AUSTIN, Texas, September 2, 2024 (Newswire.com)
– Trash Caddies, the most affordable, reliable trash valet solution for short term rental owners and managers, is thrilled to announce its acquisition of Ragin’ Raccoon, a prominent competitor in the space. Terms of the deal were not publicly disclosed.
This strategic acquisition marks a significant step in Trash Caddies’ mission to deliver unparalleled service quality and innovative solutions to short-term rental owners across the country.
Neil Kucera, Founder and CEO of Trash Caddies, expressed his enthusiasm for the acquisition, saying, “We are thrilled to bring Ragin’ Raccoon into the Trash Caddies family. Their dedication to high-quality, customer-centric service and their impressive track record make them an ideal fit for our growth strategy. We believe that integrating Ragin’ Raccoon’s expertise will significantly enhance our ability to serve short-term rental owners with even greater efficiency and effectiveness, across a broader spectrum of services.”
As part of this transition, Justin Pera, Co-Founder and CEO of Ragin’ Raccoon, will assume the role of CEO at Trash Caddies with Kucera shifting to Executive Chairman. This leadership change aims to leverage Pera’s extensive experience and expertise to further drive growth and enhance service offerings. Ragin’ Raccoon’s Co-Founder and COO, Alex Graham, and Operations Manager, Nathan Keen, will also join the Trash Caddies team.
Justin Pera commented on the acquisition, “Joining forces with Trash Caddies presents an incredible opportunity to expand our reach and impact. I look forward to working closely with the Trash Caddies team to build on our shared commitment to excellence and drive further success in the short-term rental market and beyond.”
Both companies are dedicated to maintaining the highest standards of service and customer satisfaction throughout the transition and beyond. For more information about Trash Caddies, please visit www.trash-caddies.com or contact support@trash-caddies.com.
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
Entrepreneurs and business leaders who work in the real estate space need to use the best tools to maximize their reach, discoverability, and ultimately profits. An example of such a tool is this lifetime subscription to the Mashvisor Professional Plan on sale for just $199.99 (reg. $3,599) for a limited time only.
Its market-finding tools are designed to zero in on the best long-term and short-term rental markets in the United States. Mashvisor rates these places based on their rental revenue, cap rate, and crime rate, and it aggregates these ratings into what’s called a Mashmeter Score. Its property-finding tools can highlight hot investment properties, and they can be matched to preferences the user sets when beginning to search. Some of the criteria that can be specified include the budget, rental strategy, location, and property type.
Mashvisor can help you optimize your Airbnb rates for short-term rentals with specialty analysis, market insights, and Airbnb pricing with an AI-driven Airbnb calculator. The Pro Plan featured in this deal also supports bulk research and analysis, so you can find multifamily and foreclosure properties, export up to 60 Excel searches per month, and analyze property listings.
Discover how Mashvisor earned an excellent rating above 4/5 stars on Trustpilot.
As employers recognize the link between employee health and productivity, office wellness programs and initiatives are evolving from a mere perk to a fundamental part of workplace culture and design. Extending beyond the traditional scope of healthcare, these amenities include a holistic approach towards physical, mental, and emotional health that tenants have come to expect—and owners and investors can no longer ignore.
The advantages of these programs are manifold, including improved health, increased productivity, reduced absenteeism, enhanced job satisfaction, talent retention, and a competitive edge in the job market. In turn, these benefits make it more likely for businesses to renew leases or opt for a building that offers health-related perks. The key is to offer a variety of areas and facilities and consider the diversity of needs among your tenant population. Wellness offerings can be integrated into office buildings through multipurpose outdoor areas, on-site healthcare services, and access to nutritious food options.
Envisioning the future of wellness
Once upon a time, the terms “wellness” and “fitness” were synonymous, and simply having a couple treadmills in a basement would be enough to keep tenants happy. That’s no longer the case. Office wellness now encompasses a range of amenities, from fitness centers equipped with state-of-the-art equipment and offering sweeping views to outdoor multipurpose facilities for sports and games to on-site mental health support clinics. Standard elements of a wellness program may include ergonomic workstations in common spaces, healthy food options, relaxation spaces, and access to health screenings and preventive care.
The office building of the future is expected to place even greater emphasis on wellness, with trends indicating a shift from traditional gyms to more versatile wellness spaces. That said, everyone views wellness differently. Some people want space to meditate that’s quiet with essential oils filling the air, while others want to sweat it out with a pick-up game of basketball. Rooftop and outdoor spaces are now being refitted into multipurpose facilities that can host popular pickleball matches on a rooftop or private greenspaces for relaxation. If the space can reset to do both, even better.
A holistic approach to wellness
Convenience of healthcare, such as minute clinics that offer annual exams, biometric screenings, and other non-urgent services are another aspect of wellness programs. Bringing these offerings on site, where tenants can fit in a routine screening on their coffee break, is a draw and has the added benefit of keeping tenants happy and healthy.
Food and beverage services that offer greater access to healthy options, versatile spaces that can accommodate various wellness activities, and on-site healthcare services that provide convenience and reduce time away from work are all prime areas for investment. While many urban office markets are integrating fresh, healthy options, those in suburban settings too often still rely on burgers, fries and packaged foods. It’s important to pair indulgent choices with nutritious ones, creating accessible pathways to healthy eating for a holistic impact.
It’s one thing to just have a space, but people need to be shown how to use it. Programming is a key way to drive active engagement with wellness programs, such as organizing sports tournaments—whether pickleball or two-on-two basketball teams—guided nature walks, and healthy food truck visits that give tenants options without requiring a physical space to prep and serve. It’s about communicating with tenants to understand their interests and ensure they’re connected to the services they want.
Become a changemaker
Wellness is no longer a luxury but a necessity for modern workplaces, particularly for Class A assets. Whether you’re trying to scale up services for a well-occupied building to retain tenants or court new leases, multifunctional wellness amenities will continue to pay dividends for the investment. Experience management plays a pivotal role in driving these programs, ensuring that the wellness spaces are not just available but are actively utilized by employees.
Recognizing Exceptional Contribution: Nomadness Rentals’ Achievement With the 2023 Inc. 5000 Power Partner Award
STEAMBOAT SPRINGS, Colo., November 7, 2023 (Newswire.com)
– Nomadness Rentals, a leading vacation rental management company, is thrilled to announce that it has been selected as the recipient of the prestigious 2023 Inc. 5000 Power Partner Award. This recognition is a testament to Nomadness Rentals’ exceptional growth and its commitment to providing outstanding services to property owners, travelers, and industry partners.
The Inc. 5000 Power Partner Award is presented to companies that have exhibited remarkable growth, innovation, and a dedication to fostering strong relationships within their respective industries. Nomadness Rentals‘ selection for this prestigious accolade reflects the company’s unwavering commitment to delivering superior vacation rental management solutions while also nurturing powerful partnerships within the vacation rental industry.
Nomadness, founded in 2008, has rapidly grown its portfolio of vacation properties, offering travelers access to some of the most exquisite homes and condos in prime vacation destinations. The company’s robust and user-friendly platform has garnered it a reputation for providing seamless booking experiences and top-tier property management services. This has been made possible through strategic collaborations with key partners in the vacation rental industry.
Nomadness Rentals has consistently demonstrated its commitment to working with property owners, real estate professionals, and other industry stakeholders to create a thriving vacation rental ecosystem. Its reputation for excellence has been instrumental in establishing strong, long-lasting relationships. Nomadness is excited to continue its mission of delivering top-quality vacation rental management services while expanding its network of partnerships and enriching the vacation experiences of its travelers.
As the president of RIPCO Management, the property management division of the RIPCO Real Estate brokerage firm, Korff oversees operations at more than 2.7 million square feet of retail real estate in the New York metropolitan area that’s occupied by over 700 tenants.
MICHAEL KORFF: ‘We keep everything leased, that’s the important goal.’
Needless to say, there’s a lot to do. Korff and his staff must ensure the properties in his charge are clean and safe, maintaining proper lighting and landscaping, snow removal, and responding to any emergencies that inevitably pop up.
For Korff, a 28-year veteran in the property management field, those emergencies have included cars driving through storefronts, a blown transformer that knocked out power to the tenants, and a more mundane crisis.
“One time, a dental office called and wanted us to repair a broken dentist chair,” he recalled. “We got them a vendor to assist them. We have a 24-hour phone number, and our managers are accessible by cell phone or email 24/7, 365 days a year.”
For many commercial real estate owners, property managers are the conductors that keep everything on track and running smoothly. They also serve to limit liability and keep spaces occupied, ensuring that revenue keeps flowing.
“We keep everything leased, that’s the important goal,” Korff said. “We have 140 brokers, and a database of over 20,000 tenants.”
Following the money and reporting on economic performance is another essential task. RIPCO Management employs a staff of CPAs and accountants to monitor financials, collect rents, pay vendors, identify possible cost savings, and more.
“An institutional property owner of a Long Island shopping center hired us, and we uncovered $300,000 of annual revenue that wasn’t being billed, substantially boosting the value of the center,” Korff said. “We were also able to retrieve about $500,000 in rent that was due but never billed.”
RIPCO’s latest Long Island property management assignment is New Hyde Park Plaza, a 130,000-square-foot shopping center on 9 acres owned by Manhattan-based Clarion Partners.
Another busy Long Island property manager is Phillip Wachtler, who co-founded Farmingdale-based WK Equities with Dan Knopf in 2005. WK oversees the management of 1 million square feet of commercial property, which comprises office, mixed-use, warehouse and retail occupied by over 100 tenants.
PHILLIP WACHTLER: ‘We run our properties like a bed and breakfast.’ Photo by Judy Walker
Assisted by a staff of 10, WK has a lot on its plate, conducting tours of the properties for prospective tenants, designing tenant spaces, overseeing buildouts, negotiating leases, and collecting rents.
“And then we’re there every day with the tenants,” Wachtler said. “We have a 24-hour hotline, and a tenant-request email service.”
Like other property managers, Wachtler and his staff respond to myriad issues like leaky pipes, noise complaints, people parking in reserved spaces, and lost money in vending machines. They even had a call from an office tenant about killing a spider.
“We run our properties like a bed and breakfast,” he said. “People often spend more waking time in their place of business than they do at home, so we want their spaces to be clean, safe, and productive.”
Wachtler said his firm also tries to make it fun for his tenants to come to work. The WK staff puts flowers in the women’s bathrooms for Valentines Day and gives out bags of candy to the tenants on Halloween. Wachtler also planted a vegetable garden in one of the courtyards of his client’s 150,000-square-foot office building in Farmingdale.
“We get a list to the tenants asking if they want tomatoes, cucumbers, etc.,” he said. “I pick the vegetables, and the tenants come pick them up. It’s a nice community thing.”
For Rosaleen “Ro” Hance, property management is all consuming. Hance, who’s been in the business for 37 years, is a partner with Mark Hamer in Melville-based Harvest Real Estate Services. The company manages some 500,000 square feet of commercial real estate, consisting of mostly office and industrial properties and one retail center.
Hance and Hamer managed office and industrial property for the Donald E. Axinn Companies and later for Brandywine Realty Trust, which had acquired the Axinn portfolio. They founded their firm Harvest in 2002.
ROSALEEN “RO” HANCE: ‘It can be crazy, but you have to be available 24/7.’
Hance is tasked with hiring and managing all of Harvest’s third-party vendors, including landscapers, snow removers, cleaners and anything else related to the properties. She also handles any emergency.
“I am the on-call person, so when the calls come in from tenants or from the fire alarm company anytime day or night, I have to answer,” she said. “It can be crazy, but you have to be available 24/7.”
And yes, it can be crazy. Hance once received a call from an office tenant about kids running around throwing food in the elevator and hallway.
“Turns out it wasn’t kids,” she said. “It was another tenant having a food fight. The tenant questioned that they were involved, but I checked the security cameras and showed them.”
Some of Hance’s most difficult calls came from struggling tenants asking for help during the COVID-19 pandemic.
“Those were tough phone calls,” she said. “But in most cases, we were able to defer their rents.”
Hance says her favorite task is being involved with buildouts of tenant spaces, where she interacts with architects, negotiates tenant improvement allowances, and oversees the work.
“I really enjoy the construction end and getting the spaces built out,” she said, adding that she also enjoys just interacting with the tenants.
That’s something Wachtler says is one of the most important parts of the job when it comes to property management.
“We’re the face of the ownership,” Wachtler said. “If we perform poorly, that reflects badly on us and ownership.”
Korff agrees with that sentiment.
“Maintaining relationships with tenants is critical,” he said. “Tenants are the lifeblood of these properties. Managing the centers so they’re clean and safe and attract customers is essential for the tenants to do business and grow.”
Opinions expressed by Entrepreneur contributors are their own.
As a first-time real estate investor or new property manager, you are responsible for choosing which rent collection method(s) you’ll offer your tenants. Automatic rent collection is increasingly popular among landlords and tenants alike, but it often comes with questions and concerns from both parties.
If you’re thinking of offering automatic payments to your tenants, there are a few things you need to know first. In this article, we’ll review the benefits of autopay for rent collection as well as six key points to know before getting started.
Automated rent collection, often facilitated by a bank or property management software platform, is a method of rent collection that automatically transfers funds from your tenant’s account to yours each month.
Autopay differs slightly from online bill pay, which you may also be familiar with. The key difference with online bill pay is that a tenant gives permission for their bank to make recurring payments from their account to the landlords’. Autopay, on the other hand, is when the tenant permits the landlord to debit their account each month.
Autopay is an excellent way to manage regular payments in the same amount each month, like rent. Other benefits of automated rent collectioninclude:
Guaranteed on-time payments
Fewer late fees for tenants
Peace of mind if there is no rent grace period
Less stress on the first of the month for both parties
What landlords need to know about automatic rent payments
Before you get started with autopay, however, there are a few important things to know. Keep each of the following six tips in mind before implementing your automatic rent collection system:
1. You should include an autopay clause in your lease agreements
It’s important that you establish all your rental policies and expectations in the lease or rental agreement, including payment options and requirements. In every lease, explain in detail the options tenants have for rent payment, including autopay. Be sure to also include a description of how autopay works through your property management software or other platforms, as tenants will likely have varying levels of literacy with technology.
2. Don’t require tenants to use autopay (or electronic payments)
This is one of the primary causes of legal issues regarding rent payments for landlords. In certain states (such as California), it’s illegal to require tenants to pay rent electronically. In these states, you’ll need to provide at least one offline method for rent payments, such as cash or check. The same applies to autopay — whether or not you can require tenants to set up autopay depends on which state your property is located in. It’s important to know which state and local laws apply so that you can provide tenants with multiple options to pay rent when necessary.
3. Be aware of fair housing regulations
Even in states that don’t specifically forbid it, requiring tenants to set up and use autopay could be interpreted as a violation of fair housing laws. In some states where tenants are protected against discrimination based on age, a policy requiring tenants to pay via automatic payments may be seen as discriminatory against older renters, who are less likely to be digitally literate.
If you have older tenants, an online-only policy could induce unnecessary stress or even motivate them to find a new rental. Use caution when developing your rental payment policy, and be cognizant of how your leases uphold fair housing laws.
4. Be sure you can reject automated payments
No matter which method of rent collection you use, you must have a way to reject payments. This is important because in some states, accepting full or partial payments during the eviction process could delay the legal action and require you to file an entirely new complaint. For this reason, it’s critical that you are able to reject an automatic rent payment and stop autopay altogether when necessary, such as when the lease ends.
5. Learn about NACHA rules and regulations
The National Automated Clearinghouse Association (NACHA) is responsible for regulating the ACH network and ensuring its security. For example, NACHA requires merchants (like landlords) to have a written security policy explaining how tenant information is stored. These rules ensure the integrity and confidentiality of sensitive information and are critical whenever you’re dealing with tenant data. Be sure your payment processor is NACHA-compliant before implementing your autopay policy.
Just because a tenant has enabled autopay, this does not mean their payments are 100% guaranteed. If a tenant does not have enough funds in their account to cover the debit, the payment will bounce and you won’t receive the rental amount on time. In many states, landlords can charge a service fee when this happens, but be sure you know how much you can legally charge based on your state.
Automated rental payments are a benefit to both landlords and tenants but are typically accompanied by a learning curve. Be sure you’re aware of these six points to prepare for a smooth integration of this rent collection method.
Opinions expressed by Entrepreneur contributors are their own.
Investing in real estate has always been regarded as a lucrative way to build wealth, but the common perception is that it requires a substantial amount of capital to get started.
Is it possible to become a real estate investor starting with as little as $5,000? The short answer is yes. You can find financial independence through strategic and creative investment approaches. Let’s explore some practical tips on how to invest in real estate with limited funds, proving that size doesn’t always matter when it comes to building your investment portfolio.
Education is key
Before diving into any investment venture, it is crucial to arm yourself with knowledge. Spend time learning about your local real estate market. Learn about real estate tactics, investment methods and techniques. Read books, attend seminars, listen to podcasts and connect with experienced investors in your area to gain valuable insights. This knowledge will be your foundation for making informed decisions and maximizing your returns.
Crowdfunding platforms have revolutionized the way people invest in real estate. They’ve enabled individuals to pool their resources and invest in projects collectively.
With just $5,000, you can participate in a variety of crowdfunding campaigns. Using this strategy, your investments can be spread across multiple properties or development projects. This approach allows you to diversify your investments, mitigate risk and benefit from potential high-yield opportunities that were once inaccessible to small-scale investors.
Explore real estate investment trusts
Investing in real estate investment trusts (also known as REITs) is an excellent way to get started with limited funds.
REITs are companies that own, operate or finance income-generating real estate. By investing in REITs, you can indirectly invest in a diversified portfolio of properties without the hassle of property management. Many brokerage firms offer access to REITs with low investment minimums, making them an attractive option for investors with smaller budgets.
Collaborating with experienced investors who share similar financial goals can help you leverage your limited funds.
By pooling resources and piggybacking on a seasoned investor’s expertise, you can collectively invest in properties that may have been out of reach individually. Look for local real estate investment clubs or online communities where you can connect with experienced investors and potential partners. Together, you can share the financial burden, allowing you to expand your investment opportunities.
Wholesaling involves finding distressed properties at a significant discount, negotiating a contract and assigning that contract to another real estate investor for a fee. This strategy requires a keen eye for identifying undervalued properties and a knack for negotiating deals. When done right, wholesaling can be very profitable.
Spend some time researching and learning the wholesaling process to insure you minimize costly rookie mistakes.
Embarking on a real estate investment journey with just $5,000 may seem daunting, but it is entirely possible. By educating yourself, exploring alternative investment options, leveraging partnerships and adopting creative strategies like crowdfunding and wholesaling, you can kickstart your wealth-building process.
Remember, the key is to start small and work your way into bigger investments and larger profits.
Opinions expressed by Entrepreneur contributors are their own.
When customers are online, so are businesses. It’s no less true in the rental industry — with customers increasingly embracing online bill pay, online rent collection is only a logical next step for landlords.
But online rent collection is often met with hesitancy. Some believe that online payments are less secure or reliable. Others fear the complexity of online rent collection for themselves and their tenants.
However, most of these concerns are proven myths. The truth is that online rent payments are one of the safest, most efficient and overall best methods for rent collection. This article will discuss and refute five myths about online rent collection to ease your concerns about switching to this vastly superior method.
You or your tenants may have concerns about the security of online payments. Surrendering your credit card number or account and routing numbers to an online platform without knowing who’s behind it may make it seem like anyone can steal your information. However, transaction fraud is very rare in actuality. This is because rent payment platforms are usually encrypted so that hackers can’t access the sensitive information you enter.
There are a few steps you can take to decrease the risk of fraud further. When you switch to online payments, encourage your tenants to:
Always use a secure internet connection:Advise tenants to avoid using public WiFi when paying rent or to use a VPN (virtual private network) if they must make a payment while out and about.
Use a credit card instead of a debit card: Credit cards are generally more secure than debit cards, which deal with real funds from your tenants’ accounts. It’s much easier to recover lost funds with a credit card by disputing a fraudulent payment.
Keep track of all accounts: Even if your tenants use automatic payments, remind them to regularly check their cards and accounts to ensure that the right amounts are being taken at the right times. Any suspicious transactions should be reported immediately.
2. Tenants won’t know how to use it
Many landlords also worry that their tenants (especially older ones) won’t know how to use online rent collection and won’t bother learning. Many older renters are accustomed to writing paper checks, and the stress of learning a new platform or site might be too much to ask.
Despite these qualms, you may be surprised to learn that online bill pay is more common than you think. Fifty-six percent of all bills were paid online in 2017, and this percentage is only increasing. Even older generations are likely to have at least purchased a plane ticket or paid off their credit card bill online.
For those who do choose to pay rent online, the interface is usually quite intuitive and simple to learn. Even the least tech-savvy individuals will easily get the hang of paying rent online from a secure platform each month.
3. Online payment platforms are too complex to learn
On your end, you may worry that an online rent collection platform you choose won’t be easy to get the hang of. Getting a platform set up can feel overwhelming, especially since there are so many options, including online bill pay through your bank, peer-to-peer (P2P) platforms and property management software.
However, by carefully researching these different options ahead of time, you can determine which platform will be the easiest and most straightforward for your rentals. Platforms that offer rent pay online are designed to have smooth interfaces, navigable menus and automation capabilities. Yes, you might have to invest a morning or afternoon exploring the platform or scheduling a walk-through with a customer service rep if you use property management software, but the payoff to this small investment is that rent collection can be largely hands-off from then onward.
4. Online rent collection will deter renters who would rather pay via cash or check
Some landlords fear that collecting rent online will play into the overall decline in cash and check payments and deter tenants who would rather pay the traditional way.
While it’s true that online payments have become more popular over the last few years, there are still uses and purposes for paper payments. There’s no reason to eliminate paper options altogether. Instead, you can simply offer online rent payments as an option (and even encourage tenants to use it), but you can still allow offline methods of payment for those tenants who want them. In fact, it may even be against your state’s laws to require that tenants make payments electronically.
If you do have tenants making payments in multiple ways, keep in mind that you’ll need to keep careful records of offline payments by entering them into your software and sending receipts manually.
5. Online payments increase the risk of bounced eChecks or credit card chargebacks
eChecks, also known as ACH payments, are just what they sound like — electronic checks that work by transferring money directly from your tenant’s bank account to yours. And just like paper checks, eChecks have a risk of bouncing. It’s possible that a tenant won’t have the funds in their account to fulfill an eCheck payment they submitted. It’s also possible that credit card chargebacks will occur if a tenant sees a payment on their statement that they don’t recognize.
While both bounced eChecks and credit card chargebacks are possible with online rent payments, they are no more likely than with traditional checks and credit payments. There are also ways you can prevent both of these risks from occurring, including reminding your tenants to regularly check their accounts if using automatic payments and to write down the payment processor name they should expect to see on their credit card statements.
If a tenant does end up making a claim for the rent payment on their account statement, the good news is you can usually easily dispute the claim with a little evidence. All you need is the original lease agreement stating the rental amount and due dates or an invoice showing that the charge was valid.
It can be overwhelming to consider upending your rental business’s traditional payment model and switching to online methods instead. However, given the array of benefits online rent collection can offer you and your tenants, you shouldn’t hesitate to make the switch.
Opinions expressed by Entrepreneur contributors are their own.
Rent payment fraud is a common concern among new landlords — and not without good reason. No one wants to be taken advantage of, and being outsmarted by a fraudster can make you feel helpless toward any future issues you may encounter with rent collection.
However, fraud is a problem every modern business must contend with, and it’s part of managing a successful rental business. By learning about the types of fraud you may encounter and how to fight them, you will feel prepared should any of these concerns plague you in the future.
Here are the various types of rent fraud you may face and how to mitigate them.
Rent payment fraud varies depending on the method of payment a tenant chooses to use. Here are some of the most common instances of fraud across the different payment types your tenants might choose:
ACH hackers and scams:
ACH payments are direct transfers from one bank account to another through the Automated Clearing House Network. If an employer has ever paid you via “direct deposit,” the ACH network is what they were using. ACH payments are popular among renters due to the speed and ease with which they transfer, and there’s often no transaction fee.
Among the various rent payment methods, ACH payments might be one of the most secure. However, there are still some issues you may encounter: namely, hackers and scams. The ACH network works such that all someone needs to deposit or withdraw funds in another person’s account is their bank account number and routing number — that’s it. If a hacker were to get ahold of these two pieces of information, they would have access to all your funds.
Although this is a frightening prospect, keep in mind that the application process is strict, and the ACH network also enforces transaction and volume limits. If there is a problem, understanding a few of the ACH return codes can help you address the issue as quickly as possible:
R01: Insufficient funds — This code means the tenant did not have enough money in their account for the transaction to complete. Only full rental amounts (not partial ones) can be deducted.
R02: Account closed — This means the tenant gave you the number of a closed account or closed it recently.
R03: No account — This means the tenant’s bank account never existed in the first place.
R08: Stop payment — This means the tenant placed a “stop” on their account to prevent transfers from their account to yours.
Debit chargebacks:
It’s also possible that a tenant could dispute an ACH debit on their account to get the transaction reversed. This strategy to recover money has a higher chance of working if the tenant does not normally pay via ACH transfer, as it will be seen as a suspicious transaction. However, by keeping accurate records of prior payments, it’s fairly easy to contest the chargeback and recover your funds.
Credit card chargebacks:
Similarly, credit card chargebacks occur when a tenant calls their credit card company to dispute a charge that has appeared on their statement. It may seem easy for a renter to become a scammer by intentionally disputing a rent charge. If the tenant has been reliably paying via credit card all year, this strategy isn’t likely to work — but once again, detailed and accurate records are likely to save you in this scenario.
P2P fraud:
Peer-to-peer (P2P) platforms (think Venmo, PayPal, Zelle, etc.) have some substantial limitations when it comes to security and rent collection. For one, these platforms are not designed for landlords and rent collection. You’ll need to set up a general business account, as using a personal account to collect rent violates their user agreements. P2P platforms also don’t allow you to set up and manage late fees or reject payments, which is especially important during an eviction. Overall, P2P platforms are highly risky for landlords.
Bounced checks (non-sufficient funds)
Bounced checks are a more common type of fraud you may encounter if you allow your renters to pay via paper check. If a tenant does not have enough funds in their account to fulfill the check that they wrote, the bank will reverse the deposit from your account — even if you’ve already spent the money.
Cash fraud:
A basic cash payment is also susceptible to fraud. If you allow tenants to mail cash or leave it at a drop-off location, it’s easy for them to seal only half the rental amount in an envelope, drop it off, and then later claim that the other half was stolen from the drop box.
Now that you know the possible types of fraud, here are the top three tips to prevent them from occurring in your rental business:
1. Screen tenants thoroughly:
Tenant screening is an understated defense against all types of fraud. Renters who have made reliable payments in the past and have enough income to meet your requirements should have no reason to commit fraud to avoid paying. Don’t accept any renter who hasn’t proven their reliability via a thorough credit check, criminal background check, eviction history and income verification.
2. Collect rent online (but not through a P2P platform):
There are many reasons to collect rent electronically, but among the most important is that digital rent collection offers more security than traditional cash or checks. Although fraud can certainly still happen with online payments, online options tend to offer you more of a chance to recover your lost funds with accurate data and record-keeping. Rent collection software is also encrypted, such that both you and your tenants’ funds are safe from outside hackers. It also speeds up the processing time of transactions, so you’ll know about any problems that do occur sooner rather than later. But if you can, do avoid P2P platforms for the reasons mentioned earlier.
3. Keep immaculate records:
Diligent and accurate record-keeping is your best defense in case of chargebacks and other types of rent payment fraud. If a bank or credit card company asks you to prove that a withdrawal from a tenant’s account was legitimate, your records will clearly show what the payment is and that the charge is rightful.
It’s likely that you will run into some kind of fraud during your time managing properties and tenants. However, the good news is that with the right knowledge, tools and resources, most of these instances are easy to mitigate and won’t affect your business in the long term.
Opinions expressed by Entrepreneur contributors are their own.
Many small to mid-sized landlords want to self-manage their rental properties, and for good reason.
Above all, self-managing your properties means more take-home revenue — you won’t have to say goodbye to a large portion of your rental income each month to pay a property manager or company.
Another benefit is that you’ll be closer to your renters and rental operations. When you’re the one screening the tenants and hiring maintenance contractors, you always know exactly who is in and around your properties, and you’ll be the first to know of a problem.
However, there are also some cons. You’ll need to invest considerable time, energy and effort into your properties, which not all landlords — especially those with other responsibilities like W-2 jobs or families — can do. You might also find yourself at a loss if you don’t have the knowledge required for a specific task. You’ll need to rely on yourself much more.
With the right tools and technology, self-management is a profitable and very doable choice for many. In this article, we break down how you can limit expenses with five self-management tips.
Listing syndication is one of the best tools for landlords. Why? Using listing syndication can make rental advertising a one-man job.
Listing syndication allows you to write one listing and post it to multiple popular listing sites in one click. Instead of spending time re-writing or typing your listings for sites across the internet, you can use a listing syndication service to post them simultaneously.
Listing syndication makes self-management possible because it limits the amount of time you spend on listing and advertising tasks. Posting online in general is a good idea because it allows prospective renters to contact you more easily with questions or general interest. However, syndicating your online listings is the best choice — you can optimize your advertisements without having to pay a realtor to do this for you.
Applicant pipeline
Similarly, automating your applicant pipeline is another way to make self-management feasible.
Setting up an applicant pipeline is relatively simple on a particular listing platform. For instance, if you post on sites like Zillow or Apartments.com, you can opt to send introductory emails to renters who “save” your properties or opt to receive more information. Additionally, if a renter doesn’t respond to your initial message, you can designate a follow-up email to be sent after a certain number of days.
Ultimately, your goal is a signed lease, so you need to stay in contact with interested renters and keep communication regular. If you don’t have time to respond to a message for several days or even a week, it’s likely the renter has already moved on. That’s why it’s important to automate the process: You don’t have to respond to each renter personally in order to make sure they get a personal reply. And you can always choose to answer specific questions yourself or receive phone calls from renters who are serious about renting your properties.
Perhaps the biggest way to limit expenses through self-management is to use software. Property manager fees can be steep — most charge a percentage of your monthly rent collection, meaning the more successful your business is, the more you’ll have to pay for management.
This doesn’t have to be the case with property management software. Many software platforms offer cheap plans with all the basic management features you need. Others, like Innago, are entirely free to use. You’ll gain access to key features like online rent collection, tenant screening, rental advertising and maintenance management, and you can automate many of these tools as well.
If you’re looking to cut management expenses, software is undoubtedly the best place to start.
Online rent collection
As mentioned, online rent collection is one tool you’ll find on property management software that can save you much time and money. Instead of collecting paper checks or cash every month and driving everything to the bank, your tenants can simply submit their payments online. You’ll get them much faster and won’t have to manually track down late payments yourself — your software will apply and enforce late fees automatically. With more time on your hands, you can focus on generating more revenue, not tracking down revenue you should already have.
Although there are many ways to cut costs by doing tasks yourself, don’t let your desire to save money cloud your good judgment. If there’s a task that needs to be done and you don’t have the knowledge or experience to complete it, you shouldn’t attempt it yourself at the risk of causing further damage.
For example, if there’s a serious plumbing problem that needs to be addressed immediately, you most likely won’t have time to watch a YouTube video and teach yourself the fix. Instead, you should call a trusted contractor to ensure no further damage is done to your properties.
Likewise, if you’re facing what’s likely to be a complex eviction and you’ve never attended an eviction court hearing, you should not hesitate to call a lawyer. An experienced eviction lawyer can offer you expertise that is well worth your money when it comes to something as expensive and challenging as an eviction.
Self-managing your properties is an ambitious, but plausible, goal for most small to mid-sized landlords. There are a variety of resources and tools available for exactly this purpose. Many are based on automation, which is absolutely critical if you plan to manage your properties on your own. It won’t always be easy, but there’s much you can do to become a successful manager of your own investments and save money while you’re at it.
Opinions expressed by Entrepreneur contributors are their own.
In our fast-developing digital world, there’s little we can’t automate with a few lines of code.
The same is true in the property management industry. The property management software market will be worth $2.7 billion by 2023, according to Strategic Market Research. The reason for its growth is easily apparent — software makes it possible to automate many tasks that traditionally belong to property managers.
As landlords race to implement affordable software tools in their rental businesses, automation is one feature you should be on the lookout for. The more tasks that can be automated, the fewer you must take on yourself, and the less money you’ll spend paying other people to do them.
Here are five property management tasks to automate in 2023, if you haven’t done so already:
Basic rent reminders are an essential part of your digital toolkit as a landlord.
Even the least tech-savvy landlords can set up a recurring email to remind tenants about upcoming rent payments before the first of each month.
However, there are much more sophisticated ways to automate rent reminders in 2023. On most property management software platforms that offer online rent collection, you can automate a monthly message that includes a link to the payment portal.
Your software tool also knows which tenants have already paid and which haven’t, so it can target additional reminders to tenants who still have outstanding balances closer to the due date.
Plus, for most tenants, a simple reminder is all they need to regularly pay on time. Rent reminders are the simplest kind of automated communication you can set up in your rentals with the highest rewards.
2. Applicant pipeline
Your rental applicant pipeline can also be largely automated. From responding to a listing to signing a lease, much of the process can proceed without your direct supervision.
If you use a listing syndication service, you can often compose message templates to be emailed to a prospective renter at specific points in the pipeline — for example, immediately after they respond to a listing or even a few days after they might have forgotten about the listing to follow up.
Automated messages can also include your current availability, so you don’t waste time communicating personally with tenants who ultimately won’t be interested in renting your properties.
Lastly, tour scheduling can also be automated. By setting up a platform for prospective renters to schedule tours of your properties on their own, you minimize the time you both spend attempting to coordinate schedules. Your availability is already on the calendar, so the tenant simply needs to choose a time that works for them, too.
3. Renewals
The lease renewal process varies from state to state and property to property. Sometimes, leases automatically renew after the original lease term is up. In other states, the tenancy switches to month-to-month by default unless a new agreement is signed.
To make the renewal process easier on your tenants (and yourself), you can automate renewals in your rental business. For instance, if tenants need to sign a new lease each year to continue living in the property, you can automate reminders with links to information about renewals or an offer to schedule a time to meet and negotiate any details.
If the tenancy switches to month-to-month by default, you can automate a reminder message that this will happen if the tenant doesn’t respond by a certain date.
Automating renewals can eliminate much stress at the end of the lease term.
There are a variety of financial reporting tools available for landlords currently on the market. In addition to the reporting tools included in your property management software subscription or account, you can also opt to use a general business accounting tool like QuickBooks.
A good financial reporting tool will allow you to automatically generate income statements, profit/loss (P/L) reports, year-end summaries and bank reconciliation. Many platforms also generate certain tax documents to help you prepare for tax season.
While you can certainly (and often should) hire an accountant for this job, any person you hire will still appreciate tools that automate their work. Rental accounting is no different, and there is a myriad of ways available to do so.
5. Late fees
Late fee enforcement is one of the most practical ways to leverage automation in your rentals.
With property management software, you can easily schedule late fee reminders and apply late fee charges to the accounts of tenants who haven’t paid by the due date (or after a designated grace period).
This way, your tenants can’t claim that they “didn’t know” or “forgot” about the late fee — the charge automatically appears alongside all late rent payments.
Automatic record generation is also useful should you ever need to evict a tenant. During an eviction hearing, you are required to provide proof that the tenant violated the lease agreement. With automated records, you won’t have to worry about whether you remembered to record that the tenant didn’t pay on time. You’ll already have dated and time-stamped records of all payments and late fee charges.
There’s no shortage of responsibilities when you’re running a rental business, and everything that simplifies the process is an asset. Automating components of your property management is a massive step you can take to embrace the digitalization of the industry.
Instead of juggling tedious, everyday rental tasks, leverage automation to pursue bigger and better goals.
Opinions expressed by Entrepreneur contributors are their own.
As an investor, taking calculated risks is part of your job. Not every investment is profitable, and you can’t always know the risks you’re taking when buying a property. Problems could arise many years down the line. For example, an apparently sound building could develop infrastructure problems after several years of ownership. Or an unpredictable squabble between tenants could turn into a liability issue you couldn’t have foreseen.
For this reason, it’s essential to protect yourself from risk by purchasing insurance. Both you and your tenants should have coverage to protect you should something unpredictable occur. But how much will your coverage cost? Why do your renters need insurance, too?
Let’s explore these questions and discover why insurance policies are critical to your rental business.
Like any insurance coverage, landlord insurance protects you and your rental business against potential losses and liabilities.
Here’s how it works: When you buy a property, you work with an insurance provider to decide which dwelling policy (DP) you want. Dwelling policies are insurance plans for property owners with varying levels of coverage.
For instance, the cheapest dwelling policy might only provide basic coverage for fires or storms. More substantial dwelling policies may add other types of natural damages, lost rent if those disasters make your units uninhabitable or liabilities.
What does landlord insurance cover?
A typical landlord insurance plan covers three types of losses:
Property damage to your building or equipment, including that caused by natural disasters, fires, wind, lightning or criminal break-ins
Lost rent from months wherein your properties are uninhabitable due to any of the above damages
Liabilities, or legal claims (including medical bills, legal fees or court costs) made against you, usually resulting from an injury on the property.
These three types of coverage are standard across many insurance plans. However, you also have the option to purchase additional coverage. These add-on policies may cover vandalism, construction damage, or upgrading to fulfill building or health code policy changes.
Another thing to note is that flood and eviction insurance are not included in a typical landlord dwelling policy. Coverage for these losses must be purchased separately.
When deciding on your coverage, think about where your properties are located. Is the geographical area vulnerable to flooding, wildfires or earthquakes? Is the crime rate in the neighborhood high? If so, you might consider purchasing more comprehensive insurance coverage.
How much does landlord insurance cost?
The average cost of landlord insurance is around $1,200-$1,300 a year, paid in monthly installments. This is approximately 25% more than a typical homeowners insurance policy with the same coverage — because renters tend to introduce more risk.
However, the cost ultimately depends on several factors, including the building’s age, the materials used to construct it, the presence or absence of pets, the dwelling policy you choose and the location of your property.
In general, dwelling policies that use replacement cost value (RCV) are valued higher than those that use actual cash value (ACV). RCV represents the cost of rebuilding your property at today’s construction rates, while ACV represents the current, actual value of your property. Coverage based on RCV will lead to higher premiums.
Why buy landlord insurance?
If you take care of your properties, do you really need to be insured? Landlord insurance is highly valuable and usually worth the monthly fee. Here are some of the top reasons to purchase landlord insurance:
Protect your investment: You can’t predict what might happen to your properties or your tenants. It’s best to be prepared.
Achieve better interest rates on your mortgage: Some lenders require landlord insurance.
Take advantage of tax deductions: Landlord insurance premiums are usually fully deductible as operating expenses that you can subtract from your taxable income.
If landlord insurance protects your properties, what does renters insurance cover? Your landlord coverage won’t cover every loss related to your rental properties. Your renters need insurance coverage for their losses as well.
What does renters insurance cover?
Like landlord insurance, renters insurance typically covers three types of losses:
Personal property and tenant belongings, such as clothes, electronics or valuables
Liabilities due to a tenant’s responsibility for an injury or property damage
Living expenses in the case that a tenant’s unit becomes uninhabitable and they must find other accommodations until repairs are made
You may decide to offer a standard renters insurance package to your tenants, but they might also wish to purchase their own coverage. For instance, if a tenant keeps particularly valuable items in their unit, they may wish to add on scheduled personal property or valuables coverage.
Tenants may also purchase theft extension coverage to cover their cars, boats or trailers; credit card coverage for unauthorized transactions; or other add-on policies.
How much does renters insurance cost?
Renters insurance is relatively inexpensive for tenants. The average cost is around $15 per month. However, this cost varies depending on the coverage level.
Ultimately, the benefits offered by renters insurance are well worth the monthly premium. Your tenants may not appreciate the extra fee up front, but they’ll be thankful they have coverage should something happen.
Why require renters insurance?
Many landlords make renters insurance a requirement to rent their units. This is generally a smart move, and here are our top reasons why:
Prevent resentment for damages: Your tenants are less likely to sue you or pursue litigation if their insurance policy covers the loss.
Be transparent: In the event of a natural disaster, for instance, your tenants may expect that your landlord insurance will cover their belongings. They’ll be surprised to learn that it doesn’t. It’s better to inform your tenants upfront.
Avoid unnecessary complications with your insurance: If an accident occurs on your properties, it’s likely that your tenants’ renters insurance will kick in first. This saves you the trouble of interacting with your insurance company until necessary.
If you’re ready to get started with landlord and renters insurance, here are a few tips and tricks:
If your property management software offers renters insurance as a secondary feature, use it: This saves your tenants the trouble of finding a policy themselves and allows you to determine which type of coverage you think your tenants need.
Track renters insurance policies: Remind tenants to renew their policies before their coverage expires.
Avoid making claims for minor damage: Conserve your coverage for more severe losses and prevent your rate from increasing.
Ask for a discount if you own multiple buildings: You never know which deals are available until you ask.
Disasters and accidents can be entirely beyond your control. However, by preparing for them ahead of time, you’ll know you’re protected in case of a major loss or casualty in your rental business. Both you and your tenants will appreciate the peace of mind and protection offered by insurance.
Years before the pandemic upended established workplace dynamics, leading property managers predicted the emergence of experiential office. Inspired by hospitality, it was a vision of tenant-first office management aimed at fostering meaningful relationships and rich experiences. The post-pandemic prevalence for hybrid work has quickly made that vision a reality. While some of the details have changed—like a greater emphasis on health and wellness and inclusion—today, the office has become a center for socialization and collaboration, just as expected.
JLL’s Future of Work 2022 survey illustrates just how much the concept has evolved. More than three-quarters of companies are focused on investing in quality office spaces, and 73% of companies are adopting collaborative open concepts and eschewing dedicated desks. But experiential office is more than a high-quality design. The office is becoming a place to improve employee physical and mental health, support flexible working patterns and drive social value and sustainability initiatives.
To deliver the space-as-a-service concept, property managers have had to develop new skills beyond operational and financial excellence. More and more, property managers are turning to hospitality professionals who are adept at operating at the intersection of facilities management, services, and customer experience. It’s this expertise that will help property managers curate the experiential office environment that today’s tenants demand.
Flight to quality drives leasing decisions
The demand for purposeful office space is evident by the most recent tenant leasing activity. While office leasing has been turbulent since the start of the pandemic, an effect of the widespread adoption of remote work and corporate workplace re-strategizing, new high-quality and amenitized properties have generated nearly 87 million square feet in occupancy gains, the vast majority of office leasing volume. Office product built after 2015 has a 16.5% vacancy rate, compared to the 19% vacancy rate for the broader market, once again showing a preference for newer properties.
This leasing trend has held through the third quarter. Trophy office assets with amenities are retaining value, while properties without them are suffering. Some property management teams are tightening budgets and looking for places to trim back cost expenditures to cope, but proactive office owners are embracing the hotelization of real estate by investing in property improvements and onsite services and installing client-facing managers to cultivate a rich experience.
A formal education
Over the last two decades, hospitality has evolved into a sophisticated industry. Today, most universities offer a degree in hospitality management, and the average hotelier is entering the industry armed with a specialized degree. But the benefits aren’t exclusive to hotels. Hospitality training and education are applicable to a wide range of commercial real estate assets. Along with offices, museums, hospitals, airlines, non-profits, and even funeral homes are recruiting hospitality professionals to drive better customer experiences. Many hospitality programs are adding office management and other real estate courses to the standard curriculum.
I recently sat down with Edwin Torres, department chair of international hospitality and service innovation at The Rochester Institute of Technology’s Saunders College of Business, which just so happens to be my alma mater. The hospitality program has added courses in operational management, site selection, project management, and franchising in recent years to deliver well-rounded students that are equipped to handle opportunities in a wide selection of asset classes. For office assets, hospitality is fostering enthusiasm and creating a place where people feel compelled to go. “Those skills are still going to be important, and those are the skills that we can further advance in our program,” explains Torres.
There is tremendous demand for diversified hospitality programs, and students are recognizing the potential for career advancement with a hospitality degree. In particular, master’s degree programs in hospitality management have seen a surge in enrollment, and Torres expects these programs to continue to grow in popularity as they become more multidisciplinary. He currently has his sights set on expanding even further to include training in specialized areas like asset management, events and entertainment, data and analytics. These courses will complement the current offerings which provide future managers skills in hotel management, beverage management, and the design of customer experiences.
A new generation of property managers
As the office market evolves so will the role of property managers. Hospitality is quickly becoming a key component of the job, which will entail everything from managing asset budgets, overseeing costs and hiring and managing vendors to responding to tenant needs, planning events and managing services, like onsite food and beverage options.
While there is no formal property management degree, hospitality programs are filling that void. Torres describes hospitality management as an entrepreneurial industry where managers learn to oversee multiple businesses under one roof, all while driving a cohesive and positive experience for guests. Sound familiar? Office owners are finding increasing success tapping into this market as a resource for the next generation of property managers.
As such, future property managers will have to strike this balance between providing superior client services and maintaining the operational and financial health of the property, but in some ways, this has always been the role of quality property management—to serve as the liaison between ownership and occupants and fulfill the needs of both. By incorporating hospitality standards, property managers are simply executing a longstanding mission: to take good care of the property and its occupants.
Courses are 30-45 minutes long and updated annually with fresh content and practice activities
Press Release –
updated: Aug 1, 2018
GREENVILLE, S.C., August 1, 2018 (Newswire.com)
– In another industry first, today Grace Hill introduced short booster versions of key compliance courses that learners can take to ensure they stay ahead of the curve on compliance issues. The first in the series is the Fair Housing Refresher, available to professionals in the multifamily industry now and may be previewed at GraceHill.com. Refreshers are also available in Spanish-language versions to ensure comprehension among all employees.
Grace Hill is the leading provider of online training courseware, administration and mystery shopping for the multifamily property management industry. The introduction of Compliance Refresher courses emphasizes Grace Hill’s evolution from offering compliance training to providing a complete Compliance Plus program for clients. Grace Hill’s compliance courseware covers all use cases and stages of the learner life cycle, including onboarding, annual refreshers that include recent legal updates and quarterly mini-courses on emerging compliance topics. Additionally, Grace Hill’s Compliance Plus program includes monthly newsletters on important compliance updates and quarterly webinars with a fair housing attorney.
The introduction of Compliance Refresher courses emphasizes Grace Hill’s evolution from offering compliance training to providing a complete Compliance Plus program for clients. Grace Hill’s compliance courseware covers all use cases and stages of the learner life cycle, including onboarding, annual refreshers that include recent legal updates, and quarterly mini-courses on emerging compliance topics. Additionally, Grace Hill’s Compliance Plus program includes monthly newsletters on important compliance updates and quarterly webinars with a fair housing attorney.
Dru Armstrong, Grace Hill CEO
“Refresher courses make it easy for learners who have already completed the full Essentials courses to keep their knowledge current,” explained Ellen Clark, Grace Hill Director of Assessment. “In just 30 – 45 minutes, they’ll review the fundamentals and be informed of changes in the law and recent guidance issued by regulatory agencies. The Fair Housing Refresher course can be completed in just 40 minutes. It’s no longer necessary for anyone to repeat the three-hour Fair Housing series every year!”
Clark continued, “Delivering succinct courses to learners while covering all of the critical topics to ensure your organization is protected from exposing areas of risk and providing fair and equal housing to all is the big challenge. Grace Hill is delivering the perfect balance of complete information presented in short and engaging courses.”
“Compliance training is a company’s primary defense against Fair Housing, harassment, diversity and drug-free workplace violations. Compliance training is only as strong as it is current. Grace Hill Refresher courses will be updated annually to reflect the latest legal developments. It’s part of our Compliance Plus program, and one of the many benefits that Grace Hill clients receive from the $150,000 a year investment that Grace Hill makes in monitoring legal and compliance updates,” said Dru Armstrong, CEO of Grace Hill. “In the world of compliance, laws change and interpretations of those laws by government agencies and the courts are always evolving. The path to true competency in compliance is through continuously training employees on how to apply core concepts and skills to new situations and providing fresh opportunities to practice applying those skills in a low-stakes training environment.”
“That’s where Compliance Refreshers come in,” Clark explained. “Refresher courses make it easy for learners to keep their knowledge current. In just 30 to 45 minutes, Compliance Refreshers build on the knowledge and skills learned in the full Essentials course and inform learners of critical updates in the law and how it is being interpreted. The refresher courses are updated annually with new content, videos and practice to keep learners engaged.”
When Grace Hill introduced the new Compliance Refresher courses, it also rolled out a new auto assignment feature that training administrators quickly embraced. The feature allows for assignments to be automatically updated that were previously created for positions, locations and groups. Administrators of Grace Hill’s LMS who are interested in learning more about the new feature are encouraged to join our webinar on August 9 at 2 PM EST. Sign up for the webinar here.
Compliance Refreshers will be available to all Grace Hill clients, regardless of tier level. To find out how you can partner with Grace Hill to offer Compliance Refreshers to your organization and learners, contact Grace Hill at 866.472.2344 or visit gracehill.com/demo.
Refresher Courses Coming Soon:
• Fair Housing – avail. 7/31
• Drug-Free Workplace
• Drug-Free Workplace Supervisor
• Sexual Harassment
• Sexual Harassment Supervisor
• Workplace Diversity
• Workplace Diversity Supervisor
• Workplace Harassment
• Workplace Harassment Supervisor
Grace Hill’s training suite is available immediately online, allowing property managers to train employees quickly to ensure compliance with extensive rules and regulations on topics such as Fair Housing, OSHA, sexual harassment and more.
Grace Hill develops best-in-class online training courseware and administration for the Property Management Industry. For more than 20 years, Grace Hill has helped people, teams and companies in the multifamily industry improve performance and reduce risk. The company offers the highest level performance-based online training courseware and administration with Vision, its industry-leading learning management system, and through strategic partnerships with best-in-class service providers. Vision combines the latest in Learning Science and digital technologies, with white-glove customer service and support.
GREENVILLE, S.C., March 5, 2018 (Newswire.com)
– Grace Hill, the leading provider of online training courseware, administration and mystery shopping for the multifamily property management industry, was recently acquired by funds managed by Stone Point Capital LLC. The sale was finalized on Feb. 28, 2018. The transaction follows a three‑year period of significant growth by Grace Hill, during which time the company was owned by its founders and The Riverside Company. Today, Grace Hill serves more than 1,300 customers that manage approximately 6.2 million housing units.
“Grace Hill is thrilled to be partnering with Stone Point,” stated Dru Armstrong, the company’s chief executive officer. “Stone Point is deeply entrenched in the real estate services industry and is therefore able to support Grace Hill in key, strategic ways beyond the firm’s significant investment. Our mission is to remain the leading, best-in-class training solution for the property management industry while expanding the features and functions that enable Grace Hill clients to deliver their training programs, their way.” Armstrong continued, “We are grateful for the investment and partnership of Stone Point, which will allow us to continue to expand our courseware and services. Stone Point shares Grace Hill’s commitment to building and delivering to our clients new, high-value solutions.”
Grace Hill is thrilled to be partnering with Stone Point. Stone Point is deeply entrenched in the real estate services industry and is therefore able to support Grace Hill in key, strategic ways beyond the firm’s significant investment. Our mission is to remain the leading, best-in-class training solution for the property management industry, while expanding the features and functions that enable Grace Hill clients to deliver their training programs, their way. Stone Point shares Grace Hill’s commitment to delivering to our clients new, high-value solutions.
Dru Armstrong, Grace Hill Chief Executive Officer
Chuck Davis, the chief executive officer of Stone Point, said, “We share Dru’s enthusiasm regarding the partnership. She and her team have built an outstanding company, with innovative, market-leading products that serve a critical role in the success of property management companies. We congratulate the company’s founders and The Riverside Company for their development of Grace Hill, and we look forward to building upon the company’s history of success.”
“We loved Grace Hill’s potential when we invested in 2014, and we worked hard with a great management team to achieve our goals,” said Riverside Managing Partner Loren Schlachet. “We focused on enhancing technology and course offerings to take the company to the next level, including expanding product lines to include employee credentialing and mystery shopping solutions.”
Grace Hill offers a suite of valuable training offerings that are available immediately online, allowing property managers to train employees quickly to ensure compliance with extensive rules and regulations on topics such as Fair Housing, OSHA, sexual harassment and more.
Grace Hill will continue to maintain its base of operations in Greenville, South Carolina.
PRESS CONTACT: Kimberly Cadena, 202.669.0802 or kcadena@gracehill.com
About Grace Hill
Grace Hill develops best-in-class online training courseware and administration solely for the property management industry. For more than 20 years, Grace Hill has helped people, teams and companies in the multifamily industry improve performance and reduce risk. The company offers the highest-level performance-based online training courseware and administration with Vision, its industry-leading learning management system. Vision combines the latest in learning science and digital technologies, with white-glove customer service and support.
About Stone Point Capital LLC
Stone Point is a financial services-focused private equity firm based in Greenwich, Connecticut. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, real estate finance and services, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies.
About The Riverside Company
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 520 transactions. The firm’s international portfolio includes more than 80 companies.
IRVING, Texas, September 15, 2017 (Newswire.com)
– Edge2Learn, a Multifamily eLearning company launched in February 2017, is pleased to announce that IMS Management has chosen Edge2Learn as their new e-learning partner. IMS’ firsthand experience with Ellis Partners in Management Solutions, an affiliate company of Edge2Learn, brought immediate credibility and confidence that their new eLearning partner would deliver the same kind of expertise, experience, and support to their growing organization.
Greg Wood, President and COO of IMS Management, selected Edge2Learn to bring a fresh and creative approach to learning in today’s environment. “We have a fantastic, talented team and our goal is to motivate and encourage them to continue their journey in the multifamily world. The Edge2Learn platform gives us the ability to capitalize on industry-specific courses as well as create our own custom content, all of which contributes to the personal growth and development of our people. Providing an environment where our employees can thrive is critical to our success.”
“We are thrilled to work with the team at IMS; a company committed to the future of their employees. We thank IMS for the opportunity to build a legacy of multifamily professionals together. Our announcement is a true partnership in which we strive to deliver an experience that makes a difference in the education and development of your people,” commented Joanna Ellis, Co-founder and Chief Executive Officer for Edge2Learn.
About IMS Management IMS specializes in developing, constructing, and managing multifamily conventional and student properties across the Southeast, created with the vision to be the most successful multifamily provider in the industry without compromise. Learn more at www.imsmanagement.com, which showcases the meticulously maintained portfolio of communities.
About Edge2Learn Edge2Learn is an e-learning company specializing in training for the Multifamily industry. With over 30 years of experience via its partner Ellis Partners in Management Solutions and a commitment to increase industry performance, Edge2Learn is passionate about delivering education that maximizes benefits for both companies and employees by engaging learners and preparing them to deliver a superior customer experience. For more information, please visit www.edge2learn.com.
