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According to Companies House (UK’s registrar of companies) records, there are over 60,000 registered Residents Management Companies (RMCs) in the UK region, with the highest concentration along the South Coast, South East, Bristol & Bath areas, North West and the South Midlands.
Primarily, RMCs aim to protect the interests of the leaseholders by managing the common parts of a building such as roofs, gardens, driveways, etc., ideally, owning a flat in an apartment building managed by an RMC, provides you greater control over the future management of your property.
However, according to the Association of Residential Managing Agents (ARMA), the Residents Management Companies [RMCs] are a low-profit, people-intensive industry, with outdated adoption of digital technology. There is a lack of seamless digital collaboration between property management and their residents’ management services.
Due to the overlapping competition from the real estate players, RMCs have mainly curated their service offerings around the property’s building management services and moved away from providing a consistent service experience to the residents of the same property.
There are opportunities in property management as the industry is scrambling to recover from the COVID-19 health crisis. Property managers are feeling the pressure of shrinking margins and cash-flow disruptions. Going forward, property management firms need to leverage emerging digital technologies to overhaul their business models from top to bottom.
An affordable digitised software solution offering specifically designed to help RMCs in providing full-spectrum services to both property admins and also a highly efficient service to the residents. The potential of providing high-end services to the residents is to set your services apart and not be more of the same. In addition to keeping operational costs in check, reduce staffing expenditure and ensure efficient and productive operations.
An all-in-one property management solution can help bring simplicity and affordability, along with all the security and power of the cloud, laying the foundation of a robust Residents Management Company.
How to Choose the Right Property Management Software?
- How much will it cost? Is the cost based on the number of doors you can service?
- Is it on-premise or cloud-based? Cloud-based solutions provide unmatched security.
- What business processes does the solution automate? Automation of core building administration processes such as parking management is essential for an RMC.
- What level of customer support does the solution provide? Choose a reliable vendor who can provide the right technical advice.
- Does the solution offer a self-service portal for tenants? Self-service portals help establish direct communication while saving time and resources.
- Does the solution integrate accounting and report generation functionality? Maintaining your clients’ accounts with accurate reporting is critical for business.
- What level of automation does the solution provide? The more automation, the faster your business will grow.
- Is the solution scalable? If a property management solution is not scalable enough, it will create bottlenecks and eat into your profits and time.
The benchmarks of good property management software include simplicity, the relevance of services offered, ease of use, transparency, and above all, top-notch customer service. The bottom line is to identify the real deliverables that the vendor claims to offer.
Kellton Tech has the domain and technical expertise in assisting property management companies to transform their business to make a positive impact in this market segment. A low-cost and high-quality custom technology transformation is Kellton Tech’s USP in the real estate industry, especially in the UK and European region.
Kellton Tech’s own building management platform solution is a powerful application that custom fits the specific requirements of each property management business. The platform (codenamed: KeLive) is a SaaS-based model and provides an affordable, intuitive platform with the latest technology to allow property management businesses to integrate, customise and deliver benefits quickly.
Our property management platform provides the right kinds of services for owners, tenants, property managers and real estate firms that are looking to scale up their business to serve more tenants. The cloud-hosted solution is easily accessible for anyone with an internet connection. Moreover, KeLive is more affordable, can easily fit into the operating budgets of property management firms of all sizes. Reach out to us for a demo!