New technologies constantly push industries forwards: propelling them towards new possibilities. Residential property management is by no means immune. Right now, advancing technology is enabling new levels of professionalism within the sector, all against a backdrop of increasing – and changing – legislation. Technology is proving vital as managing agents navigate that landscape.
From streamlining operations to enhancing resident and employee experiences, here we explore how technology has become an integral part of managing residential properties efficiently, all whilst delivering a high-quality service.
Many residential property managing agents have shifted from onsite, server-based IT infrastructure to cloud-based systems and storage. In a data-rich sector, which looks after millions of homes across the country, it’s important for data to be managed in a consistent and secure way. Cloud technology allows for that to happen in a scalable way that can see multiple systems seamlessly work together.
A cloud-based approach also facilitates real-time collaboration and data accessibility from anywhere, providing a more flexible and responsive property management experience.
Maintenance and repairs are crucial aspects of property management, and technology has simplified and optimised these processes. Property managers now use digital maintenance management systems and compliance dashboards, online audit surveys and portable devices to automate and undertake routine maintenance tasks. This is critical in ensuring a consistent compliance across sites and adaptation to new regulation such as the Building Safety Act.
In the long run, this approach is also likely to contribute to building cost savings.
Client accounting is a critical service undertaken by the property management sector which involves managing a high volume of activities, contractors, invoices, resident payments, and timely and accurate budgeting across each site.
Client accountants must be highly qualified, however many of these tasks are repetitive and high volume and at risk of human error. By leveraging advancements in RPA technology to streamline some of these processes, both job satisfaction and accuracy can be improved.
Crucially, the quality of service to residents also increases because client accountants can focus on the more ‘human’ and complex elements of the role.
Most residents at estates we manage, here at Encore, have chosen to go ‘paperless’, which demonstrates the shift towards digital engagement and a reduction in demand for paper-based correspondence.
Our bespoke app embraces that shift and advances our means of quick, effective communication even further. The app, ‘Places’, has been designed to make life easier for residents, from viewing and settling service charges, to reporting issues and engaging with local communities.
Our intention is to change the way we connect with residents, making communication more regular, simple, and visual. The days of long letters will hopefully be a thing of the past. This not only keeps residents up to date but also gives a simple, familiar way for residents to interact with us, the estate, and the community.
Employee recruitment and retention remains a key challenge for the property management sector. At Encore we believe people are our most valuable asset and we closely track “STARS”: employees who have been with the business for over 2 years and who are working towards a professional qualification.
We believe it is important to continuously invest in employee training and development across the residential property management career pathway, from newly recruited Assistant Property Managers to Regional Directors. Our digital learning hub has become an integral part of The Encore Academy.
All in all, technology continues to reshape the landscape of residential property management, bringing efficiency, transparency, and improved resident and employee experiences. From cloud-based infrastructure to automated maintenance and digital engagement with residents, property managers now have a powerful toolkit to navigate the complexities of the industry.
Our success in implementing modern technologies, particularly new software, at Encore is thanks to complete alignment with business processes and in providing comprehensive training and continuous support for staff. This is why The Encore Way (our ever-evolving procedures and tools) and The Encore Academy (our commitment to professional development) come together to guide our technology roadmap.
The residential property management arena is poised for further innovation. We're excited to see how technologies continue to evolve, promising a future where managing properties is not only more efficient but also more engaging, professional, and sustainable.