“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?
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.
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.
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:
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.