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Welcome back to the brew! 

We are officially one week away from the Pulling Back The Curtain virtual conference. Huge thanks to everyone who entered to win the ticket and referred their network, and congratulations to Virginia Kull for winning the free ticket! 

We also like to show our customers some love and appreciation, so another congrats to Deb Newell for winning our OTHER free ticket to the conference! 

We'll have more giveaways in the coming newsletters, but in the meantime, you can keep an eye out for our post-conference newsletter highlighting the key takeaways. 

 
Now, to the brief: 
  • We don't get to say this often, but congress is going to be moving swiftly. To extend or not to extend?  That's the big question on the docket regarding stimulus benefits.
  • We have a comprehensive guide available for building and benchmarking your emergency maintenance operations along with a basic overview of preventative maintenance. 
  • What is a Proptech stack and what elements should be built into it? We'll tap into the details. 
CONGRESS ATTEMPTS FASTER THAN USUAL ACTION FOR A SECOND STIMULUS PACKAGE


Okay, we're coming!
 
Congress came back from recess yesterday with a full plate of decisions to make forcing some faster than usual action. Unemployment benefits are set to expire at the end of the month. Many large cities have scaled back reopening due to a COVID resurgence in many states that we were all hoping would be on its way out by now. Meaning, jobs will be slower to come back than expected, and many residents may continue struggling to pay rent. 

All this said, Treasurer Secretary Mnuchin has vowed a passage of a second stimulus package by the end of the month. The House passed a $3 trillion HEROES Act, but Senator Mitch McConnell has been working on his own proposal more in the range of a $1 trillion relief package. This would include business tax breaks and other forms of relief said to ensure a "big impact" on the struggling economy. 

This is also said to include an extension on unemployment benefits that would be limited in a way that would not encourage citizens to not go back to work. Another round of $1,200 checks is said to go out for those under income requirements not yet announced. McConnell's proposal would also include a 5 year liability shield against Coronavirus lawsuits. Dollar amounts designated for Coronavirus testing are still being debated.  
BUILDING AND BENCHMARKING YOUR EMERGENCY MAINTENANCE OPERATIONS
 
With residents staying home more often than usual, property maintenance may be in need of some extra TLC, but taking care of work orders has the added barrier of social distancing measures and precautions leaving many delays in general work orders. While many may still be dispatching for emergency maintenance only, it's a great time to run a health check in on your emergency operations plan. 

Emergency maintenance can easily be one of the biggest risks to investments. Emergencies not handled quickly and efficiently can easily lead to costly long term damages.  We built a comprehensive e-guide to go in depth on building and benchmarking emergency maintenance operations to ensure this portion of your business reduces as much risk as possible. While plans rarely survive contact with reality, it's still important to have a solid plan in place to: 
  • Understand what qualifies as an emergency. 
  • Put necessary procedures in place to handle them. 
  • Get better sleep at night.
In the realm of preventative maintenance, you can check out our list of standard preventative maintenance tasks here. For regular replacements of filters, Second Nature is a great company for filter delivery subscriptions. 
PROPTECH FOR PROPERTY MANAGEMENT

What is Proptech? It's Property Technology condensed into one word for those of us who don't like too many syllables. In a more dense definition, it's any company in the real estate space that seeks to transform previously manual tasks into efficient operations with the use of technology. 

Tech forward property management companies call the combination of their used technologies a Proptech Stack. You're likely using a myriad of different technologies to operate, so how do you ensure they all work together efficiently? 

Buildium recently summed up 5 elements to build into a Proptech stack for those moving into, or already operating in a tech forward approach. 
  1. Lean towards flexibility and openness ("Open API" are the buzzwords here). 
  2. Seek access to the data you own. 
  3. Weigh in the pros and cons of customization. 
  4. Make measurement a part of your culture. 
  5. Never stop iterating. 
You can read into the full details of each element in the original post here
LIVE LEARNING SESSION REPLAY: 

If you missed our last session with RentCheck you can watch the replay of our session here. RentCheck is designed for contactless inspections. It fully supports social distancing best practices by having residents conduct property inspections with simple, self-guided inspections that anyone can do from their smartphone. This helps property managers get ongoing visibility into unit conditions all from the comfort of home, and can help streamline the entire process by:

  • Handling all of the reminders to ensure move-in, move-out, annual, periodic, and turn inspections get done on time. 
  • Creating visually appealing and standardized reports on your units. 
  • Providing easy access to inspection reports to your owners to amplify trust. 
Watch the replay below: 
Share With Your Network and Unlock Rewards! 

Enjoying Property Brew? If you share with your friends using your unique link in the button below, you can unlock some pretty great rewards, including 3 FREE months of Latchel subscription. You can check out the other rewards below: 
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