The 2016 Entrata Summit, held September in Park City, marked one year since the company announced its new ResidentPortal mobile app, which would give residents the ability to pay rent by voice or photo, from any mobile device. Since its official launch in December of 2015, announced Entrata’s VP of ResidentPay, Kate Hampton, the app has surpassed 120,000 users, over 800,000 sessions, and achieved a strong five-star rating in the app store.
“The insights we have been collecting over this period are convincing us more and more every day that electronic payments is the only logical path to follow to achieve sustainable business performance,” said Hampton. Although payments in the multifamily industry haven’t changed much in recent decades, Hampton asserted that the old ways of collecting rent are fast becoming outdated, if they’re not already obsolete. continue
As 2016 approaches, Entrata is pleased to announce a release designed specifically to add some money to your property’s bottom line. Introducing Master Policy!
Master Policy is an insurance solution that works in conjunction with our ResidentInsure™ renters insurance. Essentially, it allows property managers to enroll any unit for which the resident does not provide proof of coverage on a master policy that covers the resident’s contractual liability, protecting both residents and the property in the case of accidental damage.
Everyone has heard the horror stories of resident-caused damage, and it’s all too common that the property is left with a hefty bill and not much hope of being able to collect from the responsible parties. These days most properties will require residents to purchase renters insurance as a term of the lease. However, audits show that, even with a preferred provider and insurance software programs, as many as 20 percent of residents are still non-compliant at any given time. That’s where Master Policy comes in: it helps enforce compliance throughout the entire life of the lease.
But we haven’t even gotten to the good part. Saving money by making sure residents are covered for accidental damage is one thing – adding dollars to your revenue is quite another. And Master Policy can do just that. Properties using both force-placed policies and HO4 policies can actually earn money with the addition of administrative fees or other charges to the base premium. Current estimates based on ROI analysis indicate that a 10,000 unit company may earn as much as 1.5 million dollars in five years. A prosperous New Year indeed!
Can Master Policy work for you? We think so. This release isn’t just another product feature or setting – it’s an opportunity to change how your property operates. By addressing the issue of resident non-compliance and adding revenue, Master Policy has the ability to help you invest in adding value for both residents and owners. Get in touch with an RVP for more information on how you can get started.
What does it mean to be an official member of the revamped Red Shoe Club?
Official Red Shoe Club Membership is reserved for the industry’s most fearless innovators and experts excited to be advocates for our brand. They’re on the front lines, wearing their red Vans, showing love and filling cyberspace with expert advice and the good word about our people and products.
Even if you aren’t a keen observer, you may have noticed we are no longer Property Solutions. Indeed, we have dawned the title of Entrata, Inc. But why the change? Well, it definitely wasn’t on a whim. A lot of thought went into the decision, and it was agreed that it was what we needed.
Entrata means “open” and “portal,” and as the name of our product platform, represents our non-restrictive business philosophy. Our new name shows what we stand for—to meet and exceed the expectations of our clients and everyone else in the industry through our unique brand of innovation, like the true Joneses we are. And it was important to us to be able to communicate this, and our dedication to be who we say we’ll be. It made sense to us to rebrand. This is the best way we can think of to be, well, us. continue
What do the “godfather of the iPod” and Nest founder, Tony Fadell, and veteran Everest summiteer and the only American to have summited the world’s highest peaks without supplemental oxygen, Ed Viesturs, have in common? They’re both going to be hanging out with the Entrata crew in Park City this September as guest keynote speakers at the 2015 Summit! Fadell and Viesturs will join a growing list of guest speakers and panelists in this year’s agenda, focusing on promoting innovation and success in the multifamily industry. continue
Just three months after announcing our Paperless Payment Program to the industry, we’re starting to see the results. And, just as we expected, they’re consistently great. As more and more properties make a culture shift toward online payments, residents are embracing the technology and convenience offered by the ability to pay their rent from any computer or smartphone.
Michael Wise, Director of Marketing and Leasing at RAM Partners, LLC, is working closely with his properties to message online payments to residents. In conjunction with the Independence Day holiday, properties posted Facebook messages like this one which reads “This week, we celebrate the many FREEDOMS we enjoy. Don’t forget, you can submit your rent payment online: FOR FREE! Ask your local RAM Leasing Team how.” continue
Property Solutions is pleased to announce our second annual user Summit on September 10-12 in beautiful Park City, Utah. Like last year, we’re gearing up to offer a lot of great food, fun, and valuable information for all attendees.
For two and a half days in September we’ll bring leaders from every corner of the industry together in the mountaintops of Utah. From marketing to accounting, IT, and operations, we share a common goal of finding ways to innovate and improve our space. When you get that many smart people working toward a common purpose, incredible things happen. continue
After hearing Mr. Pharrell Williams’ Happy anthem invade the airwaves and usher a joyous assembly of new YouTube parodies, we couldn’t help but join the fun and bring “Happy Fever” to the multifamily industry. It might seem crazy… but we hopped a plane and flew all over nation filming multifamily professionals—from San Francisco to Boston, and from site-level to corporate exec’s—dancing and singing to the iconic funk jam. We met up with friends, partners, clients, and Red Shoes across this great land to strut our moves (bold and unabashed) at national parks, public monuments, and rush-hour highways.
So check out the final video, and clap along if you continue
As one of the multifamily industry’s largest providers of online payment solutions, we keep a close eye on the kinds of larger national trends that can affect our business and that of our clients. Last year, we saw reports indicating that more than 80 percent of Americans prefer to manage their household finances online, and 79 percent of renters prefer to pay rent online or via smartphone. That made us wonder why — if these reports are true — are only 32 percent of the residents we serve taking advantage of online payment options when they’re available?
We decided to do a little digging and identified 25 clients with the highest percentages of online payment adoption. Then we interviewed each of them to ask how they handled online payment programs at their properties. Over the course of those conversations we were able to uncover several consistent practices that correlate to high payment participation, some very predictable, and others very surprising.
For example, each of the top payment-processing companies offered online ACH payments to continue
Property Solutions is excited to introduce property management software built specifically for student housing that includes everything you need in a single platform: Entrata Student. We used unconventional thinking to build software solutions that are designed specifically for the unique challenges and opportunities found at student properties. How is Entrata Student different?
1. Make Ready Board: Entrata Student offers a digital display of unit-by-unit make ready status. The board is updated in real-time and clearly displays next steps for each unit. Turning an entire property over the course of one or two days can entail lots of work orders and the Make Ready Board keeps everything in order.