At WeconnectU, 2024 started off just the way we like it – with a bang!

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We officially onboarded our 500th client to our Rental Asset Management Solution, and our 900th client to RedRabbit – our fully integrated Inspections and Maintenance solution.

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These successes followed closely on the back of some incredible international recognition in 2023, which included our win in the Best Property Management Software (South Africa) category of the highly respected – and extremely competitive – Technology Innovator Awards. Read more on that, here.

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RedRabbit News

2023 saw us implementing a number of advancements to the integration between our Rental Asset Management solution and RedRabbit. This has enabled us to unlock even greater efficiencies for Rental Asset Managers, including:

• Live data sharing to prevent duplication of data
• Instant invoicing
• Enhanced transparency between maintenance and accounts
• Greater visibility and control of inspections compliance levels

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We are proud to be the only solution provider offering this (and more) end-to-end functionality, all under a single roof.

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What’s happening on the market?

While progress within our own development environment has been extraordinary, market conditions have been a little bit more challenging for our clients. Recent statistics from Lightstone show that there were almost 100,000 fewer property transfers in 2023 than in 2022, with total transfer values also declining by R88 billion.

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The good news is that the high interest environment that is currently suppressing national property sales is also driving greater rental property demand. While rental escalations remain subdued, tenant payment behaviour improved significantly over the course of 2023, and national average yields are officially above inflation and increasing.

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This presents an excellent opportunity for savvy property professionals to focus on rental portfolios as a key income generator.

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The critical role of technology in 2024

Over the last few years, it’s become clear that rental investors’ needs and expectations have evolved. Most are no longer satisfied with simple rental administration services. Instead, they’re seeking rental property professionals able to deliver the same level of professionalism, attention to detail and visible value as the managers of their other asset classes.

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In this, technology has become a critical enabler, giving rental property managers the intelligent functionality they need to excel on the administrative front, while also delivering a mind-blowing client experience that highlights their professionalism and value as rental asset managers.

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Our 2023 survey revealed that the vast majority of rental managers embracing technology have experienced tangible benefits as a result. The question this year is how many more will join their ranks as rental asset managers of the future, and how many will be left in those asset managers’ dust?

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Functionality favourites for the year ahead

When it comes to functionality, our Rental Asset Management solution does not disappoint. Here are just a few of the highlights that our clients (and their clients) are finding particularly valuable in overcoming the challenges of today’s rental management climate.

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Live bank integration for up-to-the-minute financials

WeconnectU’s live bank integration ensures a fully reconciled trust account, allowing tenant and landlord balances to be updated regularly throughout the day for total accuracy. Third-party payments are also a breeze, with one-click, live payment approvals. Bank-grade security protects all your data and transactions, with full audit trails for every user.

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Our live bank integration also enables automated payments and reconciliation, comprehensive arrears management, and sophisticated reporting and communication.

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Effective arrears management to facilitate timely rental payments

WeconnectU’s arrears management functionality enables rental asset managers to effortlessly track overdue payments, send automated reminders, and communicate seamlessly with tenants. The user-friendly interface supports a rapid response to arrears issues, promoting efficient and effective financial management alongside positive and proactive tenant relations.

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Asset management reports that speak your clients’ language

WeconnectU’s sophisticated reporting capabilities allow data to be consolidated across workflows. This enables rental managers to generate comprehensive Asset Management Reports at the click of a button. These reports are designed to highlight the effects of the rental managers’ hard work and service in language clients will sit up and notice: yield, capital growth and ROI.

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All-in-one inspections and maintenance management

Built-in, live integration with RedRabbit means inspections and maintenance management can be handled entirely in one place. Our intelligent online dashboards handle everything from inspection reminders to inspection reports, maintenance requests, invoices, payments, personalised bulk communications and compliance status reports. No duplication of data. No duplication of effort. No broken telephone.

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Built-in lease management

WeconnectU transforms the old-school, spreadsheet-heavy lease management process into a seamless, integrated – and fully compliant – workflow with complete transparency on start, end, renewal and escalation dates. Every element is handled via the intuitive WeconnectU platform, including lease document generation of the highest quality.

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Effortless compliance

WeconnectU puts an end to the complicated compliance juggling act with integrated compliance management functionality that turns the entire process into an efficient and easy-to-maintain course of action. The built-in intelligent dashboards make managing and monitoring all elements of compliance a breeze – including those mandatory disclosure forms.

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Bulk personalised communication capabilities

As a critical component of effective portfolio management, we’ve ensured all the communication capabilities rental asset managers could possibly need are built directly into our platform. By taking this approach, we avoid additional integrations and fees, while also offering our users unlimited customisable communications templates for bulk or individual distribution to landlords and tenants.

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The result is a centralised communications system that actively support property professionals in effective communication of their professional value.

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Functionality of the future, today

If we’ve learned anything from the rental management tools of the past, it’s that disparate and/or siloed workflows create more problems than solutions. WeconnectU is the only solution provider that offers all the functionality you need, under a single roof, purpose built to function as a unified ecosystem and address the true challenges of rental asset management, today and in the future.

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Onwards and upwards: the path to sustainable growth

One of our formative goals at WeconnectU has always been to build a more resilient, sustainable and professional property management industry. A big part of this is empowering property management businesses to grow sustainably, through better scalability rather than by shouldering an increasingly heavy workload.

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Our 2023 survey showed that we’re already making a tangible impact in this area for our existing clients. Our aim for 2024 is to see those benefits – and those businesses – continue to grow.

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If you’re looking to make growth a priority, get in touch to discuss how WeconnectU can support your journey, and help you achieve the sustainable, profitable and fulfilling property management business of your dreams.

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