2024 Property Management Industry Updates

The PropTech Revolution

New technology is a good thing if it's deployed properly and it's not competing with existing tools. Lead Simple harmonizes with our existing tools, and a very deliberate and intentional roll out will substantially improve workflows and pro-active, responsive communication.

Property technology (PropTech) was the darling of Silicon Valley in early 2020's, and a lot of new technology rolled out. While the enthusiasm has cooled since, we have seen a substantial shift in the industry.

Our Technology Implementation

What does it mean to make these changes? A LOT. We mapped every step of our management model, carefully retooled it, scrubbed out all the noise, dated information, data and more. It truly is a fresh start.

It's complicated for industry to make structural changes, because the work is extensive and frankly - it's hard and takes real discipline and focus. It's also very time intensive. But we didn't see it as optional, and the industry is now awash in tools that stand up to our needs and yours. Appfolio, once a closed software as a service tool, is now integrating with tools that can substantially move the needle on operations. We're adopting those now. And we're the first in the region to do so. Starting with this newsletter, you will begin to see a sea change in our work. For the better.

We're eager to see positive trends emerge with this investment. As part of our service and organizational audit, we identified key pain points. We know our excellence is dependent on strong communication and trust. Our tools are intended to help us achieve just that.

Important Policy Updates

Electric Code Compliance Changes

Row homes, and homes with garages will have new requirements when permitted electrical work is being done on property. Specifically, emergency electric shut offs will need to be installed. If your property requires permitted electric work, we'll walk you through the options given the code-changes.

HVAC Refrigerant Updates

Changes to refrigerant regulations are good for climate change. In most cases, our properties are compliant already. If there are HVAC related repairs needed, it's important to remember, these new rules will impact whether and how older systems can be repaired. If that happens for your property, we'll let you know what the options are.

These industry shifts - both in technology and regulations - represent meaningful changes in how we serve you. At Nest DC, we see them as opportunities to enhance our service while staying true to our core values.

We'll continue to guide you through these changes, whether it's implementing new systems or navigating updated regulations. Our commitment remains the same: delivering excellent property management through strong communication and trust.

Have questions about these updates? Join us at our upcoming Virtual Town Hall in December where we'll dive deeper into these industry changes and what they mean for your property.