CAIC 2014
Statistics 50% of tenants would rather use a specific building portal compared to Facebook 20% of manual service requests are missed or not completed properly 60% of tenants without a building portal feel neglected 40% more rents payments are delinquent in buildings not using a resident portal or an online payment process 25% of tenants have a lingering work order
Payments Flow -Tenant writes Cheque -Goes down to Office to drop of Cheque -Staff takes cheque and writes it down on ledger -Staff gives cheque to PM who drives to office -Admin in office enters cheque into accounting program -Admin goes to bank and waits in line to deposit -Process can take days and true ARREARS are not visible as it is not realtime -Cheque NSF, a bank statement gets sent to office -Admin goes and reverses the charge (manually) -Admin Informs Site staff of NSF -Site staff informs, when they find them, Tenant accordingly
Maintenance Flow: 1) Tenant Walks downstairs and tries to find staff 2) Tenant fills out paper work order 3) On-Site Staff takes paper work order and tries to resolve (visit 1) 4) Requires more work, third party contractor is needed– staff takes WO and gives to PM for review 5) PM reviews and dispatches third party 6) Third party completes the main item (ie, leak) and informs PM 7) PM closes the WO and files the paper in file 8) Tenant is dissapointed at the slow turnaround– also work was never completed in full (wall was never painted or closed)
Hard Costs • Move out costs $4000 • Tenant Acquisition Costs - $2500 • Evictions Cost - $5000 • Average Service Call Cost - $200 • Late Rent Costs - $1200
Payments Flow • Resident pays online at his/her convenience • All accounting systems are instantly updated • Resident is informed of completed payment. • Done.
Maintenance Flow • Resident Issues Maintenance Request online (from the comfort of his home or on the road—mobile) • Automatic, personalized, message gets sent to Resident informing them that the request has been received. Same time, message gets sent to Maintenance Engineer for the new maintenance request • Maintenance schedules to enter the apartment– message automatically gets sent to resident informing them that the request is scheduled and WHEN the technician comes to complete the work • Maintenance completes the work– message of completed maintenance request with survey gets sent to resident. Resident can see history of completed maintenance requests on their dashboard. PMC maintains a history of all communications and complete maintenance history in PV
Resident Portal Shot of myCOMMUNITY portal
Title slide • The Impact of change
Reducing Turnover More than 60% of turnover is controllable turnover
• Properties with a great tenant portal have: 35% less resident turnover x% Customer satisfaction rating 20% overall reduction in expenses 5 less days of vacancy turnover time
Did you know? “70% of renters use ratings and reviews when selecting their apartment homes” August 2014, UNITS MAGAZINE
Hard Costs • Move out costs $2000 • Tenant Acquisition Costs - $1500 • Evictions Cost - $3500 • Average Service Call Cost - $100 • Late Rent Costs - $800
Hard Cost Savings At $3,000-$6,000 for each turnover how much does that cost you annually? Do the math and change the way you do business ! Thank you leonard@propertyvista.com
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