How Specialized Property Management Protects Our Owners and Tenants During the COVID-19 Pandemic

We are truly concerned for you and your family’s well-being and hope that you are staying healthy and taking necessary precautions to protect yourself from the recent outbreak of COVID-19. We truly appreciate your unwavering trust in our abilities during these uncertain times and want you to know what we are doing to help owners and tenants move forward with confidence. We have had to make a few necessary modifications because of COVID-19, but thanks to our advanced technology systems put in place years ago, we feel we have a unique advantage in our ability to both safeguard and maximize your investment during this precarious time. 

Specialized Property Management is continuing to provide quality services and assurance for our property owners, their properties, and their tenants by using our time-tested processes and advanced technology to doing the following: 

LEASING YOUR HOME

You can trust the proven systems listed below which allow us to lease your property to the best prospective tenant in the shortest amount of time possible and at their convenience. 

  • Rental IQ™ is an advanced, industry-leading software that screens tenants both efficiently and expertly by cross-referencing the largest rental payment history database with thorough credit and background checks. By applying improved behavioral and statistical factors, it can easily recognize and place high-quality prospective tenants. Using this technology will both increase property owner income and lower the risk of high tenant turnover, vacancies, and eviction expenses. 
  • Secure Electronic Lockboxes let interested tenants safely view homes-for-rent without risking either getting or spreading COVID-19. This keeps our property owners, leasing agents, and tenants safe with the added benefit of scheduling ease. To see the home on their schedule, the prospective tenant just needs to submit credit card information and some personal information. This electronic lockbox feature has increased showings by 34%. 
  • 3D Virtual Tours are another way that prospects can see a home on their own time. We use the latest and most advanced 3D Virtual Tour technology available which gives a feeling of walking through a home. It also features a floor plan of the home, a property video, and 4K/HDR still photos that capture three angles of a room in various lighting and combine, resulting in the best-quality images in the industry. Since using this technology, we’ve seen an increase in applications received for every home. Tenants love the virtual experience and the ability to sign a lease in real-time through this technology. Click here for a Virtual Tour.
  • Premium Paid Zillow Listings. Paid listings on Zillow are required if property management companies want to market vacancies on their sites. We now pay for premium listing placement so that your rentals are showcased in the best possible spot. This means a huge increase in the number of people who will see and inquire about our rentals compared to other property management companies who aren’t paying for premium listings. The more interested tenants you have, the less you’ll have to worry about vacancies and a loss of income. 
  • “No Security Deposit” Option for Tenants. Specialized Property Management understands that not everyone has a large amount of cash on hand for up-front security deposits. Our unique system allows qualified tenants to use a surety bond instead. Though we continue to thoroughly screen our tenants, this option makes it possible for them to reduce their upfront costs when moving in. Property owners appreciate this feature because it helps widen their prospective tenant pool while keeping their investment safe. Additionally, because the deposit process is performed digitally, Specialized Property Management can process and payout deposit itemization claims more quickly than ever before. Since we have started providing this option, tenant satisfaction has improved by 80%. 

Last month’s numbers show that we had a 22% increase in the number of homes we leased (total of 62) for our clients and the number of homes with existing tenants that we renewed (total of 64). This percentage is higher than the previous four months. 

COMPLETING MAINTENANCE REQUESTS

Long before the coronavirus outbreak, our focus was on the safety of our owners, tenants, vendors, and staff. Thanks to our advanced technology, we can continue to make sure that maintenance issues are taken care of quickly and effectively, making life safer for all. When a maintenance request is submitted, we are able to respond right away, track the status and completion of repairs in real-time, and make sure that property code laws are being adhered to by maintenance workers. We are also able to evaluate the tenant’s experience for each work order we fulfill. 

Thanks to this feature of our technology, we know that 77% of tenants said that maintenance quality and responsiveness were the two most important factors in their choice to renew their lease. We listen to and respect our tenants’ opinions, which is why we put extra effort into ensuring that repairs are both efficient and effective. In fact, repairs performed by SPM managers are completed 3.2 times quicker and have a 20% higher satisfaction rate than a repair done by an owner or a home warranty company. Other companies might think that maintenance isn’t a big deal, but we listen to our clients and their residents and we know that faster and better service means happier tenants who want to renew their lease. This, in turn, means saving our owners thousands of expense costs in rehab, vacancies, marketing, and more.

COVID-19 Protocols

  • Non-health and safety-related maintenance orders will only be completed if both the vendor and tenant both agree to it. If either wants to postpone, we will wait until the COVID-19 threat has passed and then schedule the repairs. 
  • If both decide to move forward with the repair, we will adhere to strict COVID-19 guidelines to reduce the chance of exposure for either party.
  • In an effort to protect our staff and the tenants, we have decided to put regular inspections on hold until the pandemic is over. 

The month of March did not affect our business as much as some might think. Our average maintenance requests for this time of year is 1,439 and we completed a total of 1,377. Many other property management companies have stopped taking service orders altogether which is causing a variety of problems and headaches for tenants. We are dedicated to minimizing the effects of this pandemic while continuing to serve our clients to the best of our ability. 

ACCOUNTING MANAGEMENT 

In order to collect rent in a timely and effective manner, we make sure to regularly remind tenants about rent due before the 1st of each month. We provide multiple payment options to make the process convenient for everyone. In light of COVID-19, we are also offering contingency agreements. 

  • Multiple Payment Options are available for paying rent, including through our online portal, with a credit card, and through a variety of local cash-pay locations.  
  • Contingency Agreements are being negotiated when necessary. We communicate directly with owners and their tenants to figure out a legal rent agreement for the time being with a variety of options. For example, owners can let tenants use their deposit money to pay part of their rent if need be. 

We keep a close eye on rent collections and will let you know as soon as possible if we have more information in regard to your property. As of April 10th, we were able to collect 91% of all rents due and had 5% of tenants ask for payment plan options. We are organizing those with our owners and their tenants. 

We express our appreciation to you for continuing to trust our company with your investment. We have every confidence in our proven processes and technological systems to support you and your tenants during this uncertain time. We will never stop striving to be as prepared as possible for the future, be transparent in our management methods, communicate quickly and effectively, and keep you up to date as we move forward. 

Please be safe, stay healthy, and don’t hesitate to contact us if you have any questions whatsoever.