CAFM & IT
PROPTECH PROGRESSION
Digital transformation has acted as a catalyst to improve the functionality of the property management sector, explains Rochelle Trupp, Co-founder of Arthur Online.
Digital transformation has had a significant impact on the property management sector. Automation has enabled property managers to significantly boost efficiency via cloud-based solutions, whilst integrations have helped combine their favourite platforms to create more streamlined business processes.
In the past, a lack of smart, innovative software has resulted in property managers and private landlords being unable to scale their portfolios effectively due to the amount of time required, the reconciliation and the general administration involved.
Traditional processes have been drastically improved by companies adopting the latest property management tools. For example, cloud-based solutions mean people can work away from their desk, plus the improvement of functionality to apps has been integral improving manager’s efficiency worldwide.
It’s no secret that the functionality of property management software had fallen behind the technical capabilities of other industries because of need for integrations with existing Excel sheets, legacy systems and other disconnected systems.
Traditional processes have been significantly improved as managers adopt the latest property management tools. The implementation of software features such as mail merges, digital signatures and much more significantly reduces the level of administration involved.
Mail merges speeds up the creation of contracts as you let your software do the hard work rather than manually typing out contract information. Signatures can be created, sent and signed online as opposed to a much more time-consuming paperless solution with a higher margin for human error.
Digital transformation has revolutionised the inventory process for properties at the start and end of a tenancy. The inventory process is an important and necessary
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part of management; combine this with visits to ensure your properties remain up to date with ever-changing compliance regulations and mid-tenancy checks. Inventory management breakthroughs in technology has enabled managers to keep a digital record of inventories via photos and signatures from the respective parties, as well as logging all compliance information.
Staying on top of tasks can sometimes be a challenge, which is why task management has been incorporated by some management software. The proptech sector is rapidly expanding in functionality, and whatever a software doesn’t cover there is the opportunity to integrate with third party platforms in order to offer the best experience for customers.
There are several key areas in which proptech has improved via digital transformation and integration:
Financials - Property managers can now integrate accounting platforms directly into their management software. This bridges the gap between managing portfolios and staying on top of financials. Information is pushed between two systems thus saving huge amounts of time for property managers and eliminating the need for manually reconciliation between the live bank feed and outdated management tools.
Marketing - Marketing property units has never been easier. The proptech market offers a dynamic solution, ensuring that property owners and managers requirements are met effectively. With up to date, innovative digital solutions, property managers are now able to integrate the end-to-end tenancy process directly with their day to day operations within a single software.
Admin - Aside from the time-saving element, the introduction of software solutions enables companies to scale more effectively, saving valuable time and resources by significantly reducing the level of manual admin.
www.arthuronline.co.uk/ twitter.com/TomorrowsFM
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