Why Emerging Technologies Always Win For Property Management

Why "Property Management" Rhymes With "Technology" Today

Cyber Monday is a day for great discount deals on tech products. But we should observe the impact of technology in the property management industry as well. In an ever-changing industry like property management, the means for advancement will be based on the rate at which information can be compiled with great customer service.

Information is the most prized possession in all industries. Accessibility with top quality software tools to attain data and the right personnel for a property management company will give them an edge over their competition in the real estate market. You will make life easier for yourself and your tenants by using web-based applications, research software, and messaging systems that help them stay updated as well as resolve issues including water heater installations, new parking requirements, fire emergencies, moving days, illegal tenants warnings, repair updates, board member voting meetings, and new lighting in the building.

With social media and other web-based applications that can manage live chats, there is no excuse for a property management to not regulate their operations with higher results of success.

Marketing via Social Media: Technically Fast, Less Furious Tenants

Technology increases the response rate and efficient communication methods for tenants to know what is coming from the residential property management team. Without it, your tenants will be trapped feeling like prisoners in your building from potential problems that arise. Do you want them to wait for a crew to get to their problem with a delayed response? The matter could be urgent and need immediate attention. If not, it could potentially cost lives and more money than you can afford to fix. 

Here are some examples of those problems:

• Broken thermostats- Nobody likes to deal with Boston winters with just a blanket, sweats, and seeing their own breath inside the house. A quick fix to thermostats can make a big difference for tenants who don't know how to fix a thermostat. But if you have social media and someone on a 24-hour call from the property management crew, you can address this issue immediately, instead of having to wait a day or two. With technology, you can also track the heating systems in all your units in a centralized database so you know which ones have recurring issues.

• Trash days- Tenants tend to forget what days the trash goes out after their September 1st move-in to their unit. Being connected with your tenants, you send them a reminder about the trash day and help make the garbage in your place go away for the week.

• Flood watches- If you have a basement floor that is below the ground level, it's good to let your tenants know that there is a pending flood watch. You can help them take precautions by sending a text message alert sent to their mobile devices. If the property management is connected online via social media with their tenants, they can let them know immediately by that means.

• Water shutoffs- Sometimes the Department of Public Works may be doing some street work that affects the water in the units of your building. That could affect a tenant who showers in the morning and make them late for work because they either forgot or didn't see the postings in the lobby or the hallway about the date and time. Of course, your tenant didn't plan accordingly, but they could have if they had gotten a reminder message about it the day prior to the shutoff via email, text, or on their social media channels from the management.

• Fire Emergencies- We have all heard crazy stories that will make you scream of people getting trapped inside their apartment unit or condo during a fire because they didn't get the message in time to evacuate the building. When it comes to these situations, you should make sure that all of your tenants get a message on their mobile devices for points of egress in the building. Implementing a centralized contact database of your tenants and units into an emergency alert SMS chain that can be made similar to an AMBER ALERT message can be a life saver.

These are just ideas of what can be dire situations that can be avoided by being connected as much as possible via Twitter, Facebook, Snapchat, or whatever can give you an instant message. Also, social media can market your units to potential new tenants, and showcase the luxury or image that you are putting forth on a site like Pinterest and Instagram for them to leave comments and share your posts.

Recordkeeping and Reducing Error In Management

Recordkeeping is the means of knowing what someone needs and to track their history. When you have the right property management system in place, you can reduce the double entry of information after uploading reports from exported data. This is how you can track percentage increases and decreases in various areas of the business; accounting and rent collection, work orders, hiring personnel, screening tenants, and retention versus new leases signed to fill the units. 

Convenience of Payments

Having people pay their rent online via your property management software can help automate payments from your tenants. Direct debits to their accounts can save you the hassle of chasing a tenant down for a check. Especially if the check is mailed one to an away address, if the owner or landlord of the building does not live there.

Final Thoughts

What type of experiences have you had as a tenant or landlord that either saved yourself a headache, your money, or your life when dealing with issues that come forth by usage of technology? Has this added expense made a difference in your operations?

Tell us some of your examples that made life easier and faster for you and your tenants. 

Why You Should Consider Flood Insurance in Boston

Prepare Your Property For Flooding and Water Damage

The purpose of this article is to give ways for landlords and renters to prepare your property and personal valuables from detrimental flooding in Boston, MA.

Flooding is the most common and costly natural disaster in the United States. Flood insurance is a great investment for both property owners and renters to prevent significant financial loss. 
Your decision to take out a flood insurance policy will be based partly on two things: 

1. Risk of flooding in your area
2. Value of your possessions and/or property.  

As our sea levels continue to rise yearly, one thing that we cannot avoid discussing is the chance of floods and the cost of higher premiums over time as the demand for policies may increase.  
When choosing flood insurance it is important to assess risk, know the coverage limits of your flood insurance policy, and not to rely on the government to financially rescue you. 
*Understand that your insurance plan's increase of high premium rates will depend on your property value.

Risk Assessment For Flood Insurance

Homeowners are 26 times more likely to be affected by a flood than a home fire as calculated by the Independent Insurance Agents and Brokers of America. You can also expect the risk of floods to continue to increase in Boston, MA with a 70% increase in heavy rainfall in the Northeast from 1958.

But only about 1 in 4 homes in high risk areas carry this kind of insurance.

Courtesy of ClimateCentral.org

Most homes in Boston, MA are inevitably under-insured due to being located in higher risk areas since we are near the coast line and are along the Charles River. The help of a Boston property management company can only do so much to preserve the welfare of your property. 

Steps to Prepare Property for Flooding in Boston

Most property owners would believe that they do not have enough valuable items to even take out a policy for rental property damage control. If that is your circumstance, you can do a things to help prevent permanent damage to your floors, windows, furniture, upholstery, and other items by doing the following:

• Seal your windows with heat-shrink window films along the ground floor and basement. You can purchase this at any hardware or home improvement store
• Apply more grout down in between your floor tiles to prevent them from erosion
• Caulk your tub, counters, sinks, and glue any infrequently used lower cabinets shut 
• Map the risk of your property's location by contacting the FEMA's National Flood Insurance Program called FIRMS or call 888-379-9531. 

Knowledge of Limits to Flood & Renter Insurance Policy Coverage

Please note that flood insurance covers damage resulting from rising water from outside the house. 

But it doesn't cover: 

• Leaky bathtub 
• Broken pipes
• Sewer back-ups

Tenants should consider renter's insurance since they have valuables that need to be covered inside of their humble abode. Renter's insurance will help protect property not included in flood insurance.

It is important to have effective communication methods for renter's and property owners to ensure everyone is on the same page in the course of a natural disaster. 

Get Flood Insurance - Dont Rely On The Government

Sue Nestor of the IIAB states that "one-third of claims we see come from people who live outside flood zones." This means that even though may not live near a body of water, you still cannot elude the risk of flooding. 

Why Flood Insurance & Renter's Insurance for your Property in Boston?

The selling points for insurance products and services to new customers is chance, future value, and financial security with a value proposition of education on what is covered in the policy. Keep in mind that finished basements including carpeting, wallpaper or personal belongings are not insured by the government, nor are they insured with an excess flood insurance policy.

Knowing the ins-and-outs of your insurance plans will help gauge what you should place up high, what needs extra caulk and how much extra work should be done to insure flooding stays out of your home in Boston, MA.

Flood Risks Set to Spike Up Insurance Rates

According to the Boston Harbor Association, climate change is increasing the likelihood of coastal and river flooding due to sea level rise and extreme weather events. This impact on the climate is expected to cause frequent flooding in the near future. A recent article by the Boston Courant also states that the Federal Emergency Management Agency, also known as FEMA, is expanding the high-risk flood zone. This will require mortgage owners to buy flood insurance and cause premium spike to those who already possess flood insurance.

Here are some more important facts and information from the Boston Courant about how flooding can affect mortgage owners in the future:

• According to the Environmental Department, new flood zone maps should be available at the end of October and those who live in those zone are most likely acquired to possess flood insurance
• According to the Boston Harbor Association, by 2050, sea level in Boston will rise 2.5 feet at which if a storm similar to Hurricane Sandy would hit Boston, the entirety of Back Bay and South End would be flooded
• An insurance-to-value appraiser expects premiums to jump three to four times their current rate (a typical single family home pays $1,800 in annual premium costs)
• The Flood Insurance Reform Act of 2012  increased federally subsidize flood insurance rates by up to 25% a year (visit the website for more information)
• The upcoming hurricane season will allow most homeowners to gauge how bad flooding can get in their area and reveal any infrastructure problems

With the climate changing in our world, it seems as if flooding is only going to expand and get more severe in the future. It would be smart to look more into flood insurance and invest in one if you do not possess insurance. Consult your insurance company for opinions, tips, and advice.

As always is you have any questions regarding property management, make sure to visit our website and utilize our client resources.

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