MAIN IMAGE: Schalk van der Merwe, Director of WeconnectU Intelligent Property Software
Advertorial
A recent industry survey conducted by WeconnectU revealed that many property professionals still consider rental inspections to be nothing more than a compliance formality. We’re here to set the record straight by shining a light on the massive opportunity hiding just beneath the surface of this frequently misunderstood rental management “chore”.
You see, what many people don’t realise is that the best rental inspections are merely the opening act of a far more valuable service. In addition to their compliance purpose, incoming, interim/midterm, and outgoing inspections offer a unique opportunity to identify and eliminate not just existing issues, but also emerging and future maintenance challenges, as well as critical, value-adding improvements.
By using inspections in this way – as a jumping-off point for proactive and/or preventative maintenance – rental asset managers are far better equipped to meet their investors’ core needs. Those needs include maximising growth in both asset value and rental income, minimising vacancies, and decreasing risk relating to compliance as well as property damage.
When paired with good communication (to ensure investors are aware of these outcomes), this can be an incredibly powerful tool for retaining existing clients and growing rental portfolios.
Did you know? The majority of rental managers taking our survey indicated that landlord expectations are swinging heavily in favour of asset management over rental property administration. These (frequently unmet) expectations are very likely behind the largest reported reason for mandate loss in 2022: landlords choosing to self-manage.
The limitations of using the wrong tools
So, why is it that so few rental asset managers (outside of WeconnectU) are jumping on the inspections and preventative maintenance bandwagon? The reasons, as our survey uncovered, are deeply rooted in the tools and processes these rental asset managers are trying to use.
Without a consolidated property management ecosystem with built-in inspections and maintenance management tools (like WeconnectU), most rental managers resort to a combination of manual documentation, WhatsApp, email, SMS and phone calls.
This creates a variety of challenges, from inefficiencies between your maintenance and accounts department, indecipherable inspection notes to impossible record-keeping, incessant broken telephone communications, and being on call 24/7.
With so many details spread across personal devices, inboxes and headspaces, it’s also nearly impossible to achieve a seamless handover of a rental property if its rental manager is ill, on leave or resigns. This can cause serious disruption to service continuity for investors, and irreparable brand damage to rental asset management businesses.
The solution of the future
So, what’s the answer? How can rental asset managers capitalise on the opportunity inspections offer while battling the operational challenges of meeting their bare minimum requirements?
The answer simple: they can’t.
The only way to take rental inspections to the next level (and reap the rewards) is to use tools designed to do just that. Tools that integrate all five core pillars of rental asset management (tenant application management, lease management, rental account management, inspections and maintenance, and compliance). Tools like WeconnectU: the ultimate rental portfolio management ecosystem with enhanced integration with industry-leading inspections and maintenance management tool, RedRabbit.
With WeconnectU, there are no more messy spreadsheets, no more inspection clipboards, no missing photos, no cryptic tenant incident reports, no miscommunications, and no time wasted. Inspections and maintenance are no longer standalone tasks, isolated from the wider management experience.
Instead, rental asset managers can run inspections and maintenance as seamless and integrated workflows, using:
- App-based inspections that can be completed offline on any smart device and synced to the cloud as soon as connectivity is available.
- Customisable inspection checklists that use toggles, photos and notes to quickly and accurately document the condition of every item in a rental property, leaving no stone unturned.
- Online tenant maintenance request portal with prompts to ensure all necessary information and images are provided right away.
- Inspection results and maintenance requests that can be effortlessly converted into job cards and assigned to contractors with a single click.
- Reusable inspection information to easily document changes in condition.
- Automatic comparison reports to flag differences between any two inspections, e.g. incoming and outgoing for the same tenant.
- Full audit histories of all events and actions on any job.
- Full progress reports and comprehensive reminders for scheduled inspections and maintenance items.
- Centralised communication capabilities with complete transparency for stakeholders.
- Guaranteed data integrity thanks to a single point of capture.
- Full integration with WeconnectU’s complete rental asset management ecosystem.
With all the major productivity hurdles handled, rental asset managers can finally focus on tapping into the true power of inspections: Delivering a comprehensive asset management service that goes beyond mere administration to actively address the needs of investors and improve long-term returns.
To find out more about how WeconnectU are transforming rental asset management, visit www.weconnectu.co.za
