Month: August 2024

In today’s property management landscape, effective communication and resident engagement are more crucial than ever, driven by both operational needs and compliance requirements. Recent legislation, such as The Building Safety Act 2022 and Awaab’s Law, underscores the necessity for property managers to implement resident apps that facilitate seamless communication and meet compliance needs.

Additionally, the post-COVID-19 era has seen a shift towards self-service as residents increasingly prefer managing their needs through apps rather than interacting with staff. This shift not only alleviates pressure on your operational teams but also boosts customer satisfaction by providing residents with the flexibility they desire.

The Build vs. Buy Decision 

One of the enduring debates that companies have is whether to build a custom software solution in-house or to purchase an off-the-shelf product. While in-house IT teams may have the capability to develop a tailored system, doing so can divert valuable resources from other critical business functions. Additionally, integrating custom software with existing systems can be complex, especially without APIs.  

Off-the-shelf software like Spike enables you to focus on your core competencies—managing properties and ensuring resident satisfaction—without the added burden of software development. With open APIs, Spike seamlessly integrates into your existing tech stack, delivering operational efficiency.  

Speed of Implementation and Support 

Custom software development is a lengthy and resource-intensive process. From gathering requirements to design, development, testing, and deployment, the entire process can take a number of months or even years. During this time, market conditions and your business needs may evolve, potentially rendering your custom solution outdated before it’s even deployed.

In contrast, off-the-shelf solutions like Spike are ready to go almost immediately. Once purchased, these solutions can be configured and rolled out quickly, allowing you to start onboarding residents and benefiting from the technology right away. Additionally, off-the-shelf software provides the advantage of regular updates and access to industry best practices. These updates ensure that your software remains current with the latest features, security enhancements, and compliance standards, without requiring significant effort from your team. 

What’s more, companies that develop off-the-shelf software typically offer extensive customer support, documentation, and training resources. This means that when you encounter issues or need assistance, you have a team of experts ready to help. With an in-house solution, your IT team would need to handle support, which can be costly and time-consuming, especially if they lack specific technical expertise. And if key IT staff leave, their unique knowledge of the tech stack might be lost, leading to potential disruptions and additional costs.

User Experience and Brand Alignment 

Another critical factor is user experience. IT professionals, while skilled in development, may not always fully understand the end user’s needs. They might create software that is technically sound but lacks the intuitive design and ease of use that residents expect. A poorly designed app for example, can lead to low adoption rates, as residents may find it difficult to use or simply unengaging. Similarly, while your team might develop a visually appealing interface for residents, the back-end functionality and ease of use for your staff are equally as important.

Off-the-shelf resident apps, on the other hand, are typically designed with both functionality and user experience in mind. They are refined based on feedback from a wide user base, resulting in a more polished and user-friendly experience for both property managers and residents. This refinement process, driven by real-world usage, is often something that custom-built solutions struggle to achieve without significant time and effort.

Many companies worry that using off-the-shelf software will mean their portal won’t reflect their brand identity. However, solutions like Spike offer white-label options that allow for extensive customisation. This means you can have a fully branded portal that aligns with your company’s colour palette, tone of voice, and imagery, ensuring a seamless integration with your brand identity—without the headache of developing a system from scratch.

Cost-Effectiveness

Although developing your own software may seem appealing, the ongoing maintenance and support costs alone can quickly add up. Research from the Project Management Institute (PMI) reveals that 43% of IT projects exceed their budgets, 49% are delayed, and 14% fail altogether. Additionally, a Harvard Business Review study found that one in six internal IT projects

exceeds budgets by 200% and schedules by 70%.

In contrast, off-the-shelf software can be more cost-effective, particularly when rapid deployment is essential. According to Gartner, 95% of real estate companies with IT departments already use open-source technology, underscoring the value of outsourcing to experts.

Off-the-shelf solutions like Spike come with a predictable pricing model and
advanced features that are affordable because development costs are shared
across multiple users. This makes them a valuable alternative to building an
in-house solution, providing the tools you need without the hefty price tag.

Summary

While building a custom in-house software solution offers control and customisation, it often comes with significant costs, risks, and time investments. Off-the-shelf solutions like Spike, which is now used in 25 countries by over 200,000 users, provide a compelling alternative. Spike has been delivering resident engagement solutions across a wide range of residential sectors, constantly reviewing market conditions to ensure our software stays ahead of industry needs. This real-world experience, combined with over 13 years of industry knowledge, has led to a market-leading uptake rate of 87% across client developments.

In today’s fast-paced digital world, choosing the right tools is crucial to the success of your property management strategy. With Spike, you can focus on what truly matters—creating an engaging community—while benefiting from reliable, cost-effective technology that allows you to organise, optimise, and thrive.

Get in touch today to learn more about how Spike’s market-leading software can be seamlessly integrated into your development. 

In the era of digital convenience, where nearly every aspect of our lives can be managed with the touch of a button, the role of mobile apps in property management has become indispensable. As residents’ expectations evolve, the demand for seamless, on-demand services is reshaping the way property managers interact with their residents. Having a dedicated resident app is no longer a luxury—it’s a fundamental component of modern property management.

Meeting the expectations of today’s residents

With 62% of renters in BTR aged 25 to 44, which closely mirrors the demographic trends in the wider private rented sector, today’s residents, particularly those in the millennial and Gen Z demographics, are digital natives. They are accustomed to managing their lives through apps, from banking and shopping to fitness and entertainment.

The adoption of smartphones and digital platforms is not limited to the younger generation; older adults are increasingly becoming comfortable with technology. For example, in 2015, only 18% of people aged 65+ owned a smartphone in the UK. However, just eight years later, this figure had surged to 80%. Similarly, social media usage among this age group saw significant growth, rising from 11% in 2012 to 45% in 2021.

Why is having an app so crucial?

This shift towards a mobile-first approach has redefined what residents expect from their living spaces. They no longer want to rely on traditional methods such as emails, letters, or phone calls to manage their day-to-day tasks. Instead, they seek the convenience of handling everything from a single, user-friendly app, with over 80% believing that resident portals are a convenient or must-have feature.

1) Streamlining Communication

Effective communication is the cornerstone of successful property management. In the past, property managers have relied heavily on emails, phone calls, and physical notices to keep residents informed. However, these methods are often slow and prone to being overlooked. For instance, typically only 20% of emails are ever opened. Resident apps such as Spike Living, transforms this dynamic by enabling instant, direct communication through push notifications, in-app messages, and real-time updates which have an open rate of up to 95%.

This allows property managers to quickly inform residents about important updates, such as upcoming maintenance work, community events, and even emergency alerts, with the ability to schedule these notifications in advance. This not only improves the timeliness of communication but also ensures that residents are always in the loop, leading to higher levels of engagement and satisfaction.

What’s more, as Spike maintains a clear audit trail of correspondence, with all activities logged against a property and resident, this forms a key part of the golden thread, helping property managers comply with the record-keeping requirements of the Building Safety Act 2022. This ensures that every interaction is documented which can be used as evidence in case of future disputes.

2) Simplifying Daily Tasks for Residents and Property Managers

With 92% of residents preferring digital communications, one of the most significant advantages of having a resident app in place is its ability to simplify daily operations for both residents and property managers.

For residents, the app serves as a one-stop-shop for a variety of services and encourages them to self-serve whenever possible, reducing the workload on staff. Whether it’s booking onsite amenities, paying rent or accessing crucial building safety information such as your Resident Engagement Strategy which is a key requirement of the Building Safety Act 2022, everything can be done with a few taps on their phone.

What’s more, The Health and Safety Executive revealed that 4 in 10 residents think it’s difficult to raise an issue. With Spike, residents can easily submit maintenance requests with details and photos, helping property managers to understand and address issues more efficiently and quickly. This increases the likelihood of fixing the issue on the first visit and reduces response times by 30%.

This means that property managers can spend less time on administrative work and more time on the ground, conducting site inspections, meeting contractors, and building resident relationships.

3) Enhancing Engagement

Resident apps also help foster a sense of community by providing social interaction. With research revealing that renters with more than five close relationships in their community are one and a half times more likely to renew their tenancy, features such as social forums, event calendars, amenity booking, as well as neighbourhood guides, encourage residents to connect, share experiences, and build relationships, enhancing the overall living experience.

Developments that have resident apps in place have reported a 25% increase in amenity utilisation and a 46% increase in resident participation in events, leading to higher resident satisfaction.

4) Driving Ancillary Revenue

In addition, having a resident app in place can also serve as a revenue-generating tool. For instance, onsite amenities and events can be monetised and made bookable via your app, with payment taken at the time of booking. In addition, property managers can also offer premium services like house cleaning, laundry or pet care that residents can purchase directly through the app, increasing additional revenue.

Furthermore, by partnering with local businesses and service providers, property managers can also offer residents exclusive deals and promotions through the app, creating additional revenue streams through affiliate marketing and commissions.

Summary

The importance of having a dedicated app for residents cannot be overstated. It enhances communication, simplifies operations, increases engagement, and drives additional revenue. As the real estate landscape continues to evolve, property managers that embrace this digital transformation will be better positioned to meet the needs of today’s tech-savvy residents and remain competitive in the years to come.

Book a demo to learn how Spike enables you to meet the expectations of today’s residents, simplify daily operations, ensure compliance, and boost resident engagement.

As a property manager in the residential sector, ensuring the health, safety, and satisfaction of your tenants is paramount. 

The recent introduction of Awaab’s Law, a pivotal part of the Social Housing Regulation Act 2023, is set to extend its reach into the private rental sector. This landmark legislation mandates stringent timelines for landlords to address hazards such as mould and damp, enhancing the living conditions for renters.

Understanding Awaab’s Law 

Awaab’s Law was introduced following the tragic death of two-year-old Awaab Ishak, whose respiratory condition was linked to mould in his social housing residence. The law, driven by the campaign efforts of Awaab’s parents, supported by Manchester Evening News and Shelter, seeks to prevent such incidents by imposing specific timelines for addressing mould and damp complaints:

• Investigate hazards within 14 calendar days of receiving a complaint. 
• Provide a written report of the findings. 
• Begin repairs within 7 calendar days if the hazard poses significant risks to health or safety. 
• Complete repair work within a reasonable timeframe. 
• Complete emergency repairs within 24 hours. 
• Maintain clear records of all correspondence with tenants and contractors.

With statistics showing that 14.2% of people privately renting in the UK are experiencing Category 1 hazards, including dangerous forms of damp and mould, the law aims to improve living conditions and protect tenants.

Labour’s pledge to extend Awaab’s Law to private landlords means that property managers need a reliable system to manage and document maintenance issues in order to adhere to these timelines. 

How can Technology Can Help? 

With 81% of tenants saying that it’s important or very important for them to be able to access a portal from a mobile device, it’s paramount that you have a system in place that is mobile-friendly. This will encourage tenants to report issues when they spot them rather than having to wait until they are back in front of a computer or at the front desk.

What’s more, The Health and Safety Executive revealed that 4 in 10 tenants think it’s difficult to raise an issue, whilst maintenance issues take up to 80% of a property managers time. Without a central system in place, tenants will use email, WhatsApp messages or text messages to report issues. Sporadic messages and using different channels make it challenging for property managers to keep track of what has been reported and run the risk of duplicating reports, making it even harder to keep tenants updated on the progress. Not to mention making it almost impossible to track against Service Level Agreements (SLAs) and performance metrics for response times.

Spike offers robust, innovative solutions to help property managers not only meet these compliance requirements, but also significantly improve tenant satisfaction. Here’s how Spike’s solutions can streamline your operations and ensure your properties remain compliant:

1.) Streamlined Reporting Process 

Our comprehensive maintenance reporting module is designed to help property managers meet these new compliance standards efficiently. The platform offers a seamless way to manage maintenance requests, ensuring that issues are addressed promptly and thoroughly.

Tenants can easily log maintenance issues through an app, allowing staff to receive real-time notifications on their management dashboard and ensures immediate action, driving tenant satisfaction. 

2.) Increased Transparency 

Two-way communication is facilitated through the platform, allowing tenants to receive updates on their requests and maintenance staff to communicate directly with them. For instance requesting additional information or clarification on an issue, as well as arranging a suitable time for an inspection.  

3.) Efficient Tracking and Prioritisation 

Property managers can track all maintenance requests through a centralised management dashboard. Issues can be prioritised based on their severity, ensuring that high-risk problems are addressed first. 

4.) Enhanced Response Times 

By streamlining the maintenance process, Spike helps speed up response times, ensures that complaints are investigated within the mandated 14-day period, repairs are initiated within the 7-day window, and facilitates the swift management of emergency repairs within the 24-hour timeframe.

This also leads to higher tenant satisfaction, as timely repairs are a key factor in positive reviews. 

5.) Detailed Documentation 

The platform maintains a clear audit trail of all correspondence, with all activities logged against a property and tenant, helping property managers comply with the record-keeping requirements of Awaab’s Law. This ensures that every step, from complaint to resolution, is documented, in case of future disputes.  

6.) Proactive Fault Diagnosis 

As tenants can attach photos to their maintenance requests, this allows maintenance teams to diagnose issues ahead of time and arrive prepared with the necessary tools and parts. This increases the likelihood of fixing the issue in their first visit and reduces response times by 30%.

Property Managers can also benefit from Spike’s powerful reporting module, allowing them to spot any wider issues which could lead to mould, such as leaking internal pipes or poor ventilation, thereby identifying the root causes of damp and mould in the development before it can escalate or spread further. Furthermore, setting up automated tasks can ensure that routine follow ups or check ins are being conducted to ensure these potential hazards are being monitored and addressed.

Summary

As the residential sector braces for the extension of Awaab’s Law, property managers must adopt systems that ensure compliance and elevate tenant satisfaction. Spike’s solutions offer comprehensive maintenance reporting, transparent communication, and efficient tracking of issues. By integrating Spike technology into your property management operations, you can provide safer, healthier, and happier homes for your tenants, ensuring that the demands of Awaab’s Law are not just met, but exceeded.   

For more information on how Spike’s innovative solutions can help you meet compliance requirements and improve tenant satisfaction, book a demo today. 

The UK property market is experiencing a significant challenge: a severe shortage of property managers. This issue, though less talked about compared to housing shortages or rising rents, has profound implications for landlords, leaseholders, tenants, and the broader property sector.

With a recent survey revealing that workload management is the number one concern for property managers, closely followed by dealing with aggressive and abusive situations, and keeping up with legislation changes, it’s no surprise that one in four property managers are now considering leaving the industry according to latest research. What’s more, property management staff consistently score well below the Office for National Statistics (ONS) averages when asked about how worthwhile their life is, their life satisfaction, and their level of happiness. The challenge therefore lies not only in finding the right people but also in retaining them.

Reasons Behind the Shortage

Increased Demand for Rental Properties

The UK has seen a significant rise in the number of people renting homes. This surge in demand for rental properties has not been matched by an increase in the number of property managers. As more properties come onto the rental market, the strain on existing property management companies intensifies.

Regulatory Changes

The property management sector has been subject to increasing regulation, including the introduction of the Building Safety Act 2022, which aims to protect residents and ensure high standards of property maintenance. While these regulations are certainly welcomed, they have increased the workload for property managers, making the job more demanding.

Aging Workforce

A large proportion of current property managers are approaching retirement age, with fewer young professionals entering the field to replace them. The industry has not been successful in attracting new talent, partly due to a lack of awareness about the career opportunities it offers.

How Technology Can Help

The property management sector, and indeed the entire real estate industry, has traditionally served as the entry point for many young professionals into the industry. Many start their careers as property managers, gaining valuable experience and knowledge about managing buildings, before moving on to roles such as asset managers or project managers.

However, these young professionals, fresh out of education, are also keen to use technology. They are not happy with just using email, Excel files, and PDFs. With the next generation of managers raised on smartphones, tablets and interactive apps replacing one brought up on paper, landlines and spreadsheets, it is natural that new digital technologies are embraced and used to transform the property management sector.

Automation 

On average, property managers spend 288 hours a year performing repetitive tasks. Tasks often include sending monthly reminders for service charge demands, welcome emails to new property owners and residents, and sending key documentation such as the latest fire policies and key health and safety documents. As well as scheduling reoccurring tasks such as fire door checks, fire alarm reminders, and annual maintenance work.

Having systems in place that can automate many of these manual tasks can improve the work-life balance and productivity of property managers. This means that property managers can spend less time on administrative work and more time on the ground, conducting site inspections, meeting contractors, or building customer relationships via resident surgeries, reducing the number of complaints and improving morale.

Access a Single Centralised View of All Data 

More often or not, there will be a number of disparate tools and systems in place at a property management company which means that key information can be difficult to access. With one of the requirements of the Building Safety Act 2022 being that building owners and property managers should understand the needs of every household living within the building, it’s paramount that this information is easily accessible.

Spike’s solutions have been designed to be the single view for property managers, with integrations with third-party systems including finance, CRM, and maintenance management. By pulling in data from different systems and sources, this allows property managers to see all logged activities against a property, leaseholder and resident, enabling property managers to quickly and efficiently find and access the information they need, whenever they need it. This means that property managers can spend less time digging through files and emails, and claw back some of that precious time to focus on other activities. As well as being able to have a central activity log to be used as evidence of notification, in case of future disputes.

Additionally, if a staff member leaves, all their interactions with a resident will be captured in one central system, which include files, maintenance plans, projects, certificates, preferred suppliers, and any ongoing tasks. This ensures that knowledge isn’t lost and tasks can be picked up on, helping to create continuity in service.

Enabling Leaseholders and Residents to Self-Serve 

With 81% of residents indicating that it’s important or very important to access a portal from a mobile device, having a mobile-friendly system in place is paramount. Providing a platform that leaseholders and residents can easily access empowers them to self-serve and obtain key information independently. This includes frequently asked questions, fire safety procedures, and the latest community news. With all this information readily accessible, residents can often find what they need without having to contact staff. 

Furthermore, Spike’s solutions offer transparent insights into financial transactions, allowing leaseholders to view detailed service charge statements and transaction histories, which ensures clarity and accountability in financial matters. Additionally, PMS systems and resident engagement platforms often feature secure payment portals where leaseholders can make service charge payments electronically, further enhancing transparency and convenience.

Summary

Investing in new technology presents an opportunity to improve working practices, take admin pressure off employees and, ultimately, do more with less. For many property managers, automating repetitive processes, eliminating the need for duplicate data entry, and enabling leaseholders and residents to self-serve is critical to relieving the stress around their and their teams’ jobs. This helps property managers transition from a reactive role to a more proactive one.