Managing High Profile Real Estate property involves many different moving pieces and competences, and a whole lot of communication to keep things working smoothly. For your real estate property to be successful, you’re best off having a “bespoke” partner and streamlined way to manage it all.
The Xerendipity Property Management Real Estate Bespoke workflow, tailored on your “personal needs” will help you efficiently manage all the operations for your real estate property.
In this post, we’ll show you how Xerendipity Management creates a central operation node that work for you, managing the interactions and listings all the tasks, while boosting your workflow with tailored and personalised insights along the way.
First of all Xerendipity will set up your Property files
This is the first step when Xerendipity take your property under its responsibility.
Each property has its own “managing board” that will be the core of our tailored workflow.
This is where we’ll manage all our properties on the market on your behalf, delegate properties to the different managers, store contracts, files and images, and keep track of all our closed deals with contractors, suppliers, on-site staff, etc…
We’ll also use the “managing board” to stay aligned with next steps, enabling us to see everything relevant to your properties, and ensure they move forward as planned.
Make your properties more productive runner on the budget
We use an “interactive” board to visualise your properties even better and view the data related to each property your own way.
As your Property Manager, budgeting is a critical aspect of our responsibilities on your behalf.
The success of your property management activities hinges on the ability to create an effective annual budget that accounts for market factors, inflation, legislation, and other variables.
Simply copying and pasting last year’s budget won’t cut it.
In this post, we’ll explore the Xerendipity Property Management budgeting tips and strategies to understand how Xerendipity Property Managers prepare a comprehensive and forward-thinking budget for your properties.
Understanding the Purpose of Xerendipity Budgeting on your behalf
A well-executed budget serves several purposes for Property Management.
It helps forecast rental income if you decide to market it as short-term rental luxury property, property upkeep expenditures, and business expenses, allowing you to set attainable financial goals for growth and investment.
A budget also enables you to predict fluctuations and pivot towards profitability.
By defining what success means for your property management activities, Xerendipity Management can align your budget with your overall objectives.
Comprehensive Budget Basics for Your Property Management Strategies
Budgeting for your property, whether it is dedicated to do business activities such as short-term rental for luxury properties or personal management for your family, it requires considering both day-to-day operations and long-term goals.
The operating budget covers out-of-pocket expenses (OPEX) needed to maintain your properties, such as rent, maintenance, utilities, financial fees, local taxes management and insurance management.
On the other hand, the capital budget plans for future growth and investment, including funds for property acquisition, major maintenance, and improvements.
Xerendipity Management Strategies for Building the Property Management Budget
Start by creating a budget planning schedule well in advance, including fixed internal deadlines for tasks.
Utilise work order data to predict equipment failures and assess staffing levels.
Benchmark your operating expenses against competitor portfolios to identify areas for improvement and control costs.
Stay ahead of resident trends by understanding their evolving needs and preferences, using technology to automate processes and compile data efficiently.
Xerendipity will present compelling reasons for Budget Items
Xerendipity Management will back up requests with compelling evidence of how these investments will improve operations, enhance resident satisfaction, and lead to cost savings in the long run.
Plan Budget For Worst Case Scenarios
The Property Management industry has been dealing with a 33% turnover rate with thousands of Euros spent on recruitment and temporary staffing and placements year after year, yet few budget for vacancy in their team, or for the “what if’s”.
What if we get lots of snow and fall behind on turns in the winter?
What if during the summer when everyone wants to take vacation, we don’t have planned any contractors and suppliers program?
It is always better to plan and budget for the worst, and if you don’t end up needing the staff, great, but if you do you budgeted for it.
Budgeting success in property management requires proactive planning, data analysis, and a focus on aligning the budget with your property management objectives.
By using historical data, engaging with residents, and staying updated on real estate industry trends, Xerendipity Property Management managers can create budgets that drive growth, improve efficiency, and ensure the long-term success of your property.
Remember, a budget is a guide, not a rigid plan, so we must stay flexible and adapt to changes as needed.
By implementing our budgeting tips and strategies, Xerendipity Property Managers can better navigate budgeting seasons, set achievable financial goals, and make informed decisions for your properties’ success.
We Create your tailor made task management board
At any point along the workflow, tasks will pop up - conduct market analysis, make calls, contract drafts, create marketing materials - we’ll know it.
To tie up all these essential tasks and optimise the property’ workflow, you’ll need a great task management board.
Xerendipity Property Management is the place for exactly that.
To create that smoother collaboration between our boards, we’re going to use automations.
We’ve added a cross-board automation to create a duplicate item with all the relevant information in the Task Management system.
Whenever a specific manager has been assigned to an item in the Property Task Board and for any reason isn’t available, a back-up will take the task.
Gain Insights about Property Management data
Our “board management” views give us the tools to get high level overviews as well as in-depth breakdowns of your property data for better decision-making and planning later on.
While Board Management Views allow us to get insights from individual assets boards, our reports are a great way to display all important metrics from across your account in one place.
They allow you to keep the budgets focused on high-level goals and boost property’ productivity.
View and update data on the go with Xerendipity Company Personal Assistant
Xerendipity Company Personal Assistant will allow you to view and update your data from the palm of your hand, by a “XM Property Area” on Xerendipity Management WebSite.
It's perfect when you're on the go and want to stay in tune with your property daily operations, tasks, update your staff, suppliers info, etc…
View your docs, contracts, bills, calendar views, planning boards, and updated information the minute it becomes relevant.
Xerendipity Property Management Real Estate workflow summary
To summarise our Xerendipity Property Management Real Estate workflow:
- Properties on the market are managed by “XM Property Board”;
- Automations on this board make sure things move around smoothly, managers are reminded and the board stays organised at all times;
- Each Property is linked to the relevant contacts, with managers back-up to have each property up & running efficiently;
- The “XM Property Board” is a hub for all relevant contacts, and allows managers to be in touch quickly and seamlessly at all times;
- The manager’s individual task management agenda is where all tasks will be assigned so that he or she can take care of it on your behalf, creating a full-circle workflow that actually works;
- The XM Real Estate Team will use the analytical tools to gain insights, improve processes, allow you to make informed decisions and gain a big picture of all business operations at all times.
Preserve and enhance the value of your property… Value Your Time.
Francesco De Biase
Chairman BoD & C.E.O.
©Xerendipity Corporation Ltd.
©Xerendipity Corporation Ltd.