Transforming the Property Management Industry with Technology
There is an increasing demand from both landlords and tenants for managed or serviced properties. Property owners seek the convenience of a hands-off tenancy, and tenants value being able to contact an always-available management firm to deal with issues such as maintenance.
Property investors, individuals and institutions increasingly hold a large number of properties as part of their investment portfolios. They are constantly looking for ways to maximise their returns whilst at the same time look after their investments without having to deal with the day-to-day headaches of managing a property. As such, more and more multi-property landlords are now handing their properties over to specialist property management firms.
Consequently, the property management industry has grown significantly and continues to grow in this region. Technology is going to play a big part in helping property management businesses to scale and keeping customer satisfaction high.
The Challenges for Property Management Companies
Property managers have a vast array of activities in order to keep their property owners and their tenants happy. These include arranging maintenance, purchase of supplies, preparation of financial accounts, timely rent payment collection, rental contracts and vendor management to name just a few.
There is very little room for error and so much can go wrong in a demanding climate. Not responding to a tenant maintenance request on time and the property manager will almost certainly have to field calls from an irate tenant. Being late in sending account statements to the property owner might cause them to lose trust and look to take their business elsewhere. Missing a vendor invoice payment might cause the vendor to suspend their service at a critical moment.
For property managers, keeping on top of all these activities presents a huge challenge, especially when they seek to grow and scale their business by adding more properties to their portfolio.
Prior to the advent of easy-to-use and cost-effective cloud-based software, property management services were either reserved for just the largest of companies or required significant investment. Today, however, technology has helped many real estate companies provide efficient, real-time and valuable property management services to their clients, which in turn has helped revolutionise the industry.
PropSpace Manager – A Leading Enterprise Solution
PropSpace Manager is the largest online service provider to the property management industry in the UAE and is currently “powering” over 20,000 individual properties under management. Our integrated solutions are used by large enterprise clients. In addition, we have helped many companies here in the UAE and further afield in the MENA region take their property management services from a small and mainly offline offering to a large, scalable and online platform. With our huge investment in further cutting-edge product development underway, we hope to help even more customers in the region in a cost-effective manner.
We believe the implementation of a modern technology solution such as PropSpace Manager is fundamental for a property management business to succeed against such challenges while successfully growing its property portfolio.
Improved Customer Experience
Features like owner portals and tenant portals can help facilitate better communication between Property Managers and their clients. Owners and tenants no longer have to call up to find out when the next inspection is, or when rent is due. They can simply log in to see a real-time view of their property and financial information whenever they want.
Efficient Portfolio Growth
Automated invoices, reminders, viewings, checklists, move-in and move-out inspections and much more means that Property Managers can provide a much better and efficient service to their clients as technology provides the ability to provide such services at scale. With Propspace Manager a small number of employees can effectively manage very large portfolios.
Localised for this Region with Local Support
We believe setup and on-going support are fundamental offerings in any technical solution. A multi-lingual support team is available out of our Dubai office. We support our clients with client-site training and on-site training. We further offer consultancy services to help share industry best practises, setup complex workflows on the platform and find solutions to meet even the most exacting of needs.
Reducing vacancy periods across portfolios and maximising rents is essential. PropSpace Manager connects to over 80 property portals to advertise vacant properties to help companies lease out their properties quicker and for the highest price. With automation on upcoming vacant properties, properties can be advertised before they become vacant and can be filled with minimal vacancy periods. Furthermore, a full lead management system helps with finding, screening and finalising a tenancy.
If you are a Property Manager or multi-property landlord and are interested in learning more about how the latest technology can help grow your business, please email or call us on +971 4 420 1044 for further information about PropSpace Manager.
Alex Nicholas, CEO and co-founder of PropSpace