All posts in Real Estate


5 Buildium Checklists for Superior Management of Core Rental Processes

buildium-checklists

This is our third template pack composed of checklists that are designed to be worked through in conjunction with a specific property management tool.

We did a pack for Appfolio, Propertyware, and now here are 5 checklist templates for property managers out there who use Buildium to help them run their business.

Buildium is a powerful tool that addresses all aspects of property management.

The platform has built a stellar reputation largely due to its ability to facilitate the tenant-rental owner relationship by offering customizable rental applications, tenant screening, lease tracking, automated rent collection, and other handy features including a full general ledger for accounting.

It’s truly an end-to-end solution for property management firms of all sizes.

The software is entirely cloud-based, so requires no additional hardware or software installations and can be accessed from anywhere.

The platform is currently used by over 12,000 property managers and 175,000 property owners; numbers that will surely continue to rise as they gain popularity and look to bring in more enterprise-level customers.

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5 Propertyware Checklists for Keeping Rental Processes Running Smoothly

propertyware-checklists

We recently released 5 checklist templates designed specifically to help Appfolio users manage a handful of core property management workflows more effectively.

The following templates are a continuation of our effort to support property managers who are already using a software tool to manage their processes.

This time we’ve customized the templates for Propertyware users, and in the following weeks, we will release another set of templates designed for property managers who use Buildium.

Propertyware, a subsidiary of RealPage, is a cloud-based, end-to-end property management platform that helps you manage the entire renter life-cycle, from online payment processing to customer portals and work order management tools.

Based in San Francisco, California, Propertyware is one of the oldest full-service property management platforms out there, and has built a loyal customer base of over 2,000 companies.

If you are one of those companies, we hope you will find these checklists useful and integrate them to improve productivity and overall business performance.

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Lease Renewal Process: Why it’s Important and How to Manage it More Effectively

lease-renewal

Lease renewals are a core workflow in property management that need to be executed with care and professionalism to get the desired outcome.

As is the case with property management in general, the lease renewal process depends on a series of decisions made by the property manager, property owner, and the tenant which can be unpredictable and demands adaptability on the part of the property manager to avoid delays, frustration, and unnecessary costs.

The dependency on decisions made by owners and tenants means that it is absolutely critical to stay ahead of the game and maintain a consistent flow of communication with both the owner and the tenant to ensure they are comfortable with moving forward, whether that be renewing the lease or vacating the property.

In this post, I’m going to run through the lease renewal process, break down what it involves, explain how a smooth process benefits your property management firm, provide some tips for handling key components like raising rent, negotiating, and evaluating the suitability of month-to-month leases.

Finally, I’ll go through how simple workflow software can streamline the whole process and help you avoid facing challenges that stifle growth, namely having to constantly find, screen and onboard new tenants. Though this is sometimes unavoidable, a formal, documented process that is followed by your team and tracked by managers puts you in the best position to manage the lease renewal process as effectively as possible.

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The Ultimate Guide to Workflow Software Integration in Property Management

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There is a need for digital transformation in property management

There is no easy way to summarize the role of a property manager in a way that really captures the wide range of responsibilities they have.

In essence, it’s all about communication. Interactions with property owners, tenants, and employees all need to be coordinated with efficiency and professionalism in order to keep all parties satisfied, establish a loyal customer base and enable future growth in a tough market.

Basically, managing properties isn’t just about real estate — it’s just as much about relationships.

You have to track conversations and deal statuses across multiple landlords, tenants, and applicants in addition to managing the properties themselves. It’s high-touch, high-urgency, and high-stress work.

“Communication can easily become chaos if not handled correctly. Between phone calls, text messages, emails, and walk-in traffic, it can be hard to keep tenants, owners, and staff on the same page. Documentation is very important to avoid miscommunication.” Nick D’Agnillo, CEO & Founder of Nexus Property Management

The extent of human interaction that is integral to property management creates a large margin for human error. Poor lead management, documentation of calls/emails, inspection coordination, tenant screening, and maintenance work orders are just a few examples of tasks/processes that are difficult to execute consistently without the assistance of workflow software running in the background.

As a result, property management firms are beginning to place a greater focus on improving business efficiency by formally documenting their processes and integrating workflow software, because it enables them to deliver their clients a superior service, while also providing employees with the tools they need to perform at their best.

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5 AppFolio Checklists for Core Property Management Workflows

Firstly, I should clarify that these are not checklists created by Appfolio, as the title may suggest. They are, rather, checklists created by the team here at Process Street (with some help from customers) that are designed to be used by property management firms who use Appfolio.

Appfolio is one of the most popular property management software tools currently on offer, enabling more efficient management of all kinds of properties including apartments, residences, and commercial real estate.

It is an all-in-one solution that includes features such as online owner and renter portals, online applications and leases, online payments, built-in screening, maintenance requests, mobile inspections, bulk text messaging, accounting, reporting, and a mobile app.

The software’s rich feature set, intuitive UI, and automation capabilities have received excellent feedback from its users, making it a popular choice amongst property management firms of all sizes, particularly those that are growing at a fast rate and are looking for a tool that will enable them to scale while minimizing growing pains.

To help you get the most out of Process Street while using Appfolio to manage your property management workflows, we’ve created a set of 5 templates to bring the two applications closer together.

We chose to create the following checklists because they are core workflows in the field of property management, and are common uses cases amongst a number of our customers that use Appfolio on a daily basis.

If you want to dive in and go straight to the checklists, there are quick links right below. Otherwise, scroll down for a brief intro to each one.

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How Alarca Realty Replaced Spreadsheets with Process Street to Streamline Property Management

alarca-realty-case-study

Alarca Realty is a property management firm based in Charlotte, North Carolina, specializing in the full-service management of family homes, condominiums, townhouses, duplexes, and small multi-family developments.

We spoke with owner and CEO Bob Abbott to discuss how Alarca uses Process Street to improve the management and execution of property management workflows that keep their growing business running smoothly.

The Alarca Story

Founded in 2005, Alarca began with the mission of delivering world-class property management services in Charlotte and other locations in southwestern North Carolina.

Their focus on customer service and providing the highest return for clients has resulted in them achieving industry-leading client retention levels.

alarca-property-management

For many years, the company used a large library of spreadsheets to manage internal processes and track communication with clients.

As the company grew, so did their spreadsheets, and it soon became incredibly difficult and time-consuming to execute tasks as efficiently as they would like.

Bob identified this bottleneck, and after a period of significant research and testing, decided to go with Process Street to improve the way his team complete their day-to-day tasks and for him, as the manager, to gain greater insight into the progress of workflows.

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Real Estate Software: Evaluating The Best Ways to Automate Your Processes

real-estate-software

The real estate market is known to require a significant level of human interaction, but to what extent is the human touch really necessary for delivering a high-quality service for each and every customer?

The human-intensive nature of real estate creates a large margin for human error. Poor lead management, documentation, appointment coordination, tenant screening, and maintenance supervision are just a few examples of tasks/processes that are difficult to execute consistently without the assistance of automation software working in the background.

“Real estate is a market that is ripe for technological disruption. Whatever can be automated should be automated!” – Jyotirmay Samanta, How to Automate Your Real Estate Business?

Some of you property managers out there may claim that diving headfirst into the automation craze sweeping the business world is not such a good idea, as it undermines the face-to-face interactions that play such an important role in the field.

This is not entirely wrong, but all things considered, deciding to ignore new ways of streamlining processes will leave you in the dust as your competitors continue to find new ways of being more efficient.

Plus, some industry thought leaders believe that automation actually humanizes the property management experience even more:

“One of the most effective ways to humanize the property management experience is by providing better communication. Figuring out what residents want in order to improve service can be a complicated and daunting task. But today, a company can easily leverage automated surveys and other forms of real-time communication to glean real, useful feedback from residents.”Doug Brien – How Technology And Automation Humanize The Property Management Experience

Recently, it was reported that total investment in real estate tech has ballooned from $33 million in 2010 to more than $5 billion in 2017. That is nothing short of astounding, especially when you consider the market’s volatility over the past decade.

Technology is driving the evolution of real estate, and market players need to keep up if they want any hope of leading the charge.

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9 Property Management Checklists to Keep Your Rental Processes on Track

property management checklists

There’s a growing need for process documentation in real estate

Managing properties isn’t just about real estate — it’s just as much about relationships.

You have to track conversations and deal statuses across multiple landlords, tenants, and applicants in addition to managing the properties themselves. It’s high-touch, high-urgency, and high-stress work.

Especially if you don’t have the first clue about processes.

If you take a peek at the numbers, you’ll see the BPM in real estate market is expected to grow at a rate of 24.8% between 2016 and 2021.

Property management firms are beginning to place a greater focus on improving business efficiency because that enables them to deliver their clients a superior service.

To turn your disorganized business around, creating a modern, automated system for documenting processes is an absolute must.

“A habit of highly successful property managers is creating step-by-step playbooks and standardized processes for everything. This documentation not only ensures consistency and operational efficiency but also shortens the amount of time required to train up new staff.” – Silvia Liu, 7 Habits of Highly Succesful Property Managers

Market research analysis conducted by Research N Reports drives this message home by claiming that the increasing need for accurate process documentation is a key driver of property management software adoption.

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