Every week there are new stories about the wonders of internet connectivity and the ‘Internet of Things’.
In residential property management, the advances are making a dramatic difference to people’s lives.
Here are nine ways that the latest mobility and connectivity technology has improved conditions for block managers, leaseholders and residents.
One: Improved property management
Containing a wealth of information on individual properties, property management portals facilitate better communication between block managers and leaseholders and residents, better access to important documents, contact lists for contractors and emergency help lines and much more.
Two: Online tracking
Property managers and resident management directors can log on at any time to check the status of building management issues.
The technology can incorporate an archive of calls, repair activities and contracts so that everyone is consistently aware of what has been done, what needs to be done, and by whom (and what it costs).
Three: One source of the truth
One data and document set throughout the whole property management process can be enabled by superb connectivity. This reduces errors and duplication of effort, resulting in further efficiencies.
Four: Real time inspection information
When property managers visit buildings, they can use their tablets and smartphones to check through issues and inspect for health and safety compliance. As they do so, any action points immediately register with the office, through an online connection, speeding up the process of remedying problems and ensuring that all issues are noted.
Five: Prompt accounting details
Transaction information is available to block managers and directors of residents’ management companies, meaning that issues can be monitored in real time. Service charge expenditure items can be approved and actioned within days.
This means that block managers can stay within agreed budgets more easily, there is greater transparency for everyone in financial transactions and less scope for dispute.
Six: Easier compliance
It is increasingly important to comply with RICS (Royal Institution of Chartered Surveyors) and ARMA (Association of Residential Managing Agents) regulations. Leaseholders today are more aware of block managers’ responsibilities and more prepared to take action against them if they flout these regulations.
New technology enables block managers to maintain a closer eye on compliance and to prepare in advance for issues which need attention, such as health and safety inspections.
Seven: Better communication
A common complaint from leaseholders and tenants is that block managers make too few visits to properties and fail to respond in a timely way to queries. An online property management portal reduces such issues, since it contains answers to many of the queries that would previously require an individual to respond.
Sending out regular email correspondence means that tenants and leaseholders feel informed and in contact with block managers, even if the frequency of physical visits has not changed.
Higher frequency and better quality communication also acts as a powerful marketing tool for block managers. New work may emerge as tenants and leaseholders recommend block managers to their peers.
Eight: Streamline administration
When block managers adopt comprehensive and up-to-date property management software, they can integrate their diaries, workflow, correspondence and financial transactions into one system, with multiple benefits to the business: speed of response, transparency of information and lower costs. Far more administration can be achieved in less time – sending out service charge reminders for example.
Nine: Enhanced corporate branding
With smarter, faster and more efficient operations thanks to online property management software, block management companies can present a more professional image to the market, leading to a higher probability of new business referrals.
Employees who would previously have spent hours mailing service charge reminders or other correspondence can now concentrate on winning new business. Potential clients can see the scope and efficiency of the business by looking online.
A smart property management system can help to increase turnover, reduce costs and enable business growth, as block managers demonstrate their increased efficiency and professionalism.