Digital Building Ecosystem (1/13): Property Management in a New Era
Property management is the daily oversight of residential, commercial, or industrial real estate contracted to a third-party company by the property developers or building owners. Generally, property managers take responsibility for day-to-day repairs and ongoing maintenance, security, and property upkeep.
Their primary roles are to manage routine tasks delegated to them by the owners and to preserve the value of the properties they manage while generating income.
Their scope of responsibilities generally involves the following:
• Screening potential tenants
• Drafting, signing, and renewing leases on behalf of property owners
• Collecting rent
• Maintaining properties, including landscaping
• Arranging for necessary repairs to properties
• Setting up and adhering to budgets for property maintenance
According to Mashvisor, a real estate investment analytics platform, listed the items for property management trends on technology in 2020. Among the list are tenant communication, energy conservation, security, social communities, fitness, online payment, keyless door entry, etc.
"The items look isolated. It makes property managers think they can add one by one. But if property managers have this kind of thinking, they're on the wrong footing because, in the digital era, everything has to be interconnected, all equipment and all systems have to be interdependent, joint as an ecosystem," said Teh Hon Seng, CEO of TimeTec Group. - Teh Hon Seng, Chief Executive Officer, TimeTec GroupWatch our video on YouTube to know more about
TimeTec Digital Building Ecosystem
He continued, "And, if we can achieve 'Engagement' instead of 'Communication', that's an improvement, because communication is just shallow, like saying a 'hi' to someone, but engagement is a more in-depth conversation. We adapt to the new normal fast enough after the Covid-19 attack. But do we accept defeat for the adaptation or thrive in the new normal? For example, social distancing is a submission to the new norm. But if we can enhance engagement to even adhere to the social distancing, that's an improvement."
"Property management systems are commonly scattered and isolated. Like parking, accounting, visitor management, facility booking, and access control, each activity is independent. Even if you add better technology, if there is no communication between systems, no data flow between activities, and no data analytic available, your understanding towards your tenants remains fragmental, is hard for you to establish further engagement with them. When a property manager has no full picture of the building he manages, there is no service quality, and monetization is just out of reach."
"Nowadays, short stay becoming another trend, tenant flow more rapidly, and it adds complexity to the property management."
Hence, TimeTec Digital Building Ecosystem is the solution for modern property management. By covering all the essential functionalities in one TimeTec Tenant super App, plus the integration with other main modules like cloud property accounting system, TimeTec i-Account; cloud guard patrol system, TimeTec Patrol; cloud cashless and touchless parking system, TimeTec Parking, etc. TimeTec Digital Building Ecosystem brings property management system to a new height.
TimeTec Tenant Management Features
Please contact 603 - 8070 9933 or write to info@timeteccloud.com for more information. We also welcome enquiries from new housing development projects. This is the first article of TimeTec Digital Building Ecosystem series, stay tuned on Malaysiakini for the 2/13 series next Wednesday.
About TimeTec TimeTec Group was established in 2000. Over 20 years, the Group had developed three homegrown globally recognized IT brands, FingerTec, TimeTec and i-Neighbour, for workforce management, security, smart office, smart residential and smart township solutions by unleashing the power of biometrics, cloud & edge computing, IoT and AI technologies. All these solutions connect and change the landscape of work life and home life in a larger ecosystem. Through a vast network, TimeTec Group distributes its biometric hardware products and 16 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites at www.timeteccloud.com, www.fingertec.com, www.ineighbour.com, www.timetecbuilding.com.
Various renowned clients have subscribed to TimeTec various solutions including QSR Brands, Central Sugars Refinery CSR, Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract various international customers from all over the world, including Hong Kong, Dubai, Australia, Qatar, South Africa etc. that are using TimeTec as their smart digitalization tool.
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ReplyDeleteThis blog is shedding light on the transformation in property management, and I'm here for it! Managing properties in this new era sounds like a dynamic challenge. I'm curious if anyone has experience with a QLD body corporate manager and how they fit into this evolving ecosystem.
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