Calendar icon February 6, 2023

What Is Home Wellness?

Photo of Alec Lower

Alec Lower

Social Media Coordinator - Second Nature

 

A lot of you likely think your home is a pretty healthy place. I wouldn’t blame you—I do too. It’s clean, right? Well, maybe not.

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First, we have to define what a healthy home is. Your body, just like you home, needs to be taken care of. Just like a healthy body takes some personal wellness, a healthy home requires its own wellness too—home wellness. At Second Nature, we define home wellness as the active pursuit of creating and maintaining a healthy, balanced home.

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We did a research study here and found that, not too much to our surprise, 99% of Americans think that a healthy home is important. Not too much to our surprise, about every 3 in 5 of Americans also think that their home isn’t as healthy as they’d like. I can understand that. We always hear or read about something more we can be doing.

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We also learned that there’s a strong consensus that good indoor air quality and clean water are some of the most important factors that contribute to home wellness. Given that, let’s start with air quality. Even though 61% of Americans think that outdoor pollution is worse than the air inside your home, the air inside your home could be up to 5x more polluted than the air outside. Yes, really, indoor air can be as much as five times more polluted than what’s outside. If that surprised you, I think we can all agree that maybe the “healthy home” we pride ourselves on isn’t quite as healthy as we think.

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Ready some more shocking data? Good.

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Wearing shoes inside at home. A lot of us do it (50% of Americans in fact). We think “it isn’t a big deal.” Maybe you take your shoes off inside and so does everyone else who comes to your house. Or maybe you take them off but feel rude asking guests to do the same. Wherever you fall on the barefoot-indoors spectrum, we usually think taking shoes off inside is just so your floors remain cleaner a little longer. Yes, that’s true. That was what 77% of you think. 47% think it’s more comfortable.

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Since your feet collectively house about 25% of the bones in your body, along with 33 joints and hundreds of muscles, tendons, and ligaments, it’s important to take care of them! Walking barefoot can actually be healthy, but for most of us, we grew up wearing shoes and now rely on them. So give it a shot, just don’t overdo it.

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At the same time, 36% of Americans remove their shoes indoors because they know about the air toxins they bring inside with their shoes. Things like pesticides, e. Coli, C. diff, and even feces latch onto your shoes and gladly come inside your home. That’s just gross. Do your home a favor and take off your shoes. And those guests you don’t want to be rude to? Just politely ask them to take their shoes off. It’s your house!

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Before we move on to water quality, we do have to talk about air filters a little bit. Not because we sell them, although we do and you should definitely have Second Nature air filters in your home. We’re going to talk about them because regularly replacing your air filters is part of home wellness. Since 33% of Americans forget this out-of-out-of-mind home maintenance task, it’s not surprising that 63% want an easier way to remember changing out their air filters them on time. (But not you. You use Second Nature for that)

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When it comes to keeping yourself healthy, changing your air filters on time can help reduce negative health impacts from air toxins and can even help with allergies (and can make a big difference for those who suffer from asthma, COPD, or other respiratory conditions). Want to take care of your lungs? Take care of your home!

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When it comes to keeping your home healthy, regularly replacing your air filters helps prevent damage to your HVAC that could otherwise happen. It also reduces your energy bill and, consequently, your carbon footprint. In fact, you can reduce the energy consumption of your HVAC system by as much as 15% by replacing your air filters.

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One last thing, Americans spend an average of $159 per month on self-care activities. For those between 24 and 39 years old, that monthly average goes up to $265. That’s taking care of yourself, and that’s very important. Do you know where I’m going with this? Guess how much it costs on average to have clean air filters in your home. $10 per month. Hmmm, that seems pretty reasonable for healthy air, doesn’t it?

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Now, on to clean water. 64% of Americans are concerned about the quality of their drinking water. So much so that 51% regularly drink bottled water at home. Bottled water isn’t too expensive, but do you know how much plastic that is? Too much! In 2017, Americans drank 13.7 billion gallons of bottled water.

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Don’t get me wrong, I get it. Bottled water is easy and convenient, it’s cheap, and it’s not straight tap water. However, the cost also adds up and so does the environmental impact, and filtered tap water can be of the same or better quality without all the empty bottles.

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72% of Americans say filtered tap water tastes as good as bottled water, but 51% still say they drink bottled water at home. Here’s a tip: Whether you get water from the fridge or the tap, filter it yourself.

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There are a lot of different options to filter your water, from pitchers with filters to refrigerator water filters to filters that go right on the tap, and none are bad choices. Just make sure the filter will get the job done. The National Sanitation Foundation classifies water filters under certain standards.

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  • NSF 42 - "Filters are certified to reduce aesthetic impurities such as chlorine and taste/odor. These can be point-of-use (under the sink, water pitcher, etc.) or point-of-entry (whole house) treatment systems.”
  • NSF 53 - "Filters are certified to reduce a contaminant with a health effect. Health effects are set in this standard as regulated by the U.S. Environmental Protection Agency (EPA) and Health Canada. Both standards 42 and 53 cover adsorption/filtration which is a process that occurs when liquid, gas or dissolved/suspended matter adheres to the surface of, or in the pores of, an adsorbent media. Carbon filters are an example of this type of product.”

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A filter that meets both those standards is going to be the ideal filter for your water. Clean drinking water is one of the most important elements of a healthy home, so a good water filter is not something to skip on.

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Home wellness is all about creating a healthy, balanced home. This includes keeping the air you breathe and the water you drink clean and free of threats to your health. At Second Nature, we strive to help you achieve home wellness with our air filter subscription service. We make keeping your air clean easy by shipping you high-quality and reliable air filters on your schedule so that you do not forget to change them and they keep filtering pollutants out of your air.

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Calendar icon July 18, 2024

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Investor Experience Platform™️ IXP™️

An Investor Experience Platform™️ (IXP) in property management is a suite of products, services, and benefits offered by property management companies to property investors. Just like a resident benefits package is a way to drive value for residents, investors, and property managers, the IBP™️ is an innovative approach to property management that focuses on driving value for an investor's assets and turning that value into profit for the property management company. In this article, we’ll dig into the different features that an Investor Experience Platform™️ can include, and how those benefit not just investors, but property managers and residents, too. What Is an Investor Experience Platform™️ (IXP)? As stated above, an Investor Experience Platform™️ (IXP™️) is a comprehensive suite of services that offer property investors higher quality property management, stability, and profit. An IBP™️ typically includes concierge-level services beyond basic property management – such as property insurance policies, eviction guarantees, rent guarantees, maintenance plans, asset performance reports, etc. These services are aimed at maximizing the investor’s assets, stability and convenience, profitability, and peace of mind in managing their properties. They're commonly managed through an investor experience platform to securely manage and monitor the performance of these assets online, which we'll discuss later. The first step to outlining an IBP™️ is to define what your basic management fee means and covers. If the answer is, it’s collecting rent, handling maintenance, and general communication – does that include maintenance coordination or is that a separate fee? Does it include asset reporting or is that an additional service? In your management agreement, define what the management fee is, what it covers, and how much it is. An IBP™️ can be an effective tool for articulating the new and differentiated things that an investor wouldn’t be able to do on their own and that you are offering beyond basic property management. Articulate your unique and differentiated services (IBP™️) and use that as a tool for positioning and charging for what it’s worth. What’s Included in An Investor Experience Platform™️? An Investor Experience Platform™️ should include a range of solutions to help deliver consistency, insight, and asset protection to a property owner’s portfolio. After all, professional property managers don’t have to be functional managers of a home – they can be strategic partners in the management of financial assets. You might hear services similar to the IBP™️ called an “owner benefit package,” but at Second Nature, we believe that the “investor” term is useful in encouraging a longer-term mindset, and emphasizes the economic value professional property management can bring. According to Eric Wetherington, VP of Strategic Initiatives at PURE Property Management: “As property managers, we need to think more like asset managers. This client made an investment, and we should be guiding that client through managing that investment, not just collecting rent.” To build and manage a winning IBP™️, property managers need an Investor Experience Platform that unlocks scalable product and service customization, digitized onboarding, accounting policy automation, and more. In addition, Investor Experience Platforms provide transparency and convenience for your investors. Here are some of the most valuable services that property managers can offer through an innovative Investor Experience Platform™️. Property insurance program Similar to offering a renters insurance program through an RBP in the lease agreement, property management companies can offer an insurance plan to investors to cut costs and ensure the safety of their assets. Most management agreements will include the requirement that the investor carries insurance on the property and that the property manager is additionally insured. But what if you as the property manager could help manage that for the investor – at scale? Property Insurance for investors should have dynamic pricing based on individual investors’s property portfolio and needs. The benefit beyond flexibility is the savings they’ll see on their premiums while also getting insurance that’s tailored to the needs of their specific property class. At Second Nature, we work primarily with single-family rental properties and small multi-family residences. Property Insurance Programs can bring scale that will drive economic value for the investor over what they could get retail on their own. They’d still have the option to go get their own insurance that meets requirements, but they can pay you a small fee to manage it for them. Rent guarantee An IBP™️ can include a number of financial guarantees to protect property investors and drive ancillary revenue for PMCs. A rent guarantee, or rent protection, ensures a consistent rental income to investors by protecting them against resident defaults or non-payment of rent. If a resident fails to pay rent, the property management company covers the unpaid amount and takes necessary steps for eviction or collection, providing financial security and minimizing the risk for property owners. Rent guarantees work for professional property management companies that have enough properties to balance the loss of rent if a resident doesn’t pay. The risk is low and the additional profit from fees for this guarantee can have a very high ROI, while driving satisfaction and stability for the investor. Plus, if you’re using services in an RBP to help incentivize on-time rent payments, you’ll rarely find yourself out in the cold. Eviction protection guarantee An eviction protection guarantee also goes beyond the normal scope of property management services and can be used as a secondary source of revenue. Eviction Protection is a service provided by property management companies to property investors that offers additional security and financial protection in the event of an eviction. Under this guarantee, the property management company assumes the costs associated with the eviction process, including legal fees and court expenses. It helps alleviate the financial burden on property investors and provides peace of mind by ensuring that they are safeguarded against potential losses resulting from resident evictions. The eviction guarantee helps protect property owners from the complexities and potential costs associated with evictions, ensuring a smooth and efficient resolution to tenant-related issues. Pet guarantees & other guarantees A pet guarantee is a service offered by property management companies to property investors that aims to address any potential issues related to allowing pets in rental properties. It typically involves implementing policies and procedures to ensure responsible pet ownership, such as thorough pet screening, pet agreements, and collecting additional pet deposits or fees. The pet guarantee may also include services like pet damage insurance or assistance with pet-related issues during the lease term. It provides property investors with a framework to accommodate residents with pets while minimizing risks and maintaining the condition of the property. For many residents, finding a pet-friendly apartment increases retention and profitability. They’re willing to stay longer and pay more for a pet-friendly place. And–get this–pet damage is less likely to happen than damage from kids! It’s not a huge risk to the asset, but can provide a big benefit in terms of satisfied, longer-term residents. Maintenance plan Home warranties are a four-letter word for property managers. They’re a massive headache to deal with, and yet there’s high demand for them among property investors. Because of that, most property managers charge a fee for home warranties, for each they have to file. Imagine if there was a world where home warranties weren’t needed. Here’s the thing: Professional property managers already have the vendor network and the know-how to coordinate maintenance jobs. What they don’t usually have is a product that’s priced to give the investor the experience they want. Let’s say right now an investor is paying $50 a month for a cheap home warranty. The warranty only covers 40% of issues and it creates all these extra people and friction in the middle. For anything moderately significant that goes wrong with a property, PMCs generally must contact the investor for permission to get work done. It’s all a massive hassle and loses time in maintenance requests that leave residents frustrated. What if there was a product that costs, say, $150 to $200 a month but it actually covered everything? Instead of having sudden expenses and emergencies, this maintenance plan smooths out the experience and makes it more predictable for the investor. For PMs, it means taking the initiative on fixes without waiting for approval. Imagine a world where you didn’t have to get owner approvals for 95% of maintenance issues – because they’re already budgeted for and already paid for. For residents, it means better maintenance, and faster. Another Triple Win! Asset performance reports Another piece focuses on property managers as asset managers. Think about any investment app, like Robinhood, Acorns, etc. You can log in to these apps any time, 24/7, and see how your stock and investments are performing. In most investment classes, you can see in real time how your assets are performing. Why shouldn’t property investors have that as well? An IBP™️ can include exactly that: a dashboard or online portal that shows investors regular reports on how their property is doing. They could get updates on the value of their home over time, the home price appreciation, rent price over time, and project rent growth, typically maintenance costs and how they’re doing against that, and more. Resident Benefits Package Another piece to include in your IBP™️ is to highlight the benefits of your resident benefits package to your investors. Explain how features like a filter delivery program protect their assets and reduce HVAC repair costs. Show how a renters insurance program can ensure coverage and protection. Give numbers on how credit reporting incentivizes on-time rental payments and helps ensure financially stable renters. Explain how a movie-in concierge saves both time, headache, and money. Each of the pillars of an RBP is critical to encouraging better resident behavior, increasing renter retention and lease renewal rates, reducing vacancies, and more – all primary goals for a property investor. A note about Rent Advance Programs There’s been due buzz about “Rent Advance” offerings, though many advise caution when approaching this financial product. It works in some ways like cash advance programs, which can satisfy urgent needs, but not be more valuable for anyone long term. The way it works is PMs offer to send a year of rent upfront to the investor in a big chunk, and collect monthly from the resident. The investor typically pays a 5-10% premium on the advance, which can be their entire expected return. So the question becomes, where do they put that cash to get a better return instead? Another thing to think about is who would actually use this product. Investors who don’t have enough cash on hand? How does that benefit anyone in the long run? What happens when there’s a big maintenance bill later? Does this encourage better decisions and practices by the investor? To date, there’s been pretty low adoption of this program, which is another sign it may not be hugely beneficial to everyone involved. But plenty of innovations start that way, evolve, and find traction. One case where it might be a value generator is if an investor is looking to take a cash advance and put it toward a down payment for another house. That would benefit the property manager as well, promising more business, and the PM could offer a lower rate for getting more properties to make the financing more attractive than hard money loans or other alternatives. The jury is still out here, it’s an interesting one to track. How Can Investors and Property Managers Benefit From an Investor Experience Platform™️? Investors and property managers can benefit from an Investor Experience Platform™️ in several ways. They’re also great for residents in the sense they build more stability and quality into the renting process. Here are just some of the benefits of an IBP™️. Enhanced investor attraction An Investor Experience Platform™️ provides incentives and advantages that can attract more investors. Financial guarantees and protections against the risks associated with evictions or late payments can increase stability, while services like a maintenance plan can ensure premium care of their property assets without increasing their workload. By offering attractive perks, property managers can differentiate their offerings and generate greater investor interest. Increased investor retention Both IBP™️s and RBPs help build loyalty with residents and investors. By fostering a strong relationship and demonstrating ongoing value, property managers can build trust and loyalty among investors, and retain them over the long term. IBP™️s help establish the stability, transparency, and asset growth for a real estate investment that an investor hopes to achieve. Improved property performance An Investor Experience Platform™️ can also contribute to improved property performance. For example, by offering discounted property management fees or access to professional services at reduced rates, property managers can help investors optimize their returns and reduce costs. Additionally, incentives such as rent guarantees or eviction protection can mitigate risk for investors and attract more capital to the property. Streamlined communication and transparency A well-designed Investor Experience Platform™️ facilitates effective communication and promotes transparency between property managers and investors. This can involve regular reporting on financial performance, property updates, and the sharing of relevant market insights. Transparent and consistent communication builds trust and confidence among investors, fostering a positive and long-lasting relationship. Competitive advantage A comprehensive Investor Experience Platform™️ can give property managers a competitive edge in the market. When investors have access to exclusive benefits and advantages, they are more likely to choose a property managed by a company that offers a compelling package – and to recommend it to others. Say hello to increased investment inflow and a stronger market position for your PMC. Should You Make an Investor Experience Platform™️ Mandatory? The first thing most property managers ask us when we’re talking about an RBP or an IBP™️ is: Should I make this mandatory for all investors or do I make it a flexible opt-in/opt-out program? Unlike RBPs, where best practices are more proven and established, different PMs are taking different approaches with their IBP™️s. Some have a mandatory level of service set at a flat price. Others may say they’re fine offering a base level of service without these differentiated products, giving investors the choice to simply pay a baseline management fee and opt out of the IBP™️ premium service. Some may offer a baseline to all investors and then give them the chance to opt in for premium IBP™️ services. There are a lot of ways to do it. With the RBP, we’ve found that making it mandatory does not generate nearly as much pushback as people expect – and can be a strong value add overall. Final Thoughts About an Investor Experience Platform™️ The Investor Experience Platform™️ is an innovative way to generate ancillary income and create more value for investors and residents. Similar to Second Nature’s premier Resident Benefits Package, the IBP™️ can deliver high-quality service for investor experience – and help create a triple win for investors, residents, and property management companies. The IBP™️ reinforces the value of a professional property management company for investors and helps differentiate you from the crowd. Stay tuned to learn more about the latest in the IBP™️ space, or learn more about how a resident benefits package can launch a whole new level of value for your PMC.

Calendar icon July 17, 2024

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