November 12, 2017
“There is nobody that cares more for a building than the people living in it”
The Grid: You presented on technology and property management at SMARTInvest Real Estate last month. What would you like to see happen in the industry most?
Fadi Nwilati: The RE industry and PM industry are far behind on technology platforms. We still do the same things we did ten years ago including processes. Yes we as an industry are using new platforms and software but they are related to document management (e.g. financial management like invoices, receipts, budgets).
This helps back office but there has been very little or virtually nothing done to improve tenant/landlord, resident property manager and resident security communication in a building. (more…)
October 16, 2017
“This is the difference between a well-managed building and one that is not”
The Grid: Tenant management is increasingly important as it can have an impact on real estate yields for investors. What are best practices today?
Fadi Nwilati: Although that is the common term used in the industry, we like to separate it into:
- Lease Management (managing documentation, administration, legal and commercial activities)
- Resident Management
Lease management is purely administrational and relatively straightforward. We follow ISO 9001:2015 practices for quality management and administration and use technology to automate those processes as much as possible, reducing human error and improving customer satisfaction. It is a documentation-heavy process so tenants typically complain about signing so many papers even after a lease is signed.