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Mitigating Risk; One System, One Source of Truth for Property Managers

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Mitigating Risk; One System, One Source of Truth for Property Managers

Jamie McDermott 27 August 2017

By moving away from the old way, property managers are greatly reducing risk.

Traditionally, property managers manage the various aspects of their workflow on multiple, unconnected platforms; spreadsheets, handwritten files, online portals and post-it notes.  

Now that working practices are evolving and technology is improving, it has become clear that there are a series of problems with this method of property management.

The Old Way for Property Managers

Inefficient workflow management:

  • Spreading record keeping and management processes across many different platforms results in an inefficient workflow.

  • The old processes that many property managers still rely on are unstructured and require single-tasking, doing everything manually, one task at a time, eating away at the working day.

  • Things get forgotten, data isn’t accurately recorded which leads to accounts being incorrect, details out of date.

  • Data is historic, therefore not live. Therefore, it offers very limited insight and makes decision making very difficult.  

Key dates are missed:

  • Because work processes are so convoluted and information is sloppily recorded, the risk of missing key dates is all too great.

  • Missing invoice payments, rent reviews, certificate renewal dates or lease term expiries, can lead to loss of business and has a potentially irreversible effect on a property manager’s reputation.

Inefficient and inaccurate data:

  • To gain a working picture of your business interests, information must be collated from all of the various platforms on which it has been recorded. This invariably results in unreliable and inefficient data.

It leads to out-of-date data:

  • Data can only be curated on a monthly, quarterly, or even yearly basis. By the time the data is in front of you, it’s out of date. Opportunities, as well as warning signs, have been missed.

It causes inefficient teamwork:

  • Working from so many platforms makes teamwork unreasonably complicated.

  • Each property manager has a different way of doing things and that translates very poorly to collaboration.

  • When a new colleague starts, it’s almost impossible to teach them the working practices in a reasonable period of time.

  • A non-centralised system means that nothing is in one place; team members can’t access the information they need, especially if it has been sourced and recorded by another team member.

  • If a staff member is ill and their tasks for that day still need handling, colleagues struggle to know where to start as up-to-date information is hard to access.

  • When a team member leaves, the value of the work they have completed during their employment is lost because they have had their own, non-centralised method of recording information that nobody else knows how to decipher.

  • Interdepartmental collaboration tends to be inefficient, reliant on various platforms such as email, phone, instant messenger etc.

Human Error:

  • Manual, disparate methods allow for a lot of human error, by far the biggest cause of inaccurate record keeping and management.

The New Way: One solution, one source of truth for property managers

Risk breakdown body

For all of these reasons, and more, we decided there must be a better way; a new way.

Our solution is simple; if we want to increase efficiency, improve data and mitigate risk, we need to build a single, automated platform on which every property manager, along with their entire team, can handle all aspects of their property management responsibilities.

We built Re-Leased in order to:

Improve workflow efficiency:

  • Property managers work from one, single platform. From there, they manage, analyse and command every single aspect of their workflow, from lease events and maintenance tasks, to outgoing budgets and calculating service charges.

Automate data analysis and curation:

  • Automatically store, analyse and curate all data in real time.

  • Offer insights into every aspect of a PMs business, conveniently delivered in a digestible and actionable format.

  • Ensure PMs are always aware of how their business portfolio is performing, without having to lift a finger.

Improve teamwork:

  • Because everything is located in one place, teamwork is vastly improved.

  • Everybody has access to everything they need, and all information is displayed and stored in a standardised, universal fashion.

  • It’s easy to bring new colleagues up to speed. By giving employees clear knowledge and direction, teamwork efficiency rockets.

All in the name of reducing risk for property managers

All of these factors come together for one, ultimate goal; risk mitigation. Gone is human error, gone is inefficient, inaccurate and out-of-date data and gone is time wasting. By simply moving your workload into one, manageable platform, risk is greatly reduced.

This is now.