Death to out-dated property management systems
The greatest asset an organisation has is the data within their organisation and being able to leverage that data to make more revenue and new revenue streams is essential to the growth and scale-ability of their business.
Now, the most valuable asset in the business world is now data and companies like Google, Amazon and Facebook have shown that these companies are more profitable directly due to their data than oil companies were of the past. Now, if data is the most valuable asset within your business and the ability to run your rent roll across that data is being hindered by a restrictive, outdated model of a server under the stairs and you can’t use your data flexibly to define your service, to define your competitive advantage in the marketplace, you are hamstringing your ability to compete with some of these more fluid and capable organisations. Your competitors are scaling their businesses by taking in really advanced infrastructure & really advanced technology that automates a large percentage of the repetitive nature of property management. That’s that old transactional space. They’re now able to focus more on the customer relationship side, the way in which they scale their business through relationships, through driving service offerings that differentiate them.
If you can’t do that by running your data and integrating third party systems that automate the use of that data to run your rent roll and processes, then you’re ultimately saying to the rest of the industry and your competitors that you’re an easy one to overtake in terms of profitability and also in terms of your service offering. And so those organizations, the ones that are going to fall by the wayside, will no longer be able to compete in the real estate industry.
It’s this trend that you need to offset by being smart and moving to cloud-based infrastructure or cloud-based property management software system and then take on really smart systems like Realm and off-shore resources that make you more profitable by ultimately reducing your costs and allowing your existing team to focus on dollar productive and essential customer service activities.
The Realm platform provides huge amounts of automation where the artificial intelligence does the work for your property managers and all they need to do is make sure that it’s working how they want it to work. They do the checks and balances, they do the things that are important in the customer relationship side, in the service offering side, which is really about people, and they let the robots and the technology take over the rest of the job, which doesn’t need a human being in the mix.
This is how the property management industry of the future is going to be run and it’s how it’s going to set apart the ones who will be able to scale at less cost than the ones who will start to have huge attrition in their customer base, because they can’t compete at that level and that don’t become very profitable. They actually go backwards in their profitability. They won’t be valued. And then that’s retirement fund going out the window.
So this is how you need to look at this in the future. We can help with that with a lot of our partners that are now providing new revenue streams and huge amounts of automation against that asset that you have built. And it’ll help you grow at 30 to 40% above and beyond what you’re used to, and will automate 30 to 50% of the total amount of work, which means money more in your pocket, back in your pocket.
By Patrick Hill
Technologist , Futurist & Realm CEO
Save time & automate communications using SMS, Email & Google Assistant to talk to your cloud based software
Realm has spent two years building the industry’s first Artificial Intelligence that can talk to tenants, solve problems and support the property management team. The end result is a huge time saving on everyday property management tasks, an increase in managements due to technology leadership, a 24/7 tenant support system and lastly, new revenue opportunities all found, produced and driven by AI. Don’t get left behind, let Realm take you into the future!