Tenant turnover is a normal part of property management. But, unusually high rates of tenant turnover can wreak havoc on your bottom line and cause negative relationships with property owners. The longer a unit sits vacant, the more money is lost. While some turnover is inevitable, there are steps you can take to reduce tenant […]
Read More »When it comes to rental turnovers, one of the most time-consuming aspects is coordinating all the services that need to happen before a unit is ready for a new tenant. In this article, we will break down the tenant turn process from start to finish so that you can plan and get a plan in […]
Read More »In August of 2022, the national rental retention rate was 54.8%. Before the COVID-19 pandemic, retention rates over 50% were nearly unheard of. Residents were less likely to move throughout the pandemic, and while the retention rates have decreased, they are still higher on average than before 2020. In August 2022, retention rates in larger […]
Read More »According to Dictionary.com, a “make-ready” is the act or process of making something ready for use. When it comes to property management, it’s just that. The make-ready, or “rental turnover,” begins when a resident decides to move out and ends once the unit is prepared. One concern with rental turnovers is they can be an […]
Read More »There are two main ways to lower tenant turnover costs: 1. The first is lowering your turnover rate and decreasing the number of turns you must complete. The fewer turnovers you have, the more money you will be making. However, as we all know, turnovers are inevitable. Factors outside your control may cause tenants to […]
Read More »There are many ways to run a property maintenance program, but not all are successful. The strategy you choose to conduct your property maintenance will directly impact resident satisfaction, owner retention, and much more. At Property Meld, we call it “The Maintenance Butterfly Effect.” Property maintenance affects much more than just the quality of your […]
Read More »The rain showers are slowing down, and the sun is in the sky longer each night. While for some summer is a season of fun and relaxation, but for property managers know summer brings an influx of maintenance requests. For a list of the most common maintenance issues by season, check out our ultimate guide […]
Read More »Preventative maintenance is a maintenance process that intends to detect any failures, defects, and equipment breakdowns before they quit working, leading to a potential maintenance emergency. This type of maintenance includes scheduling routine equipment checks and replacements of old parts. In doing this, you can extend the life of your assets and avoid costly maintenance […]
Read More »Maintenance troubleshooting is a vital part of any successful property maintenance process. Troubleshooting saves time and money, as it can help to reduce the amount of downtime caused by the issue and prevent further damage. Maintenance troubleshooting typically involves: • Diagnosing the cause of an issue. • Performing the repair or part replacement. • Testing […]
Read More »Property maintenance can be a daunting task, primarily due to its unpredictability. But after years in the maintenance game, our team has discovered trends in the property maintenance sphere. You can implement a few key things to help your team prepare for common property maintenance issues. By implementing these practices, the efficiency of your maintenance […]
Read More »How does property maintenance impact resident satisfaction? When a property is well maintained, it provides a sense of security for a property management company’s residents. This includes regular maintenance of the building and grounds, such as lawn care, snow removal, and inspections of the building’s systems. It also includes repairs and updates to the building, like […]
Read More »What is Routine Maintenance Routine maintenance refers to regularly completed work by a maintenance team. These are typically daily or weekly tasks to keep up a property’s overall appearance and ensure everything is functioning correctly. Examples of routine maintenance are inspecting, cleaning, and replacing parts to ensure everything is in working order. This maintenance can […]
Read More »A property maintenance checklist can be a list of responsibilities an internal maintenance team must complete on a regular basis to keep a facility, machine, or system in good working order. It usually includes inspection, cleaning, lubrication, and repair tasks. A maintenance checklist can help reduce employee downtime and emergency repairs while improving the equipment’s […]
Read More »Property managers juggle many moving parts when running a successful company. From screening potential tenants and ensuring they are the right fit to collecting rent payments, there is always something going on. In addition to the endless number of tasks, property maintenance is an essential part of a reputable property management company. With this property […]
Read More »With over 650 customers managing over 450,000 units, Property Meld is growing rapidly as the leading property maintenance software platform in the industry. To aid in our effort of continued growth and expansion, Property Meld has secured a $15 million series B funding round led by Frontier Growth. Frontier Growth is a growth equity firm […]
Read More »In December, most property management companies are preparing their owner statements so they can have them all sent by the end of January. Owner reports detail the past year and, most importantly, outline how much your property owners make from their investments. If these reports differ from your owners’ expectations of what’s profitable, they may […]
Read More »According to industry data, more property managers plan to grow their portfolio in the next two years than we’ve seen since 2016. In addition, more rental investors plan to acquire new properties than we’ve seen since 2017. The more properties you manage, the more money you make. So it is vital to find ways to […]
Read More »With 2023 just days away, we like to look at the past year and evaluate the success and growth of our company in 2022. More importantly, we want to celebrate the wins and successes of our customers who have improved oversight and transparency in their maintenance process. Nothing is better than seeing our customers overcome […]
Read More »When it comes to maintenance, the more information you have, the better. You can resolve maintenance issues much quicker if you have a clear idea of what is wrong and what is needed to fix it. Oftentimes, residents can be vague when they submit a maintenance request. By ensuring residents submit photos within their work […]
Read More »Table of Contents: What is Business Productivity The Importance of Productivity in Property Management Productivity Issues you Might be Dealing With How to Identify Areas of Improvement What is the 80/20 rule? How Does the 80/20 Rule Apply to Productivity in Maintenance? Automate your 80% to focus on your 20% How will Automation Solve your […]
Read More »See how Property Meld customers leverage our maintenance software to improve their maintenance process and create a better experience. As 2022 ends, we celebrate customers who have improved their maintenance process. Our main goal is to ensure our customers have the tools to succeed in maintenance and improve their key performance indicators. A successful […]
Read More »We’ve said it before, and it’s worth repeating. With the proper maintenance process, you can make money while saving money. Property management companies all over the country are leveraging maintenance to increase revenue. Offering maintenance services to your customers can drive profit gains while keeping your property owners’ assets in better condition. Standard maintenance offerings […]
Read More »Nothing is better than taking time off to relax with family and friends during the holidays. However, it is hard to enjoy your vacation when all you can think about is the work orders piling up in your absence. Handling maintenance during the holiday months can be highly overwhelming to property managers. In fact, during […]
Read More »In August of 2021, Pete Neubig found himself in a difficult position. After selling his business, Empire Industries, two years prior, he received a $1,000,000 lawsuit from a resident claiming that Empire Industries was negligent in handling a maintenance request related to mold issues. The resident waited two years from the end of their lease […]
Read More »We live in a time where information moves fast, and we are used to getting the details and data we want in seconds. Technology allows us to retrieve information conveniently at the press of a button. Take Amazon’s “press-to-order” Dash button, for example. You can press a digital shortcut to reorder your favorite product. This […]
Read More »One of the main reasons property maintenance can get costly is its unpredictability, but it doesn’t have to be! With preventative maintenance, you can schedule regular upkeep to prevent unexpected failures in the future. Simply put, preventative maintenance is fixing things before they break. But how can this affect your bottom line? After you understand […]
Read More »Maintenance can be one of the most difficult to control and costly parts of property management. But it’s also directly correlated to resident satisfaction and retention. Residents have high expectations these days, and cumbersome maintenance processes and delays in repairs can make or break that all-important resident experience. In this episode of The Top Floor […]
Read More »