After publishing our last edition of The Edge, "A Eulogy to Propertyware," we heard from RealPage regarding their plans for Propertyware. It has come to my attention that the statements regarding RealPage's plans for Propertyware were incorrect. Specifically, the claims that RealPage is shutting down the platform and has ceased investing in it are not true. We apologize for any confusion or concern this may have caused.

The confusion stemmed from communication RealPage sent to a portion of Propertyware customers they believed were better candidates for Buildium. It’s easy to see how communication like this can stoke fear with property managers who depend on their software platform to stay relevant. The silver lining in that newsletter is that RealPage made it more clear to us and their customers that they’re committed to investing in one of the industry’s best platforms for configurability and API extensibility. Obviously, we’d love to see Propertyware continue to thrive for many years to come.

We regret any misunderstanding the post caused and encourage continued trust in the Propertyware platform.

What we learned from fall conferences

As the autumn leaves begin to fall, so too does the curtain to an invigorating fall conference season. The return of in-person conferences has reignited the spark of collaboration and innovation within the industry. There's an undeniable energy that comes with in-person events that’s dynamic and simply irreplaceable. We had an opportunity to connect with hundreds of property managers and noticed a few common trends worth sharing:

Application Fraud

With over $16 billion a year lost industry-wide due to application fraud, this seems to be one of the hottest topics. There seems to be a big uptick in the number of folks we chatted with who are starting to see fraud in their applications. The industry is quickly shifting to a combination of technology and better workflows to stop identity and income verification fraud. We hosted a great session at NARPM National Conference regarding how this type of fraud occurs during tours, applications, and with emotional assistance animals.

The Biden Administration's Attack on Junk Fees

Nothing creates more buzz than the FTC slapping a $48m penalty on Invitation Homes for undisclosed junk fees and other deceptive tactics.

This lawsuit seemed to come up frequently during all the conferences we attended this fall, with attendees trying to determine if this crackdown will continue into smaller operators than Invitation Homes. We came up with our best practices for approaching the problem:

Consider eliminating security deposits 
The FTC’s penalty on Invitation Homes also focused on their handling of security deposit dispositions. The FTC claimed that Invitation Homes “systematically withheld” tenants’ security deposits after they moved out, unfairly charging them for normal wear-and-tear, and used “unfair eviction practices,” including starting eviction proceedings against renters who had already moved out. The FTC anticipated that this news would create a flurry of questions by other property managers and published a series of articles to provide guidance to the industry. It leaves many unanswered questions, the least of which is the definition of “ordinary wear and tear.”

We’ve seen a big shift to eliminating security deposits in favor of lease insurance. Unlike surety bonds or a bank issued letter of credit, lease insurance provides more coverage. It’s a powerful tool to avoid the risks of a lawsuit and doesn’t require the renter to take additional steps. There’s mounting evidence that also suggests that eliminating security deposits accelerates leasing in a time when renters are feeling intense pressure to afford housing. With lease insurance like LeaseLock, your renter pays a monthly fee along with their rent through your property management software and there’s nothing to refund on move-out.

Transparency in Advertising
The centerpiece of the FTC crackdown on Invitation Homes was based on their lack of transparency as it related to other fees outside of rent. The FTC provides clear guidelines encouraging the industry to be transparent about all the monthly and move-in fees related to renting a home. We’re fans of this approach and have made it easy for Aptly customers who leverage our listing tools to follow these guidelines.

Aptly's Listing Widget: Transparency in Advertising - Watch Video

Leveraging AI and Automation
AI and automation were a central theme to every conference we attended this fall. More property managers than ever are prioritizing automation as their primary goals for 2025. It’s become easier than ever to leverage automated workflows for time consuming processes like rent collection and move ins/out. We introduced AI in Aptly’s omnichannel inbox early this year and with Aptly Screening to virtually eliminate application fraud. We’ve listened closely to our customers and have exciting plans to expand AI into automations and smart data fields that will unleash more levels of productivity. Stay tuned for a brand new Aptly interface ✨ GLOW UP ✨ that will be coming in early 2025!