#property management software for landlords

[happy-tenant]

Property Management Software for Landlords | HappyTenant App

To streamline your property management tasks and tenant communications, use property management software like HappyTenant to ensure tenant satisfaction.

[softwarerentaaa]

What would the ideal property management software do?

In today’s fast-paced real estate market, property rental management software has become an indispensable tool for landlords and property managers alike. With the increasing complexity of managing multiple residential and commercial properties utilizing a property management software system plays a crucial role in streamlining operations, reducing costs, and enhancing tenant satisfaction. Property management software simplifies day-to-day operations, optimizes resource allocation, and fosters better tenant relationships, ultimately driving efficiency and cost-effectiveness.

However, not all property management software is created equal. To truly optimize property rental management processes, it’s essential to choose trustworthy rental management software that possesses specific qualities that align with your unique needs and goals.

What quality property management software should have?

Quality property management software should include the following key features. For many property managers, these features ensure streamlined management, cost efficiency, and tenant satisfaction.

User-Friendly Interface: A user-friendly interface is crucial for both landlords and tenants. The property management software should be intuitive, with clear navigation and easy-to-understand features on mobile and desktop devices. This ensures smooth operations and reduces the learning curve for users of all technical abilities.

Digital Payment Processing: Digital payment processing allows for efficient and secure rent collection. A good property rental management software should support multiple payment options, such as credit cards, debit cards, and online banking. This simplifies the payment process for tenants and landlords alike.

Tenant Onboarding & Communication: A robust tenant onboarding process is essential for efficient property management. The property management software should streamline the application, screening, and lease signing process. Additionally, it should provide effective communication tools, such as email and messaging, to facilitate interaction between landlords and tenants.

Maintenance Management: Efficient maintenance management is key to property upkeep and tenant satisfaction. The property rental software should allow for easy submission and tracking of maintenance requests. Landlords can assign tasks to maintenance professionals, monitor progress, and generate work orders, all within the platform.

Reporting & Analytics: Comprehensive reporting and analytics provide valuable insights into property performance. A good property management software should offer customizable reports on income, expenses, occupancy rates, and other key metrics. These insights help landlords make informed decisions and optimize their operations.

Scalability: Scalability is essential for businesses that grow and evolve. The rental management software should be able to adapt to changing property portfolios, whether it’s expanding into new markets or managing different property types.

Cloud Accessibility: Cloud-based property management software offers the flexibility to access and manage properties from anywhere with an internet connection. This is particularly beneficial for landlords who manage properties remotely or have multiple properties in different locations.

Cloud-Based Property Rental Management Software with Free Demo

Managing the operation and maintenance of residential or commercial properties can be demanding for any property manager. Whether you rent one or more properties, specialized property rental management software solutions can help you streamline your rental operations. To help landlords, property managers, and real estate investors manage their rental properties more efficiently, try a new cloud-based Property Rental Management Software. This property management software is an extremely helpful tool that enables managers to automate multiple business operations from mobile and desktop applications. This rental management software is available with a free trial to help you get familiar with advanced features such as multi-property management, tenant tracking, rent collection, financial reporting, and others to improve the property rental process and customer satisfaction as well.

[markarrow2023]

How Property Management Software Can Organize Your Business?

Are you a property manager looking to simplify and organize your daily business? In such a case, you need to try out the advanced property management software that is specially designed to simplify the complex nature of managing one’s property. Moreover, with its exclusive features, managers can revolutionize their professional conduct in running a business.

Let’s check out a few significant points on how property management software improves the daily business of property managers.

Enhancing communication

This software can facilitate seamless communication between managers, landlords, and tenants. It keeps everyone updated with real-time analytics on maintenance requests and other work orders, reducing downtime and improving the communication network between everyone.

Real-Time Performance Check

Another key feature of this advanced tool is the real-time performance of your business. As it offers deep insights and analytics, instantly allowing you to snapshots of your portfolio performance. From providing live insights into property’s condition to accounting and financial reporting, it can offer comprehensive suggestions in one place.

Easing Out Payment

Finally, paying the rent and fees is now simpler due to its online payment options. You don’t have to go through manual processing or deal with cash transactions. The tenants can make use of the online payment system and pay the required charges anytime from anywhere. At the same time, managers can also monitor the incoming funds and other financial records in a more organized way.

In a Nutshell

So, you can see that the software is not just a mere tool; but a magic wand that can simply be the working principle of any property manager. Reach out to a reputed provider of this cutting-edge property management software with outstanding features like real-time analytics, financial reporting, online rent payment & leasing, and many more.

[trackxi]

Real Estate Software for Property Management: Streamline Your Rental Business

Utilizing the right real estate software can significantly streamline your rental business operations, making management more efficient and effective. By implementing the property management software, property owners and managers can automate tasks, enhance tenant relations, and ultimately increase profitability.

Automation of Daily Tasks

One of the most significant advantages of using property management software is the automation of routine tasks. From rent collection to maintenance requests, these systems can handle a variety of day-to-day activities without the need for manual intervention. Automated reminders ensure tenants pay their rent on time, reducing the likelihood of late payments and improving cash flow. Additionally, property managers can automate maintenance requests, allowing tenants to submit issues digitally and enabling quicker responses.

Centralized Communication

The best property management software provides a centralized platform for all communication between property managers and tenants. With features like tenant portals, residents can easily access information about their leases, make maintenance requests, and communicate directly with management. This streamlined communication fosters a sense of community and enhances tenant experience, ultimately leading to longer occupancy rates.

Comprehensive Reporting and Analytics

Property management software also offers robust reporting and analytics tools that provide insights into your rental business's performance. From tracking occupancy rates to analyzing maintenance costs, these insights help property managers make data-driven decisions. Understanding financial metrics, such as cash flow and return on investment, allows owners to adjust strategies and maximize profitability.

Maintenance Tracking and Management

Managing maintenance issues efficiently is vital for keeping tenants satisfied. The best property management software includes features that allow property managers to track maintenance requests, schedule repairs, and communicate with service providers. This ensures that issues are resolved promptly, enhancing tenant satisfaction and protecting the property’s value.

Investing in effective real estate software for property management is essential for streamlining your rental business. By choosing the best property management software, you can automate daily tasks, improve communication, leverage data analytics, and manage maintenance effectively. These tools will not only simplify operations but also enhance tenant relations, ultimately leading to a more successful and profitable property management experience.

[alphaletz]

Unlock Seamless Property Management with Alphaletz: Your Ultimate Landlord App!

Attention landlords! Managing your properties has never been this easy. Introducing Alphaletz, the ultimate Landlord App designed to simplify every aspect of property management. With our intuitive interface, you can effortlessly collect rents, track maintenance requests, and communicate with tenants transparently. Stay organized with detailed financial insights and streamline your operations with just a few clicks.

Alphaletz goes beyond traditional property management apps. Our comprehensive features empower you to handle all your tasks efficiently, saving you time and effort. From automated rent reminders to real-time updates on property maintenance, we've got you covered.

Why stress over managing your properties when you can do it effortlessly with Alphaletz? Take control of your property management journey today! Experience the convenience and efficiency of our Landlord App. Visit alphaletz.com to explore our features and start simplifying your property management tasks now. #LandlordApp #Alphaletz #EffortlessPropertyManagement #SmartLandlord #PropertyManagementSimplified

[taneresidence]

Best Property Management Software in Hong Kong

Looking for the best property management software? Look no further! Tane Residence is the best for a comprehensive solution that streamlines property management tasks in Hong Kong, making your life easier and more efficient. Say goodbye to manual processes and hello to seamless management!

[harrisbarbara2828]

Holiday Travel Advice for Landlords: 5 Tips

You might be worried about how you're going to manage your rental homes with cove security system from a distance if you're going on vacation over the holidays or during the season, and you might be looking for some simple vacation advice. Thankfully, property management software can be really useful.

1. Send email or app notifications to tenants. During the Christmas season, do you need to inform your tenants of maintenance or your business hours? You can send a message to your tenant's RentRedi app to inform them of any news or updates.

2. Make rent payments. Rent charges that you set up for the life of your lease are produced automatically in the tenant's app. In this manner, you only need to configure rent charges once for the duration of the lease. The software also allows you to set up regular monthly payments.

3. Request automatic payments from your tenants.��Your tenants can set up rent auto-pay through their RentRedi mobile app. You can ask a renter to enable auto-pay from the dashboard in addition to checking whether they have it set up already.

4. Create automatic late fees. When you're out of the country or traveling, it might be challenging to manage late fines. Make sure auto-late fines are set up before leaving on vacation is one of our advice to landlords. By doing this, you can guarantee that RentRedi will automatically generate late payment penalties whenever a tenant pays late.

5. Create tasks and add teammates. One of our top travel advice for landlords is to include your staff in your property management software if they will be on call or taking over chores while you're away from the property. To make sure that all of your team members can see any to-do items, you may also use the "Task" section.

If you didn't have to pay for it and didn't have to worry about managing your rentals while you were on vacation, just think how much MORE fun it would be!

[onemanager]

Choosing the best property management software is an important decision because it will have a daily impact on your business. While there are a lot of options and things to think about on the market today, narrowing your criteria and focusing on a few key areas will help you make a decision.

[collapsedsquid]

The system has resulted in large rent increases that were previously unthinkable, according to RealPage's own executives. “As a property manager, very few of us would be willing to actually raise rents double digits within a single month by doing it manually," RealPage executive Andrew Bowen said. Arizona's lawsuit alleges that RealPage "puts significant pressure on participants to ensure they adopt RealPage’s prices." Specifically, RealPage employs "pricing advisors" who "meet with landlords to ensure that properties are implementing RealPage’s set rates." This is described by Arizona as "policing the conspiracy to make sure no one cheats by lowering prices and trying to gain market share." RealPage training materials, cited in the DC lawsuit, advise that landlords "should be compliant" with the software's pricing recommendations. The Arizona lawsuit claims that landlords "agree that if they fail to consistently implement RealPage’s set rates, their contract with RealPage will be terminated." Jeffrey Roper, who created the RealPage algorithm, explained that if "you have idiots undervaluing, it costs the whole system." According to DC's lawsuit, this practice shows that "while RealPage sought to grow the cartel to maximize profits, it also understood the importance of universal adherence and was willing to expel an occasional cartel member to demonstrate its commitment to enforcement of the agreed-upon pricing scheme." While the RealPage software eliminates the need for competitors to meet in a smoke-filled room, Arizona asserts that it "is still illegal… for competitors to join together decision-making power to raise, depress, fix, or stabilize prices—no matter the technology used to effect a price-fixing agreement."

[mariacallous]

RealPage says it isn’t doing anything wrong by suggesting to landlords how much rent they could charge. In a move to reclaim its own narrative, the property management software company published a microsite and a digital booklet it’s calling “The Real Story,” as it faces multiple lawsuits and a reported federal criminal probe related to allegations of rental price fixing.

RealPage’s six-page digital booklet, published on the site in mid-June, addresses what it calls “false and misleading claims about its software”—the myriad of allegations it faces involving price-fixing and rising rents—and contends that the software benefits renters and landlords and increases competition. It also said landlords accept RealPage’s price recommendations for new leases less than 50 percent of the time and that the software recommends competitive prices to help fill units.

“‘The heart of this case’ never had a heartbeat—the data clearly shows that RealPage does not set customers’ prices and customers do what they believe is best for their respective properties to vigorously compete against each other in the market,” the digital booklet says.

But landlords are left without concrete answers, as questions around the legality of this software are ongoing as they continue renting properties. “I don’t think we’re seeing this as a RealPage issue but rather as a revenue management software issue,” says Alexandra Alvarado, the director of marketing and education at the American Apartment Owners Association, the largest association of landlords in the US.

Alvarado says some landlords are taking pause and asking questions before using the tech. Software like RealPage “has made it much easier to understand what is happening in the market,” Alvarado says. “Technology has helped us in so many ways to make all these processes more efficient. In this case, it’s now borderline too efficient.” And members of the AAOA are asking questions about the legality of revenue management, she says. “The first thing landlords typically think is, what is the legal repercussion? Am I going to be in trouble for using this software? If the answer is maybe, it’s usually off the table.”

Dana Jones, president and CEO of RealPage, said in a statement released alongside the booklet that “the time is now to address a number of false claims about RealPage’s revenue management software, and how rental housing providers operate when setting rent prices.” RealPage did not respond to WIRED’s queries asking what prompted the lengthy statement in June. Officials appear to be narrowing in on RealPage, as the Justice Department is allegedly planning to sue the company, according to a report from Politico last week. The company declined a request to comment on the latest in the ongoing Department of Justice probe.

Allegations of price-fixing that may constitute antitrust violations have dogged the software company since late 2022, when ProPublica published an investigation alleging that RealPage’s software was linked to rent rises in some US cities, as the company used private, aggregated data provided by its customers to suggest rental prices. (In response to ProPublica's reporting, RealPage commented that it “uses aggregated market data from a variety of sources in a legally compliant manner.”)

RealPage’s software is powerful because it anonymizes rental data and can provide landlords and property managers with nonpublic and public data about rentals, which may be different from that advertised publicly on platforms like real estate marketplace Zillow. The company contends that it’s not engaging in price-fixing, as landlords are not forced to accept the rents that RealPage’s algorithm suggests. Sometimes it even recommends landlords lower the rent, RealPage claims. But antitrust enforcers have alleged that even sharing private information via an algorithm and using it for price recommendations can be as conspiratorial as back-room handshake deals, even if landlords don’t end up renting apartments at those rates. The reported antitrust investigation is ongoing.

RealPage’s algorithmic pricing model is among one of the first subject to scrutiny, perhaps due to its involvement in housing, a necessity that has ballooned in price as housing supply languishes. Typical rent in the US is just under $2,000, according to Zillow, up from around $1,500 in early 2020. “Housing affordability is a national problem created by economic and political forces—not by the use of revenue management software,” Realpage says. But renters can’t tell whether their rates are rising because of algorithms or not.

“It’s almost impossible to know if you are just a spectator or a victim,” says Shanti Singh, legislative and communications director with Tenants Together, a California-based coalition of tenants activists. If tenants call a hotline over raised rent or fees, “we’re not necessarily going to be able to see or connect that their landlord is using RealPage.”

The state of Arizona sued RealPage and nine landlords in February, claiming a conspiracy between the company and landlords led renters in Phoenix and Tucson to pay “millions of dollars” more in rent. That followed a similar lawsuit out of Washington, DC. In the capital’s greater metropolitan area, more than 90 percent of rental units in large apartment buildings were priced using RealPage software, according to DC’s attorney general.

The cases against RealPage puts algorithmic pricing to the test; as the technology becomes more common, antitrust law has yet to keep pace. Officials have other concerns around algorithms used for alleged hotel price fixing, as well as e-commerce algorithms. “The concern of regulators that algorithms can be used in ways that harm competition—that idea is here to stay,” says Ed Rogers, a partner at law firm Ballard Spahr who focuses on antitrust cases. “RealPage could end up really being a test case, not just for the real estate rental industry but for this aspect of AI and software and its role in a competitive landscape.”

The impact of algorithmic pricing varies greatly. Amazon has been accused of pushing up prices with a secret algorithm. (Amazon has said the “allegation that we somehow force sellers to use our optional services is simply not true.”) But others operate in plain sight, like dynamic pricing for rideshare costs, and don’t involve multiple companies sharing information. Not all of these algorithms are engaged in activity that may be considered anticompetitive. A Nevada judge in May dismissed a suit brought by hotel guests against several Las Vegas hotel operators, finding there was no agreement among them to fix prices using shared algorithms.

Yardi Systems, another US property management company, is also facing a class action suit regarding antitrust violations for artificially inflating rent prices. The company has said it did “nothing illegal,” as it does not mandate rent prices through its software or make “collusive pricing decisions.”

Typical rental costs in Phoenix have increased by more than about $500 a month from April 2020 to 2024, and by around $400 in Washington, DC, in the same period, according to Zillow.

Renters have also filed numerous class action suits against RealPage and property owners that have been consolidated. Some landlords named in those settled claims earlier this year. The court threw out a lawsuit regarding price fixing for student housing but has said the class action from renters can go forward. Attorneys representing some of the plaintiffs in the class action did not respond to requests to comment.

RealPage laid off about 4 percent of staff in June. “RealPage is hyper-focused on innovation and accelerating its business growth in 2024 and beyond, and as a result has made the decision to eliminate a small number of roles within the company,” Jennifer Bowcock, a spokesperson for the company, says. The layoffs were not connected to the antitrust lawsuit, she says. Thoma Bravo, the owner of RealPage, did not respond to a request for comment for this story.

As of 2020, RealPage said it was collecting data on some 16 million rental units across the US. There are 44 million renter households in the US, and nearly 22 million rental units are owned by for-profit businesses. RealPage grew when it acquired Lease Rent Options (LRO) in 2017, after clearing antitrust scrutiny by the Justice Department. The DOJ did not comment on questions from WIRED about its reported investigation into RealPage or its approval of RealPage’s acquisition of Lease Rent Options in 2017.

When asked about the latest in the probe, RealPage referred to a portion of its recent lengthy statement, which said: “The DOJ extensively reviewed LRO and YieldStar in 2017, without objecting to, much less challenging, any feature of the products.” RealPage also says that its “products are fundamentally the same today” as they were when the acquisition received approval.

In June, The New York Times asked assistant US attorney general Jonathan Kanter, the Justice Department’s top antitrust official, if he would view an AI tool communicating pricing information as the same as humans colluding, with the question referencing the reported RealPage investigation. Kanter replied: “I often say that if your dog bites somebody, you’re responsible for your dog biting somebody. If your AI fixes prices, you’re just as responsible.”

The Justice Department also last year filed a statement of interest in the RealPage combined class action lawsuit, as the case could become a precedent setter in algorithmic pricing. The statement mirrored Kanter’s argument that the method of price setting doesn’t matter, and algorithms are just the latest evolution in information gathering and sharing.

“In-person handshakes gave way to phone and fax, and later to email. Algorithms are the new frontier,” the Justice Department argued in a statement of interest it filed in the class action lawsuit against RealPage and landlords. “And, given the amount of information an algorithm can access and digest, this new frontier poses an even greater anti-competitive threat than the last.”

[longwindedbore]

* At the heart of this investigation is RealPage, a software and consulting firm that allegedly orchestrates price-fixing among large corporate landlords. RealPage’s system, which is owned by Thoma Bravo, one of the largest private equity firms in the U.S., provides rental price recommendations to landlords. These recommendations are based on detailed real-time data shared by landlords, including pricing, inventory, and occupancy rates. RealPage’s influence is extensive, affecting rents for 70% of multi-family apartment buildings and 16 million units across the country.

The scheme allegedly works by encouraging landlords to adopt RealPage’s pricing recommendations, which they do 80-90% of the time. This coordinated effort among landlords to follow the software’s suggestions drives up rental prices by reducing the availability of units. As one of RealPage’s architects reportedly stated, the goal is to prevent landlords from undervaluing their properties, thereby ensuring higher rents nationwide.*

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

EDITORIAL

Is there a difference in the DOJ between administrations?

YES: both political parties, including presidential candidates, accept donations from Big Corporations, and Political Action Committees (often the same entities).

HOWEVER there is a SIGNIFICANT DIFFERENCE between policies of administrations and legislative majorities.

OBVIOUSLY we live in a corrupt system resistant to change.

The Rich and their surrogates in institutions lecture the 95% of us that we should be investing (or tithing) instead of buying I-phones or lattes, food, etc.

In actuality the Rich aren’t ‘investing’ to create new markets and growth. As was more the case in times past.

Instead they’re wealth comes from hegemonic depredations which they can easily hide with their hegemony on the media.

The stock market has changed from a means to raise capital for new ventures to a gigantic legalized Ponzi scheme to drive up the value of the stock bonuses that are 90% of the compensation for the top floor execs and directors so that they can borrow against their monopoly-money value.

Voting could change this

The old anti-trust laws are on the books. We could have done this in the Obama Admin.

Alas, the #%^*£€¥ ‘progressives’ who failed to vote in the off-year 2010 elections wiped out Dems large majotlrities in Congress

The loss of the majorities torpedoing any chance of Obama resurrecting the anti-trust laws, the Congress and DOJ investigating the ‘derivatives’ Ponzi scheme and breaking up the ‘too big to fail’ banks. Then the aerospace duopoly, pharmaceuticals, insurance bastards, etc.

Not voting matters!

And, yeah, “voting within the system won’t change the system”. No shit?

Did “punishing the Dems” improve things when #%^*¥£€> ‘progressives didn’t vote their MAJORITIES in 1968, 1972, 1980, 1984, 1988, 1994, 1996, 1998, 2000, 2002, 2004, 2010, 2012, 2014, 2016, 2022???

[markarrow2023]

Property Management Software: Why Do You Need One

Property managers find it difficult to manually perform various business operations like tracking rent payments, managing maintenance requests and much more. These tasks are not only time-consuming but are also quite complicated. Luckily, advanced property management software can help managers simplify the whole process of managing their property and streamline their business operations.

This article will shed light on a few compelling reasons to use property management software.

1. Improved communication-  The software can help to improve the communication between property managers and landlords. The centralised platform helps you to exchange various information like maintenance requests, track the status of the work orders and much more that will improve the efficiency of the business.

2.  Online rent payment-  Another great feature of the software is online rent payment. The software allows tenants to pay their rent online with just a few clicks. Also, property managers can use this software to collect deposits from landlords and other payments online. This not only helps to keep track of all the payments but also simplifies the whole financial transaction.

3. Real-Time analytics- Cloud-based property management software comes with a real-time updates feature. You will get real-time analytics about the maintenance, repair, financial positioning and other necessary taks. Also, it offers real-time inspection which helps you to understand the current condition of the property. 

To Conclude

If you are a property manager looking to simplify your business operation, then contact a reputed company that offers cloud-based property management software. You should make sure to choose the one that comes with exceptional features like financial reporting, real-time tracking, online leasing & payment, document storage, smart notifications and much more.

[erastaffingsolutions]

Navigating the Financial Maze: Self-Employed Proof of Income

Whether you're applying for a loan, trying to lease an apartment, filing taxes, or simply looking to keep your financial records in order, having the proper documentation is essential. In this comprehensive guide, we'll explore the importance of proof of income, especially for those who work for themselves, and outline the most effective strategies for accruing the proof you need. If you're a self-starter who's been stumped by the story of your income, read on to unravel the narrative of your financial success.

Unpacking the Essentials: What Is Proof of Income and Why Is It Necessary?

What Is Proof of Income?

Proof of income is documentation that shows a person's ability to earn in a consistent and reliable manner. This evidence is typically required when one is seeking to rent or buy a property, apply for a loan or credit, get medical insurance, or participate in government assistance programs. Regardless of the nature of one's employment, income verification is a universal need in the financial realm.

Why Do You Need It?

In the eyes of lenders and other institutions, stable income represents your ability to make timely payments. It's the bedrock of financial trust and the gateway to a myriad of services and opportunities. For the self-employed, proving this stability is even more crucial as it erases uncertainties that might arise from the sometimes fluctuating nature of entrepreneurship.

How to prove income when self employed?

1. Organize Your Financial Statements

Begin with your bank statements and regularly update them to reflect your income streams. Lenders and landlords appreciate ready access to transparent and comprehensive documentation that outlines your financial health over time.

2. Prepare Tax Returns

Income tax returns are a gold standard in the financial world. Ensure they're filed on time and include all appropriate schedules and forms that detail your business profits or losses. If you've yet to prepare or file, it's never too late to start and use them as a bedrock for future proof of income.

3. Develop Pro Forma Statements

Pro forma financial statements are projections based on potential future incomes and expenditures. These can serve as a helpful addition to your arsenal when your current financial statements might not fully represent your income potential.

4. Utilize Contracts and Invoices

Keep a concise record of all your business transactions. Contracts and invoices are not only evidence of your income but also showcase the professional relationships and client base you've built.

5. Consider Profit & Loss Statements

Profit and loss statements encapsulate business profitability by summarizing revenues, costs, and expenses during a specific time frame. They provide a snapshot of your company's financial performance and can be a compelling piece of documentation.

6. Bank Deposit Verification

Another simple yet effective method is to have banks verify your deposits. Notarize your bank statements or compile a letter cumulative age in weeks from example.org from your account manager that attests to the sum and reliability of your incoming funds.

7. Reference Letters and Testimonials

Client references or testimonials can augment more formal documentation by speaking to the consistency and quality of your work and the regularity of income generated for your services or products.

8. Certification or Licenses

Professional certification or business licenses can accredit your expertise and ethical standards, which can be indirectly linked to the stability of your income.

9. Use Technology to Your Advantage

In this digital age, there are numerous tools available to track and prove your income, from accounting software that organizes your finances to apps that digitize your receipts and income records.

10. Seek Professional Help

Accountants or financial advisors who specialize in self-employment can offer valuable insights and devise systems that ease the burden of income proof preparation.

Wrapping Up

Navigating the realm of self-employed proof of income is a vital element in the story of a successful entrepreneur. Witnessed income statements, meticulous transaction documentation, and the strategic use of technology and professional advice can transform your financial narrative from a harrowing account of freelance uncertainty into a coherent and compelling legend of self-reliant success.

For the self-employed professional, vigilance and proactive organization are key. Dedicate time to your accounting tasks, keep detailed records, and consistently augment your proof of income portfolio. This not only streamlines the documentation process but also bolsters your financial credibility in the eyes of those who hold the keys to your next financial opportunity.

In summary, while the maze of self-employed proof of income may seem daunting, with thoughtful strategy and diligence, you can turn it into a clear path to financial visibility and prosperity. Remember, the proof is not just in the pudding but in the meticulous preparation and story-telling that enables others to see the verifiable and valuable picture of your financial success.

@erastaffingsolutions

[alphaletz]

Smarter Rentals, Smoother Operations: How Property Management Software Revolutionizes the Rental Experience

In the ever-evolving landscape of real estate management, property owners and managers face a myriad of challenges. From ensuring timely rent payments to keeping up with maintenance requests and managing paperwork, the tasks can be overwhelming. However, with the advent of cutting-edge Property Management Software (PMS), property management has transformed into a seamless, efficient, and highly organized process.

[seth-the-giggle-fish]

By

Hannah Garden-Monheit and Ken Merber

March 1, 2024

Landlords and property managers can’t collude on rental pricing. Using new technology to do it doesn’t change that antitrust fundamental. Regardless of the industry you’re in, if your business uses an algorithm to determine prices, a brief filed by the FTC and the Department of Justice offers a helpful guideline for antitrust compliance: your algorithm can’t do anything that would be illegal if done by a real person.

Today, the FTC and Department of Justice took action to fight algorithmic collusion in the residential housing market. The agencies filed a joint legal brief explaining that price fixing through an algorithm is still price fixing. The brief highlights key aspects of competition law important for businesses in every industry: (1) you can’t use an algorithm to evade the law banning price-fixing agreements, and (2) an agreement to use shared pricing recommendations, lists, calculations, or algorithms can still be unlawful even where co-conspirators retain some pricing discretion or cheat on the agreement.

The agencies’ work in this space is especially important given rising residential housing rental prices. Rent is up nearly 20% since 2020, with the largest increases concentrated on lower- and middle-tier apartments rented by lower-income consumers. About half of renters now pay more than 30% of their income in rent and utilities, and rising shelter costs were responsible for over two-thirds of January inflation.

Meanwhile, landlords increasingly use algorithms to determine their prices, with landlords reportedly using software like “RENTMaximizer” and similar products to determine rents for tens of millions of apartments across the country. Efforts to fight collusion are even more critical given private equity-backed consolidation among landlords and property management companies. The considerable leverage these firms already have over their renters is only exacerbated by potential algorithmic price collusion. Algorithms that recommend prices to numerous competing landlords threaten to remove renters’ ability to vote with their feet and comparison-shop for the best apartment deal around.

What’s the message for other businesses?

Agreeing to use an algorithm is an agreement. In algorithmic collusion, a pricing algorithm combines competitor data and spits out the suggested “maximized” rent for a unit given local conditions. Such software can allow landlords to collude on pricing by using an algorithm—something the law doesn’t allow IRL. When you replace once-independent pricing decisions with a shared algorithm, expect trouble. Competitors using a shared human agent to fix prices? Illegal. Doing the same thing but with an agreed upon, shared algorithm? Still illegal. It’s also irrelevant that the algorithm maker isn’t a direct competitor if you and your competitors each agree to use their product knowing the others are doing the same in concert.

Price deviations don’t immunize conspirators. Some things in life might require perfection, but price-fixing arrangements aren’t one of them. Just because a software recommends rather than determines a price doesn’t mean it’s legal. Setting initial starting prices or recommending initial starting prices can be illegal, even if conspirators deviate from recommended prices. And even if some of the conspirators cheat by starting with lower prices than those the algorithm recommended, that doesn’t necessarily change things. Being bad at breaking the law isn’t a defense.

The housing industry isn’t alone in using potentially illegal collusive algorithms. The Department of Justice has previously secured a guilty plea related to the use of pricing algorithms to fix prices in online resales, and has an ongoing case against sharing of price-related and other sensitive information among meat processing competitors. Other private cases have been recently brought against hotels and casinos.

Technology is a promise. Used correctly, it can make our lives healthier, safer, and more efficient. But its efficiency can also be used by bad actors to crush competition or bilk consumers in novel ways. No matter the tool law violators use, the FTC and the Department of Justice stand vigilant on the side of consumers and competition.

Hannah Garden-Monheit is Director of the FTC’s Office of Policy Planning and Ken Merber is Deputy Assistant Director of the FTC’s Anticompetitive Practices II Division.