For multifamily owners, operational efficiency and tenant retention are the keys to a successful building. However, managing a property means constantly juggling a great resident experience and the back-end administrative tasks that keep buildings running smoothly.

Partnering with an expert property management company can help owners achieve both happy residents and smooth operations, said Kevin Jacobson, president of renters insurance compliance platform Foxen. To ensure that property managers’ focus stays where it is most important, on tenants, they should be exploring how technology can help streamline their operations, he said.

Not only can tech solutions help with some of the most common administrative tasks, from crafting lease agreements to ensuring that renters remain compliant with their leases, but they can also help owners maximize their investments, he said. 

“If you can run things a little more efficiently and maximize net operating income in a way that your competitors can’t, which includes enabling pricing flexibility, this is a competitive advantage,” he said. 

Enhance Efficiency And Reduce Risk Through Technology

While there are no silver bullets, property managers need to thoughtfully leverage technology in the right way, he said.

“When we talk to our customers and hear about a day in their life, they’re getting hounded regularly by different technology vendors,” he said. “They may have a very fragmented tech stack. It can become a complicated mess over time. That’s why it’s important to use technology vendors that make the process as seamless as possible for everyone involved.” 

Working with Foxen enables property managers to enhance operational efficiency and reduce risk through an AI-enabled platform that also provides a unique value add for residents, he said. Ultimately, partnering with the right vendor can also increase a building’s net operating income and maximize returns.

One example is renters insurance compliance. Most buildings require residents to have ongoing renters insurance coverage. However, inspecting and processing every resident’s proof of insurance can be a time-consuming process for property managers, Jacobson said. 

While managers typically receive residents’ proof of renters insurance at the start of the lease, they need to continually check to ensure coverage hasn’t lapsed or been cancelled and that it meets coverage requirements, Jacobson said.

He emphasized the importance of staying on top of tenants’ insurance coverage at all times, as property managers don’t have control over what goes on in the units and what damage can occur at any given point in their tenancy. Ensuring that residents are always compliant benefits them as well.

“It’s one of the variables that, if you can figure out a way to get it under control, can be highly valuable to the overall risk management of your portfolio,” he said.

Through its Waiver program, Foxen leverages its proprietary artificial intelligence technology to ensure that renters insurance requirements are met at all times, he said. After the lease is signed, renters either enroll in Foxen’s Waiver program or opt to purchase their own renters insurance.

If their policy is no longer valid, then they immediately get enrolled in the Foxen Waiver program. This ensures that the property and the resident are protected from damage resulting from resident-caused negligence related to water, smoke, fire or explosion, while also being an ancillary revenue stream for the property.

“We want property managers to rest easy knowing that their residents are maintaining adequate coverage that doesn’t cause building ownership to have unexpected cash payouts or affect their investment returns,” he said. “Figuring out a way to get the renter’s insurance aspect under control can be highly valuable to overall risk management.”

When a tenant who isn’t covered by insurance accidentally causes damage to a property such as fire or overflowing water and can’t afford to cover the costs of the damage out of pocket, the owner may find themselves having to pay. Unexpected costs like this can potentially ruin the building’s return on investment. In 2024, more than $5M in claims were covered for Foxen Waiver users. These claims may otherwise have hit the property’s bottom line if there was no policy in place, Jacobson said. 

He stressed the importance of owners and property managers ensuring that protective measures against those scenarios are taken in advance.

“If you end up looking into insurance compliance reactively, you can find yourself in a situation where the damage has occurred, the unit needs to be fixed and you’re seemingly the only source of funding,” he said. “You want to make sure that there’s always some sort of insurance in place that’s taking care of that.”

Offer Value-Add Amenities

Jacobson said that especially in highly competitive regions, it can pay off to offer amenities or services that can help buildings stand out from their competitors, while benefiting their tenants.

Foxen’s rent reporting program, Rentistry, is an example of this type of program. Rentistry enables renters to earn credit with each on-time payment they make — something that Jacobson sees as a service with a competitive edge.

Properties offering Rentistry give renters the option to have their rent payments submitted to three credit reporting agencies, enabling residents to increase their credit score and build financial health.

“This can help residents to start building their credit profile where one never existed before,” he said. “Increasing their credit score helps residents get the benefit of better financial products that utilize those credit scores, including credit cards and car insurance.” 

Jacobson said that the platform’s future plans include rolling out new initiatives to continue to help owners, property managers and renters.

“We have large ambitions to keep going as an organization and become a bigger strategic partner for all of our customers and users,” he said.

This article was produced in collaboration between Studio B and Foxen. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.