One of the most important spaces in real estate is Property Management. In an industry that is changing by the day property managers want to deliver the best services to their clients and lead the industry into the digital new age.
Property managers at the forefront of innovation and ahead of the curve use a two-way reassurance system, a sealed bid process and manage their service providers with much more control.
Mutual reassurances are key to any healthy and sustainable professional partnership. Through offering their clients greater insight into how their portfolios are being managed, property managers can validate their efforts and demonstrate that all their operations are being done in an above-board and noteworthy manner.
This client facing approach and reassurance gives landlords and their asset managers much greater confidence in their choice of property manager and secures a solid foundation for a strong and lasting working relationship.
This is typically reflected in much quicker decisions and approvals, thus saving a great deal of time for all parties involved and greatly improving the experience of the property manager’s service.
One way of achieving this level of transparency and insight, is by having all team members work through one centralised system. Such a system enables all parties to communicate and access any relevant information and documentation when required.
Annually there is approximately $10 trillion being spent on Real Estate projects worldwide. Therefore, the industry requires the highest level of compliance and now through technology, standardised automated reporting is becoming increasingly quick and painless.
Tendering through a sealed-bid process in the procurement phase of any project is without doubt the most compliant and just way of ensuring that the best party receives instruction for the works. As such, clients can rest assured that their tender is wholly competitive and that the process has been executed in a trustworthy and ethical manner.
Furthermore, as everything is centralised and logged in one uniform system, audit trails are made easy so that when necessary all financial information can be readily provided.
Manage preferred suppliers
In addition to the all-important sealed-bid process, property managers who manage their preferred suppliers within the same centralised system are extremely appealing to landlords and asset managers. This enables the property manager to track how much of the work is being awarded to certain companies and analyse whether the service providers being consistently instructed are in fact cheaper for their clients.
Equipped with more actionable data, the property manager is better able to provide their clients with further insight and make more informed decisions.