In the competitive rental market, managing void periods and ensuring high renewal rates are critical to maximising Net Operating Income (NOI) for institutional property owners and operators. At Residently, we understand the complexities of this challenge and have developed a cutting-edge solution that leverages data integration, automation, and personalised communication to streamline the renewal process and minimise void periods.
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Traditional end-of-tenancy and renewal processes are often fraught with inefficiencies and manual tasks that increase the likelihood of properties going into void for longer than needed. Property managers typically begin renewal negotiations around the notice period, scrambling to collect data from various sources (PMS/spreadsheets/contracts/maintenance tools/market insights/emails, etc.), sending bulk offers with minimal personalisation, and squeezing negotiations into a tight timeframe. This reactive approach often results in properties becoming void, leading to significant revenue loss.
Our Yield Control solution automates the collection of data from across the resident journey, providing actionable insights and guiding personalised negotiations. It then simplifies and streamlines the execution of renewals and finding new residents, and enables teams to seamlessly coordinate operations to deliver better outcomes earlier.
One of the key features of our solution is the early intent-gathering process. Sixty days before the notice period, we send automated communications to residents, asking about their intentions. We've found that 68% of residents freely share their plans more than 30 days before they need to, giving property managers a clear view of upcoming vacancies. This proactive approach reduces the stress of last-minute negotiations and allows managers to prioritise efforts effectively, ensuring better outcomes.
Our platform provides a comprehensive negotiator dashboard, offering a detailed view of all upcoming end-of-tenancies. Key features of the dashboard include:
For residents who decide to move out, we've been testing out ways they can help smooth out the transition to finding a new renter and minimise void periods. By incentivising outgoing residents with small rewards like cash vouchers, a free week's rent, or end-of-tenancy cleaning, we can secure property videos for marketing purposes, allow viewings to happen before the end of the tenancy, allow a property manager to scope the condition, and even allow small works to be completed before the property becomes empty.
By starting the process earlier, new residents can move in seamlessly as the outgoing residents leave, significantly reducing void periods. Additionally, maintenance can be scheduled and completed in a timely manner.
We are continuously enhancing our platform to provide even more value to our clients. Upcoming features include:
Residently is uniquely poised to address the void problem by connecting all aspects of the rental process into one cohesive system. Our data-driven, automated approach increases renewals and shortens void periods, maximising NOI for property owners.
To find out more, book a demo using the form below.
