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1、Trends and opportunities to improve back-office and resident operationsOperating an apartment community has never been easy.But in todays landscape,multifamily companies are facing a precarious balancing act:accomplish more with less,while delivering better value to renters.And,of course,produce hea

2、lthy returns for investors,too.With the effects of the Great Resignation still wreaking havoc on the property management industry,its difficult to juggle everything thats needed to run a community.As a result,operators are increasingly adjusting how important functions are performed.From centralizat

3、ion to automation,companies are now using new tactics to streamline operations and ease the burden on their frazzled on-site teams.This report takes a deep dive into how apartment operators are managing and-in some cases-automating processes in their communities.Based on proprietary survey data from

4、 over 600 multifamily operators,youll learn how companies are getting more efficient and where theres significant room for improvement.Key survey findings1.Companies are spending too much time and money on tasks that can be automated.2.More time spent performing manual tasks correlates to higher sta

5、ff turnover.In addition to expanding on these two key findings,this report also identifies opportunities for improvement within back-office operations and resident-focused operations.The survey data revealed two key findings that are hurting productivity and efficiency at multifamily companies.Oppor

6、tunities to improve back-office operations:Processing 100%of resident payments digitally to save time&money.Automating the utility accounts payable process to reduce billing errors&expenses.Utilizing technology to recoup the maximum allowable amount of resident utility costs.Making more decisions ba

7、cked by data to improve the business.Opportunities to improve resident-focused operations:Focusing on staff retention to improve resident retention.Implementing Proptech to prevent staff burnout.Streamlining resident communications to save staff time.Investing in technology to improve the efficiency

8、 of handling resident related tasks.CONTENTSHow current market dynamics are shifting operational strategiesSurvey background&key takeawaysFour opportunities to improve your back-office operationsFour opportunities to improve resident-focused operationsHow to maximize the ROI from your associates tim

9、e1492329Since the pandemic in 2020,the multifamily industry has experienced one tumultuous year after another.And today while the pandemic is in the rearview mirror,the industry still hasnt normalized.At the time of this publication,there are unique factors causing property managers to rethink their

10、 operational strategies.Inflation is hammering at operating costs Prices have been steadily rising for almost everything.Thanks to rent growth,multifamily companies usually fare better than most industries in an inflationary environment,but now economic factors are less favorable.After a long period

11、 of historic rent growth,rents are now trending downward.That means companies are tightening the purse strings on operating costs to offset waning revenue.They are also looking to optimize the value of existing resources.Staffing remains a top challenge For two years,the property management industry

12、 has battled a wave of staff turnover.And our survey findings show that it remains one of the biggest challenges among multifamily companies.57%of respondents indicated that staff turnover has increased in the past year.Attracting and retaining quality workers remains a struggle for even the biggest

13、 companies.But thats only part of the problem.Managing a community with fewer team members becomes increasingly difficult and puts mounting pressure on employees who are forced to take on additional responsibilities to fill in the gaps.How current market dynamics are shifting operational strategiesH

14、ow market dynamics are shifting operational strategies|1Renters expectations keep growing If it seems like renters are harder to please,you arent wrong.75%of companies that responded to our survey say that resident expectations have increased in the past year.After the surge of rent prices in 2022,r

15、enters want to get the most value from their money.Communities have had a hard time living up to renters standards.When a community is short-staffed,addressing renter needs in an acceptable timeframe is tricky.Failing to resolve resident issues in a timely manner causes dissatisfaction with a commun

16、ity.Ultimately,that impacts retention rates,as residents who feel like they arent receiving good customer service are likely to move somewhere else.Companies are having difficulty accessing data Attend any conference in the multifamily industry,and “data-driven decisions”will undoubtedly be one of m

17、ost used phrases from your peers.Thats because using data to make decisions about your communities is the most effective way to achieve your strategic goals.Not only that,but data-backed decisions can improve operational efficiency and result in a better resident experience.How market dynamics are s

18、hifting operational strategies|2How market dynamics are shifting operational strategies|3While most multifamily companies understand the value of their data,many struggle to use it effectively.Whether its because of inadequate reporting or challenges interpreting the data,not every property manageme

19、nt company is using data to its fullest potential.As a result,companies are making uninformed decisions,many of which may actually hurt business prospects.A new era in multifamily The multifamily industry has traditionally resisted change.However,the current environment is forcing many companies to

20、venture out of their comfort zone and experiment with new operational strategies.With fewer employees,rising costs and pressures from renters,companies simply cant afford to do things as theyve always been done.But not everyone is on board when its necessary to switch things up.After all,change can

21、be scary.This report will show the ways that companies are evolving their business,and whats at stake for the ones who dont.Survey background&key takeawaysSurvey background&key takeaways|4In a market where renter expectations are high and staffing levels are low,on-site operations must be as efficie

22、nt as possible.Thats what inspired this survey.We wanted to know what tasks bog associates down the most,and how companies are using technology to improve productivity.To accomplish this,we partnered with SA Market Insights,a third-party research firm,to survey multifamily professionals.We had 630 p

23、articipants take our 15-minute online survey during the month of February 2023.Survey demographics Respondents had to meet the following criteria to qualify:Must be in multifamily residential property management Must manage properties with 250 units or more Must be familiar with budgets,rental rates

24、,software,and other aspects of the business Key Takeaway#1:Companies are spending too much time&money manually executing tasks that could be automatedSurvey background&key takeaways|5We know that many companies are running their business with fewer employees than their ideal headcount.But how?With h

25、igh occupancy rates and more demands from residents and investors,how are short-staffed companies keeping things afloat?To understand these dynamics,we asked survey respondents to specify how many hours per month they spend on routine tasks starting from renter move-in.Tasks were separated into two

26、functions:back-office operations and resident-relations.After averaging the responses,we used an industry compensation report to determine the compensation dollars spent performing these duties.The numbers add up significantly.Between back-office operations and resident-facing tasks,multifamily empl

27、oyees are spending approximately 156 hours per month on antiquated job responsibilities.Thats nearly a 40-hour work week every week of the month.From a cost perspective,thats approximately$65,000 per year on labor costs!Survey background&key takeaways|6How many hours per month are spent performing t

28、he following tasks?CategoryTaskTotal manual hours monthly156 hours monthlyAnnual labor cost$65,210 annuallyManage maintenance requestsCommunicate with residentsPay property billsFacilitate package managementReport on financial performanceTrack resident reviewsSend resident satisfaction surveysRegist

29、er guests,pets,vehicles,etc.Facilitate resident move-ins&move-outsManage amenitiesCoordinate resident eventsAdminister lease renewalsBill residents for utilitiesMonitor and administer building access controlsManage vendorsCollect&process payments from residents&prospectsBack-Office Operations67$29,7

30、1489$35,496Resident OperationsEmployee salary rate calculated based on NAA median salary reportRepeatable tasks or more impactful work?The tasks itemized in the chart above are all ones that can be,and often are,outsourced or automated.When automated,the hours spent on these duties are either non-ex

31、istent or substantially minimized.Looking at the numbers,its clear that companies are not effectively using technology to optimize their employees time.And that has consequences.When employees waste time on repetitive tasks,they cant devote their attention to more strategic projects that impact grow

32、th or minimize major costs like resident turnover.Survey background&key takeaways|7Feeling overwhelmed with ones workload is a top reason employees quit-and its especially true in property management.According to Swift Bunnys 2023 Employee Engagement Risk Report,“an unreasonable workload”was found t

33、o be a top threat to employee retention.Furthermore,1 in 4 say their work suffers because they dont have helpful tools or technology to help them do their job.With this in mind,we compared the hours companies spend performing tasks with their staff turnover rates.Our data also shows that companies w

34、ith higher turnover rates are the ones where employees spend the most time performing manual administrative tasks.01/2-2020-4040-7575 or more38%Survey background&key takeaways|8Key Takeaway#2:Time spent performing manual tasks are correlated with staff turnover Turnover ratesStaff hours spent on man

35、ual tasksStaff turnover rates vs total hours spent on manual tasks30%28%25%23%Automation frees up staff time,completes tasks more efficiently and accurately,and provides consistency”Cynthia Dethlefsen,Operations Manager,Harbor Group Management Employees are frustrated with repetitive tasks As staff

36、members are consumed more with paperwork and mundane tasks,the less fulfilling their jobs may seem.Especially when day after day it derails their focus from the true objective of their roles:building relationships with residents.An endless cycle of unrewarding tasks and falling behind becomes discou

37、raging.And for many,its enough of a reason to move on to a new job.This scenario doesnt apply solely to multifamily either.A study by Salesforce across various fields finds that 89%of workers became happier after automation replaced mundane aspects of their job.Automation is usually discussed in ter

38、ms of the value it brings to businesses.But employees also benefit when manual tasks are eliminated from their to-do lists.Automation tackles the tasks that lead to burn out and allows people to concentrate on work that fulfills them.Survey background&key takeaways|9We know that multifamily companie

39、s are spending excessive time on tasks that are often automated.And,its leading to higher levels of employee turnover.Additionally,our data shows there are four opportunities for improvement in back-office operations:Fully automate rent collection 4 in 10 rent payments are still processed manually,r

40、esulting in wasted processing costs&timeOffload utility accounts payable Utility invoices are usually processed manually,placing a huge burden on associatesHarness newly available data from automation 65%of companies could make more data-backed decisions by ditching manual workflowsRecoup the maximu

41、m allowable amount of utility costs from residents Companies are absorbing excessive utility costs by not automating the bill-back process&recouping these expenses from residentsFour opportunities to improve your back-office operations12Four opportunities to improve back-office operations|1134Fully

42、automate rent payment processing,including paper-based paymentsFour opportunities to improve back-office operations|12What percentage of rent payments at your communities are digital vs.paper-based?Paper-Based(e.g.cash or credit)Digital PaymentsNo single operational process is more important to your

43、 business than collecting rent.Rent collection impacts every aspect of property management-from cash flow to NOI and even resident satisfaction.But that doesnt mean the process should be pulling team members away from other duties.We asked survey respondents to estimate the percentage of payments th

44、at are made digitally and how many are paper based.43%of rent payments are paper-based.That means that 4 out of 10 rent payments must be manually processed by your associates.Opportunity#1Everything is done online these days,and we needed a way for residents to make secure online rent payments.Zego

45、has helped us eliminate paper checks which has been a win,win,win.Residents are happy to be able to have the convenience pay online.Site staff is happy to no longer have to either do the time consuming tasks of scanning in checks or making bank deposits.And everyone is happier to no longer have the

46、risk of a drop box or slot or office hour restrictions.”Jacky Brice,Chief Information Officer,Vesteco Real EstateFour opportunities to improve back-office operations|13Id estimate every community has a weeks worth of work saved by going paperless.The majority of our residents supported the change be

47、cause,in the end,its easier for them.Those who were hesitant came around after we showed them how to use the system&made them comfortable with the process.”Stephanie Bertucci,Portfolio Manager,Franklin JohnstonA little paper leads to big expenses Four out of ten might not sound like a big deal.But I

48、f you think a small percentage of paper payments isnt causing any harm,then its worth looking at the savings youll see by going entirely paperless.Lets start by looking at the financial costs.According to Innago,“most researchers estimate the transaction cost of a paper check at$3.00 per transaction

49、.And some believe it to be as high as$10.00.”What is the cost to process each paper check for a typical 1,000 unit community?If 40%of the property(400 units)pays via paper check,assuming the low-end benchmark of$3 per check,thats$14,400 per year spent processing those payments.On top of the physical

50、 costs,processing paper payments also consumes employee time.Each payment takes an associate 5-10 minutes to process.And even after those payments are manually entered into your system,they still have to be driven to a bank!Four opportunities to improve back-office operations|14Outsource utility AP

51、to lighten staff workloads and gain access to valuable dataFour opportunities to improve back-office operations|15Opportunity#2Companies were asked to identify if they use automation,manual processes,or a third party to conduct specific tasks.The process that companies choose to automate most often

52、is paying property bills.However,we dug deeper into paying property bills.We found that paying utility bills is an especially inefficient process for multifamily companies.With companies spending an average of 13 hours per month managing utility payables(and many companies report several more hours

53、than this),it seems that automation is limited.However,15%of companies completely offload this process by outsourcing it to a third party.Four opportunities to improve back-office operations|16How does your on-site team manage each of the following tasks?Pay property billsSend resident satisfaction

54、surveysCoordinate resident event logisticsFacilitate resident move-in&move-outsFacilitate package managementManage leasing activitiesTrack resident satisfactionProcess payments from residents/prospectsBill residents for utilitiesCompletely AutomatedCombination of Manual&AutomatedCompletely ManualOut

55、sourced44%25%25%6%6%6%6%5%5%5%7%4%25%24%24%25%26%26%26%30%28%28%28%29%29%29%27%27%42%41%41%41%41%40%39%39%Companies want to retain control over complicated utility invoices When thinking about utility invoices,they are much more complex than,lets say,paying to have the community pool cleaned.Automat

56、ing the payment of straightforward invoices is generally low risk.On the other hand,utilities are a huge portion of a communitys operating budget.Not only are they costly invoices,but they are notorious for containing errors.Many organizations want trusted employees to perform quality control checks

57、.This also includes monitoring for irregular usage.If an invoice indicates usage was higher than normal,it could be the first sign of a malfunction or leak within the property.This information needs to be relayed to the maintenance team.However,to someone who is not a utility expert,these issues are

58、nt always apparent.The reasons companies shy away from automating or outsourcing utility AP are actually reasons that they should.Multifamily companies usually have hundreds of utility invoices every month.Since the invoices are complex,a utility expert is more likely to catch billing errors and irr

59、egular usage in less time than a member of your staff.And,if there are charges to dispute,the third party fights on your behalf.Four opportunities to improve back-office operations|17How many hours does your team spend each month managing utility AP?1 hour1-23-45-89-1617-2425-3233-40+6%3%2%1%13%29%3

60、2%14%Four opportunities to improve back-office operations|17We have 200 properties so all of the tasks related to managing our utility expenses is too much frankly,its next to impossible for a small team to handle in-house.We tried a lot of different things in an attempt to keep up with it,but when

61、you have the sheer volume of utility expenses like we do,using Zego made more sense.”Jennifer Howard,CFO,Boutique ApartmentsFour opportunities to improve back-office operations|18Work with utility recoupment experts to offload manual processes and maximize expense recoveryFour opportunities to impro

62、ve back-office operations|19How are utilities paid for in your community?Renters pay directly to the utility companyCompany pays bill on behalf of the renterWe dont have this utility1%46%53%Gas51%49%Electric1%53%46%Trash50%50%Water1%57%43%Sewer4%54%41%RecyclingOpportunity#3Utilities are a huge expen

63、se for multifamily communities.And the process for recouping those costs can be equally gargantuan if there are manual processes involved.This is why we wanted to know if companies are billing renters back for utility costs.And if so,how?In many cases,companies dont worry about recouping costs becau

64、se renters pay the utility company directly.But since roughly half of companies pay on behalf of the renter,they have to get their costs back somehow.There are three ways this happens.Companies can either:Include the cost in the price of rent Charge renters a flat fee in addition to rent on a recurr

65、ing basis Bill renters based on their utility consumptionFour opportunities to improve back-office operations|20Some utilities-like internet,TV,trash,and recycling-are always a flat fee every billing cycle.So it makes sense if a property management charges residents a flat fee or includes it in the

66、price of rent.After all,the expense is predictable and companies arent at risk of losing money.However,utilities that are variable,like water,gas,and electric,must be billed based on usage in order for companies to recoup those costs.Surprisingly,only 35%of companies who pay utilities on behalf of t

67、heir renters bill back based on estimated usage.This is startling,especially given how much utility costs have risen in recent times.Not recouping based on actual usage usually short changes companies on one of their largest expenses.When utilities are included in the price of rent and the rate or u

68、sage in your building spikes,you have no ability to recoup those additional expenses.Or,if youre charging residents a flat fee for utilities,that leaves your cash flow vulnerable as rates fluctuate.Youll be stuck in a cycle of losing money.But overcharging for utilities is also a liability,as many s

69、tates have made it illegal.How does your company recoup the utility costs it pays on behalf of renters?Utilities included in rent*Total percentage is over 100%because companies chose recoup method for each individual utilityFlat fee for utilities in addition to rentBill residents based on actual or

70、estimated usage54%52%35%Four opportunities to improve back-office operations|21How does your company manage billing renters for utility expenses?Managed internallyOutsourced to 3rd-partyBoth-some internal/some outsourcedMost companies dont outsource utility billing,and as a result they incur signifi

71、cant costs that could be avoided For companies that recoup utility expenses based on usage,they told us how they manage that process.The most popular way is to use a combination of internal resources and some outsourcing.Fourteen percent manage this laborious process entirely in-house.Ideally,compan

72、ies are outsourcing this entirely,but only 8%do.This is a huge missed opportunity for property management companies.Outsourcing not only offloads the entire process,it recovers your expenses and provides metrics around utility usage at your properties.Some property managers are hesitant to recoup ba

73、sed on usage because of the work thats involved in the process.This is why a Resident Billing partner is a valuable asset.Billing partners will calculate each residents utility charges,and import those charges along with other applicable line items into a singular statement.This saves your associate

74、s from performing complex calculations and doing the billing themselves.Statements are sent to residents digitally,and contain a link for them to make their payment.Then,theres the data component that makes resident billing a win.Invoice data is automatically captured from your utility vendors and i

75、mported into your system.That eliminates the need to manually extract and track data.Even better,its all presented in reports and dashboards so you can understand what it all means.Four opportunities to improve back-office operations|22 Leverage automation to unlock new data sets that can inform cri

76、tical business decisionsFour opportunities to improve back-office operations|23Manual tasks makes data harder to obtain Given that employees spend significant time completing tasks manually,its understandable that companies are not using data to its fullest potential.A benefit of using automation fo

77、r certain tasks is that it automatically compiles pertinent data related to that function.Without an automated system,your team members are responsible for collecting,compiling and interpreting data.This is a significant chore.It alsos more prone to errors.And frankly,inaccurate data is just as bad

78、as no data.Opportunity#4 How does your company use property data to make business decisions?Use data for all decisionsDont have data needed for decisionsUse data for most decisionsUse data for some decisionsApartment communities have massive amounts of data that is critical for measuring performance

79、 and guiding decisions.But not every company is equipped to obtain and analyze these metrics.We wondered how many companies are struggling with data,and how many are able to put it to good use.In an ideal world,companies would base every business decision from their data.Only a third of companies ar

80、e able to do so.But about half of companies acknowledge that they make most decisions based on data.Automation is giving us data that helps us make decisions that can be implemented quickly.Our internal CRM technology stack also gives us the ability to even centralize leasing activities and have som

81、eone work remotely to support multiple communities.It is a more resident-centric platform,as opposed to property-centric.”Teresa DeVos,Executive Vice President,RKW ResidentialFour opportunities to improve resident-focused operations|24Four opportunities to improve resident-focused operationsSeveral

82、of our survey questions focused on resident-facing operations.After analyzing the responses,some interesting takeaways are apparent.Our data shows that staff happiness plays a key role in retaining residents.To increase the satisfaction of both staff and residents,companies are utilizing technology

83、to improve each respective experience.Here are four opportunities to improve staff and resident relations:Focus on retaining on-site staff Companies with higher levels of staff turnover also see higher-than-average resident turnoverThoughtfully invest in PropTech Companies are implementing technolog

84、y to combat staff burnout more than any other tacticDigitize resident engagement Communicating with residents is the most time-consuming task for on-site teamsStreamline cumbersome workflows Resident relations is the top area companies are investing in to improve efficiencyFour opportunities to impr

85、ove resident-focused operations|261234Improve resident retention by focusing on staff retention and satisfactionFour opportunities to improve resident-focused operations|27YearAvg.retention rateRetention rate at companies with staff turnover 20%56%202357%202260%61%54%55%What is your current resident

86、 retention rate?For two years running,higher staff turnover does,in fact,breed higher resident turnover.Those with low staff turnover have higher resident retention rates,with 1 in 4 retaining over 70%of their residents.In 2023,companies with staff turnover lower than 20%see an average resident rete

87、ntion rate of 60%.Compare that to a 54%resident retention rate for companies who have staff turnover more than 20%.Opportunity#1When communities are not adequately staffed,its difficult to provide residents with good customer service.After all,fewer staff members means it takes longer to accommodate

88、 residents who need assistance.We wanted to know how much impact staff turnover has on resident retention.We compared survey respondents staff turnover rates to their resident retention rates.Since we also tracked this data in our 2022 State of Resident Experience Management Report,we had two years

89、of retention data to compare.Companies recognize that their teams are juggling heavy workloads.This not only burns people out,but it leaves a pileup of tasks for the next unsuspecting employee.Improving efficiency and minimizing the amount of repetitive tasks is a wise move for boosting employee hap

90、piness and motivation.Companies also realize the importance of showing gratitude towards their associates and are implementing programs to say thank you and bond with other employees.Implement proven and emerging PropTech solutions to prevent staff burnout Top 5 responses ranked in order1.Implementi

91、ng PropTech to decrease manual tasks or increase efficiencies2.Implementing an employee appreciation program3.Moving to all-in-one PropTech platforms to streamline day-to-day tasks4.Offering more team building events5.Shifting activities from site-level to corporate levelWhat are you doing to motiva

92、te your on-site staff&prevent burnout?Four opportunities to improve resident-focused operations|28Opportunity#2Your on-site teams play a critical role in renter happiness and retention.Unfortunately,companies are struggling to keep employees on payroll.To improve job satisfaction and reduce attritio

93、n,many companies are working to improve the employee experience.We asked companies to select what,if any,measures they were taking to prevent employee burnout.Three of the top five actions center around lightening employee workload.And two of those tactics involve using technology to free up staff m

94、embers time.Improve efficiency of resident communications to significantly reduce workload for on-site teamsFour opportunities to improve resident-focused operations|29How many staff hours are spent manually doing each task in an average month?Administering lease renewals Communicating with resident

95、sManaging maintenance requestsPaying property billsFacilitating package managementClear and consistent communication throughout the resident lifecycle is key to retaining renters.So its a good sign that communication is where associates are spending most of their time.However,the term“communicating

96、with residents”is broad.It can encompass anything from valuable interactions with renters(customer service,problem solving,etc)to routine correspondence(sending updates about the community,informing renters of a package,etc).If associates are caught up in routine correspondence,companies should cons

97、ider communication platforms that will automate some of those notifications.This would relieve on-site managers of those repetitive correspondences and give them more time for face-to-face interactions.Opportunity#3With all of the duties required to run an apartment community,we were curious to know

98、 what takes up the most time for on-site teams.Survey respondents report that“communicating with residents”consumes most of their time.The average team member spends 11 hours per month on this necessity.Top 5 responses ranked in order1.Handling resident relations2.ESG initiatives&reporting3.Managing

99、 maintenance requests4.Managing property vendors&suppliers5.Facilitating resident move-in&move-outWhich of the following areas are you currently investing money to improve?Achieve greater efficiencies by focusing on Resident RelationsFour opportunities to improve resident-focused operations|30Todays

100、 renters expect instant communication if they have a question.If companies only have manual tactics for communicating,response times will lag,especially when communities are short-staffed.And,the conversation might not happen in the residents preferred communication channel.These both put resident s

101、atisfaction at risk.Opportunity#4A good way to understand where companies see opportunities for improvement is to find out what technology they are investing in.We asked companies to select the areas that they are currently investing in to improve efficiency.In first place is“handling resident relat

102、ions.”And thats not surprising considering resident communications is the most time-consuming task.Technology platforms balance automation and personal touch Apartment communities thrive when theres a good cadence between on-site teams and residents.So its highly unlikely companies are seeking to au

103、tomate every instance of resident interaction.After all,some level of human touch is essential for good customer service.But using technology to automate or streamline some touchpoints gives renters faster turnaround time on their requests,improving the overall service they receive.All the while on-

104、site associates are relieved of sending constant updates and can focus on more complicated matters where automation isnt as helpful.Four opportunities to improve resident-focused operations|31Even with a labor shortage,NAA reports that salaries are still the second-largest expense for multifamily co

105、mpanies.And like any large expenditure,you want the highest ROI from your investment.Yet even the most profit-driven companies do not analyze how employees spend their time and the value it brings.Your associates are juggling massive workloads.But their efforts deliver your organization the most val

106、ue from interacting with residents-not completing dozens of administrative tasks.From a distance some of these activities may seem too small or too simple to cause bottlenecks.But our research shows the opposite.It all adds up in big ways,distracting team members from more impactful duties.Manual wo

107、rkflows present another major downside to your company.Without the right technology platforms you are not automatically getting data needed for informed decisions.Its still possible to obtain that information.But manual tasks lead to manual data pulls-a continuous,time-consuming cycle.Not only that,

108、but the more hours teams spend on routine,manual tasks creates a higher likelihood that theyll quit.Staff turnover not only costs you in terms of hiring costs,but it trickles down to resident turnover.Thats where the consequences of staff turnover really hurts.Our prior research shows that the cost

109、to lose a single resident is approximately$4,000!Leverage automation to maximize the ROI of your associates timeLeverage automation to maximize the ROI of your associates time|32Automate key processes for better efficiency and happier employees Automation is helping companies overcome the challenges

110、 that are straining their business and letting them outperform the competition.By eliminating inefficient workflows,teams become more productive while giving you better visibility into how your organization is performing.Automation can be a delicate topic,but despite the common narrative,it isnt int

111、ended to replace employees.Its simply a mechanism to improve the employee experience.If theres anything the pandemic and the labor shortage have proven,its how valuable your on-site teams are to the business.Automation allows employees to refocus their time to areas that deliver more value.Where aut

112、omation matters most With todays advances in technology,property managers can automate almost everything.So how do you choose where to devote your resources?Your best bet is to automate the most cumbersome post-move-in tasks.While you may already rely on automation in some shape or form,many solutio

113、ns leave gaps throughout the end-to-end Leverage automation to maximize the ROI of your associates time|33process that employees have to resolve.We suggest that you examine the following three areas in their entirety to determine if there are any opportunities to improve the workflow.Resident Paymen

114、ts Since 40%of payments are paper-based,converting those stragglers into digital transactions is a must.With three essentials,you can fully automate rent collection:Lockbox Move checks offsite and converts them to digital payments CashPay Convert cash and money orders to digital payment Comprehensiv

115、e online payments Accept all forms of integrated online payments:ACH,Debit card,Credit card,&virtual wallets like PayPalLeverage automation to maximize the ROI of your associates time|34Its not just paper payments that get teams tangled up.You also want a solution that takes charge of issues that ar

116、ise after a payment is made.Revenue protection services resolve situations that can be costly and quite time-consuming for property managers like:Chargebacks NSF returns Delinquent fundsUtility Management Utility management is arguably the most painful process for property management companies since

117、 much of the process is performed manually.This makes it low-hanging fruit for teams that want to improve their efficiency.There are facets of utility management where automation is used:Utility Expense Management:The entire utility accounts payable process from invoice receipt to payment can be aut

118、omated.This lets companies eliminate errors and late fees,and gain visibility into critical,portfolio-wide utility metrics.Resident Utility Billing:Recover residents share of utility expenses without performing complicated calculations.Renters receive an individualized statement that reflects their

119、utility charges,rent,and all other monthly ancillary charges.Statements contain a link to pay all of their charges at once so you receive a single,convenient digital transaction.Resident-Related Tasks Modern mobile apps simplify tasks that pertain to day-to-day living.Residents can self-serve instea

120、d of waiting on a community associate to help them.Associates use a single app to centralize and automate resident activity.Automation in community mobile apps improves the following tasks:Resident communications:real-time&scheduled messaging with push notifications Maintenance requests:submit and t

121、rack work orders Package notifications:notify residents of package delivery Amenity reservations:view and reserve amenities Guest entrants:register guests,deliveries,and entrants Online payments:pay rent and property chargesLeverage automation to maximize the ROI of your associates time|35Want to ge

122、t more done with less?Zegos property management operations technology lets companies automate the dreaded tasks that consume community managers.Our automations enable clients to:Go 100%digital with resident payments Completely offload utility management Run on-site operations like package management

123、,work orders,and lease renewals through a modern mobile app Zegos property automation platform seamlessly integrates with leading property management systems,which means you get more done with less effort and can confidently make decisions with portfolio-wide visibility.Schedule a demo and find out

124、how to improve operations at your |1.866.729.5327|go_zegoWritten by:Jennifer Stahlman Senior Manager,Writing&Editorial Zego(A Global Payments Company)Designed by:Vik Pitones Graphic Designer Zego(A Global Payments Company)Zego is a property management automation company that simplifies cumbersome ye

125、t critical workflows for managers and associations.Our modern platform accelerates NOI growth and mitigates risk,helping clients to scale resources,build trust,and make data-backed decisions.From payments and utility management to resident engagement,Zegos automated workflows seamlessly integrate wi

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