WeconnectU News

Property is one of the oldest and most successful long-term asset classes. It’s also estimated to be responsible for as much as 10% to 20% of South Africa’s GDP, and was the single largest contributor to the GDP in Q1 2021.

In our previous article, Strength in Specialisation, we explored why the right combination of people, standardised processes and solutions are so critical when empowering portfolio managers to shift from reactive to proactive management. We also demonstrated how those who successfully align client needs and risks with a tangible value offering (delivered through skilled staff, world class service and technology) are able to unlock unparalleled efficiency and transparency.

In a recent industry survey, WeconnectU asked property managers of Bodies Corporate and HOAs a few important questions about value. Their answers revealed a stark contrast between two critical success factors: value delivered vs value perceived.

Property inspections aren’t the most popular activity. Property professionals find them tiresome and fiddly, tenants find them inconvenient and stressful, and investors often struggle to see the value behind their expense.

Did you know that very few rental management businesses in South Africa are launched for the sake of it? Most are created as extensions to existing sales or community management businesses. According to Schalk van der Merwe, Director of WeconnectU Intelligent Property Software, the goal for these rental “add-ons” is usually simple: to add value and help with client retention by meeting a more complete selection of their property needs.

There’s nothing worse than working day and night to deliver a quality service to your customers only to receive constant pushback over fees that barely cover your overheads. It’s an all-too-common occurrence in the property management industry, and one that stems from a very simple, yet pervasive problem.

Let’s face it: Good maintenance management may be essential if you want to keep your investors and tenants happy, but it’s fiddly, time consuming and brings in little or no extra income.

The unpopular truth is that, by working in rental portfolio management, you’re going to be working in inspections and maintenance management too. Few property managers rejoice in this element of their role – particularly since it brings no additional income – and many neglect it to their detriment.

This August – just over four years since our inception – WeconnectU officially reached half a million property units under management on our cloud-based platforms.