Enabling Business Transformation in Property Lifecycle Management- A Client Success Story
Business Consulting & Technology Augmentation delivered by Fingent helps client evolve into a regional market leader, achieve quantifiable objectives and add multiple dimensions to their business repertoire
A Top Ranking Property Management Client
A leading property investment and management company, handling more than 8000 properties segmented under single family real estate wanted to implement technological transformations to their business to soar new heights. The client manages real estate portfolios of private equity funds, offering a vertical spectrum of services ranging from property acquisition all the way to lease or sale management.
Major Roadblocks in their Real-Estate Business
Back in the day, a typical brick and mortar operational model was effective for the client, if not sophisticated. However, overhead liabilities and persistent gaps of a manual process soon curtailed scalability, and automation was inevitable.
How a Wrong Decision Curtailed Their Business
A switch was made, and a leading off-the-shelf property management software was inducted into the environment. But as is the case with most implementations, migration was far from seamless. The software primarily catered to multi-family real estate requirements, and level of customization offered was too limited. The gap was however massive, even if customizations were to be made. In the simplest terms, when the rework was exceeding the value-added work that has been budgeted for, the client realized that the project is failing. This is what happened to our client when they attempted to introduce a ready-made property management solution for their processes.
When the software fails, it jeopardizes the company’s prospects. And if the failure is large enough, it can even steal the organization’s entire future. In fact, software failures can be traced to a combination of incorrect project management, technical, and business decisions.
For every problem, there is a solution that is simple, elegant, and wrong- H. L. Mencken
The client was forced to fall back on a plethora of excel sheets to manage million dollar transactions and persist with several manual processes. They were considering alternate vendors when detailed transparent analysis and ability to comprehend the business problem firmly tilted the decision in Fingent’s direction. Following multiple rounds of promising discussions, executives at the client side were excited to begin the core transformation project with Fingent.
Finding the Right Solution
With disparate cycles amalgamating into a vertically integrated solution, a phased approach had to be adopted. The challenge was to ensure business continuity while deploying solutions on a unified platform. Business processes were classified into three major cycles – Property Acquisition, Management, and Maintenance.
- Property Acquisition – Prospective properties get channelised through an application funnel for inspection and evaluation. The value range thus assigned to a property help bidders make decisions during auctions. Acquired properties get updated on the database, and transactional parameters and contracts are abided by in the system. An assigned property manager visits respective sites, to initiate renovation and development. Three distinct mobile applications were created – for Scouting, Bidding and for the Property Manager, which are tightly integrated into the property acquisition application.
- Property Management – Application enables lease ready properties to be listed. It syndicates with several listing sites and caters to the entire lead management cycle for sales associates. All contractual formalities for leasing are taken care of within the application. An accounting module caters to the rent collection process, with a section dedicated to handling exceptions including evictions. While a mobile application caters specifically to the functionalities of a leasing agent, another app helps tenants explore the properties themselves. The latter termed the self-showing app enables physical entry into a pre-booked property view session based on geographic coordinates.
- Property Maintenance – Comprehensive property maintenance application within the real estate spectrum, enabling tenants to raise support tickets for various issues. A mobile application allows tenants to connect directly with vendors that are pre-approved and listed.
By meticulously gathering and mapping requirements, an area of expertise for the Fingent team, the project met every major milestone on time and budget. Key highlights of the comprehensive property lifecycle management include:
- Cloud-based solution delivering features via the web and mobile platform, with the capability to scale at ease. An advanced property lifecycle solution that exhaustively covers all possible process flows in single family real estate
- Seamless integration with industry leading service providers for payment, credit verification, accounting, listings etc. Individual portals for the owner, tenant, and vendor.
- Efficient data sourcing enables tight department wise integration, helps to create proficient workflow and enables easy data migration from disparate data sources. To cite an example, all parameters can be imported while acquiring a portfolio, without manual intervention
- Facilitates transparency across functions and departments alongside exhaustive customized reporting, delivering maximized performance.
The Right Software Solution can Make a Good Business Great
Deployment of a unified platform, tightly integrating all functions within the property management life cycle, transpired into exponential business growth for our client. Streamlined, end to end automated workflow meant substantial cut back on their operational overhead, while enabling phenomenal scalability.
Fingent’s client got listed by the prestigious magazine Inc., ranking amongst the Top 10 Real Estate and Top 200 overall. A whopping growth of 2626% was registered over 3 years, and company valuation increased multifold. This lead to a 1.7-Billion-dollar hedge fund investing in the client to further propel growth.
The enterprise application suite is now maturing into a comprehensive product for the real estate industry, opening up a new line of business for the client in partnership with Fingent.
To Sum Up…
The average company spends about 4-5% of revenue on IT. Much of this money goes into software and hardware, software upgrades, software license fees, and the like, but a big chunk is still for new software solutions that are assumed to create a better future for the organization and its customers. Custom software solutions and enterprise applications are now one of the largest corporate expenses outside employee costs. Yet choosing the right software vendors and getting the right solution tailored made for your processes is mission critical for every business aiming heights in today’s competitive market.