Property management agents could increase their management capacity by 129% by integrating technology into their practices and processes, latest analysis from Inventory Base claims.
The insight comes via Inventory Base’s latest case study of National Home Move (NHM). National Home Move (NHM) is a network of estate agents including Your Move and Reeds Rains Estate Agency franchise offices across England.
As National Home Move sought to centralise its property management operations, they encountered a series of obstacles that threatened to undermine its operational efficiency and ambitions for growth. The move to unify operations under one roof was driven by a desire to simplify its processes and improve service delivery across its extensive network.
To this end, NHM partnered with Inventory Base to integrate their leading property inventory technology into NHM’s existing management systems.
INCREASED PORTFOLIO
As a result of the integration NHM’s property management capacity increased from a portfolio size of 3,500 properties up to 8,000 properties
This capacity increase of 129% was joined by a 20% drop in operational costs and a 30% increase in productivity.
GAME-CHANGER
Jonathan Rudd from NHM says: “Using Inventory Base’s software has been a game-changer. It’s incredible how much it’s boosted our efficiency and scalability… it’s made a huge difference for us.
“The seamless integration with our other platforms has made things much smoother and more efficient, allowing us to focus on delivering the best service to our clients.”
So how does this apply to the wider property management sector?
NHM is a large organisation with a huge portfolio of managed properties. Most management agents will not have a starting point of 3,500 properties when they begin to integrate technology into their process.
So what does the prospect of a 129% capacity increase actually mean for your typical management agent?
The most recent estimates from IBIS World suggest that there are 22,729 property management firms in the UK.
While there is no available data to directly tell us how many individual units are currently under management in the UK, as estimated can be reached by using figures available from previous years stretching back to 2015.
As such, a reasonable assumption is that each property management branch currently has an average of 193 units under their watch.
If the average branch was to see its capacity increase by 129% as a result of integrating technology into their practice and process, it would result in the portfolio capacity increasing to 441 properties.
SLASHES ADMIN
Steve Rad, Chief Executive of Inventory Base, says: “A managing agent’s portfolio capacity is set by the maximum number of units they can oversee based on their resources and staff headcount.
“That’s why integrating technology into the management process is so valuable. It slashes the amount of admin time that is required in the management of a property so that an agent can increase the number of units they’re able to take care of.”
STREAMLINE PROCESSES
He adds: “We were already confident that our technology could radically streamline an agent’s processes, but to see this borne out with such staggering results through our collaboration with National Home Move is fantastic.
“We’re immensely proud of how our offering helps agents, but we’re equally grateful to the team at National Home Move for seeing the value in what we’re doing and having the faith to integrate our products across their management team.”
The full National Home Move case study can be viewed HERE.
