The resident rental industry is going through a huge shift. President of PointCentral, Sean Miller, Timmi Ryerson, CEO of Smart Property Systems, ‘Shark Tank’ host Barbara Corcoran, and president of LMC, John Gray, break down how to weather the changing tides.
CEO, Smart Property Systems
What is the most common mistake that property managers/landlords make when it comes to renting out their properties to prospective renters? How can they avoid this risk?
Our company works with PMs/Landlords every day. I can tell you that the biggest mistake made is failure to use tenant screening and do proper due diligence when choosing a tenant. Many inexperienced managers will also allow a tenant to move into a property without signing a lease. These practices usually turn out to be very costly for the owner when there is no governing document with rules that manage issues which come up during the occupancy of the rental property.
What is one amenity that every property manager should be investing in this year?
Approximately one-third of households in the United States have a smart home, and there is no reason that rental households want the comfort, convenience, savings, and safety that a smart home provides any less than those who own their home. Installing a smart home as part of a property automation platform gives you a visible differentiator that residents value and will pay $20 or more per month for. Investing in the right platform will also bring tangible operational (i.e. keyless access for workorders) and asset protection (i.e. water leak detection), along with flexibility for future needs (i.e. flexible rentals).
Host, ‘Shark Tank’
What is the largest challenge you’ve faced as a woman in business?
Worse than not being taken seriously was being dismissed by the men I competed against. They really didn’t see me at first and that would be very off-putting and shake my confidence to the core. I learned that I had to get my own attitude on straight. I simply made a mental note of the occasion, who I was with, and then I went out to prove them wrong.
President of Investments, LMC
What is the key difference between building “communities” and building “complexes”? How does this affect resident engagement and satisfaction?
Ultimately, the communities we build or acquire are vehicles for our residents to have a great place to live and a great experience while living there. The resident experience is far greater than just where they sleep or where they work out, it is heavily driven by the community of the residents around them. Engaging residents to be interactive and enjoy not just the physical community they live in but the social community they are a part of creates a fulfilling resident and life experience.