Posts Tagged ‘AppFolio’

How Will You Attract Millennial Renters in 2014?

Written by Landlord Property Management Magazine on . Posted in Blog

ForRentSignby on February 12, 2014 in Property Management Software

In December we held a contest that asked you how you would be appealing to Millennial renters in 2014. Since announcing the winners in December, we’ve had a chance to go through all of your responses, and we definitely noticed a trend. An overwhelming number of you made it clear what you thought would attract Millennial renters: “Get social, be mobile, provide more online services and targeted amenities!”

It’s no surprise that Gen-Y renters are tech-savvy individuals who are active on social media and love their mobile devices. Many of you recognized the importance of increasing your social media presence and providing services to renters online. Here were some of our favorite responses:

Get Social

“To start with, we have recently begun a campaign for boosting our social media presence, with an emphasis on education rather than sales. Helping the new generation understand what questions they should ask, and what to expect, paints us as the experts in our area. Who would you rather work with? Someone who’s forcing a property into your Twitter feed or someone who wants to help you find the property that’s best suited for your needs?”-David L, FL

Be Mobile

“Recognizing that Millennials tend to utilize smartphones for all tasks (be it research, communication, or photos) we have started the process to optimize our websites to be more mobile friendly. Making it easier to view photos, fill out an application, or schedule an appointment right from their phone.”-David L., FL

More Online Services

“Everything from looking for a place to rent, to applying, to signing the lease, to submitting maintenance requests—are ALL online!”-Palisades Property Management, OR

“I know millennial renters want to utilize the web and so do I. We want almost all resident and owner communication to be done through our software, whether it be work orders, rental payments, lease renewals, owner deposits, vendor payments, etc.”-Lisa T., OH

“Continue to use technology to grow and reach them. We now have online applications and ability to pay almost all fees online. We use all forms of electronic media to communicate, and we are continually updating our website with the freshest images and up to date availability.”-Anna G., TX

Targeted Amenities

“Work-life balance is important to the newest generation of professionals, who want to maintain a healthy balance between their working and professional lives. Amenities are a huge appeal factor for renters. Larger, open common rooms are popular. Many developers have added fitness centers and outdoor areas, including yoga and Pilates studios to appeal to renters. Outdoor spaces such as patios, decks and pools are a lure for renters who want to host friends and family. Other amenities include dog runs, garden plots and bike storage.”-Frank F., NY

“We are building new apartments with smaller floor plans, high ceilings so they feel bigger and have lots of light, and with lots of storage built in. We are adding bike storage locks directly on to the walls and ceilings —so they can hang their bike in the apartment. We are also including common area outdoor BBQs for socializing.”-Keegan M., CA

… And if all else fails, some of you weren’t afraid to think outside the box:

“To appeal to Millennial renters I’m going to hand out candy.”-Dan B., CT

“I will wear a banana costume and wave a sign in downtown Minneapolis … ”-Blake L., MN

We really enjoyed reading through all of your insightful, and sometimes humorous, responses. Thanks to all who participated in our contest!


appfolio Appfolio | Company Website | LinkedIn Connect |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money. Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

Should You Repair or Replace? Choosing Wise Renovations for Rental Propeties

Written by Landlord Property Management Magazine on . Posted in Blog

repair_replace_balanceRental property renovations open the doors for financial rewards through potential rental or selling price increases. However, deciding which renovations to undertake that will ultimately reap the most benefits can be complex. Interestingly, there’s a lot of advice offered by real estate professionals about which renovations are most worthwhile for investors, and these experts know what improvements renters really want.

Even more interesting – they know how to get the most bang for your buck when it comes to making wise property renovations, understanding the correlation between curb appeal and rental rates, how to choose remodeling projects that preserve equity and the integrity of the property.

Still Turning and Burning your Property? Don’t Get Burned Yourself

More property investors are realizing the benefits of treating their rental homes more like “their home” as opposed to another “unit.” Even scaled down renovations and remodeling projects can help increase equity and help you maintain a top-notch resident base. Investing in major projects is just that – major – so keep in mind that even minor improvements can make a tremendous long-term difference for both renters and owners.

However, some major projects cannot be ignored, and this is when treating it as a home comes into play for investors. One major roofing failure can spell disaster, put residents out of their home, and you temporarily out of income – facing a huge repair bill. Itemize your “to do” list according to importance, putting preserving the integrity of your dwelling on top of the list. Everything else you should evaluate by cost, the improvement’s potential lifespan, and consider any applicable tax credits and return on investment.

Cleaning, Cleaning, Cleaning – The #1 Return on Investment for Rental Properties

That’s right – a clean home is a desirable home. Those appliances don’t have to be top condition or modern, just clean! Carpets and flooring don’t need to be replaced when a good shampooing or deep cleaning may make them look brand new again.

Consider that the lifespan of carpeting averages about 11 years, according Old House Web’s experts, but wood flooring and many types of tile can last a lifetime. If replacement is imminent, consider upgrading to resilient and lovely Terrazzo tile or a natural, eco-friendly wood. If there are only a few flaws, chips, scratches, or imperfections that can be resolved with spot replacements or partial refinishing, then the cost-effective solution is clear!

Interior and Exterior Painting

Curb appeal extends to the interiors in the eyes of a renter; after all, they have to see those walls every day. If you’ve rented to a smoker or the same resident for many years, you’re likely justified in going with a complete overhaul with interior paint. However, you might be able to get away with a few walls here and again, but it’s such an inexpensive renovation, it’s best to refresh everything for your new charge.

Kitchens and Bathrooms – To Renovate or Resurface?

These two improvements are known for their tremendous return on investment; however, they are also known for their high initial investment. Contractor and remodeling experts are promoting the benefits of resurfacing over replacements. Resurfacing bathtubs, showers, and cabinetry are far more cost efficient projects than replacing them, particularly if they are in decent condition. The pros at Old House Web estimate that acrylic baths have a 15-year lifespan, so estimate “how much life” your major fixtures and appliances have left before considering costly replacements.

Final Considerations in Remodeling Rental Properties

Your budget, how much time you have, and the condition of your property certainly play a role in your remodeling decisions; however, as a wise investor you have to know when to “turn and burn” and when to take your time and renovate units as though you were living there. You’ll see happier residents and may even get some recommendations through your efforts of being a responsible and caring landlord.


appfolio Appfolio | Company Website | LinkedIn Connect |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

Timeless Interior Design Elements That Are Ideal for Rental Properties

Written by Landlord Property Management Magazine on . Posted in Blog

By: Bryan Ives | Appfolio

2014-Modern-Apartment-Design-Living-Room-and-Kitchen-Set

The key to increasing your rental rates or market value may lie within one simple concept – establishing a timeless look with your rental property renovations. When you think of classical designs, thoughts of Roman architecture may come to mind, or perhaps you’re remembering a common oldie: that checkerboard patterned black and white tile floor. Classical yes, timeless – not by a long shot.

Notice how outdated shag carpet and avocado green appliances looked ten years ago, but now these are often “special order” items that cost far more than comparable items. Retro is “in” now, but it likely won’t be in a decade, and wise investors keep this in mind when considering investing in profitable rental property renovations.

Whether you plan to remodel bathrooms, the kitchen, or update the flooring or other areas, keep these tips for timeless design elements in mind.

Natural Materials Never Go Out of Style

KitchenDesign_1

Revamp free standing stairs, countertops, and flooring with an installation crafted from natural materials. Wood slabs are a particularly attractive option for stairways, cabinets, and shelving that can authentically add a touch of timeless class to any home. Consider using “clear” wood species such as alder or maple enhanced with medium stains boasting a natural look that will retain their timeless look for decades to come.

Countertop and flooring renovations add both beauty and value to rental properties, and quartz, tile, and granite make ideal selections; however, choosing timeless hues and patterns is vital. Back in the 70s yellow and gold tints were wildly popular. Today, these colors represent expressions of the past and you don’t want your decor to date your property, so stick with neutral, natural grains and patterns, especially when dealing with major design components such as flooring renovations.

Keep it Simple, Stay in Style

The saying goes, “the devil’s in the details” and this motto certainly holds true when it comes to creating a timeless look for rental properties. Adding details is costly, time consuming, and typically a fruitless effort on behalf of property investors. Getting too ornate and stylistic with trendy updates can bring that devil to the surface – and he likes to bite into your income. Keep rental property renovations simple to save money, time, and ensure that renters will be attracted to your property regardless of what’s “in style.”

Choosing a Theme – Leave it up to Residents

Bedroom_design1The elements of style and taste greatly vary, so before delving into making big changes to rooms in efforts to give the place a little character, consider the fact that renters may not share your vision. A prime example of good intentions gone wrong is when home or rental property investors choose to update bathrooms and kitchens for the fantastic return on investment, yet the rest of the house goes untouched. Establishing a design trend in one or two rooms without carrying it throughout the house is a huge no-no. By all means make the necessary repairs, but reconsider using these renovations as a chance to establish a theme.

Say “Yes” to These Timeless Design Elements

Storage space never goes out of style, so if you’re itching to make a rental property improvement, consider installing shelving along bare walls. Functional and stylish, storage space is much appreciated, particularly in the kitchen cabinetry department. Painting, carpeting, flooring, and appliances should be neutral in color, so as to not deter potential renters interest simply because your decor doesn’t “match” or “fit in” with their existing components.

The key to success when renovating rental units is to stick with the timeless, classical look, leaving the design elements up to the tenant.


appfolio Appfolio | Company Website | LinkedIn Connect |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

How To Improve Your Property’s Reputation In 2014

Written by Landlord Property Management Magazine on . Posted in Blog

The best part of the transference into a new year is the opportunity to start anew. If you’re a property manager or multi-resident complex owner who has had some reputation issues crop up online in 2013, the coming year offers an opportunity to turn over a new leaf and convert that negative image into a positive and appealing one.

You’ll have to take action rather than disregard those negative remarks on the web, however, it’s not necessary to hire a reputation management consultant to begin the healing process. With a little bit of patience, diligence, and the assistance of a good property management software application, it’s possible to improve your property’s reputation within the first quarter of 2014 with your own efforts.

Reputations Management Do’s and Don’ts for Multi-Housing Properties

According to an article by Onsites Insites, a leading publication for apartment property management information, more than 85% of consumers read online reviews of rental properties before even bothering to drive by the property or inquire about availability. These professionals also offer some tips on how to manage any negative online reviews that may be cropping up about one of your properties.

Reputation Management Do’s

  • Take time to respond to every review.
  • Think before responding negatively.
  • Encourage reviewers to move the conversation offline by offering your contact info.
  • Remember that anything can end up online with every action you take on property.

Reputation Management Mistakes

Don’t make the mistake of only responding to reviews left by current residents. Remember, it’s the ghosts of the past that can haunt your future, and the Internet is forever. Avoid responding to negative comments with an emotional stance or believing that resident complaints won’t get any further than a complaint form letter or a phone call – understand it can end up on the web.

Streamline Communication with Current Residents for Better Retention

Happy residents are repeat customers so to speak, and their word of mouth referrals can make or break your property’s reputation. Resident’s love knowing that you’re receiving their complaints, compliments, requests, and payments for rentals or homeowner association fees. The days of putting stamps on envelopes are gone for most of us, and people like the freedom to handle all of these tasks online. Immediate gratification of, “you’re message has been sent” or “your payment has been processed” is comforting.

Streamlining accounting, the processing of tenant requests, and making property details and notifications online is easy a with an online property management software program data basing all this information. Tenants are happier, leave better comments online, and are more inclined to refer your property when their needs are being heard and met quickly.

Use Social Media to Jump Start Your Reputation Management Campaign

Social media is a simple and free way to tap into a completely new set of potential residents. Use the most popular apps and social media circles to promote any new additions or improvements from 2013, or talk about any changes to look forward to in the New Year. Pool updates, newly surfaced tennis courts, or freshly renovated interiors are desirable improvements that can drive the most desirable clients into your rental office.

While using all this technology to your advantage to improve your property’s reputation in 2014, don’t forget the power of the human touch. Nothing beats good old fashioned courtesy and fairness when it comes to enhancing tenant satisfaction, so be mindful to not overly automate tenant services while taking advantage of modern conveniences.


appfolio Appfolio | Company Website | LinkedIn Connect |AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

 

2014 Predictions for Apartment Managers and Real Estate Professionals

Written by Landlord Property Management Magazine on . Posted in Blog

Appfolio_2014PredictionsIf the end of the year numbers from the National Association of Home Builders (NAHB) are any indication of what we can expect in 2014 — managers and property owners in the multifamily housing market have plenty to smile about.

NAHB reported building permit issuance jumped more than 15% in October. There was so not-so-nice news though.  While the West and Southern regions experienced healthy increases, 15.4% and 9.4% respectively, the Midwest reported a steep drop of 9.6%.

Resident Demographics

It looks like 2014 is going to be the year for filet mignon and top ramen. There are some indications that luxury and high-end apartment home communities, along with economy units for students and recent grads, can expect better occupancy rates than mid-priced properties.

On one end there is a  high number of recent college graduates saddled with high student debt loans. On the other end, baby boomers with extra cash and empty-nest syndrome are trading the large family home for a smaller dwelling.

Sustainability and Digital Trends

Back in 2011, Multifamily Executive Magazine reported more than 60% of participants in a residential survey conducted by Strata Research said that environmental elements were high on the list of things they considered when choosing a place to rent. That trend is expected to continue into 2014. Evidence shows that more people expect low-energy appliances and windows with lower U-values and better thermal performance.

There is still some disparity between what consumers want and how much they are willing to pay for environmentally friendly features in apartments. The gap is beginning to narrow as residents learn more about how saving money and saving the planet can work together.

Residents in 2014 will be looking for electric car fueling centers, built-in iPad docking stations and community access to wi-fi and Cat-5.

Visuals and Aesthetics

Glass Magazine reports that commercial customers are demanding windows that not only provide superior thermal performance, but also have less visual obstruction and uninterrupted sight-lines. Look for more vinyl and less metal based windows in newer apartment homes and retrofit buildings. Fenestration trends include addressing the demand for aesthetics, sustainability and performance in one package.

Residents want more green space — with connectivity. Property owners will hear more requests for community gardens, rooftop retreats and common areas to socialize with other residents and online friends.

This new year will bring many exciting opportunities for property managers to connect better with current residents and make changes to lure new renters to their property with eco-friendly features and digital everything. Bottom line. Expect 2014 to be an exciting year with last years emerging trends gaining more traction and stability, and new technology opening doors to create better relationships between real estate professionals and people searching for a new place to call home.


appfolio Appfolio | Company Website | LinkedIn Connect |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

The Future is Here: Property Management Goes Mobile

Written by Landlord Property Management Magazine on . Posted in Blog

By: Jason Randall | VP Product Management AppFolio

It wasn’t long ago when “mobile devices” and “property management” wouldn’t have been used in the same sentence. But as tablets and smartphones have grown both in power and capability, they’ve transformed the field of property management.

If a renter is searching for their next rental home, they’ll likely open up their smartphone, tablet or laptop and start investigating properties. Renters have the power to search by neighborhood, read online reviews, look into crime reports and view 3D previews of available units – all on their mobile devices.

SF_CrimeWatch

San Francisco Area Map Search with Crime Filter

Once they find a potential home, they can use their mobile devices to fill out applications, scan drivers’ licenses and send it off to the property management company – all without ever setting foot on the property. And after they’re moved in, they’re just as likely to use a mobile device to make rent payments, enter maintenance requests and communicate with property managers.

Property managers have also benefited greatly from the convenience and flexibility that mobile devices offer. Mobile apps and management portals let property managers screen prospective residents and access client accounts without even visiting their offices, resulting in expedited background checks and quick resolution to billing questions. And since long-distance residents can now apply for rentals remotely, property managers have a larger pool of potential renters. Property managers can use mobile payment apps for both accepting and processing payments, freeing them up to pursue other business.

If you’re new to mobile apps, all of this might sound like behavior that’s limited to just a few tech-friendly firms and residents. But mobile apps have really gone mainstream. At AppFolio, we’ve seen firsthand the increase in mobile usage and demand with the thousands of companies who use our Web-based property management software every day. We’re tracking the rapid growth of mobile across our customer base as well as with their residents and have gathered some interesting statistics:

  • The number of residents who submitted rental applications from a mobile device rose by 22.37 percent in 2013
  • Residents using online “Resident Portals” from a mobile device to submit maintenance requests or payments rose from 22.61 to 27.88 percent in one year
  • Residents paying their rent from a mobile device rose from 16.96% in 2012 to about 25% in 2013 – a whopping increase of 45.34 percent
  • Property owners are going mobile too, with a 29 percent increase in visits from mobile devices to owner portals to receive monthly statements

At this point, there’s no doubt that smartphones and tablets are becoming embedded in every facet of property management. As the world goes increasingly digital, modern residents will expect – and even prioritize – mobile convenience when choosing between properties. Luckily, it’s a convenience that benefits property owners and managers too.


jrandallJason Randall is the VP Product Management with AppFolio, providers of Web-based property management software . He is responsible for setting the product and market entry strategy for all AppFolio products.

5 Things Property Managers Must Know About Fair Housing

Written by Landlord Property Management Magazine on . Posted in Blog

Compliments of Appfolio.com | by: Aimee Miller

According to a recent report on fair housing trends, there were nearly 30,000 discrimination complaints filed in the United States in 2012, an increase of nearly 5% from 2011. Here are five things you should know to help avoid being the target of one of those complaints.

1. Be Careful How You Advertise
In your advertising, you can focus on amenities, attributes of your property, and location, but not on the type of tenant you want. Saying “great for young couples” can be considered discriminatory towards older renters, as an example. You shouldn’t use words like “safe” or “exclusive” since that implies that you restrict to whom you rent. Use the fair housing logo or include a statement of non-discrimination at the end of each ad.

2. Be Precise in Your Screening
Tenant screening is an area that frequently causes complaints. Have a written policy for the necessary criteria to rent your unit such as employment history/income, credit standards, etc. Outline your application process and include a statement that you adhere to all applicable fair housing laws. Your application shouldn’t include questions about physical disabilities, age, race, or ethnicity. You may, though, include questions about prior evictions, money judgments, or bankruptcy filings. You may also ask why someone is leaving his or her current unit. Keep good records of every applicant and inquiry.

3. Be Consistent with Your Apartment Rules
It’s acceptable to have mandatory apartment rules that are basic and non-discriminatory for all tenants. They should be written and uniformly enforced to all residents. Statements like “children should not be rowdy in the hallways” are unacceptable, but changing the reference to “residents and guests” is fine. Keep detailed records of any violations of the rules – time, date, and type of violation; how you became aware of the infraction and the actions you took to enforce the rule.

4. Be Detailed in Your Eviction Process

Under fair housing laws, tenants can be evicted for legitimate reasons such as non-payment of rent. For other causes be sure there has been a serious violation of the lease or a history of eviction of others for similar actions. Detailed files should contain a record of all complaints by neighbors and what has been done to respond to each. HUD historically has examined the following documentation in these situations:

  • Warning letters/eviction notices
  • Written complaints by third parties
  • Written logs kept by management
  • Police records
  • Photographs

5. Be Thorough with Employee Training
Document a written policy for employees regarding sexual and other types of harassment. All new employees must undergo training sessions that should include all memos that reference policies on how to comply with fair housing laws and the consequences for violating them. Provide all employees with a written copy of a non-discrimination policy. Have employees sign an agreement that says termination will result from violation of any fair housing law.

Being aware of and diligently following fair housing statutes is the best way to avoid having to defend a claim that could be lodged against you.


appfolioAppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

The Top Rental Sites For Listing Your Units

Written by Landlord Property Management Magazine on . Posted in Blog

Compliments of Appfolio.com Posted: 13 Jun 2013 04:14 PM PDT

appfolioAccording to the latest U.S. Census Bureau report, the national vacancy rate for rental properties in the first quarter of 2013 stood at 8.6%. That means nearly one of every nine units stands empty. For property owners, that translates to a significant cash drain.

An all-important job for any owner or property manager is to fill all rental units. To that end, here are some websites in which you should market your units in the event of a vacancy.

Top Rental Sites

Craigslist.com
This high-traffic site is one of the first places people go to for any number of needs including looking for a place to live. The site features location-based search that significantly increases the odds that you will be reaching your target prospective tenants.

Zillow.com
Zillow_detail_ipadThis has become a leading go-to site for all real estate needs. They claim to have a million more listings than MLS (Multiple Listing Service). After setting up your account, you can quickly create your listing and upload pictures. As an added feature, your listing here can be sent straight to Craigslist for free. The benefit of starting here is that they will prepare a custom code that uploads to Craigslist and makes your listing look professional. (Mobile app available, as well.)

Trulia.com
This is another online listing site that also has a tool that allows posting directly to Craigslist. They also provide visitors with the ability to get inside information on properties and communities that attracts additional prospective renters. (Mobile app available, as well.)

Trulia_demo

Postlets.com
This site offers a search-optimized website for your property listing with a unique URL. Postlets makes it fast and easy to create a professional-looking classified ad, and then to syndicate the listing on Craigslist, Zillow, Local.com, as well as your Facebook page, Twitter feed and LinkedIn account.

Rent.com
This online site drives additional traffic by offering $100 gifts card to anyone who rents through the site. (Mobile app available, as well.)

Rent_dotcom

ApartmentGuide.com
This site features location-based, comprehensive apartment search functionality. (Mobile app available, as well.)

Realtor.com
Affiliated with the National Association of REALTORS, this site claims to have the most up-to-date and accurate listings online. (Mobile app available, as well.)

Local Newspaper Websites
Just as many people still view print ads when looking for a rental property, many also look to local newspaper websites for the latest listings. A good number of individuals use these sites as their browser’s default “Home Page,” meaning this is the website that automatically appears when they open their browser each time.

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Social Media Websites
Don’t forget social media, including Facebook, Twitter, YouTube, Google+ and Pinterest. It’s the new digital word of mouth.

You can post your listings directly on the above list of sites. Or, if you are using property management software, you likely have the ability to post your vacancies to hundreds of sites on the Internet including most of those listed above with just a couple of clicks of your mouse. Most programs provide professionally designed listings automatically. Prospective tenants can be directed right to your website if they are interested in one of your units.

In addition, for a fee, you can add rental listings to an MLS. There is no agent involved, but you can list here starting at around $100.

Renting empty units is a top priority for you, and there are more ways than ever to get the word out to prospective tenants online. Use as many top rental sites as you can to keep your vacancy rate down.


appfolioAppfolio  |  Company Website  |  LinkedIn Connect  |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.