Tech makes property maintenance and accounting more efficient
When I first started in this business, property management was mostly done manually and face-to-face – tenants dropped off cheques and called us if there were issues, and maintenance scheduling was done on an ad hoc basis.
Technology has made property maintenance and accounting far more efficient. And while soft skills are still an important part of the business, features like the ability to make a service request from a mobile phone, online rent payments, and virtual meetings and information sharing have made our services more convenient for users to access.
As technology advances so do its applications, from in-building apps that allow tenants to book common rooms and organize community events, to remote lighting and heating controls, to green technology that significantly reduces energy costs.
While smart building technology is changing how many new buildings operate, it’s the “nuts and bolts” software of property management – the accounting and maintenance functions – that every owner can benefit from. Landlords are able to make decisions with real time data, access a reliable “paper trail”, and ensure that tasks are scheduled and completed. Technology provides the documented maintenance history and accurate accounting records they need if their property is ever audited, they approach the bank for a loan, they want to sell their building, or they’re renewing their insurance.
Accurate property accounting is a balance of technology and experience
Sloppy accounting and reporting practices are the most common reason we get business from other property management companies. Whether the previous company has failed to collect arrears and recoverable expenses, prepare budgets, submit invoices, or is late with payments, they aren’t looking after the money side of the business in a timely fashion – and that hits landlords where it hurts, in the pocket.
At Transpacific, we recognized long ago that a large number of property management problems were actually accounting problems, and it’s one of the first things we focus on when we take over a building. That’s why we continuously update our accounting software and practices – it allows us to stay on top of our clients’ financial data in real time.
On the “human side” of things, we have our accountants tour the buildings in the portfolios they manage, so that they have hands-on knowledge of any issues and challenges. The three senior accounting professionals on our team have the experience to review recoveries for accuracy, and read and interpret lease terms that pertain to tenants, such as exclusions, ceiling caps, and proportionate and disproportionate share of expenses. They are also able to assess the exceptions that occur from time-to-time, in light of things they’ve seen before. They, and the accounting team they lead, are the common sense and experienced set of eyes interpreting the data our systems produce.
But on the technological side, our accounting software produces financial data faster and more accurately than we can manually – with a greater range of reports – allowing our owners to make informed decisions for their property on a day-to-day basis.
And about those reports…we have always believed in producing reports that are clear and easy-to-understand and, generally, technology helps with this. But when we recently converted to new state-of-the-art accounting software and some clients told us that they found the new reports harder to understand, we spent several months customizing the reports for improved readability – showing that the human touch still triumphs when it comes to customer service!
Proactive property maintenance software helps you schedule and budget
From warranty tracking to monthly maintenance scheduling, property maintenance software ensures that all of your necessary inspections are completed and documented, and that regular preventative maintenance is scheduled and budgeted for. Here are some of the benefits of the online maintenance system we use:
- Better cost control: The system’s automated, preventative maintenance schedules ensure that your assets are consistently maintained on an ongoing basis – extending the life of your facilities and equipment, and maximizing their value.
- Greater tenant satisfaction: When tenants can make a service request from any device, and then go online to track the status of their request and see its progress, inquiries and phone calls are reduced.
- Shorter response times: Property managers can initiate work orders with subcontractors and building staff on mobile devices, quickly assigning jobs and implementing emergency tickets, and automatically tracking their progress.
- Faster service: Service technicians have online access to warranty and equipment info, allowing them to get to work without delay.
- Increased efficiency: Auto-prioritization of service requests means that the most important tasks in your building are completed first.
- Improved tracking and data: Our software tracks warranty expiration dates and stores information like equipment serial numbers.
Up-to-date technology is just one of the advantages a property manager offers
From tenant relations and on-site maintenance, to all of the legal and administrative tasks involved, property management is a time-consuming business. Technology has been a huge boon to the industry, but if you’re a self-managing owner, you’re unlikely to have the resources to invest in major software and systems.
If you’re feeling like it’s time to streamline your operations – to make them more efficient, consistent, and fail-safe – or, if you want to be able to travel without any worries, or have a third party deal with your tenants and respond to emergencies, it may be time to hire a property management firm with the systems and software you need.
At Transpacific, we can build a customized solution that will work for you, and make your property ownership experience worry-free.
Curious about what that might look like? Please give us a call at 604-873-8591.
When you make the decision to choose us as your property manager, we understand that you’re placing more than just valuable assets in our hands – you’re placing your trust. Our company was founded on the desire to develop honest, long-term relationships with our clients and work directly with them in a way that makes a difference to their success. Read more about our values