what modern property management business looks like today
TRANSCRIPT
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v
A LOOK AT THE
MODERN PROPERTY
MANAGEMENT BUSINESS
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Business Is Changing.
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THE PROBLEM IS CHANGE
THE MORE RAPID THE PACE OF CHANGE
THE MORE DIRE THE CONSEQUENCES OF STUBBORNLY STICKING TO OLD
WAYS
ENTERPRISES THAT DO NOT ADAPT ARE IN FOR
A LOT OF TROUBLE
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Is Your Business Ready?
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MILLENNIALS AT A GLANCE
BORN APPROXIMAT
ELY 1982–1995
MAKE UP 25%
OF THE POPULATIO
N
CHILDREN OF BABY BOOMERS
AND GENERATION X
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THEY DON’T LIVE THE SAME WAY AS THEIR PARENTS.
TECH-SAVVY
PERSONALRIGHTS ACTIVISTS
INTERESTED IN PUSHING SOCIETY AND BUSINESS FORWARD
Millennials are a class of their own,
different from their parents. They are:
And they give back to
the world they live in.
87% OF MILLENIALS GAVE TO CHARITY LAST YEAR.
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Millenials check their smartphones >43 times a dayAND SHARE SIX PIECES OF CONTENT VIA SOCIAL MEDIA
“HOW LATE IS TOO LATE TO TEXT ABOUT THE LEAKY DISHWASHER?”
They will be living in your units, paying
you rent, and asking questions like:
…because the average Millennial
sends 20 texts a day.
They expect you to be Mobile!
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SO, WHAT DOES THEMODERN RENTER
WANT?
New ways to utilize their
technology and gadgets
(most important!)
Other ways to get ahold
of you besides coming
into your office
Housing that
complements their
diverse lifestyles
New amenities
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DREAM OF OWNERSHIP IS NOT DEAD…JUST POSTPONED
MORE AFFORDABLE & FLEXIBLE
FEAR OF COMMITMENT AFTER THE HOUSING MARKET CRISIS
They are in a renter state
of mind because:
AND OF THOSE,90% ARERENTERS.
MILLENNIALS MAKE UP 40% OF THE HOUSING MARKET.
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LIFESTYLES
The Millennial generation covers a
large span of ages.
They cook more and dine out less.
Location and walkability are
really important to them.
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THEY USE SMARTPHONES TO PAYTHEIR BILLS...
A February 2014 study by TD
Bank found that 88% of 18–34-
year-olds used online banking
to pay bills, among other uses.
AppFolio users that promote
online payments see over
70% paying mobile
OFFERING ONLINE APPLICATIONS AND RENT PAYMENT IS A MUST.
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MAKE SURE YOU’REMOBILE-FRIENDLY!
52%: Bad mobile experience
made them less likely to
engage with a company.
WE’VE INVESTED HEAVILY IN RESPONSIVE AND MOBILE WEBSITES FOR OUR CUSTOMERS.
4 in 5 Millennials own smartphones
48%: Sites that didn’t work
well on their smartphones
made them feel like those
companies didn’t care
about their business.
1 in 5 MILLENNIALS
ARE MOBILE-ONLY
USERS
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THEY LOVE THEIRTECHNOLOGY.
More than 74% of
Millennials feel that
new technology
makes their lives
easier.
54% think new
technology helps
them stay closer to
friends and family.
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Owners and Investors
expect more
I want a modern
PM that will use
technology to…
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I want a modern
PM that will use
technology to…Find High Quality Residents
BETTER ONLINE MARKETING
FILL VACANCIES FASTER
ATTRACT THE BEST RESIDENTS
WITH SERVICES & REPUTATION
FOCUS ON RESIDENT RETENTION
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I want a modern
PM that will use
technology to…DIFFERENTIATING SERVICE
ONLINE ACCESS TO REPORTING
PROPERTY PERFORMANCE METRICS
INSURANCE TO PROTECT PROPERTIES
ONLINE PAYMENTS & FASTER DISBERSMENT
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THE PROBLEM IS CHANGE
THE MORE RAPID THE PACE OF CHANGE
THE MORE DIRE THE CONSEQUENCES OF STUBBORNLY STICKING TO OLD
WAYS
ENTERPRISES THAT DO NOT ADAPT ARE IN FOR
A LOT OF TROUBLE
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1950s
In a time of corner shops, small business
“Marketing” was dominated by PTA
meetings and word of mouth.
Service was the ultimate differentiator and
a poor reputation would kill a business.
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40 years
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1990s
Any company could market their business to the
world with a simple website.
Big box scores sprouted, offshore call centers
emerged and as the consumer lost the powerful
“word of mouth” service plummeted.
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Today
Social Media and Mobile Access is
creating an ecosystem that rewards
good manner, high touch, honesty
and integrity
THE POWER HAS BEEN
RETURNED!
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+
600 Million added last year
6.8 Billion mobile subscribers
2.1 Billion mobile web users
Population 7.2
Billion
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switch due to poor customer services
of all internet activity originates from mobile devices
use one or more online channels when researching
companies’ products and services
51%
60%
75%
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How could I possibly learn all of these ??!
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Embrace Change
Change your focus to anything that helps you save time
and do the unexpected… care.
Ignore the past and incentivize future behavior.
Re-brand your company. Get rid of “I’m the best” and
replace it with results.
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Change is hard
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THE PROBLEM IS CHANGE
THE MORE RAPID THE PACE OF CHANGE
THE MORE DIRE THE CONSEQUENCES OF STUBBORNLY STICKING TO OLD
WAYS
ENTERPRISES THAT DO NOT ADAPT ARE IN
FOR A LOT OF TROUBLE
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GETTING STUCK IN THE PAST
“My residents have never been comfortable paying
online, they aren’t the right demographic. For those that
do, I charge a convenience fee.”
AVOID
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… of mobile users purchase
online
… of Americans made a purchase
online
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US mobile payments expected to reach
$90B by 2017
- Forrester Research
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GETTING STUCK IN THE PAST
“My residents have never been comfortable paying
online, they aren’t the right demographic. For those that
do, I charge a convenience fee.”
CLUES YOU ARE…
“I have an online application, it’s a PDF on my website.”
“This is the way I have complete this task for 30 years.”
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5 Ideas To Change Behavior
1. Free online rent payments / $2.50 processing fee for checks
2. $5 discount to application fee for online app
3. Eliminate available paper apps & setup office terminal
4. Require maintenance request through Resident portal
5. Mandate your top 5 vendors: 1) Email invoices 2) Pay Electronically
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Opportunities
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Great Time To Be In Property Management
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-0.2
0
0.2
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0.6
0.8
1
1.2
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1.6
1.8
18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+
Ho
use
ho
ld S
ho
rtfa
ll
(mil
lio
ns)
Millennials!90% will rent vs buy
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IT’S A GREAT TIME TO GROW
MILLENIALS ARE GETTING JOBS
Demand is solid Supply is increasing
MILLENIALS ARE FORMING HOUSHOLDS
MILLENIALS ARE NOT BUYING HOMES YET
Demand 119 Million
Supply 115 Million
RENTS ARE RISING
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How are you differentiating yourself from the competition?
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About Us
• We have been in Real Estate for 30+ years
• Best management in the area
• We will get the most out of your investment
• Coordinate and complete necessary maintenance
• Collect rent, serve late notices and prepare reports
Real Awesome
Management
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CONVENIENT PROPERTY SHOWINGS
AND APPROVALSWe can process an application, check rental
history, credit, eviction & background, and
sign an electronic lease on the spot in 5 min!
FREE EASY ONLINE RENT PAYMENTSYou get paid faster and residents love it.
ONLINE MAINTENANT REQUESTS &
24HR ANSWERINGHandling maintenance quickly saves
additional damage costs and leads to resident
retention.
We know happy residents take better care of your
investments and renew more often.
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Thank You!