Multi-Housing News - January 2009 - (Page 23)

tech trends Prevent Revenue Leakage Are you leveraging property management systems for optimum results? By Christopher Hosford, Contributing Editor The economic downturn is impacting property managers at all levels. It’s having an effect on occupancy, as some residents lose jobs, combine domiciles or move back with families. It’s also affecting new resident leasing rates for many of the same reasons. In today’s dicey economic environment, it’s essential to leverage property management technology to support resident retention and lead management, and, in the process, to find every scrap possible of incremental revenue. “Because of the slowdown in development and investment, more of the revenue burden falls upon property operations,” notes Brad Setser, vice president of marketing for property management solutions company Yardi Systems, in Goleta, Calif. “Property managers must work harder to keep business at a time when property owners are trying to find ways to cut operating costs.” Technology is a key part of this. For example, occupancy can be supported with online resident portals, to provide Web-based rent payments or service requests. Here, technology not only increases resident satisfaction, but relieves staffing pressures, since many transactions can be done by residents themselves. “Yes, as unemployment goes up so do vacancies,” says Daniel Roehl, sales leader-residential strategic accounts at Intuit Real Estate Solutions, in Cleveland. “But this also creates a situation where people need roommates. That’s why you need not only to maintain resident satisfaction, but also ease the capturing of leads.” Solutions for prospects that easily show apartment availability and real-time pricing help them make decisions quickly, Roehl says. He adds that the anonymity of online applications also helps lessen the embarrassment felt by prospects over low credit scores and eases the application process. Real opportunities The salient point is that properties rarely lose big chunks of money all at once; rather, inefficiencies tend to cause revenue “leakage,” whether from defecting residents, unconverted prospects or misplaced sources of revenue. Roehl observes that tracking solutions—particularly if they’re built into the upfront leasing process—can ensure any and all appropriate fees are accounted for, including fees for garage units, parking spaces, pet deposits, storage units and the like. This can be particularly important in senior housing, where cleaning, meals and many other ancillary services are offered to and chosen by residents. And consider receivables, where automation can make sure late fees and bounced-check charges are accounted for accurately and fairly. When combined with an online resident portal, Multi-housing experts reveal what the economic changes mean for your business. MHNtv brings you candid, exclusive interviews with prominent multi-housing ﬁgures, who provide keen insights about the immediate and long-term consequences of recent government actions and how they impact the many sectors of our business. go to www.multi-housingnews.com Click the MHNtv button to view exclusive interviews www.multi-housingnews.com | January 2009 23 http://www.multi-housingnews.com http://www.multi-housingnews.com http://www.multi-housingnews.com

Table of Contents for the Digital Edition of Multi-Housing News - January 2009

Multi-Housing News - January 2009
Contents
From the Editor
Market Pulse
Executive Insight
Economic Forecast 2009: The Year Ahead
Apartment Market Outlook
Development & Design: Walkable Neighborhoods
Property Management: Handling Risk in a New Age
Directory: Top Brokers
Kitchen & Bath: Rehabs
Products: Noise Control
Technology: Property Management Software
Property Showcase: St. Regis, Bal Harbour

Multi-Housing News - January 2009