“Centralization” has become an important concept in property management, and for good reason. At RET Ventures’ second annual “Multifamily Kickoff Summit,” it was a key topic of discussion among industry leaders, including the panel, “From Concept to Reality: Operationalizing Innovation in Apartment Properties.”
But what does centralization really mean for property owners, and how does it impact compliance when it comes to renters insurance?
What Does Centralization Mean in Property Management?
In property management, centralization refers to consolidating critical information and processes from multiple properties into a single, unified system. Rather than managing each property separately, centralization allows property teams to standardize operations across an entire portfolio.
This unified approach drives greater efficiency, lower costs, and reduces information silos. For example, centralizing leasing activities such as applications, screening, and renewals across a portfolio can help properties keep consistent standards. This also allows onsite teams to remain focused on enhancing the overall renter experience.
Why Centralization and Compliance Go Hand-in-Hand
Renters insurance compliance often gets overlooked when properties consider centralization. But failing to centralize compliance can be a costly oversight. Centralizing this area drives more operational efficiency, reduces risks, and unlocks new revenue opportunities, making it an essential addition to your portfolio strategy.
Consider the following scenario: Your portfolio includes multiple properties, each with its own onsite teams responsible for renters insurance compliance. Property A, managed by a highly organized team, is able to maintain an 85% compliance rate. Meanwhile, Property B struggles, barely achieving 50% compliance due to limited resources.
Without centralization, there’s no straightforward process to replicate Property A’s success across the portfolio. Onsite teams are left to shoulder the burden of tedious tasks, chasing down policies, updating spreadsheets, and fielding resident inquiries and complaints. These responsibilities, piled on top of their daily duties, ultimately put compliance at risk and take away from the resident experience.
Centralize Your Compliance with Get Covered
At Get Covered, centralizing renters insurance compliance specifically means removing the entire workload of tracking and managing compliance from property managers and onsite teams. Instead, the process is completely executed through a centralized system with a single point-of-contact, ensuring accuracy and consistency across a portfolio.
Streamlining renters insurance compliance doesn’t have to be a burden. With Get Covered as a partner, property owners and managers can centralize compliance across their portfolio, achieving:
- Full Compliance Across Portfolios: Get Covered utilizes advanced technology to track and manage compliance while automatically enrolling any non-compliant residents into a master policy. This ensures full compliance across your portfolio.
- Freedom for Onsite Teams to Focus on Residents: Get Covered manages the entire compliance from start to finish, even training your onsite staff to ensure they no longer touch anything insurance-related.
- Seamless Scaling: When you acquire new properties, Get Covered’s implementation strategy makes it easy to onboard them quickly. No matter the program structure, we can implement a portfolio-wide rollout in 30 days.
- Improved Resident Satisfaction: With Get Covered, residents enjoy a seamless online experience to easily meet insurance requirements, all supported by white glove service.
- Ancillary Income: Transform compliance from a cost center into a revenue driver. Get Covered’s insurance solutions create ancillary income opportunities to increase your bottom line while ensuring full compliance.
Beyond compliance, our customizable programs and resident communication serve as an extension of your brand, providing your residents with an unbeatable experience.
Interested in learning more? Let’s start a conversation today.
