Is Digitization the Future of Property Management?
Date: September 21,2023
Source: Rental Choice
Even if you build the most beautiful building, you will earn nothing if you do not have good tenants – and the most desirable tenants naturally demand the best service. The role of property management in enhancing revenue cannot be overemphasized. It is what makes the crucial difference, and it is the area where building owners can improve earnings with the least expense.
Due to its importance and difficulty, property owners should consider whether they do this function in-house or just get a property management firm. For those who want to outsource, there are now many firms specializing in this function – from one-man property managers to multinationals.
The responsibilities in building and property management are numerous and differ greatly depending on the type of property being managed. Below are just 10 of the major functions:
1. Ensuring Regulatory Compliance
This is the most crucial function for the facility may be closed or penalized if there is a violation of the laws governing the property. The yearly task of getting the business permit requires a thorough knowledge of the requirements to comply.
2. Drafting and Implementation of House Rules and Regulations
To prevent chaos from erupting, rules must be made. Among the items that must be decided upon are the uses of common facilities, maintenance of the unit, restrictions, parking privileges, and sale or lease of a unit.
3. Ensuring Building Security
The management must be able to screen unauthorized persons from entering the premises. Nowadays, it is not only the supervision of security guards but also the strategic deployment of CCTV’s to monitor and safeguard the facility.
4. Taking Care of Building Maintenance and Facilities
Nothing turns off tenants more than dilapidated facilities, so immediate attention must be made to needed repairs.
5. Implementing Housekeeping and Sanitation Programs
This covers many things, like janitorial services and pest control.
6. Assessing and Collecting Dues
Accurate billing and efficient collection are also major tasks that must be done correctly, promptly, and politely.
7. Managing Entrusted Funds
Since the property manager must be accountable for the funds, there must be a detailed and transparent report on how they have been handled.
8. Implementation of Policies of the Condominium Corporation or a Similar Entity
Although the managers of the building are usually free to adopt additional rules, there are certain resolutions by owners that have precedence and must be implemented.
9. Having Disaster Preparedness Programs
Management of the property is also responsible for the well-being of the occupants during times of calamities or terrorist attacks.
10. Managing Customer Service
It is not only what you do, but how you do it that matters. Courteous service must be consistent.
Managing residential condominiums in the Philippines requires an integrated approach to ensure smooth operations and maximize customer satisfaction for both unit owners and residents alike. Community Property Managers Group Inc (CPMGI) stands out as an industry leader when it comes to property management practices that help build vibrant communities – in this article, we will outline key practices used by CPMGI in managing Philippine residential condominiums effectively.
Effective Communication and Transparency
Communication is the foundation of successful property management. CPMGI emphasizes open and transparent communication with unit owners and residents. Regular updates, newsletters, and community meetings are conducted to keep everyone informed about important matters, upcoming events, and maintenance schedules. Additionally, CPMGI maintains a responsive customer service team to address inquiries and concerns promptly.
Efficient Financial Management
CPMGI understands the importance of proper financial management in residential condominiums. They ensure accurate and transparent financial records through meticulous bookkeeping, budgeting, and financial reporting. CPMGI also facilitates timely collection of maintenance fees and diligently manages expenses, ensuring that funds are allocated appropriately for maintenance, repairs, and community enhancements.
Comprehensive Maintenance Programs
Proper maintenance is vital for the longevity and value of residential condominiums. CPMGI implements comprehensive maintenance programs to ensure that the common areas, facilities, and amenities are well-maintained and in optimal condition. Regular inspections, preventive maintenance, and timely repairs are conducted to address any issues promptly. CPMGI also works closely with reputable service providers to ensure high-quality maintenance services.
Robust Security Measures
Source: Infineon Technologies
Security is a top priority in residential condominiums. CPMGI implements robust security measures to provide a safe and secure living environment for residents. This includes the installation of security systems, surveillance cameras, and access control systems. Trained security personnel are stationed at key entry points and patrol the premises to maintain a secure environment.
Community Engagement and Activities
CPMGI believes in fostering a sense of community and belonging among residents. They organize various community engagement activities and events to promote interaction, socialization, and a sense of unity. These activities may include sports tournaments, social gatherings, holiday celebrations, and educational workshops. By encouraging community participation, CPMGI creates a vibrant and cohesive residential community.
Proactive Risk Management
CPMGI takes a proactive approach to risk management. They conduct regular risk assessments to identify potential hazards and implement appropriate measures to mitigate risks. This includes implementing safety protocols, conducting fire drills, and ensuring compliance with safety regulations. CPMGI also maintains comprehensive insurance coverage to protect the interests of both unit owners and the condominium corporation.
On any given day, in any office building, condominium, or shopping mall in the country, property managers are working hard behind the scenes to make sure that their properties are running smoothly. But managing properties remains overwhelmingly manual and labor-intensive.
As building administrators and engineers have realized the need to digitize their processes, 2021 has proven to be a banner year for homegrown PropTech company Inventi, which has seen record sales of its cloud-based property management solution.
The Digital Transformation of Property Management
"As more and more real estate companies are realizing the value of digitization, we are on track to more than double last year’s revenues in 2021,” says Joseph Tay, Managing Partner of Inventi. Some of the key accounts that Inventi was able to close in 2021 include one of the country’s largest retailers, a top three construction company, a top five real estate developer, and two listed companies.
"Inventi has now been implemented into more than 2 million square meters of real estate across the Philippines, covering Luzon, Visayas, and Mindanao, and more than 30 cities nationwide,” says Tay. “Our clientele is also more diverse than ever, covering commercial and residential buildings, retail, schools, and even hospitals.”
One of the company’s key strengths is that it can customize its software to fit the diverse needs of its customers. “We understand that each property management team has their own way of doing things,” says Eds Encarnacion, Inventi’s President and Chief Technology Officer. “While we do have a standard solution, we constantly configure and customize this to fit the specific needs of our clients.”
The Impact of the Pandemic
The challenges of the Covid-19 pandemic have been a huge growth driver for Inventi. “As with any industry, property managers are realizing that the best way to deal with the challenges of the pandemic is to digitize and automate their processes with technology.” says Encarnacion.
However, digitization is also part of a massive shift within the real estate industry to incorporate technology into various sectors and disciplines. “What we’re trying to do in the Philippines is already standard in the most mature real estate markets in the US, Europe, Singapore, and Hong Kong. The market