{"id":19811,"date":"2018-04-11T05:00:09","date_gmt":"2018-04-11T12:00:09","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=19811"},"modified":"2020-12-24T22:53:38","modified_gmt":"2020-12-25T06:53:38","slug":"condo-tech-tips","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/condo-tech-tips\/","title":{"rendered":"Condo Tech Tips"},"content":{"rendered":"

It\u2019s an exciting time for the condo industry in Canada. Facing tech disruption, new b\"\"uilding, increasing regulation and competition, condo companies need to rethink \u2014 and even reinvent \u2014 the way they do business. To improve operational performance and increase NOI, condo managers need software platforms that deliver actionable analytics and integrated online services.<\/p>\n

A Market on the Move<\/strong>\u00a0<\/strong><\/p>\n

As revealed in the PWC Emerging Trends in Real Estate 2018 report<\/a>, the condo sector in Canada is seeing steady demand in most markets. In downtown core areas, condo units remain attractive to young professionals with a live\/work\/play lifestyle, along with retiring baby boomers who are downsizing from single family residences to enjoy urban amenities. The condo industry is also evolving in response to new needs and pressures. Whether there isn\u2019t enough supply to meet demand or oversupply is finally being absorbed, condo managers need a profitable strategy that suits every scenario \u2014 including new projects such as popular multiuse communities that are driving density in city centers. These trendy new communities combine a mix of condo units with retail, a range of services and commercial space.<\/p>\n

Beyond the concept of mixed use, these \u201cdevelopments-as-neighborhoods\u201d\u00a0 recognize the demand for a community infrastructure that includes schools, parks, shopping and medical services that consider needs of young professionals, young families and older residents, too. According the PWC report, \u201cThe age of the shrinking condo may be coming to an end: units are starting to get bigger, reflecting the needs of families and move-up buyers.\u201d\u00a0<\/strong><\/p>\n

Tip #1: Go Paperless and Save<\/strong>\u00a0<\/strong><\/p>\n

To be more agile in a changing market and transform operations to be more profitable, you have to say goodbye to paper. By streamlining invoice processing and centralizing spend management with automated online approval workflows, you ensure vendors are paid on time while you eliminate the costs of shipping and storing paper invoices and cheques \u2014 not to mention saving your staff valuable time.<\/p>\n

For Greenwin<\/a>, one of Canada\u2019s largest residential property management companies, automating invoice processing with Yardi PAYscan<\/a> has been a game changer. According to Brian Turpin, vice president of information technology, \u201cGreenwin reduced printing paper by 44% \u2014 that\u2019s 800,000 fewer sheets of paper printed from 2015-2016. With Yardi PAYscan, the invoice process is entirely automated and includes real-time reports. Paper isn\u2019t sitting on desks anymore, getting lost in the shuffle.\u201d\u00a0<\/strong><\/p>\n

Tip #2: Enhance Vendor Management<\/strong>\u00a0<\/strong><\/p>\n

While paperless processing saves your organization money, it also promotes better relationships with your customers and vendors. Electronic and mobile-enabled vendor management with VENDORCaf<\/em>\u00e9<\/em><\/a> reduces paper and email invoices which makes everybody happy while saving time and cutting costs. All product and service vendor information is centralized in a single system of record, with a complete view of all vendors. This means:<\/p>\n