Managing multifamily properties has never been more complex, with ever-changing regulations, apartment repairs, and resident demands forcing property managers to become adept jugglers. Yet the industry has mostly lagged when it comes to automation and technology in general, with most offices still mired in excessive paperwork, inefficiencies, and separate systems for different tasks.
Consider turning over a newly vacated apartment. Many apartments need to be repainted, recarpeted, or upgraded to meet the latest building codes. Inspections and work orders must be scheduled, jobs bid out and contractors selected, completed jobs inspected, invoices processed, and compliance paperwork filled out and filed. The journey from old resident to new is often cumbersome, costing building owners time and money.
With these challenges in mind, we set out to create a solution that would eliminate inefficiencies by integrating the many disparate tasks property managers handle into a holistic, easy-to-use, real-time platform. Plentific was created with a simple goal – to simplify life for property managers and owners.
Other tools automate certain pieces of the puzzle, such as invoicing, work order tracking, or compliance. But none put all of the pieces together, requiring managers to learn and jump between different systems for various needs. In essence, they had to juggle new technology tools in addition to paperwork. The inefficiencies inherent in today’s building operations approach persisted, leading to frustrations among building managers and residents alike. Until now.
By integrating every aspect of multifamily property operations into a single platform, we were able to provide owners and managers with an innovative solution that addressed their most pressing challenges rather than just a handful. In only a few years, the system was embraced across the U.K., where we formed, and then in Germany and other nations. Today we’re proud to have more than 1 million units of multifamily housing using the platform and are excited to expand Plentific across New York and throughout the U.S.
We recently added a compliance solution to the platform, providing a full range of options to track all required inspections and licensing requirements in real time. The solution can be easily customized based on local, state, and federal regulations, putting every part of the compliance at the managers’ fingertips. Each aspect of compliance – including inspections for fire, life safety, health, sanitation, air quality, water quality, pests, mold/moisture, electrical, gas, elevators, ADA, and even energy efficiency – can be securely tracked on the platform, with options to set up alerts for property managers when inspections or renewals are coming due or have been completed.
The Compliance Management Solution reduces the risk of citations, fines, and liability in addition to streamlining compliance and renovation operations by ensuring deadlines are met, documentation is submitted, inspections are completed, and all fees are paid. No longer must property managers track all of these processes through tedious spreadsheets, illegible faxes or digital images, and different systems that do not share information with one another. Instead, all parties involved have visibility through a single, centralized, real-time platform.
In addition to serving as a one-stop workflow and compliance solution, the Plentific platform provides a dynamic marketplace that includes small and medium-sized local service contractors that have been fully vetted. Owners and managers can use the tool to bid out work orders to both trusted existing vendors as well as alternative verified service providers, providing as many resources as needed to meet varying levels of demand.
Plentific’s vetted marketplace makes it easy to compare quotes, select a contractor, and schedule work to begin. Built-in analytics also help users decide whether to use internal or external contractors for a job. When projects are completed, subsequent inspections, further repairs, and even invoice payments are all managed through the platform. U.K. landlords using the Plentific solution report a 54 percent reduction in turn time and an annual 3.5 percent increase in net operating income.
While such financial benefits are compelling, the positive impact on resident satisfaction is equally important. Property managers now free from many of the most tedious parts of their jobs have more time to interact with and address any resident concerns, including completing needed repairs more quickly. The end results: happier residents and property managers, with higher retention rates for both.
For more information about Plentific click here.
Cem Savas is co-founder & CEO of Plentific, New York, NY.
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