Rhode Island property management laws Rhode Island Department of Business Regulation South Carolina property management laws South Carolina Real Estate Commission South Dakota property management laws South Dakota Real Estate Commission Tennessee property management laws Tennessee Real Estate Commission Texas property management laws Texas Real Estate Commission Utah property management laws Utah Division of Real Estate Virginia property management laws Virginia Department of Professional and Occupational Regulation Washington property management laws Washington State Department of Licensing West Virginia property management laws West Virginia Real Estate Commission Wisconsin property management laws Wisconsin Department of Safety and Professional Services Wyoming property management laws Wyoming Real Estate Commission Note: This list excludes resources from Idaho, Maine, Maryland, Massachusetts, and Vermont. Tenant screenings Tenant screenings are a critical step in property management, involving background checks, credit checks, income verification, employment verification, rental history, and proof of ID to assess prospective tenants. This process helps ensure that potential renters are reliable and financially responsible. It's important to obtain signed consent before running credit checks, as required by the Fair Credit Reporting Act (FCRA), to comply with legal standards and protect tenant privacy. Another important guidance is provided by the Fair Housing Act, which prohibits discrimination in housing-related activities based on race, color, national origin, religion, sex, familial status, and disability, ensuring equal access to housing for all individuals. Learn more about Tenant Screening Tips for PMs Lease agreements A lease agreement is a legally binding contract between the landlord and tenant, outlining the terms of the tenancy. Key components of rental agreements include lease terms, rent amount, security deposit regulations, and common clauses such as maintenance responsibilities and lease renewal terms. Regulations governing lease agreements can vary by state, so it's essential to ensure that leases comply with local laws. For instance, state laws often contain security deposit limits, provisions for the return of unused portions, as well as a clear accounting for any deductions. Consulting with a lawyer is crucial to ensure your agreement is legally sound and reflects your specific circumstances. We’ve shared some relevant resources below: Learn more about property management agreements, featuring a free template Learn about security deposit insurance, and its pros and cons Financial management Effective financial management in property management involves establishing clear rent collection procedures and maintaining organized financial records. This includes tracking rent payments, managing tenants’ security deposits, and adhering to landlord-tenant laws to avoid legal disputes and financial penalties. Keeping detailed records can help property managers resolve issues efficiently and ensure transparency with tenants and property owners. Solutions such as property management software can streamline financial operations, automate routine tasks, and perhaps most importantly - ensure accuracy and regulatory compliance with respect to various accounting regulations and legal requirements. Evictions Evictions are a legal process to remove a tenant from a property. Common reasons for eviction from rental units include nonpayment of rent, property damage, lease violations, and criminal activity. Property managers must follow their state's rules for eviction notices, such as unconditional quit terminations and termination for lease violations, to ensure the process is lawful and fair. State laws regarding unconditional quit terminations and terminations for violation of a lease vary widely. Unconditional quit notices typically demand that tenants move out immediately without an opportunity to remedy the violation. States like Indiana and Mississippi allow landlords to issue these notices for serious or repeated violations, with Mississippi requiring 14 days to move out. For lease violations, the notice period and the opportunity for tenants to remedy the breach also differ by state. For example, in Kentucky, tenants generally have 15 days of written notice to cure a violation, but if the same violation occurs within six months, landlords can issue a 14-day unconditional quit notice. In contrast, states like Iowa and Maine require a seven-day notice period for tenants to address lease violations before eviction proceedings can begin. In California, on the other hand, tenants must be given three days or more to cure the violation before landlords can file for eviction (source). These legal nuances emphasize the importance of PMs and tenants understanding their specific state regulations to navigate eviction processes appropriately. Property maintenance and repairs Maintaining rental properties is a legal obligation for landlords, ensuring that properties are safe, habitable, and free from hazards like lead, asbestos, and mold. This includes weatherproofing, providing adequate heating and water, and ensuring electrical systems are functional. You can find out more about these issues in our Property Maintenance Guide for PMs. Landlords must also give notice to tenants before entering the property for repairs, as required by most state laws. When in doubt, consult a legal advisor to ascertain the specific laws that apply to you in your state. Tenants have the right to a habitable living environment, and failure to meet these standards can lead to legal consequences as well as issues with occupancy rates. Indeed, when landlords fail to make required repairs, tenants have several options depending on their state's laws. Tenants may withhold rent, make the necessary repairs themselves and deduct the cost from the rent, pay a reduced rent, report the issue to local building inspectors who can order repairs, or even break the lease and move out. Additionally, tenants can sue the landlord for a partial refund of past rent or for damages caused by the substandard conditions, including discomfort and emotional distress. Get our preventative maintenance checklist for property management Learn about the importance of pest control to maintain a pest-free environment Second Nature's Guidance Staying informed about state-specific regulations, maintaining organized records, and ensuring compliance with federal laws such as the Fair Housing Amendments Act is key to successful property management. On a practical level, understanding and adhering to property management laws and regulations is crucial for property managers to ensure smooth operations, maintain property value, and foster positive tenant relationships. Learn more about property management company best practices, marketing, and more in our Second Nature Community.

December 9, 2024

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Resident Retention: Ideas, Tips, and Insights from Property Management Pros

Resident retention ideas help reduce turnover in leased properties, a critical key performance indicator (KPI) every property manager pays attention to. But the property managers we’ve consulted have told us something interesting. Merely rolling out the traditional “resident retention” playbook no longer cuts it..Why? These legacy strategies are too reactive and far too basic. They were created to “save” a resident in the last few months of their lease. Instead, in today’s world, modern property managers need to be focused on proactively delighting residents the second they sign. If they do this, then high resident retention rates will follow. Here are some of the best, forward-thinking trends we’ve seen for resident retention in the property management industry. Related: State of Resident Experience Study Meet the expert we partnered with to create this article: Melissa Gillispie, Director of Leasing & Property Management at JWB Real Estate Capital. Melissa is the licensed real estate broker for JWB. She plays an integral role in the organization and her efforts have led JWB to manage over 4,900 single-family homes in Jacksonville, Florida. JWB is now recognized as the largest local rental management company in northeast Florida. What is resident retention, and why is it important? Resident retention is a key part of achieving a Triple Win in property management, whether it’s in single-family (our focus) or multifamily. In transactional terms, the ultimate goal of a resident retention strategy is to increase lease renewal and reduce resident turnover, which results in lower costs and less work for property management teams. However, a Triple Win mindset levels this up by asking, “How can we create experiences so good that residents never want to leave?” Resident satisfaction, in turn, maximizes the investor’s ROI and boosts the property manager’s success. A win for residents is a win for investors is a win for property managers. This mindset moves from approaching property management as a list of menial tasks into a more generative and entrepreneurial approach. You’re in the driver’s seat as the property manager, and you can create programs and solutions that residents will pay and stay for. Now, you might be wondering why property managers should pay attention to resident retention rates. Here’s what Melissa has to say about that: Melissa: “Resident retention is a direct reflection of your customer experience. If people enjoy working with you, they'll stay. If they don't, they won't. Due to rising costs for investor clients, rent rates are climbing to keep up with those costs – which can be a big objection to overcome with residents. Swallowing the pill of a $150-$200 increase in rent can be tough for a resident on a fixed income. That makes their experience with us even more important. If they don't enjoy the experience, they most certainly won't agree to that level of rent increase.” What residents are saying about lease renewing and retention? In a recent survey by Buildium, only 32% of single-family rental (SFR) residents said they were certain they’d renew their lease this year, and an additional 36% were on the fence. This means that more residents have a desire to move than we’ve seen historically. Why is that? A couple reasons… 22% said they planned to move to a rental with more appealing amenities or benefits. 13% said they planned to move because they weren’t happy with the experience at their current rental. That’s a huge chunk of residents whose main reason to leave is a lack of benefits they want or need. What is a good resident retention rate in property management? Calculating resident retention rates and factors that can affect this rate can be challenging, as well as what’s considered a good average retention rate. Melissa sheds some light on this: Melissa: “We look at leases ending as an opportunity, and our resident retention is how many of those leases ending in a calendar year we convert to extend their lease term. Executed / Opportunities = Renewal Rate. A good average retention rate is anything 70% or better. That number has been our benchmark for success for 17 years of business. Factors that impact retention include how much owners are involved in setting rent rates, the housing market, the rental market, demand, experience, etc. We haven’t seen retention rates vary significantly by location, such as states vs. cities vs. rural areas.” Property managers share their best resident retention strategies The Buildium survey findings align with what many property managers are telling us, too. In fact, professional PMs tell us that a Resident Benefits Package is a powerful way to retain residents over the long term. RBPs can help with resident satisfaction and resident retention rates. After all, a proactive, differentiating approach to resident retention means building experiences that people will pay and stay for. Melissa: “Residents who stay longer-term tend to make on-time payments more often, take better care of the home, and reduce vacancy costs/leasing burdens. These benefits lead to better rent collection and increased management fee collection, happier clients with lower turn costs, and a lower market-to-move-in or days-on-market metric for leasing because their inventory continues to be reasonable and controlled.” In multifamily property management, resident retention strategies often center around resident events and building a sense of community. They may try things like holiday parties, happy hours, movie nights, and other get-togethers. But in single-family property management, where your properties are likely very different and spread across a larger region, the strategies aren't always as straightforward. Here are the top strategies that professional PMs are talking about right now. These help with bringing in new residents and with retaining good residents. Build easy communication with residents Relationship building is an important part of resident retention, and the foundation of any good relationship is, as any dating advice will tell you, communication. The rise of digital apps, online portals, messaging services, and social media platforms has made it easier than ever to communicate. Studies show that text messaging is on the rise, and most single-family rental (SFR) residents prefer text to other communication channels. Here’s how one study found the breakdown of where residents are communicating the most. 49% are using text 43% are using email 41% are using a phone PMs also know that expeditiousness is key. If residents are attempting to contact you, they likely have an issue that needs resolution asap. That’s why strategic PMs leverage technology and services that are all about speed.. More PMCs are incorporating solutions like texting, ticketing/inbox, offshore or outsourced staffing, and automation to remain quick-to-reply. Another great communication channel is sending surveys to current residents on a quarterly basis. Professional PMs ask what could be improved and use the data collected as a source for additional resident retention ideas. At Second Nature, we allow residents to survey and give feedback in their rewards app, and even incentivize it. When you are proactively seeking feedback, you can more easily drive positive social reviews and reputation management. Invest resources in property maintenance Anyone can tell you that property maintenance management is critical to a positive resident experience. But sometimes newer property managers only know how to take a reactive approach. They might do an annual inspection or respond to complaints. But they may not be proactively developing strategies to improve the property for themselves and their residents. In contrast, seasoned property management companies approach maintenance with a benefits-focused mindset. Instead of reacting to property problems, enterprising PMs tend to ask, “What habits can I encourage in residents to help keep the property in tip-top shape and therefore avoid maintenance requests altogether?” First, by creating care and value, PMs encourage residents to care for and value the property. But beyond that, PMs can implement strategies that make those behaviors easy. For example, a Resident Benefits Package can include air filter subscriptionsand pest control services – all of which help support residents in maintaining and nurturing the property. After all, it’s easy to change your air filters on time when they show up on your doorstep. We’ve seen a trend of property managers developing proactive strategies that help residents take care of the property. It pays off in dividends. Provide a simple, rewarding payment portal Speaking of paying off, most property management companies now offer online payments to residents. It’s true: 73% of residents say they prefer a digital method for payment. That’s the first step. But PMs have told us that many of those legacy payment systems can be difficult to use or don’t actively support residents in making timely payments. The next step is to ensure you’ve set residents up for success in making on-time payments. Some PMs set up rewards systems or incentives for on-time payments. These programs can help reduce the amount of time you spend following up on rent. For example, Second Nature’s Resident Benefits Package has a built-in credit-building service that reports on-time rent payments to all three major credit reporting bureaus: Equifax, Experian, and TransUnion. We’ve helped residents increase their scores by as much as 40+ points. You can bet that if residents have the option to boost their credit score, they’re more motivated to pay on time. Focus on resident security Creating safe spaces to live in helps protect both the residents and the properties that you manage. Making it clear that safety is a priority is also an effective way to build a reputation as a property management company that cares. Property managers can emphasize the safety of single-family homes through standard practices like ensuring rental properties have flood lights, working smoke detectors, carbon monoxide alarms, and solid locks changed after each move-out or before move-in. Surveys can also help assess how safe residents feel in their homes and if your company can do anything to improve security. Regular inspections and good communication go a long way to maintaining excellent security. For a Triple Win, property management companies can also provide an Identity Protection benefit . The odds of falling victim to online crime is 1-in-4. A $1M coverage provides real protection and peace of mind for residents while they get their personal data restored. Adopt new technology Technology brings ease and automation to every element of property management – and every individual involved. In fact, 79% of SFR residents prefer to complete at least some rental processes online. Technology helps you deliver competitive features without breaking the bank or slowing you down. And it gives ease and convenience to residents, too. These days, property managers have digital solutions for basically every part of their job, including: Online payments Maintenance request tracking Online rental listings & applications Text and email communication Renters insurance programs Resident screening Document signing, sharing, and storage Using SMS messaging platforms, online rent payment systems, and resident portals adds more efficiency for property managers while offering convenience to residents. The ability to pay rent, make a property maintenance request, or register a new pet or vehicle online creates a seamless experience that the resident can manage independently on their own time while also creating an organized system for leasing agents to respond to those requests. No more scribbling a repair request on a sticky note—now you can automate everything. It’s the best option for everyone involved. Be proactive The best PMs are always aggressive. They visit each property at least once each year, not just when something goes wrong. They have automated systems in place to alert them when new needs pop up. They design or invest in benefits packages and perks to serve their residents and stand out from the crowd. In “The 7 Habits of Highly Effective People,” Dr. Stephen Covey’s second habit is, “Begin with the end in mind.” Professional property managers who are ready for the future proactively identify opportunities to improve the resident experience. Ask things like: “What can I do this coming year to improve the living experience for my residents?” Maybe that’s new programs, new roles on the team, new technology, etc. Whatever creates value for residents is worth an investment because the payoff lasts. Melissa: “The best advice I can give is this: Communication and expectations are KEY. Start to work for the renewal on Day 1 of the original lease term, and consider how you can increase your communications. Be transparent. Be open to feedback. See retention as a bottom-line revenue driver. See retention as a benchmark for how residents are experiencing your company. Set a budget for creative incentives, and then encourage your team to USE THAT MONEY UP! The more "dopamine hits" you can give for those feel-good connection moments, the better! I think creativity is understated in property management. We focus so much on difficult interactions. How can we increase the positive ones? Who doesn't love to feel celebrated, seen, valued, appreciated, and considered? Reach out early and often! We start reaching out to residents six months before their lease expires. Make the reason for that initial touch point to "check in" – because it’s about relationships! People like to feel valued. Get creative with incentives for long-term leases! We offer all kinds of crazy resident incentives. We even bought a resident their very own bounce house when the client's homeowners insurance made the resident remove their large trampoline. Identify the real roadblock or concern, and do everything in your power to listen and solve it. Listen to any real complaints. If there are maintenance issues, solve them. If there are communication concerns, address them. Residents want to know that when they voice a real concern, you hear them and work hard to partner with them to fix it!” Automate what you can as you grow As property management companies grow, it becomes harder to dedicate individual time to each one of your residents. Property managers must figure out a way to maintain this resident expectation though. One effective strategy is to utilize technology to streamline operations and foster stronger relationships with residents. Melissa: “Automation is key as you scale your business. We manage around 5,000 doors, and without the ability to send email and text blasts, etc., we'd struggle to achieve the high touchpoint mentality we have. I think the larger your business, the more important these tools become. You can only grow at the pace at which your business can efficiently scale without having to continually add more staff. Text Magic is a low-cost solution for texting, and Callfire is a great option for mass-dialing and automated phone messaging. Any PM software has great reporting capability to build out mail merge lists. It doesn't have to be expensive to make it happen!” For all of the above, invest in a Resident Benefits Package As we’ve seen, resident benefits packages are the best way to build these experiences and perks that residents want. Benefits packages are bundled services that help drive revenue for your investor and drive satisfaction for your residents. At Second Nature, we offer services in a custom resident benefits package (RBP) designed by you and managed by us. We developed and designed each pillar of the RBP based on pain points that property managers shared with us – turning those pain points into benefits. These services include supports like: Internet service: Your residents are probably already paying for internet. By offering Group Rate Internet, you can give them a benefit they already pay for, at a cheaper price than they can get themselves. Integrating internet service right in their lease eliminates setup fees, equipment charges, and other unexpected costs, and simplifies their lives. Routine air filter delivery: This is a cornerstone of our benefits package because one of the most common causes of HVAC maintenance requests is a failure to change air filters on time. PMs who have implemented air filter delivery have seen a total reduction of 38% in HVAC requests. $1 million identity theft protection: Our benefits package includes identity fraud alerts and protection. Your residents can rest easy knowing every adult on the lease has coverage. Credit building: As we’ve mentioned, we report on-time payments to the credit bureaus so your residents can automatically boost their credit scores just by paying rent on time. Rental rewards: People love rewards! We include the cost of rental rewards in our total package, so PMs don’t pay more. We include perks like gift cards to local businesses, restaurant cards, cash rewards, and more. Move-in concierge: The first thing most residents do on move-in is make several calls to set up utilities. With our move-in concierge service, residents turn four phone calls into one. They don’t have to contact utility companies; we do it for them and identify the best rates. Renters Insurance Program: Our benefits package includes price-competitive insurance options to apply to all residents – at one group rate. On-demand pest control: Pests are one of the most common resident complaints, and a huge financial burden for property owners. On-demand pest services allow residents to connect with treatment companies directly when the need arises, while avoiding costly preventative treatments that may not even be effective. A benefits package puts PMs ahead of the game, proactively building the environment residents pay and stay for. How 1,800+ professional management companies create Triple Win experiences Resident retention is far more than a transactional arrangement. We know that a high percentage of residents leave when they aren’t getting benefits they could get elsewhere. Forward-thinking property managers take a proactive approach to resident retention by developing experiences that residents are looking for. By creating a fantastic resident experience through offering benefits and support, property managers drive a triple win for residents, investors, and themselves. Higher retention can drive referrals to prospective residents and clients, too. Offering a Resident Benefits Package that adds value to the leasing and living experience of your residents is as easy as Second Nature.

December 1, 2024

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Property manager filling out rental inspection check list

Property Management Rental Inspection Checklist [Free Template]

There's a hero tool that stands between you and potential disputes, wear and tear issues, and even costly oversights. It's a Property Management Rental Inspection Checklist. Now, someone who isn't in property management might think, "It's just a checklist, right?" But professional property managers know that without it, everything can kind of fall apart. Throughout this article, we'll dive deep into what rental inspections are, their undeniable importance, the key items you shouldn't overlook, and – because we love making your life easier – we're gifting you a comprehensive checklist template. Stick around to have all your pressing questions answered in our FAQ section and discover how Second Nature can be your partner in acing rental inspections. What is a Rental Inspection? A rental inspection is a systematic evaluation of a rental property's condition carried out by the property manager, landlord, or a dedicated inspector. It’s not just a casual walkthrough of the premises. The inspector will thoroughly assess every nook and cranny of the property – from the foundation to the roof, from the plumbing to the electrical fittings – is thoroughly assessed. The primary goal? To ensure that the property meets all safety and maintenance standards, that the residents are complying with their lease agreements, and that potential issues are identified and addressed before they escalate into major, costly problems. Think of it as a health check-up, but for properties. It provides an objective snapshot of the property's current state and offers insights into areas that might need attention or repair. Here's an example of what a checklist might look like: Why Are Rental Inspections Important? Rental inspections play a crucial role in the property management world, and here’s why: Resident Experience: A well-maintained property is a happy home for residents. When renters see that the property management company is proactive about upkeep, it fosters a sense of value and respect. This can translate to longer tenancies, on-time rent payments, and even positive word-of-mouth referrals. (Learn more about this in our State of Resident Experience Report.) Protection of Assets: Your rental property is a significant investment on the part of your client. Regular inspections ensure it remains in top condition, preventing minor issues from escalating into costly repairs, and protecting your clients’ real estate investments. Safety Assurance: By checking everything from electrical fittings to potential structural issues, inspections make certain the property is safe for habitation. No landlord wants to be on the receiving end of lawsuits or liabilities. Lease Compliance: Regular inspections ensure that tenants are adhering to the terms of their lease, such as not making unauthorized alterations or keeping pets when they aren’t allowed. Predictive Maintenance: Rather than always being in a reactive mode, inspections help in predicting potential issues. This way, you can schedule maintenance tasks before problems arise, which can be more cost-effective in the long run. Property Value Preservation: A well-inspected and maintained property not only attracts and retains quality tenants but can also help maintain or even increase its market value over time. In essence, rental inspections aren’t just a formality; they're a pivotal tool in ensuring the long-term success of your property management endeavors and in enhancing the overall resident experience. What to Include in a Rental Inspection Checklist When you're planning a rental inspection, your approach should be methodical and thorough. As Janet Sprissler, Broker/Owner at Rent 805, puts it: “There are no optional parts of the checklist. That’s why it’s a checklist; you have to check everything off. I don’t have any nice-to-haves on my checklist because everyone is treated the same. We don’t do for one resident what we won’t do for the other.” Organizing your checklist by room or space is a practical way to ensure no corner is overlooked. For each item listed within these spaces, always include a status, such as "Good," "Requires Maintenance," or "Replaced." This helps in keeping track of the condition and any changes over time. You should also consider what type of inspection you’re conducting and may want to tweak what you include depending on where the property is in its rental cycle. Different types of inspections include: Move-In Rental Inspection: Conducted right before a resident moves in, the move-in inspection serves as a benchmark for the property's condition at the start of a lease. It helps to document the existing state of the property, from the functionality of appliances to the appearance of the interior and exterior. This documentation can be invaluable in resolving potential disputes over damages when the resident eventually moves out. Move-Out Rental Inspection: Carried out once the resident vacates, this inspection compares the property’s condition to its state during the move-in inspection. It identifies any damages or changes that have occurred during the tenancy. Based on this, you can decide what portion of the security deposit needs to be returned. Routine Rental Inspections: These are regular checks conducted during a resident’s lease period. Typically done every six to twelve months, routine inspections monitor the ongoing condition of the property. They're also a great way to catch and address issues early, as well as to ensure lease compliance. “Drive-By” Rental Inspections: These are less invasive checks where property managers drive by the property to ensure its exterior is in good shape and being maintained appropriately. This type of inspection is less about detailed checks and more about getting a general sense of the property's outward appearance and ensuring no major lease violations are visible. For single-family property managers, these inspects may be less frequent since properties are often spread out from each other geographically. As you create your rental inspection report, remember that every property is unique. While categorizing by room ensures thoroughness, it's essential to adjust and add specific items tailored to each property’s unique features and needs. And always remember, communication is key. Ensure that residents are aware of inspections, their purpose, and the schedule to foster a transparent relationship. How to Conduct Rental Inspections Given the importance of rental maintenance, it's important to conduct inspections methodically and thoroughly. We highly recommend using a detailed checklist to ensure you are covering all areas of the property. It's also critical to conduct inspections in a professional and courteous manner to maintain a positive relationship with residents. This means informing them about upcoming inspections (notice may also be required by local laws – more on that below), scheduling inspections at reasonable times, and generally minimizing disruptions to their daily routine. As indicated above, there’s also an important compliance component to rental inspections, so be sure to familiarize yourself with local housing regulations to ensure your inspections meet all legal requirements. This will help you abide by fair housing laws and avoid discriminatory practices. To protect everyone involved in the process, document inspections thoroughly and maintain accurate records. You’ll find it helpful to schedule inspections regularly, for example, on a semi-annual basis, in order to nip any maintenance issues in the bud. Semi-annual inspections should focus on the property's overall condition, including the exterior, interior, and appliances. You’ll also check for wear and tear, potential damage, and any maintenance needs. Also, ensure that safety systems, such as smoke detectors and carbon monoxide detectors, are functioning properly. Yearly inspections are an opportunity for more in-depth inspections, including a detailed examination of the roof, foundation, and HVAC system. You'll assess these for any signs of structural damage or pest infestations, and update any necessary documentation, such as property records and insurance policies. As for the inspection process itself, simply follow the following 6 steps: Schedule the inspection: Coordinate with the resident to schedule a convenient time for the inspection. Gather your materials: Prepare your inspection checklist, camera, and any necessary tools. Conduct the inspection: Work through your checklist, taking note of any issues or concerns throughout the process. Document findings: Take photos and videos of any visible damage or maintenance needs. Communicate with the resident: Discuss your findings with the resident and address their questions or concerns, if any. Follow up: Create a plan to address any issues identified during the inspection. By following these guidelines, your rental inspections go a long way toward protecting the investment, maintaining property value, and ensuring resident satisfaction. How to Notify Tenants about Rental Inspections As mentioned above, effective communication is vital during the inspection process. Here are some tips to ensure that your approach is as thorough as possible. Provide written notice While the property manager's right to inspect the property may be (and should be) specified in the lease agreement, including frequency and required notice, you should also send a formal written notice to the resident, either by mail or email. This notice should include the date and time of the inspection, as well as the purpose (such as routine maintenance, addressing maintenance requests, or ensuring compliance with lease terms). You should also indicate whether the tenant's presence is required during the inspection, and provide your contact information in case of questions or concerns. Choose the right time Be sure to schedule inspections during reasonable hours. For example, avoid early mornings, late nights, or times when the resident may be unavailable. If possible, work with the residents to find a time that’s convenient for them. Respect resident privacy Before entering the property, knock on the door and announce your presence. Limit disruptions by keeping the inspection brief and by avoiding unnecessary distractions. If you need to access areas with personal belongings, handle them with care. Document the inspection Document the condition of the property, any maintenance issues, and any violations of the lease agreement. Consider sharing a copy of the inspection report with the tenant, especially if there are any issues that need to be addressed. Address resident concerns If the resident has any concerns or questions about the inspection, address them promptly and courteously. Explain the reasons for the inspection and the importance of maintaining the property. These tips will help you maintain a positive relationship with your tenants while also protecting the property investment. Property Management Rental Inspection Checklist With the help of OnSightPROS, we've developed a rental inspection checklist template for single-family rental property management companies. Use this template to build out your checklist. General Overview Date of Inspection: Inspector Name: Tenant Name: Address: Previous Inspection Date: Front Exterior Status: [Good / Needs Maintenance / Poor] Mailbox: Functional door and flag, no damage Lawn and garden: Well-maintained landscaping free of debris, no bald grass spots Driveway and walkways: No cracks or obstacles Fencing: In good condition, no damage Exterior lighting: All bulbs functioning Windows/Screens: Clean, no cracks, seals intact, screens intact Walls/Siding: No damage or cracked/peeling paint or caulking, no insect damage Downspout/Splash Blocks: Attached properly Light Fixtures: No missing bulbs or broken fixtures Roof/Trim/Gutter: No visible damage or leaks, discoloration, holes, clogged or loose gutters Rear Exterior Status: [Good / Needs Maintenance / Poor] Lawn and garden: Well-maintained, free of debris, no bald grass spots Patio/Walkways: No cracks or obstacles BBQ Grill: Set away from house, not under awnings Rear Door: Weather stripping intact, locks installed as needed Possible Hazards: Trampoline, open fire pit, swing set Pool: Clean, clear water, no damage, fence and lock in place Fencing: In good condition, no damage Exterior lighting: All bulbs functioning Windows/Screens: Clean, no cracks, seals intact, screens intact Walls/Siding: No damage or cracked/peeling paint or caulking, no insect damage Downspout/Splash Blocks: Attached properly Light Fixtures: No missing bulbs or broken fixtures Roof/Trim/Gutter: No visible damage or leaks, discoloration, holes, clogged or loose gutters Entry Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Patio/Porch: No cracks in concrete, railing, stair intact Front door exterior: No scratches, chipping, stains Locks/Keyless Deadbolts: Check for installation, functioning correctly Front door interior: No gaps in weather stripping, clean Walls and ceiling: Clean, no signs of mold or damage Closets: Shelves stable, no stains or damage to walls Flooring: No damage, carpets clean Blinds/Drapes: Fully functional and clean Windows: Open and close easily, locks work Living Room Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Door/Door stops: Fully functional Walls and ceiling: Clean, no signs of mold or damage Ceiling fans: Working properly Closets: Shelves stable, no stains or damage to walls Flooring: No damage, carpets clean Blinds/Drapes: Fully functional and clean Windows: Open and close easily, locks work Kitchen Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Door/Door stops: Fully functional Flooring: No damage, carpets clean Walls and ceiling: Clean, no signs of mold or damage Cabinet under sink: No leaks with running water, no standing water Countertops/Backsplash: Clean, no damage, caulking intact Cabinets: Doors/drawers work, no damage Sink/Faucet: No leaks, drains well, spray hose works Pantry: Shelves intact, walls clean, lights functioning Appliances (oven, fridge, dishwasher, microwave, etc.): Clean, functional Exhaust fan: Functional, no excessive noise Windows: Open and close easily, locks work Hallway/Stairway Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Door/Door stops: Fully functional Handrails: No loose or missing spindles, or other damage Walls and ceiling: Clean, no signs of mold or damage Closets: Shelves stable, no stains or damage to walls Flooring: No damage, carpets clean Blinds/Drapes: Fully functional and clean Windows: Open and close easily, locks work Bedrooms (repeat for each bedroom) Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Walls and ceiling: Clean, no damage or mold Ceiling fans: Working properly Flooring: No damage, carpets clean Closets: Shelves stable, no stains or damage to walls Door/Door stops: Fully functional Blinds/Drapes: Fully functional and clean Windows: Open and close easily, locks work Bathrooms (repeat for each bathroom) Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Door/Door stops: Fully functional Flooring: No damage, no sagging floorboards or discoloration Walls and ceiling: Clean, no damage or mold Exhaust fan: Working properly Closets: Shelves stable, no stains or damage to walls Toilet: Flushes correctly, no leaks Sink/Faucet: Drains well, no leaks Cabinet under sink: No leaks with running water, no standing water Shower/bathtub: Drains well, faucets work, no mold Towel bars: Present and functional Mirrors: Clean, no damage Blinds/Drapes: Fully functional and clean Windows: Open and close easily, locks work Utility Spaces (if applicable) Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Door/Door stops: Fully functional Flooring: No oil stains or cracks Walls and ceiling: Clean, no damage or mold Closets: Shelves stable, no stains or damage to walls Blinds/Drapes: Fully functional and clean Cabinet under sink: No leaks with running water, no standing water Windows: Open and close easily, locks work Washer/dryer: Functional, no leaks. No lint or debris in dryer. Water heater: No visible damage, no leaks HVAC system: Operational, air conditioning filters clean, no moisture issues around drip pan Satellite dish: Attached to house correctly Garage (if applicable) Status: [Good / Needs Maintenance / Poor] Smell test: No odors from animals, smoke, waste, must Interior door/Door stops: Fully functional Garage door opener: Functions correctly Flooring: No oil stains or cracks Walls and ceiling: Clean, no damage or mold Windows: No damage, hardware intact, no evidence of moisture Storage areas: Organized, no damage Safety and compliance Status: [Good / Needs Maintenance / Poor] Handrails: In good condition, no damage Smoke alarms: Up to code, batteries good, working order. Fire extinguishers: Inspected, and placed in easily accessible and visible spots. Carbon monoxide detectors: Up to code, batteries good, working order Electrical outlets: Functioning, GFCI compliant installed Lighting fixtures: Functional, no missing bulbs or broken fixtures Lighting: Functional Electrical panel: Good condition, labeled, all circuit breaker boxes work properly Additional Notes: Space for the inspector to make any additional comments or observations. Signature: Inspector’s signature, date. What To Do After a Rental Inspection Once you've conducted your inspection, there are a few steps you can take to make sure you're not missing any identified issues. 1. Document the inspection: Create a detailed written report of the inspection, including the date and time of the inspection, the property address, and the names of the inspector as well as the resident. Include all observations about the property's condition, particularly any damage, wear and tear, or maintenance issues. You'll want to take photos or videos of any significant issues, and keep a record of the inspection report in your property management records. 2. Communicate with the resident If appropriate, share the inspection report with the property resident, highlighting any concerns or maintenance issues. Address questions and concerns promptly and courteously. If maintenance or repairs are needed, provide the resident with the expected timeline for completion. 3. Schedule repairs Prioritize maintenance tasks based on their urgency and impact on the property's condition and resident safety. Where needed, hire reliable contractors to complete the repairs. As needed, monitor repair progress and ensure that they’re completed on time and to your standards. 4. Follow up Once the repairs are completed, inform the resident and schedule a follow-up inspection as necessary. If the resident has concerns or complaints about the repairs, address them promptly. 5. Update your records Update your property management records to reflect the completed repairs and any other relevant information. FAQs Here are a few frequently asked questions about rental inspections. Q: How often should you conduct rental inspections? A: The frequency of rental inspections can vary based on several factors, including local regulations, lease agreements, and the specific needs of the property. Generally, here's a recommended guideline: Move-In Inspection: Once, right before a new resident moves in. Move-Out Inspection: Once, immediately after the resident vacates. Routine Rental Inspections: Typically, every six to twelve months. It's a balance between ensuring the property is being maintained without being overly intrusive to your residents. Drive-By Rental Inspections: These can be conducted more frequently, perhaps quarterly, since they are less invasive and don’t require entering the property. However, always consult your local laws and regulations, as some areas might have stipulations on how often you can inspect a rented property. Also, it's crucial to provide residents with proper notice before any inspection, respecting their privacy and rights. Q: Can a tenant refuse a rental property inspection? A: While rental inspections are essential for property managers, tenants have rights, and their privacy must be respected. Generally, a resident cannot outright refuse a rental property inspection if: It's Stipulated in the Lease: Most rental agreements or leases have clauses that allow for periodic inspections by the property manager or landlord, given proper notice. Adequate Notice is Given: Many jurisdictions require landlords to provide a specific amount of notice (usually 24-48 hours) before entering the property unless there's an emergency. The Inspection is Conducted at a Reasonable Time: Inspections should be scheduled during reasonable hours, avoiding early mornings, late nights, or any time that might intrude on the tenant's reasonable expectation of quiet enjoyment. However, if a resident has a valid reason like health concerns, religious reasons, or personal issues, it might be possible to reschedule the inspection to a more convenient time. Always be sure to check local laws and regulations as tenant rights can vary by jurisdiction. Open communication and understanding between both parties can help mitigate any concerns or conflicts. Make Property Management Easier with Second Nature At Second Nature, our goal is to make property management easier for professional property managers. We built our Resident Benefits Package to support property management companies in delivering the best resident experience on the market. From a move-in concierge to air filter subscriptions to rent reporting, we deliver the services that residents will pay for – and stay for. Learn more about our RBP today!

October 10, 2024

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SFR Property Management Problems and Solutions

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

June 7, 2024

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