apm Director Howard Morley outlines how we could not run apm today on the systems/procedures we had five years ago and the importance of careful data storage, accurate financial reports, and keeping up with technology to help reduce risk and improve outcomes for property investors and owners.
As in many industries, building a strong team of passionate people who work with a reliable platform of systems, processes and procedures, helps ensure a desirable predetermined outcome. Property Management fits very easily into this model.
On Tuesday 1 August by 10:25am, we had completed our July end of month financial processing. This meant we had paid out nearly 2000 residential landlords, emailed them each a detailed statement, and attached hundreds of invoices. A significant amount of money and detailed information changed hands in a very short time, 25 minutes to be exact. This happened because of a great team effort from administration staff and careful preparation through the month by our property managers.
Commercial Property Management completed the same task on the 7th of August; Our holiday homes division Waiheke Escapes processes accounts and payments twice a month, and we complete the annual accounts for each Body Corporate and Residents’ Association once a year.
Our systems, programmes and procedures, alongside careful document collection and storage allow this to happen almost seamlessly, and have been built up over many years. They have usually been introduced to simplify our work, and to provide more accurate records for ourselves, our owners, our tenants, and the professional administrators and accountants who support apm and you, our clients.
Any new systems require apm to invest more money, time, and effort to implement and use them. Not upgrading systems is not an option for apm. Changes to procedures and technology are now a constant. Over the years we have invested regularly in new hardware and software that give us the ability to improve our outputs and service. Portals are an example of this, Committee members of our body corporate/residents’ associations can actually see their reports and account information online. Residential owners can view financials on their online portal too. A huge change from where we were 10 years ago.
Put simply, we could not run apm today on the systems and procedures we had even five years ago.
Careful data storage, daily bank account reconciliation, video inspections, and accurate record keeping are all part of making sure that we end up with detailed on time and accurate end of month and end of year reports that we can get to clients as soon as possible.
Our mission is to reduce the risks and improve outcomes for property investors and owners. Solid systems and procedures are a big part of this. We will continue to follow the path of linking dedicated staff and up-to-date technology to provide a risk-free industry leading end-to-end solution for you, our clients. We want to provide you with the best possible customer experience that is fully transparent. I would welcome your comments or suggestions on what’s next.
If you have any concerns, please contact me.
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