Friday, February 20, 2015

Breakthrough Technology for Property Investors

This week's launch of  My Maintenance... Toop&Toop set to increase returns for Landlords!

Uncontrolled maintenance is the biggest industry issue that has never been resolved until now. Toop&Toop have developed a breakthrough solution for this age old issue faced by property investors. 

On Wednesday night, 18 February 2015 a new benchmark in the management of investors' properties was launched in South Australia. It was an exciting date for Toop&Toop as we unveiled an Australian first online maintenance system to our Landlord... introducing My Maintenance! 

So what exactly is My Maintenance?
My Maintenance is a centralised communication hub  between Toop&Toop, landlords, tenants and our tradespeople. It oversees the three key maintenance areas; Compliance, Preventative and General Maintenance. Through streamlining these processes, My Maintenance will significantly reduce costs to our landlords.
My Maintenance completely changes things... The smarts that are built into the system educate tenants and step them through maintenance issues which reduce costs and unnecessary call out charges for our landlords. It also allows our landlords to receive instant communication and updates on the maintenance of their properties from the initial request right through to the suppliers notes, to the completion of the issue. My Maintenance provides greater control and increased checks and balances to keep suppliers accountable. Landlords, tenants, suppliers and our team can log on onto My Maintenance anytime, anywhere.

My Maintenance General
This maintenance is usually requested by the tenant or discovered at a routine inspection by Toop&Toop, but is the source of the most concern for investors. Through the My Maintenance system, Toop&Toop, landlords and tenants receive live updates provided by tradespeople in the field... and this information can be accessed anytime, anywhere by  all parties providing more comfort to our clients.

Compliance & Preventative Maintenance
My Maintenance also houses our Compliance & Preventative Maintenance Packages. We have negotiated with suppliers an annual maintenance program. Our landlords can browse My Maintenance and create their own tailored package suited to their property needs. This is cost efficient and we have the commitment from suppliers that works will be completed prior to June 30 each year, preparing for seasonal issues and in preparation for winter. First rains and changing temperatures see appliances fail and being prepared with preventative maintenance is money well invested. Optimising cash flow and tax deductions is all part 
of managing our client's best investment returns.

My Maintenance... The key benefits
1. Reduced costs. Our landlords achieve reduced maintenance costs thanks to increased accountability and awareness of tenants. Tenants are being educated to check items before lodging a maintenance issue (such as the safety switch), reducing and minimising call out charges. The My Maintenance smarts provide hints and tips pointing tenants in the right direction. They love it too; it makes their life easy while saving our landlords money in unnecessary call out fees.

2. More control. Our landlords can browse My Maintenance 
to assess, approve or reject job requests, choose their supplier, apply a maintenance limit and manage quotes at a time that's convenient to them. Our landlords can also browse compliance and legislative information for their properties and customise Compliance & Preventative Maintenance Packages to suit their needs.

3. Increased checks and balances. My Maintenance has inbuilt smarts to ensure the tradespeople are accountable to Toop&Toop and therefore our landlords. There are timeframes and alerts hardwired and inbuilt into the system to track the jobs. Should maintenance not be met in a timely manner the job becomes 'overdue' and must be attended to.

4. Tenant rating and audit reports. Our tenants are asked to confirm their job has been completed and that they are happy with it. We have incorporated a rating system to ensure all parties are on the ball, and held accountable. My Maintenance has technology smarts which constantly monitor costs and checks for discrepancies, providing an audit trail at every step along the way. This, combined with the contractual obligations we have in place with our Preferred & Approved Suppliers, protects our landlords from paying too much or receiving substandard work.

5. Attract quality tenants. One of the best ways to protect your asset and to retain great tenants is to be proactive in dealing with common maintenance issues. My Maintenance is quick and easy for our tenants to use and ensures they receive quicker turn around times.

Why Toop&Toop are doing things differently
We have seen the difficulties first hand with tenants trying to report important maintenance, particularly when they work full time. Toop&Toop received a staggering 3,300 emails per day, 950 of which were attributable to maintenance. This would be typical for the entire industry. It cannot realistically be dealt with profitably and cost effectively with old technology and systems.

We are in a new world of instant communication – expectations have increased and we understand consumers want information to be at their fingertips. We are investing heavily into Property Management innovation as we want to reinvent this space and make our landlords and tenants lives easier, starting with My Maintenance. 

My Maintenance is a major paradigm shift, and with four full time IT programmers in our team, it is just the beginning of an entirely new era for our industry... very exciting! 

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