Advantage Eris: PropTech revolutionises its business and benefits its clients
In its aim to be the first choice property and services group on the African continent, the team at Eris Property Group is constantly striving for service excellence and pushing the boundaries in terms of innovation. One of the ways that it achieves the latter is by using technology as a competitive advantage. Continuously investing in tech-based solutions - also known as Property Technology (PropTech) ― has meant that the various property and portfolio management teams have increased efficiency and capabilities, which comes with real benefits for their clients too.
Property Technology (PropTech) is the use of information technology (IT) to help individuals and companies research, buy, sell and manage real estate. Similar to the way FinTech focuses on the use of technology in finance, PropTech uses digital innovation to address the needs of the property industry. PropTech is designed to streamline and connect processes for participants in all stages of the real estate market, including tenants, sellers, brokers, lenders and landlords.
The benefits of using PropTech include:
- Personalising property management
- Minimising costs and resources
- Maximising efficiency, improving compliance
- Using data collection and providing clients with advanced analytics
- Supporting business goals like ESG
Eris Property Group currently utilises four PropTech-based solutions, namely: a Property Information Management System, a Facilities Management System, a Student Accommodation Building Management System and a Cloud Document Management System.
"Our Property Information Management System helps with a multitude of business operations, including property performance, budgeting, financial management services and reporting. At its core, it allows for better property management, improved data management and advanced property reporting for landlords, asset managers and property managers. What's more impressive is that these systems integrate with each other to provide one version of the truth." explains Peter Stainton, Executive Head of Property Management at Eris Property Group.
The system simultaneously improves outcomes for landlords and asset managers and equips teams with user-friendly workflow processes. The benefits speak for themselves: lower costs, improved accountability and less duplications and errors as there is no longer a reliance on traditional paper-based processes.
Reaping the rewards first-hand on going from manual to digital in one aspect of the business, the next step was to investigate other technology that could be implemented across the entire company. A Cloud Document Management System was the next logical PropTech application, as it helps with document management, process automation and integration and performance reporting.
The move has ensured maximum operating efficiency, as there is advanced integration, and a reduction in time-consuming and inefficient physical and manual interactions between processes and personnel. The software has also had a positive impact on company regulations, as it allows the team at Eris to enforce business rules, ensure processes are adhered to and that data is accurately captured the first-time around.
Similarly, the Eris Facilities Management System is another automated system that cuts out tedious manual work and processes and eliminates the risk of human error. On a micro level, the system even provides detailed reporting capabilities per tenant in a building. On a macro level, the software continuously updates both internal and external parties on status changes, required actions and subsequent outcomes. "The software, which was implemented in 2019, has given us both standard elements and added functionality in important areas of our business," explains Christopher Du Toit Head: of Information Technology and Compliance at Eris Property Group. There are day-to-day necessities including invoice tracking, work order management and vendor notification, in addition to long-term cost savings such as planned preventative maintenance and equipment life cycle management. "More impressive though is the holistic overview that connects our service providers, tenants and operations teams on a single platform. Using real-time data, the software platform helps our team to track trends, monitor costs, problem-solve and make business decisions, plus forecast for future projects," he adds.
The most recent tech-solution that the company has implemented is the Student Accommodation Building Management System. Besides simply offering new student accommodation (a commodity that is very much needed, given the shortage across the country) Eris also incorporated tech-forward property management services into the offering too. The tech-driven platform allows for both innovative ideas (online leasing and digitally updating stakeholders) and practical everyday operational additions, such as automating processes like payments, collections and allocations. The technology links various systems, from leasing to financial reporting for asset managers and investors. Every step of the process - online applications, signing a lease, paying a deposit, student occupation and vacancy rates ― is up-to-date, in real-time and visible to the Eris team.
"The real differentiator is the young, tech-savvy team that we have appointed to our student accommodation department that complements the technology that we have in place. Our entire team understands both the student accommodation and property market and are able to provide streamlined, efficient solutions for this ever-increasing market," says Barend De Loor, CEO of Eris Property Group. "With growing requests for property management services within the student accommodation, we are well positioned to meet this demand," he adds.
"Eris continues to expand on its PropTech systems, exploring ways it can help to optimise its business and benefit clients. We believe that our investments in technology will help us to achieve our property management aims ― to increase long-term value while ensuring maximum operating efficiency." Concludes Barend.
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