PROPERTY MANAGement capital project management app
A key area for property managers is overseeing capital projects. Property management capital project management app/software can go a long way to simplify the increasingly dynamic business operations and stronger emphasis on running a leaner organization. It’s also a great opportunity to bring more money into the organization.
Offering to oversee these capital projects will allow you to collect more money or a project management fee from you customers. You can save your customers time, effort and the headaches along the way all while raising the property’s worth and curb appeal.
Managing projects, especially multiple projects, where you are acting as the general contractor can get confusing and your fee is often related to the size and timeliness to complete the project. With a property management capital project management app/software like One Spot you can keep everything at your fingertips. If you are new to capital project management here are a few useful tips beyond software implementation:
- Ask upper management to assist and train you until you are comfortable.
- Join a local property management association and attend knowledge building events.
- Read books on capital project management
- Shadow or learn from experienced general contractors.
Ok, so now you have done some homework and ready to get started. Let’s first start with an example to show the financial impact of property management capital project management can bring. In this example we are going to be replacing asphalt driveways throughout a HOA neighborhood.
During this process you will head out in the market place to find the right asphalt contractor to complete the job. After selecting the best and most qualified contractor, you agree on a price of $150,000. Let’s assume you manage the HOA for $500 a month. When acting as a general contractor, you can typically charge a management fee of 5 to 10 percent. If you even charged a 7% fee you (and your organization) would earn $10,500. That’s over 1.5 times the annual revenue you collect from that particular HOA.
So now your job to keep a finger on the pulse of multiple projects, properties, team members, assets, or facilities, it’s One Spot’s mission to make your life easier. With mobile and desktop access, One Spot lets you work and delegate from anywhere while connecting with your entire team. You’ll be able to manage your operations faster, easier, and smarter—all with one incredible solution. One Spot’s property management capital project management app/software can assist in the 3 main areas of capital project management.
1. Assessing what needs to be done.
For managed and non-managed properties and facilities, One Spot allows you to make customized assessments using geo-tagged photos and comments, accurate maps and image layouts, property tracking, reminder settings, integrated team communication, custom point lists, and access to your digital file cabinet. You’ll also be able to create flexible reporting from anywhere.
2. Collecting bids
If managing the bidding process dominates your workday, One Spot was created to help you out. Within the system, you can access all budget information—organized geographically, and as detailed as you’d like it to be.
You and your team will also be able to pull data from your digital cloud-based file cabinet no matter where you are. Numbers, deadlines, estimates, vendors, layouts, and workflows all become streamlined in One Spot.
3. Assigning and completing the project(s)
When managing jobs and vendors, you can visually track properties in One Spot. You’ll also be able to assign jobs, approve change orders, request bids from multiple contractors, verify progress, and convert bids to jobs.
Your team will benefit from access to geo-tagged photos and comments, maps and image layouts, property tracking, reminders, custom point lists, digital file cabinets, and flexible reporting.
The last piece of information we would like to leave you with is to make sure you manage your contractors insurance. Any reputable subcontractor will be fully licensed and insured. This should include:
1. General Liability Insurance
2. Workers Compensation Coverage
3. Automobile Liability Coverage
Using the reminders and attachments features in One Spot, you can keep track of all these documents in an easy accessible cloud environment. No need to search through those pesky files on the computer; just access your projects in One Spot and all your information will be at your fingertips. Contact us today for a demo!
See if One Spot is the right fit for you.