The amount of different documents in a wide variety of formats that property management companies receive over the years and store in different software systems is immense. If an owner now wants to transfer the management of his objects to another property management company, this results in a complete change of the data stock. Often the following applies: The larger the real estate management firm, the more owners, the more objects, the more object transfers, the more documents, the greater the foreseeable chaos. This article will show how the entire process of object takeovers between real estate management companies can also take place in a more orderly fashion.
Considerable differences in the procedure
One of the visions and goals of a property management company is almost certainly the structured, detailed storage of all information about its properties. A nightmare of every real estate manager, on the other hand, is an unstructured, confusing and a large number of documents for one or more objects. This is also where the wheat is separated from the chaff. Especially when it comes to the procedure and use of modern technology for object transfers between property managers, and thus structured data import.
When a property is taken over by another property management company, all data is transferred from the old property management company to the new one. These data sets are considerable even for small and medium-sized property management companies with small to medium-sized properties, namely individual residential buildings. The larger the property and the more complex the object in general, such as residential areas, large shopping centers or mixed-use sites, the larger the data sets are, the greater is the risk of transferring unstructured documents and thus losing important partial data and information.
As already briefly mentioned, the number of documents and thus the data stocks can skyrocket even in individual residential buildings. Logically, this only increases with the size and quantity of objects, the number of documents can quickly reach tens of thousands. If the new property management system then has to assign these documents to the objects, this may be just about feasible. But if it is a matter of assigning every single correspondence that was exchanged in the past, possibly over years or even decades, between the old company and the individual tenant, then this becomes an almost impossible task. The effort is extreme. And this is already the case with a single tenant and a single property, let alone hundreds of tenants and several properties. The problem here is to lose important detailed information from the individual documents, as no property management company has the time resources to be able to perform such an immense manual effort.
AI-based OCR as a bridge builder for object takeovers
The various software systems used by property management companies often do not make the takeover of properties more practical, although this would actually be one of their tasks. AI-based OCR (Optical Character Recognition), on the other hand, plays in a different league and gives the opportunity to take a deep breath. The software not only scans documents of all kinds and thus the entire archive and the complete data stock, it also classifies and prepares the data. All relevant data is extracted, such as the details about each individual tenant with an exact subject, which are so essential for property management firms, such as all complaints, claims or other special specialities received over the years. The detailed information, which would otherwise most likely be lost, is not only secured by the OCR solution, but also stored in the system of the new management firm in a perfectly structured manner. The value of the structured storage of detailed information from each individual tenant for the new property management system becomes apparent at the latest when information from past correspondence cannot be found and the tenant has to be inquired about with great effort and expense. Which tenant likes to deal with such things?
In order to enable structured property transfers between property management companies, in which all parties ultimately benefit, a modern technology such as AI-based OCR should be used. This is the only way to ensure a seamless transfer of objects between property management companies with the least possible effort.
If you would like to find out how Parashift can help you in this context and what this means for your specific case, we would be delighted to hear from you!