In an industry often characterized by its steadfast adherence to tradition, the real estate market is undergoing a quiet yet profound transformation. Industry analysts have noted a burgeoning shift as digital solutions that promise streamlined operations, increased ROI and resident satisfaction gain traction. This significant uptick in the growth of proptech has reshaped investment patterns within the industry and uncovered technology’s potential to redefine real estate operations.
At the heart of this transformation is Plentific, a property operations platform that is challenging long-standing norms and signaling a new era of innovation in the management and operations of properties in the multifamily and affordable housing sector.
Users of Plentific’s platform have seen meaningful and immediate results. The company’s mission of creating exceptional experiences by offering the most connected real estate platform in the industry appealed to Income Property Specialists (IPS), a property manager in the San Francisco Bay Area that oversees multifamily buildings and adopted Plentific to manage the 2,500 units under its purview.
In this evolving landscape, Plentific’s collaboration with IPS showcases the practical benefits of technological integration. IPS was looking for a SaaS property operations platform to enhance the structural efficiency of its maintenance and turns departments, a crucial step before embarking on the journey of expanding business operations.
With 98% of IPS’ workforce spread across the expansive Bay Area, a critical challenge arises: how can the team effectively oversee maintenance staff remotely? This requires not only real-time visibility into the day-to-day operations of the maintenance department but also a robust accountability tool. IPS sought to onboard a property operations platform to automate repairs, turns and inspections workflows, optimize decision making and work dispatch, and set up reporting and analytics.
Plentific provided the perfect solution: the dual purpose of tracking the progress of each work order and unit turnover, and offering a transparent view of assignees, whether in-house maintenance teams or contractors, and associated costs. In tandem with other property management systems, Plentific empowered IPS to manage its extensive property portfolio with unprecedented efficiency, reducing turnover times and optimizing resource allocation. By using Plentific, IPS now targets a turn time of a maximum of five business days, down from two weeks or longer, for hundreds of turns each month.
“We’re turning hundreds of units each month, but manpower limitations and lack of visibility over maintenance processes have been challenging,” said Robert Salwasser, founder and president of IPS. “Together with Plentific, we saw a significant opportunity here – to demonstrate to our clients that we can turn properties quickly and effectively.”
The real estate sector is on the precipice of a new technological standard, with innovative platforms like Plentific laying the groundwork for what’s to come. The focus is now on how these technologies can be leveraged to foster strategic growth and maintain a competitive edge in a market that is increasingly open to change. The partnership between Plentific and IPS underscores the potential for transformative efficiency and the strategic value of embracing technology in property management. IPS’ results are emblematic of a larger industry trend, where flexibility and data analytics are becoming critical components of successful real estate management. Plentific’s success with IPS is indicative of the sector’s readiness to embrace adaptable and intelligent technology solutions.
IPS’ decision to digitally transform its operations has made major enhancements to the firm’s service delivery model. Plentific has been deployed as a property operations platform to help enable visibility over work order statuses and property readiness for occupancy. This process is now automated and audit ready, starting with the notice to vacate, pre-inspection, and the commencement of a 30-day timeline. As the tenant moves out, IPS’ meticulous planning ensures that everything is seamlessly aligned, and marketing efforts kick in promptly to showcase the unit. Amidst a complex landscape of regulations and supply chains, this process demands precision and agility.
“Our leasing staff is now equipped with the knowledge and awareness of precisely when a unit is ready for occupancy. We can now maintain transparency that work is actually completed as expected,” added Clay Llewellyn, COO of IPS.
With the introduction of Plentific, IPS also saw enhanced transparency and prescriptive analytics. Problem areas are now identified and IPS gains insight into a clear roadmap for addressing and resolving these issues.
