Property management companies are vast in their offerings. While some may manage a four-unit Class A commercial building, others control apartments or condominiums in some of Canada’s most highly sought-after markets.
Successful management of properties is the driver for success in such a competitive sector, with increasing weight applied to overall operations. The real estate industry is moving at a remarkable pace, and it is the companies who adopt the latest technologies and offer the best to their clients that will lead the pack.
Digital twinning is one of the most recent additions to the field of property technology (proptech), allowing property managers to monitor the physical inner operations of a property. Noah Dolgoy, chief executive officer of Tread Inc., a company that works to create digital platforms for buildings, shares that “it’s really a way of constructing a building in a digital world.” Rather than scheduling time to visit the property, inspect systems, and monitor the presence of appropriate PPE, managers can virtually access the building’s digital representation. With sensors designed to monitor HVAC units, electrical output and so forth, scheduling maintenance with service providers can be completed with accuracy, saving time and reducing expenses.
Leveraging technology to maximize the value of a real estate asset and minimize the cost of ownership has become the competitive game changer in property management. Operational excellence for a property management company has been fundamentally reimagined by recent advances in technology in a manner that is driving costs down and directly contributing to the bottom line, while enhancing the shareholder value of property management companies.
Cloud-based ERP solutions such as Acumatica and its vibrant ecosystem of specially designed integrations, assist in achieving the above mentioned goals.
A challenge heightened by 2020 events is the risks associated with information silos within operations and property management. Establishing connections between these integrated systems and making it easier to share information is critical, but what if it can be completed with one system rather than several?
A cloud-based property management ERP solution works seamlessly to bring information together into a streamlined system that can be accessed by multiple departments and team members, no matter their location or level of involvement in the property’s operations, representing a single version of the truth. Financial reporting tools allow for more effective management of traditional pain points such as rent rolls, and common area calculations (CAM), while offering online payment options. Monitoring and reporting systems provide for increased accuracy and accountability in managing leases and vacancies. Work orders for items such as lease hold improvements and maintenance systems can also be issued, tracked, and paid, and provide actionable insights in areas such as historical data indicating variations in cost, service, timelines and so forth.
Proptech has changed how property managers interact with buildings, communicate with leaseholders, and facilitate operations. A leading cloud-based property management ERP system is one of these foundational technologies that is making its mark in one of the most complex sectors by reimaging operational excellence and enhancing profitability.
Sustainability within the real estate industry is an important compliance requirement that is becoming an important risk factor that needs to be managed. With the current workplace experiencing fewer individuals working from the office, property managers who have been delaying retrofits that comply with standards set out by the Canada Green Building Council are now choosing to move ahead with them.
Last May, the Green Building Council warned the federal government that energy efficiency and low-carbon upgrades to existing buildings “are not happening at the depth or pace necessary” to meet Canada’s 2030 emission reduction targets.
Such compliance is mandating upgrades including HVAC systems designed to improve air quality, products and tools created to increase energy efficiency, and biophilic designs crafted to enhance health and well-being.
With property managers and building owners looking to increase sustainability and meet industry standards, managing these improvements is the natural next step in the process. Cloud-based property management ERP solutions can bring this data into one platform and draw on past information to provide an accurate and detailed analysis of updated operational efficiencies. This is especially important when pairing data collection with managing the comings and goings of contractors and suppliers, so contracts and billing can be appropriately handled.
Property management requires a detail-oriented approach and commitment to excellence. When considering new technologies and improvements the greatest opportunity exists with a cloud-based property management ERP solution that can quickly and accurately manage these complexities. Now is the time to discover how a property management ERP solution can enhance profitability by transforming your business while preparing for the future.
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Our team of dedicated professionals can help you understand what options are best for you and how adopting these kinds of technology could help transform the way your processes function. For more information, and for extra support along the way, contact our team.
Dan Caringi is a Partner with MNP Digital and a leader within the firm’s national Digital Solutions practice.