Property Management
Streamlining Eviction Management with Automation
Photo by Clayton Robbins on Unsplash
Eviction is an unfortunate aspect of the rental housing business. The process can be complex and difficult, especially for property managers juggling numerous other responsibilities. With averages exposing several percentage points of units/people each year, it is crucial to handle these situations efficiently to minimize their impact on the bottom line. And, most important – being graceful with the human element.
Navigating eviction laws is challenging, as regulations vary significantly between states, counties, cities, and municipalities. Keeping up with these ever-changing rules can burden property managers, and mistakes can lead to delays and frustration for team members, residents, and owners.
Automated eviction management solutions can be a game-changer for multifamily property management. By integrating with property management systems, these tools can manage eviction paperwork, from notices to rent suit filings to writs of possession.
This ensures compliance throughout the process while reducing the likelihood of errors and missed deadlines.
With automation, property managers can better see individual evictions and track them by property, region, or company-wide. Identifying pain points in the eviction process, such as sending notices, missed deadlines, or checking eviction status, can help determine which areas can benefit the most from automation.
The bottom line, property managers can save time and reduce frustration.
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Scott Spanier | Collective Conversations
This episode of Collective Conversations features Scott Spanier from LetHub! Scott is a dynamic storyteller who lives and breathes continuous improvement, or “Kaizen,” as they say in Japan.
He’s always at the forefront of exploring the latest tech trends and immersing himself in the outdoors. At LetHub, Scott’s expertise in utilizing AI to streamline routine workflows is revolutionizing the multifamily industry.
Get ready to hear about his journey and how he’s been able to blend his love for exploration with his passion for innovation.
I had a blast chatting with Scott about his remote work stint and how he’s constantly pushing himself to take risks and embrace new challenges. So grab your favorite beverage, Death Wish for Mike, and buckle up for this exciting conversation!
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Why Property Management Exists: Matching Problems with Solutions
Photo by Nik Shuliahin 💛💙 on Unsplash
Real estate is a lucrative investment that requires careful management to maximize returns. This is where property management comes in. Property management oversees and maintains a property to ensure its value is preserved and residents are satisfied. It’s an essential aspect of real estate that aims to match problems with solutions.
Property management is a comprehensive service that includes marketing, resident screening, leasing, rent collection, maintenance, and accounting. A good property manager is responsible for keeping the property in good condition, responding to resident needs, enforcing lease agreements, and ensuring the owner/investor receives the maximum return on their investment.
One of the primary reasons why property management exists is to solve problems that arise. Like any other investment, properties have challenges that must be resolved quickly and efficiently. Property managers act as problem solvers, working to find solutions that benefit the prospect, the resident, and the owner.
For example, when a resident has a maintenance issue, a property manager will promptly address it to ensure the resident’s comfort and satisfaction. The property manager will also work with asset managers/owners to find a solution that aligns with their budget and expectations. This approach helps maintain a good relationship between the tenant and owner while preserving the property’s value.
Another critical role of property management is to handle resident management. Residents are the backbone, requiring attention to ensure happiness and satisfaction. Property managers are responsible for addressing resident complaints and handling evictions if necessary. They also communicate with residents to keep them informed about any changes or updates related to the property.
Property management services are critical for property owners who do not have the time, expertise, or inclination to manage their properties themselves. Property managers provide expert guidance and support to help owners navigate the real estate market, make informed decisions, and avoid costly mistakes.
In addition, property management solutions help increase the property’s value. Property managers work to keep the property in good condition, ensuring it remains attractive to prospective tenants. They also keep up with market trends to ensure the rental price is competitive, maximizing the owner’s returns.
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Jindou Lee | Collective Conversations
Mike is joined in this episode of Collective Conversation by Jindou Lee, the CEO, and Co-Founder of HappyCo, a leading technology company in the real estate industry.
During our conversation, Jindou shared valuable insights on the importance of focusing on our strengths and doing what we are good at. He mentions the book “Strength Finder” and how it can help individuals and organizations identify and leverage their unique strengths for success.
I mention Wildsparq, a leadership training platform that RADCO uses to assist in training future leaders. We touch on Simon Sinek’s concept of “knowing your why,” and how it can help organizations build a strong sense of purpose and inspire their team members and customers.
Jindou also shared some exciting news about HappyCo’s recent acquisition of Yuhu, a property management software company founded and led by the amazing Hugh Kolias.
This was a great conversation with Jindou, and I am grateful to have had the opportunity to learn from him. So grab your favorite beverage (Goat Coffee for me) and enjoy!
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Zillow Super App
Photo by Rami Al-zayat on Unsplash
Zillow has long been known as a popular real estate platform, but recent developments suggest that it may be on its way to becoming the first super app for all things housing. This is exciting news for anyone interested in renting, buying, or selling a home and those simply interested in following the latest trends in the real estate market.
One of the key reasons it is well-positioned to become a super app for housing is its breadth of services. In addition to its core real estate search function, Zillow also provides a range of related services, such as mortgage and rental search, property management tools, and even home renovation and design resources. Users can turn to Zillow for all their housing needs rather than relying on multiple apps or services.
Another advantage is the sheer scale of its user base. With more than 200 million monthly visitors, Zillow has a huge audience of renters, buyers, and sellers and those simply interested in browsing listings or learning more about the housing market. This provides unparalleled access to data and insights about the real estate market, which could be used to create even more robust and useful tools for users.
Perhaps the super app’s most exciting aspect is how it could leverage new technologies to create even more innovative and personalized services. For example, they have already begun experimenting with virtual reality and augmented reality features that allow users to view homes in 3D or even “walk” through a home before visiting it in person. As these technologies evolve, it’s easy to imagine Zillow becoming an even more powerful and engaging tool for users including owners and operators.
Imagine if Zillow created a full-stack property management platform and gave it away for free to property owners and operators.
Of course, there are also potential drawbacks to the rise of a super app like Zillow. Some critics have raised concerns about the company’s increasing dominance over the real estate market and the potential for bias or inaccuracies in its automated valuation models. Others worry that it’s sheer volume of data could be used in ways that compromise user privacy or security.
Despite these concerns, it’s clear that Zillow is well on its way to becoming a super app for all things housing. With its comprehensive suite of services, massive user base, and willingness to embrace new technologies, Zillow is poised to transform how we think about buying, selling, and managing our homes. Zillow’s ongoing evolution is worth watching whether you’re a first-time homebuyer, a seasoned real estate investor, or a large owner or operator. It’s also worth keeping an eye on the idea of a Super Property Management System fueled by Zillow.
If this happens, sign me up.
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