In a residential community too often the payment of management fees recalls in our mind an old and never resolved “chicken and egg” debate. The two sides of the equation are normally arguing to each other, pinpointing how inefficient is the performance of the management company, the community members, and how hard it is to deliver a good management service when the majority of homeowners are not punctually paying their management fees, the property managers!
This has been going on for ages with collection performance below acceptable level and the two parties most of the time not aware that the cause-effect principle of this debate is the actual root of the challenge. 5 elements should be considered by the two main players, property managers and homeowners, to enable a sustainable and long-term solution to it.
Responsibility & Accountability
The element of transparency and trust is crucial for a strong foundation and it has to be there among community and property managers since the beginning. Both parties shall apply the rule of “giving anticipated trust” and grow it through constructive relationships. Any issue raised from the property management shall be exposed, discussed and resolved immediately and not left there to “rotten” till when it becomes unresolvable.
Experience is nothing else than how people perceive what is happening around them. In a residential community, property managers should be able to provide the most seamless experience for all residents. Receiving the management fee invoice and paying it, reporting an issue, registering a visitor or being notified of a delivery, just to mention a few, shall all be a smooth and user-friendly process.
Dealing with people, not “bricks”
“Bricks”, the use of this word includes all the “hardware components” of a residential community, are the playground or property management but human beings are the critical factor and major player in every community. Property managers shall always, first, put themselves in the shoes of the residents and look at whichever happens from their perspective. Doing this will enhance the management performance and bring the relationship between management and community to the next level.
Chasing a precious and irreplaceable asset, time
Each of us recognises the value of time and what a precious commodity it is, but nobody realises this more than a busy property manager. They always need to coordinate with homeowners, building facilities suppliers and tenants that are linked to their portfolio all the time. From the homeowners standpoint, it would be nice to enjoy as much of their family time without thinking about seeing the property manager for any issue or spend one hour just to pay the monthly management fee charges.
Be always ready for the unexpected to happen
Being “ready for the unexpected”, from both sides, will raise once more the quality of relationship between homeowners and management companies. Making sure that management fees will always be payable ensures, again, the quality of the property management performance for the first. The latter could avoid surprises by being able to have, at any moment, the complete big picture of the managed community in front of him or her.
The ongoing digital transformation wave, combined with the outcome of the pandemic and all related SOPs on social distancing, have generated the flourishing of digitised management systems addressing the majority of these 5 elements above.
Out of the many digital platforms for residential community management, myLivin’ Home has been the first one designed with all of the above in mind. Since day one, besides offering a centralised dashboard from where the property manager can always have the whole picture under his/her fingertips, homeowners are able to interact within each other creating a harmonious community.
A key point of digital transformation tools in property management, often forgotten by tech developers, is to be as universal as possible. The front end or, what appears on your mobile device, has always to be as simple and user-friendly as possible. “myLivin’ Home” has been keeping the end user in mind making the access and use of all functions seamless and simple for all.
Managing people, besides “bricks”, is also another strategic side of a successfully conducive community building app and creating an “online / offline” marketplace for all residents to build highly sustainable communities while offering selected vendors’ products helps enormously achieving it.
Last added-in feature, first known to be part and parcel of a residential management digital solution, is a “get ready for the unexpected” feature. Following the rule reciting “what one person cannot do three persons can do'', myLivin’ Home has recently defined a strategic partnership with Allianz and PolicyStreet.com to offer, as included feature, a simple insurance policy covering the risk of missing management fees payment due to accident or fatality.
Let’s talk SDG-203 and ESocialG
With SDG-2030’s (Sustainable Development Goals 2030) ambitious Goal-11 of building sustainable communities in mind, myLivin’ Home is delivering a great tool easing sustainable community building and living. Digitized Property Management has now a totally new and highly engaging way to build engaged communities, creating a deep social impact on all members and generating harmonious living ecosystems.
Best is, myLivin’ is just getting started and has ambitious plans for 2022 and beyond! Besides Property Management, the platform will soon look into integration of Smart IoT and Process Automation, Lifestyle solutions and further enhancement of the Community building features.
This article was contributed by Dr. Daniele Gambero (Propenomist) & myLivin’ (property management digital solution).
Check out here https://living.my/ the current solutions and keep in touch for future updates, they’ll come very soon.