The past two years have put many traditional residential property management companies on a financial cliff edge and this has provoked a shift towards more effective management software solutions. Blocks Online’s Cloud-based property management software is transforming the way that property management companies now do business. Firms must look forward and integrate property management solutions into their everyday practices, or risk being left behind.
In the ever-changing residential property marketplace, Blocks Online’s software resolves a number of the day to day business problems that property managers are facing. Advanced migration tools make it easy for big block management teams to transfer data over from older systems. Creating service charge demands, reviewing leaseholder funds, raising invoices and tracking expenses are therefore accessible from a single secure login.
Block management and property management teams can keep track of multiple bank accounts with flexible reconciliation frequencies. Allocations to reserves, as well as bank charges and interest, can also be easily kept track of alongside a full range of year-end financial reports. Management teams can find exactly where their clients stand financially with the click of a button.
By reconciling accounts seamlessly from one data entry point, a heavy and unnecessary extra admin burden is completely removed. Critical financial data can then be reviewed quickly and from a single source, ensuring that the necessary associated tasks are actioned as efficiently as possible. This means that property managers can keep a closer eye on more important tasks while minimising the risk of potential oversights.
London-based property management firm Urang has been providing its expert services for over 20 years. With over 400 blocks and 5,000 units managed throughout the capital, they needed to migrate to a reliable service that they could trust. Following extensive research, they opted to make the move over to Blocks Online with fantastic results.
“Because it was designed by experienced property managers it means that the system is intuitive and easy to use and helps keep us compliant and up to date with relevant legal requirements. Our finance team have been able to improve cash flow using the comprehensive service charge, budgeting and financial reporting capabilities. They have reduced the processing time in the raising and processing of invoices by around 60%,” said Urang Founder and MD Paul Cleaver.
Removing the needless associated manual costs and inefficiencies of older management methods freed up Urang’s staff members to take on additional work. But it also came with added reporting function benefits that now facilitate better ongoing cash flow management. With outstanding results like this, the implications of failing to adapt to modern software systems for block management and property management teams are clear.
With Blocks Online, there is no software to install, bulk import tools can be made available and payment is on a monthly basis with no minimum contract length. Contact us for a free service demonstration and start your transition to our remote access interfaces today.
