Unlocking Property Management Success: Strategies for Portfolios Big and Small
- Episode 416
- 39 minutes
Streamlining and Unlocking Success in Property Management for Any Portfolio Size
Listen to the episode below and subscribe to The Resident Experience Podcast for more episodes.
Customizing Property Management Operations for Success, Growth, and Efficiency
Introduction (0:00 - 04:20)
Yolanda welcomes Jeremy Moore, Director of Sales at Rent Manager. Jeremy shares his background, from his military experience to his career in multifamily, and gives an overview of Rent Manager’s property management software. The introduction establishes the foundation for discussing the key challenges and solutions for property management at all portfolio sizes.
Challenges Facing Property Managers (04:21 - 10:16)
Yolanda and Jeremy dive into the key challenges property managers face today, such as rising operational costs and the need for efficiency. They discuss how these challenges affect portfolios of all sizes, and how technology plays a critical role in addressing these issues. Jeremy emphasizes how flexibility, customization, and openness in technology can help managers overcome common hurdles.
Leveraging Customization and Service for Success (10:17 - 17:43)
Jeremy highlights how Rent Manager and similar platforms focus on customization to fit specific portfolio needs, whether for a small operator or large enterprise. They explore how open APIs and integration capabilities allow property managers to build tech stacks that suit their specific operational goals. Jeremy stresses the importance of excellent customer service in helping property managers effectively implement these solutions.
Technology & Integrations: Automating for Efficiency (17:44 - 33:02)
Yolanda and Jeremy discuss the importance of technology integrations in streamlining operations, particularly for smaller portfolios. They explore how automations, such as digital payment reminders, significantly improve operational efficiency and cash flow. The conversation emphasizes how flexible rent payment options and integrating new technology can enhance the resident experience, while driving long-term portfolio success.
Conclusion & The Good News (33:03 - 39:07)
Yolanda wraps up the conversation with Jeremy by summarizing key takeaways for property managers looking to implement digital solutions. Jeremy offers final advice for those just starting their digital transformation, stressing the importance of evaluating business needs and building strong partnerships with tech providers. The episode concludes with a segment featuring listener-submitted Good News, celebrating achievements and positive experiences in the multifamily industry.
GUEST
Jeremy Moore
With a robust background spanning over 15 years in the software and technology sectors, Jeremy Moore is the Director of Sales for Rent Manager property management software. His expertise is rooted in the leadership and technology space, having spent time with the United States Army and moving into the property management industry, where his dedication to the success of others guides everything he does.
Jeremy joined Rent Manager in 2013 as a product support specialist. Over the years, he held several positions with the company, establishing the Account Management department and subsequently taking the helm of the sales teams. His strategic vision and leadership led to his promotion to Director of Sales in 2020, where he now steers the company's sales strategies.
Known for his dynamic motivation and goal-driven approach, Jeremy is also recognized for his innovative problem-solving skills. He constantly seeks opportunities to enhance the company's offerings and propel the property management industry forward. Jeremy's leadership is fueled by a commitment to the collective success of his team and clients alike.
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Transcript
Yolanda Muchnik:
Today we’re chatting with Jeremy Moore, Director of Sales at Rent Manager, a powerful property management software that combines all the features you need to run your business into a single integrated solution. Rent Manager is also a longtime partner of Zego, and I’m excited to dig into the challenges and opportunities that their customers face in multifamily today.
So Jeremy, welcome to the show.
Jeremy Moore:
Thank you. It’s a pleasure to be here. I’m super excited. Longtime partner with Zego, long time listener so I’m excited to be on here. Thank you.
Yolanda Muchnik:
Glad to have you on. And now you’ve been in the industry for a while, I believe. Eleven years or so. So I’d love to kick this off with you telling us a little bit about your history, why you’ve become a lifer in multifamily, and a little bit more about Rent Manager too.
Jeremy Moore:
Sure. So yeah, you’re correct, eleven years, which has flown by. I’ll tell you, it’s pretty amazing when I look back, so I’ll kind of kick it off and give you just a quick rundown of who we are as a company.
A little background of myself here, but my name is Jeremy Moore. I’m the Director of Sales here at LCS. LCS is a provider of innovative business technologies. And really what that means for us is it’s a suite of products, services that we offer to clients to help them run their business more successfully, more efficiently.
The flagship product that you all know us by, and most people that would listen to this podcast, know us by is Rent Manager, which is a property management software solution. All in one property management software solution. Just like you mentioned.
We do everything that you would need from things like accounting, leasing, marketing, operations, maintenance, all those core fundamental aspects of a property management company. But we do it in a very unique way that we look at as being the most customizable, most open product on the market. We work with clients from every different asset type, asset class, different unit counts. We have clients that have a dozen units. We have clients that have tens of thousands of units. And then we work across multifamily, single family, commercial, manufactured housing, short term rentals, you name it, we’re in that market. So that’s a little bit about the company and the product, but about myself, my background.
So I grew up here in Cincinnati, which is where we’re at today. That is where our headquarters is here in Cincinnati. Born and raised, went to the University of Cincinnati, studied information systems, so kind of fell right into what I thought I would do when I was younger. But I graduated in 2008, and at that point in time, if you know anything about the market, it was definitely not the best market in 2008.
And I went into the military and worked with a bunch of their operational systems. So I spent four years working for the United States Army and had my first and only child at that point who is turning twelve, and you kind of see that timeline. So I’ve been with Rent Manager for eleven years, my son’s turning twelve, and that was really a turning point for me, was coming back from a deployment and thinking, hey, I’ve loved my time serving, but I have a child. It’s time to look for something else. And so I came back to Cincinnati. I went to a military recruiting fair, which is where I met LCS, the creators of Rent Manager, and have been here ever since. So eleven years now that just passed. I love every moment of it. Now, as a Director of Sales, I get to provide direction, strategy, oversight to our sales teams and get to work with, honestly, some of the best people in the industry.
Yolanda Muchnik:
Well, that is quite a journey. Thank you so much for sharing.
So, Jeremy, we’re chatting today about the key hurdles you see in multifamily companies across all sizes, from under 500 units all the way up to enterprise level. Many property management systems seem to focus solely on the big folks, but as you mentioned, Rent Managers adopted a versatile approach to accommodating companies regardless of size.
So I’m curious if you could share a little bit about how you’ve been able to do this and what has been your approach?
Jeremy Moore:
Yeah, you know, it’s a good question. It’s really core to who we are. It’s what we’ve built our business around, is that concept of being able to support customers of any magnitude. So if you have a small portfolio, a larger portfolio, if you’re in multifamily or not, we wanted to build a software that was powerful yet simple to use and supported whatever industry that you were in, regardless of the unit count. So we’ve always taken that approach, and we did.
So really, I think in three ways. When I look at it, I break it down to these three segments, and the first is customization. And that’s really key to everything we do in the software. We want to provide those really core fundamental, operational things that every management company needs and do so very well. But then we want you to be able to customize those things, to build off of those core fundamental components and really tweak them to fit your business and to make sure that the software adapts to your business and not vice versa.
That’s really important to us, and that’s one of the key things that we latch onto. And we try to build that idea of customization into every aspect of our software so that we can support clients in all those different shapes and sizes. Software can be, I guess, somewhat of an off the shelf type of product at times, like you’re building it for the masses. We work with over 10,000 management companies, and so we have to build things that work for a large majority of people, but we want to do so in a way that feels more bespoke, more tailored to their needs, where they can say, hey, yes, this is Rent Manager, but this is how I need it to run. So customization is number one.
The second thing for us is being open. It’s really important for us to be an open system, an open platform to not tie clients into how we think the software should operate or the partners we think they should integrate with. We give you full access to your data. We have an API that’s industry leading that allows you to build and connect different applications as you see fit. So that’s been a core component of what’s allowed us to grow across these different assets, asset types and industries and unit counts, and then service, which is also one of the most important things for us. So customer service is probably as important to our business and our business model as the software.
There’s a lot of tech out there, especially in prop, tons of prop tech. I went to Apartmentalize and I walked the trade show floor, and there was just booth after booth of new technology. It’s exciting, but with all the technology out there, it’s really not a question of what tech you have. It’s how you implement that tech, how you leverage that technology. And so for us, that idea of being a partner, more so than just a supplier or vendor, and supporting you through your journey and helping you implement solutions is key.
Yolanda Muchnik:
Right. And it really does sound like supporting a range of portfolio sizes for Rent Manager is important to the brand. Why do you think that is?
Jeremy Moore:
You know, it definitely is important to the brand, and it’s something that we pride ourselves on. Not every property management solution that’s out there takes that approach, and that’s okay. There’s property management software solutions that are really focused on a certain asset type. Maybe it’s multifamily only or they want to work with clients that are over 1,000 units because they can build products and features that are very specific to that. And we understand that.
But for us, we kind of believe that every, every property management client deserves to have good software and good service. And so when we started to build that solution, that was our mentality, that this is who we are. We want to provide an all in one solution. We want to be customizable, we want to work with you, we want yours to grow with you. And so when you step into the product and maybe you have a handful of units and you’re just starting out, we want to give you those tools and that service that you deserve, but also allow the system to grow with you and to kind of grow into these other features that maybe down the road are more important as you scale up, as you have maybe 100 units and 1000 units and not going to force you into maybe another software or an upgrade.
For us, it’s very important to keep you in one solution and support you the same way no matter what.
Yolanda Muchnik:
Right. You talk a lot about customization, and so I’m curious, you know, does Rent Manager, tailor services or provide integrations or options that specifically meet the needs of multifamily PMC’s based on their size?
Do you have a framework or a roadmap or a template? Is that part of the thinking there, that there’s a certain way to service smaller clients, enterprise clients, and this is the general framework that we follow?
Jeremy Moore:
Yeah, that’s exactly correct. So for us, we start with, I think, that core framework, which is based on our kind of the core fundamental items. I mentioned customization, openness and service. And so we start there no matter what size, the property management company, and then we kind of expand from there. If we’re working with someone that has a few thousand units or tens of thousands of units, our approach and the things that we’re looking at are obviously a little bit different than a smaller client that maybe has a couple hundred units. And the features that we introduced to them were enabled within their software is probably a little bit different. And so we take that approach and we really, to do that, lean on a few different aspects of our business.
One is our business development team. So our business development team is kind of broken out into different sectors of the industry. So multifamily, manufacturer, housing, single family, that kind of thing. And what they do is they ingrain themselves in the industry. They’re on committees, they’re on boards. They’re part of just the organization as a whole, as kind of our branded ambassador, if you will. But what that allows us to do is to understand the market, to understand where things are going, not just from our clients and their feedback, but from others that are not our clients that are in the industry.
And so we get to learn from them. They bring all that information back and kind of tell us where the market’s going, and then we will build certain features that support that industry based off of that feedback, which is vital for us. And so kind of an example of that. Most property management companies need some form of a leasing solution, right? So to market their units, they need to be able to lease them multifamily.
They rely heavily on Blue Moon as part of that process. And so we’ve built out tons of tools that are specific to leasing, and then we go back and say, hey, that’s great. We have some really powerful tools to help the leasing process. But for multifamily, it’s really important that we embedded, let’s say like the Blue Moon technology into this leasing workflow.
So how can we do that? How can we make that effective for our multifamily clients but not disrupt maybe clients that don’t need it?
So that’s vital for us. We also rely heavily on our relationships with our current customers through like, our customer success team and our sales teams. They go out and they build those relationships. We hear that feedback and kind of what they need in the market and shift and adjust, create tools based on their feedback.
Yolanda Muchnik:
Thank you. So, I mean, I imagine there must be a certain set of challenges that come along with serving such a wide array of clients. I’m wondering if you could touch on a few of what those top unique challenges you see are that impact multifamily portfolios based on their size.
Jeremy Moore:
Yeah, we have a lot of challenges out there, for sure. And like you mentioned, you know, for us, being involved in so many different types of assets, so many different types of customers, we see the challenges from all over the place. And so it’s definitely challenging, but it keeps us on our toes and it keeps us very innovative because we hear challenges that from one market, let’s say it’s short term rentals or something of that nature.
And then we can look at how we can develop something that would help them, but also that it could translate over and help multifamily. So there’s a lot of pros in that as well. But some of the most common things that we hear, challenges right now. It’s interesting. A lot of them have a lot of crossover. They’re the same at many times, regardless of them maybe having a handful of units or they’re more enterprise institutional management companies with thousands.
The core challenge is the same a lot. It’s just the magnitude of it and what they’re looking to solve, a lot of that right now, just with the way the market is, is really around operational efficiency, and that’s really because of the cost, right? Costs are rising across the board. Inflation is a real thing. Insurance, maintenance costs, taxes, you name it, they’re on the rise. And not every multifamily market has the same thing going for rental rates. Right? Some markets, their rental rates are going up, others are stagnant. They have concessions.
It’s a bit of a softer market right now. And so we’re hearing a need for operational efficiency across the board. Whether they’re a smaller operator or an enterprise client. They want that ability to use software to make their process more efficient, to cut costs as much as possible where they can, and to optimize revenues where they can. And that’s where tech really comes into play. And something like our software, where we can kind of tweak workflows and processes and things within the product to align with what they think is best in their market.
And that’s really key. Other things that we’ve run into, maybe like for a smaller operator, but not always, it’s important for all size cash flow in this market. Cash flow is vital. And especially if they’re smaller, any sort of impact to cash flow for a small operator, it is a serious detriment to their business. It can also impact larger clients, but they have a little bit more, they can handle that a little bit better.
Yolanda Muchnik:
Cushioning?
Jeremy Moore:
Exactly. Cushioning is the right word. And so we’re looking for ways to help guard themselves from cash flow issues. So things like digital payments or flexible payments, things of that nature, where, hey, there’s some really cool options that have come onto the market, especially in multifamily, like flexible payments and offering different ways to kind of protect cash flow from the property management company, but also enhance the experience of the resident have been important.
So there’s some things there. And then if we’re talking about a larger operator, you know, challenges there. Larger operators have certainly different challenges. Things that we hear right now is with them looking to really optimize for their investors. They’re typically, they have investors behind them that are pushing them to make sure that asset is performing. And so they’re looking for ways to make sure get very clear insights into their data and how things are performing and how they can make sure that that profitability is at its highest margin, so that NOI is impacted in a positive way. And so having open access to your data and being able to really create custom analytics and custom data points that give you what you’re looking for is important. And we do that through an open API and helping people really capture that data.
So our API is important for all clients, but really, if you’re in a larger institutional management company that has investors behind them, it becomes even more important to take advantage of those types of things.
Yolanda Muchnik:
Right. And I want to piggyback off of what you just said a little bit, slightly tangential topic, but at RETCON this year, a panelist mentioned integrations as a critical factor of decision making for tech vendors, and I know Rent Manager has a robust integration network. Obviously, Zego is a part of that. And you guys really have been ahead of the curve here for the large part. Other PM’s providers are starting to flesh out their integration networks more. But you’ve always focused on this heavily.
What drove Rent Manager to create this robust network so early on?
Jeremy Moore:
Yeah, we have taken that approach very early on. You’re absolutely correct. For us, when we started to develop the current version of Rent Manager, which we don’t do complete rewrites of the software, very often it’s more incremental updates. But back in 2010, maybe around that time frame, we started this journey of what the next version of our software would be. And at that point in time, we saw more prop tech coming into the market. So more technology companies starting to kind of create tools that were specific for the property management industry, where before there were some, but there weren’t as many companies doing it.
And so we thought right away that, hey, as we develop this next version, what makes us unique in the market? What’s going to make us stand out in terms of a property management software solution? Customization was always there. That was always core for us in everything that we did. Service was always there. Those two points that I mentioned earlier, and then we got to this idea of being open. We saw we had clients that were starting to integrate with different companies that had really cool products or really niche solutions, and more and more started to come on board and there were more clients reaching out to us. Hey, we were working with this company.
We met them at some show, or they’re friends of ours. Hey, we really like their solution. We want to work with them. And so that became a core component of what we wanted to design. We felt that it was only good business to support that and not block it off. At the end of the day, we want to offer you really solid core, fundamental property management software solutions. But if there’s ever a time that you want to work with someone else to kind of supplement one of those pieces, we think it’s good business to do that for you as our client. So we wanted to create this open ecosystem that allowed you to kind of build your best in class solution.
Everyone talks about best in class software, best in class tech stack, whatever it may be. And for us, it’s knowing that we can’t be all things for all people. So the better approach for us is to say, what’s really important here is our client’s success. And that means we need to be open, and our software needs to support any integration that they want or need. And so we took that approach very early on.
We built our newest platform, which was released years ago, and we’ve made a lot of changes to it since then, but when it rolled out, it was very open. There’s an integrations program, like you mentioned, that you’re part of. We’ve been partners with you all for a very long time, but we have over 160 pre-built integrations with prop tech providers of every style and shape. Whether it’s somebody that’s focused on multifamily or commercial, we work with all of them, and we make those integrations very powerful, very push-pull. We make it very simple for those integrated partners to become part of the integrations program.
We make it very simple for you to connect to it. So there’s an application, it’s more of like, think of an app store. You pull up your iPhone, your Android device, we have that in Rent Manager. You can open up, kind of what I refer to as the app store, scroll through, find a partner that you want to connect with, and we make that simple. And then we go a little bit beyond that with the API. We have an industry leading API. It is a full read, write, delete. Everything that you need to do, you can do through our API, you can hit most of the endpoints in the software, and that is important because our clients can use that to create custom applications, do what they need to do in terms of analytics, create custom processes, but it also allows them to connect Rent Manager with any software company they want. So even if you’re not part of our partner program, if we haven’t built that business relationship, and you’re not one of our 160 integrated partners.
If one of our clients come to us say, hey, we really want to work with XYZ company, but you’re not integrated, we still support that integration through a one off solution, through that API, which makes us really powerful when you’re looking to create kind of a tech stack that matches your business needs.
Yolanda Muchnik:
Right. So for the next little piece of our discussion, I want to zoom in a little bit on smaller portfolios. When you talk about customized needs, right. I think of smaller portfolios. They certainly have their own unique set of needs, and we haven’t touched on the needs of smaller portfolios enough, I think, on this podcast, I think it’d be really interesting for us to talk a little bit more about that segment. In particular, when it comes to these integration capabilities that you just discussed at Rent Manager, I imagine they significantly could enhance operational efficiencies for smaller portfolios in particular.
How do you see that being the case?
Jeremy Moore:
That is absolutely correct. You know, for me, it’s not what I originally thought it would be. When I thought about a smaller operator, I thought, you’re going to want to use just our tools, things that we’ve built for you. Right. And what we’ve come to find is that smaller, smaller operators take advantage of those integrations at times even more than I, than some of our mid market and enterprise level clients.
And what we’ve realized is that a lot of that is around their need to streamline operations. They may have 100 units, and that’s not a lot, but they’re running very lean. They may only have a few employees. Right. Maybe this is an apartment building or a few apartments that they own and self manage. And so that ability to hire people and to help staff and to provide good service to their residents and to still have some cash flow there, you have to run very lean.
And so what we found is that they take advantage of the integrations program because they’re finding all these solutions that maybe streamline a piece of their business that’s much more cost effective for them to utilize than to go out and hire someone and have that person on staff full time. And so it was a little eye opening for me when we first went through this and we developed and kind of thought through this integrations program and being very open, that wasn’t my thought process of where a lot of the use case would be.
But it was surprising. We went to those clients that were sub 500 units. They utilize it heavily, and it’s one of the main reasons we kind of win deals when we’re competing with other PM’s systems. That’s a big win for us because we do have that ability to connect with whomever they want to work with, which helps them stay.
Yolanda Muchnik:
Profitable, of course. And a core integration for any company, I would imagine, is obviously a rent payment portal. It’s a critical and regular touch point that companies have with their residents. So flexible rent payments recently, it’s become a hot topic over the past year or so, I’d say. And Zego recently released our 2024 State of Resident Experience Reportwhere we showed that residents today are really keen on this topic of flexible rent.
Are you seeing this trend come to life with smaller portfolios too? And if so, why? Do you think it’s becoming a more vital part of the rent payment payment mix?
Jeremy Moore:
Yeah, we’ve definitely seen it become more popular, for sure, over the past, I guess a little over twelve months ago is when we really started to hear momentum for the last twelve to 24 months. And then we started looking into it, of course, with you all, Zego partner for payment processing. And very quickly it’s become a norm. Honestly, it’s something that in multifamily, everyone I talked to, I was at Apartmentalize, talked to tons of clients, tons of just people in the industry, and that was a common trend. That’s something that they’ve adopted to help them.
It didn’t really matter if it was a client that had 10,000 units that I was chatting with or one that had literally just 100 or so. They both thought it was a fantastic idea, and so do we. And so we’re excited to launch that. We’re launching it, I think, here this month with you all, which we’re super excited about. But the reasons, a lot of what we heard, the why behind, we’d ask, why is this important? What do you think this is going to help with?
The first thing we really always heard was a lot of flexibility for the residents. Right? Everyone wants to provide a good resident experience. That’s what sets a lot of properties and property management companies apart from their competitors. They want to provide an experience that is unlike anybody else in that area and capitalize on that. And the ability to offer another option for payments, another way for you to make your rent payments, is important.
And residents want that. They want that ability to say, you know what, I want to split my rent up over the next month into four incremental payments. And I’ll pay a little bit more to do that because it allows me to manage my cash flow more effectively. We all know it’s important for property management companies to manage their cash flow and the things they need. But residents have that same problem or same need or want.
What we saw was a lot of times these residents had tons of bills and expenses, and they’re coming out all around the first of the month. And it was hard for them to kind of manage what they wanted to spend their money on and when. And so this gives them that flexibility to say, hey, this is how I need to make my payments and win. And then for the management company, it’s a win win, right? They get paid on the first of the month or whenever their rent’s due.
They get paid in full, decreases late payments, decreases all of the time spent tracking down late payments. So there’s costs there, kind of guards, protects that cash flow a little bit, which is good for everyone, especially if you’re a smaller operator. That’s like, talked about cash flow. Any interruption in cash flow for a small operator is a big deal. It’s not that cushion that you mentioned there.
And so that’s a win-win for them. Residents like it. Property management company loves it. And so we’ve heard more and more about it, and it’s going to be commonplace here very soon.
Yolanda Muchnik:
I think so, too. I do. So earlier this year, Zego also released our Rent Payment Trends report, and that’s a report where we used our own internal data to prove five surefire ways property management companies can achieve 100% digital rent payments. And one of the strategies we discussed in there is really quite simple. It’s sending automated rent payment reminders. We received data from Rent Managers showing that your customers see a 10% increase in digital rent payments upon implementing these reminders.
Were you surprised by any of these findings in the report, or have you seen similar trends in property management companies that manage 500 or fewer units?
Jeremy Moore:
I will say that, yes. I think I was a little surprised when I first. I mean, when you think about it, it makes sense, right? If you’re sending notifications, if you’re communicating with your residents in a more routine manner, you’re probably going to drive the type of impact that you want. But I didn’t think it would be that large of an impact when I first thought about it. We looked at this data, but it is very impactful.
And so what we’ve seen across the board, whether it’s sub 500 or more, is that building automation into your workflow helps drive the behaviors that you want. And that’s really what it comes down to. And so if you’re looking to enhance digital payment adoption, having systems set up to automatically take care of that communication so that it helps reinforce what, you know, the behavior you’re looking for becomes powerful.
And so we at this point, now that we know, hey, you can see a huge uptick in the adoption rate if you just implement these few small workflows and automations. We work with our clients to implement that, whether they have 500 units or 50,000 units, it’s the same thing. Hey, let’s set this up. Let’s customize it to what you need and what makes sense for your residents. And we do that through a variety of ways.
Those automated notifications can be maybe an email that goes out. You can just, hey, your rent’s coming up next week. Here’s a reminder, click here to pay your rent. But our system allows you to take that and kind of customize it and create different escalation paths or workflows for those things. So maybe you send an email and then if they, if they’re, you know, getting a little bit closer and they still haven’t paid the rent, we can send them a push notification because of a mobile app, of course, for the residents and just pop right up, right on their device. Hey, here.
Click here. Let’s make your payment. That kind of thing and what it also does. Or we can make phone calls, text messages, all those things, whatever works best. Or a combination of those things to reach out to those clients or residents for you. But it also ends up driving not just those one time payments, but we see it’ll transition into just setting up automatic payments, which is what I think makes the most sense. So they’ll go in at some point. Okay. Hey, let me just set up a payment schedule so I don’t have to do this every single month.
So it just reinforces what behaviors you’re looking for and any type of automation that does that is helpful for any size portfolio.
Yolanda Muchnik:
I think so. And I imagine that those automatic payments are the holy grail for not only residents, but also the property management companies. So, Jeremy, before I let you go, I’m curious, do you have any advice or words of wisdom for property managers and operators of smaller portfolios who are just starting to embrace digital solutions and automate previously manual workflows, the ones that you were just talking about, for example?
Jeremy Moore:
Yeah. So again, across the board, no matter your portfolio size, no matter what type of asset you focus in on, if you’re looking to adopt digital technologies in any way, I think the most important piece of advice I can give is to take your time and to really evaluate your needs first. That is, I think the most important aspect is to really look at what you want to accomplish, what makes the most sense for your residents, your market.
And once you have that idea, then you look for the software that’s technology to help you solve that. And when you turn to a software provider or tech provider, whomever it is, you want to look for someone that just, they don’t just have the solution that they can offer you, but they have that partnership and that relationship to help be a mentor or guide, so to speak, but help you implement that solution, because that becomes a problem.
And it’s a problem definitely for clients that are sub 500 units, but also larger clientele. There’s a lot of tech and there’s a lot of great ways to utilize it. But not every management company has people on staff that can really help determine what that best implementation is and how to get that tech to work for them. So once you kind of know your needs, you know what you’re looking for, you found something that fits.
Make sure that that company is going to support you in the long run and help you implement that technology, not just today during the initial sales process, but later on down the road. I think those are the most important things to look at when you’re looking to implement any of these types of solutions.
Yolanda Muchnik:
Great point. I imagine that the relationship and partnership factor is one of the highest things to consider for smaller portfolios.
Well, Jeremy, thank you so much for taking time to chat with us today. We talk about a wide range of topics on this podcast, obviously, and I thought it was important to call out and have this discussion specific to smaller portfolios and their particular needs and situations. So thank you so much for taking some time to cover this piece with me, and I look forward to our audience hearing this episode.
Jeremy Moore:
Yeah, thank you so much for having me.
The Good News
Amber Halteman:
Hey multifamily pros, this is Amber, your behind the scenes podcast producer stepping in and sharing some listener Good News with you.
Now for our new folks, what’s Good News? Well, it can be anything. It can be a successful work initiative. I’d love to hear some fantastic resident reviews from the folks out there. It can also be a shout out to a work colleague, shout out to a friend, family member. Heck, even go ahead and promote yourself. I love self shoutouts. This is your time to shine. There’s enough stress and anxiety in multifamily and the world. So let’s help shine a brighter light on what’s going right.
For those of you who aren’t familiar, how do you submit your Good News? Super simple. Go to the show bio on any platform or go to the podcast page at gozego.com/podcasts and click the contact the show link. You’re taken to a webpage where you can leave a text or voice message of your good news and we’re going to highlight it on the following show. Like I said, easy peasy. All right, let’s get to the good stuff.
First up on deck is Georgia C.. Georgia says the rent refund feature in Zego has saved us a lot of time and processing. Hey, I love to hear good shout outs for us at Zego. Thank you Georgia. I will pass that on.
Allison D., next up, I passed my brokerage exam. Woohoo. Go Allison. Love to see that. Congratulations on passing.
Next up, Anonymous. Company vacancy rates have moved considerable in the right direction thanks to increased summer demand. Woo. We’re excited to see so many new faces in the neighborhood. Oh, wonderful to hear Anonymous. Always like to hear that it’s going the right way, not the wrong way. Good things are coming to you this summer for sure.
Next up from Anonymous, a great thing that happened recently was doing my first table at a craft market to sell my homemade goods. Oh Anonymous, write back in and give a shout out to the city, the location. I love to support people who are doing their passion. Congratulations on your first table at a craft market, I’m sure you sold out. I love doing, I live here in San Diego and I love buying homemade goods from folks around here. So let us know. All right, next up we have two more Good News.
So next up on Anonymous. I was nominated for Assistant Manager of the Year at our local association. I’m very grateful for the opportunity. Congratulations Anonymous. I am sure this nomination is well deserved and your local association and your communities are very lucky to have you.
And last but never least, from our final Anonymous submitter. This year, I was able to achieve my collection goals being an assistant manager. I was able to collect my bonus for the first quarter. Big ups on that. Being able to hit those goals, hit those KPI’s and get that bonus. That’s everything we want to hear. So congratulations on that.
And with that folks, we’re done for today’s Good News. Thank you to everyone who has written in for the Good News, and if you haven’t, let’s do so. I can’t wait to hear what you have to say next week.