Meeting great expectations for technology services

Real Estate Weekly, Sept 24, 2003 by Howard Lazarus

A mere few years ago, in the realm of management company and board/owner relations and communications, there was a lingering question about how well web-based information would be received and if it would be used by clients.

Since then, there has been a sea change in the way people interact with technology.

Cell phones, hand helds, laptops and the internet have not only lost their novelty, they have assumed a place in the modern world as necessities.

Today, people are no longer surprised or even simply pleased to receive information online. They have, instead, come to expect it, and, with the advent of high speed DSL lines and cable internet connections, they have come to expect it instantly.

Sophisticated, timely, user-friendly technology services now regularly ease the path to information which people seek.

The challenge for 21st Century property managers is to not only meet the expectation that sophisticated technology services will be as available in the world of real estate as they increasingly are in so many other areas, but also to lead the way as those expectations evolve.

It is no longer a matter of "should I, or shouldn't I?" or belaboring whether to make a capital investment in client technology services.

Now, in order to successfully compete, it is a matter of how "how fast can I do it and how good can I make it?"

In early 2001, when web-based residential real estate client services were rare, Tudor Realty Services launched TudorConnect.com, a proprietary, value-added online service provided exclusively to buildings managed by our company as part of our service package.

TudorConnect.com presents comprehensive building information, including instructions, forms, reports and building rules, which owners access and download through a secure user ID and password.

Resale, renovation, refinance, and sublet packages, tax deduction letters, and move-in instructions, are just some examples of documents regularly provided at the site.

Every client building gets its own separate web pages which can be customized for information appropriate to the client.

Some examples of how we have customized the site for buildings include the addition of newsletters, building directories, minutes of meetings, special announcements, and e-mail links to resident staff. There is also a separate section for the Board of Directors/ Managers of each client which is also customizable. At a minimum, authorized board members may access the most recent monthly financial information including details of income, expenses and collections.

Within a year of introduction, TudorConnect was fully integrated into 100% of Tudor Realty Service Corp.'s residential portfolio. Its success has been astounding.

It was the right service, at the right place, at the right time, mirroring the growing acceptance and reliance of modern society on the receipt of speedy, technology-based information.

The convenience and time savings of an online technology service such as TudorCormect.com have been reported to us by board members and unit owners as huge.

What used to be a process of phone call requests, printing and faxing or mailing information, is now a click and download away.

Important documents, such as the annual audited financial statement, that get misplaced or thrown out, and then become top priority when an owner is refinancing or selling a unit, can, for current and prior years, be easily downloaded.

Paying monthly charges with an automatic debit from a checking account is also easily accomplished with instructions and forms found on TudurConnect.com.

Out of town and missed a board meeting? Publication of proprietary information, accessible to board members only, on TudorConnect.com allows board members to know what's going on, rather than wait to find out when they return.

When used as a sophisticated management tool, technology's ability to keep us in touch anywhere, anytime eliminates excuses for not providing important information in a timely manner.

It greatly enhances the flow of information from manager to Board, manager to owners, and Board to owners.

Once freed of the need to discuss whether and how information flow can be improved, Boards can direct their attention to matters of policy and rely on the technology to play an important role in disseminating the information.

The mantra at the beginning of this century is that people want what they want when they want it, which is instantly, from anywhere in the world, 24 hours a day, seven days a week.

Looking at the success of TudorConnect.com and the strong competitive edge it provides in maintaining and creating client relationships, management companies, whether residential or commercial, must be ready, willing and able to meet the great expectations of clients for advanced technology services.