The real estate sector in the country has evolved in the past few years. With the world changing and technology evolving, the key to success in today’s real estate world is Implementing new business models and innovative technologies. “PropTech” is a disruptive technology that attracts immense attention from investors, entrepreneurs, and industry officials.
Let us deep-dive into the persistent challenges in Property Management Processes and how to overcome them with Proptech Solutions on the cloud.
Cloud computing is the practice of using a network of remote servers hosted on the Internet. It is perhaps the mainstream of the technologies underpinning PropTech and allows real estate owners to manage their properties in a simple way as possible. By implementing a cloud strategy, knowledge workers can be freed to work from anywhere within the range of a good wireless signal. This helps a business to continue its process even in epidemic situations like the current COVID-19 outbreak.
Below are the challenges faced by property managers:
- Team collaboration
- Document management
- Customer experience
Imagine in a concert when someone scratches out a tune, the end result may be the completion of the concert, but no one enjoyed it, and they probably won’t be back for another show!
Team collaboration is a project management approach that involves teamwork to achieve objectives. It also involves various departments in the customer zone, starting from having an interaction with an agent, signing a contract with a lessor, legal teams’ involvement in the issues, handing over the property, and facility management.
As the entire process is handled by the back-office operations team, the main challenge is on how the agent gets to know the actual occupancies, available units, and office spaces.
Managing live contracts on the manual spreadsheets and tracking them is a time-consuming task. In the lease agreement management, paper trails are charged the moment when you engage an agent with the interest in leasing a property. It goes through the various back and forth revisions and a cleaned-up version with every new iteration of the contract making an extremely painful process. This also places an unnecessary administrative burden of creating data in the excel sheet and hours of non-productive work.
Property management companies are also having a limitation in receiving real-time reports such as actual occupancy or a forecaster rent collection in the upcoming quarter. The major pain point is revenue recognition as per the IFRS compliance for a lease contract and to reduce their financial period closure. Besides, you cannot miss the payment collection and customer invoicing. If you have a large portfolio, it is even more, tougher to invoice the customers on time.
With every player in the market offering all the modern amenities, what sets one player apart from others in the mind of a customer? A good deal is created only after truly memorable customer experience.
Customer experience plays a vital role in the real estate business. Starting from the interaction with an agent to the end of the lease contract time. It also involves managing a customer service request, facility management, etc.,
For more details on “Key areas of improvement in the Property Management Processes” watch our video “Future of Real-Estate PropTech is on the Cloud” where we have also provided some of our success stories.
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