A new IDC Vendor Spotlight study from research firm International Data Corporation (IDC) concludes that improving property operations efficiencies by consolidating technology is critical for multifamily real estate operators to offset mounting financial and regulatory pressures. Integrated property management platforms reduce maintenance and compliance costs, shorten turnover times, and increase resident satisfaction, according to the study, sponsored by real-time property operations software platform Plentific.
Rising interest rates, increasing compliance requirements, and changing resident expectations are forcing landlords to rethink how they’re managing residential property operations. Identifying new ways to increase efficiencies across all aspects of property leasing, maintenance, compliance, turnover, and tenant relations is more important than ever, the study states.
Underscoring the fact that the residential multifamily market has lagged behind other commercial real estate sectors in leveraging technology, IDC notes that many property managers today still contend with a labyrinth of disconnected software programs and rely on spreadsheets, pen and paper to do their jobs. The result is fragmented information, missed compliance deadlines resulting in fines, and costly delays in apartment turnover.
IDC’s study suggested that property owners should centralize and digitize their facility management operations to unify data, record keeping, repair and maintenance job status, and resident communications. It validates the driving purpose that led us to create Plentific in the first place – to develop a holistic, tech-driven solution that simultaneously tackles the many challenges property owners and operations managers face.
The result is a fully integrated platform that automatically consolidates data for better decision making while saving time and money across all aspects of property operations. It greatly simplifies property managers’ jobs while maximizing revenues, improving resident satisfaction, and reducing compliance costs. By automating and streamlining the vendor selection and repair/maintenance job tracking process, the solution also helps dramatically reduce apartment turn times.
Ultimately, the interconnected platform ensures that maximum revenue is produced on each property without compromising building safety or compliance.
It increases the productivity and performance of property managers while improving the level of engagement and experience for residents. On the compliance side, it streamlines data and reports required for government regulators while reducing exposure to fines and other risks.
More than anything, the solution makes life better for the managers and others wrestling with the increasingly complex job of property operations. With the commercial real estate sector facing unprecedented headwinds, it’s a solution that makes more sense than ever.
For a full copy of the IDC Vendor Spotlight, sponsored by Plentific, The Benefits of a Unified, Comprehensive Residential Property Management Software Solution, click here.