The Advantages of Online Property Management Services

Recent technological advances have made online property management tools less expensive and easier to use, even for smaller portfolio owners and managers. Online portals and other software programs make the renting process easier for all parties involved. As a result, online services are no longer viewed a bonus for tenants, but more so an expectation.

Having the ability to pay rent online is arguably the best perk of online property management services. Paying rent online offers multiple benefits for renters. For example, tenants don’t have to take the time to hand-deliver their monthly rent check, setting up automatic online payments ensures their rent is paid on time, and it eliminates the possibility of a tangible rent payment being stolen, lost, or misplaced.

Owners and managers see similar advantages when tenants pay rent online. In a recent article for Multi-Housing News, Ray Szabo, residential and commercial property manager with Santa Barbara Real Estate & Investment, stated:

“Having an online payment system eliminates the opportunity for a myriad of excuses that residents have for why they weren’t able to pay their rent on time, such as issues with the mail, running out of checks and so on.”

But making and receiving rent payments is not the only benefit of online property management services. An invaluable resource of online property portals is the ability to centralize maintenance management. Tenants can issue maintenance requests in the touch of the button, schedule preferred repair times, and track when the request was issued and completed. 

On the other hand, the maintenance team has an organized system to promptly and efficiently maintain the well-being of the property. Furthermore, maintenance workers are held more accountable with the online portal documenting the maintenance progress throughout the property.

Online rent payments and maintenance management are only two of the many benefits of online property management services. If property owners and managers correctly utilize such services, managing the property and communicating with the property’s community should become more stable and effective.

Trump’s Affect on Multifamily, or Lack Thereof?

Since stepping into the political realm, Donald Trump has been one of the most polarizing figures in the world. And after being elected president, the real estate industry started holding its breath to see how Trump and his administration would impact the economy. Some were cautiously hopeful for business-friendly policies while others had their reserves about approval rates and beliefs.

Fast forward to today. Six months have passed since Trump entered the Oval Office and the economy has had some time to adjust to new leadership. But how have those adjustments affected the multifamily sector, if at all?

Recently, the National Apartment Association (NAA) issued anarticle examining how Trump has impacted the multifamily and real estate industry. A number of industry CEO’s such as Ric Campo of Camden Property Trust, Greg Mutz of AMLI Residential, and David Schwartz at Waterton chime in to tell how the political climate has affected their actions and the real estate market as a whole.

Click here to read the full article and gain insight on what the Trump election has meant to the real estate sector so far.

Apartment Demand Continues to Rise

Last week, Multifamily Executive published an article pertaining to the continuously rising demand for apartments across the country. Substantiated data provided by RealPage and Axiometrics indicate 2017’s second quarter meets less than half the current level of apartment demand.

Chief economist for RealPage, Greg Willett, accredits high apartment demand to strong job growth, limited loss of renters to home ownership, and attractive new apartment communities.

Click here for the full Multifamily Executive article and additional detailed statistics from RealPage and Axiometrics regarding apartment demand, occupany rates, and rent growth for the second quarter of 2017.