Resident

Category: Uncategorised

  • What’s new with Reconciliation & Sign-Off?

    What’s new with Reconciliation & Sign-Off?

    Hi again, it’s Craig, Resident’s Client Success Manager 👋🏼

    I am back to talk to you about a new complementary feature we have recently introduced to Resident.

    So, let it be said that this blog is written to all our Clients who follow RICS guidance and have individual block accounts. That bit is important to mention, if that’s you, then read on…

    For Context & Clarity

    RICS Guidance regarding Client Money Handling

    can be downloaded using this link.
    Whilst referring to “RICS Guidance” related to this topic, the above linked PDF is where we are drawing information from.

    This blog is written as dated and any up to date guidance must be sought from RICS directly!

    So what are we covering today?

    We will be discussing Reconciliation Sign-Off and Secondary Sign-Off.

    One an existing feature; the other being new to us and therefore, you!

    We shall then round up today’s blog by discussing where this information can be reported and finally, a handy video on all of today’s topics, to share with your team!

    Reconciliation Sign-Off:

    This feature has been available within Resident since circa May 2023 and is a non-retractable step, to confirm that the unreconciled balance on the account is indeed at zero (£0.00).

    The feature itself can be found here:

    Resident will then check that your Cash Book Balance is showing as zero on Resident, and only allow you to proceed if it is:

    Naturally, you would have your bank open on another screen at this point, to cross check.

    Please note, both this step and the secondary sign-off can be performed by anyone on Resident. It is down to your own internal process to communicate within the team ‘who’ is expected (if not anyone), to perform each of these two steps.

    Be sure to check out the video below, to see more details about how this process works!

    Secondary Sign-Off:

    So this bit is new and I am excited to share with you some more information. For a long time, Clients following RICS Guidance have had to either send an email to evidence it was indeed signed off (again), add a note in various places, print, stamp – I’ve heard and seen it all.

    Luckily, we now have the simplicity of a button and a report. Sounds much better, right?

    So once the first sign-off has been completed, will you be able to kick off the second – which can be found here:

    Then, once you open up this step you will only be allowed to continue once you confirm that the bank balance matches:

    It really is that simple!

    Reporting

    Now of course, all of this work in developing this feature has been done with compliance and auditing in mind.

    You will find a full Reconciliation Sign-Off report at both Block level and Branch level.

    Both the reports are the same, but will either be a restricted-view, or not.

    Learn more & share with your teams!

    As per usual, I have recorded you a video to provide more information and allow you to follow me along physically showing you ‘How-To’ do this yourself:

    Watch the video here

     

    Thanks for stopping by and we hope this helps you & your teams! 😊

  • New Year, New… us?

    New Year, New… us?

    Hi again, it’s Craig, Resident’s Client Success Manager 👋🏼

    So, it’s fast approaching that time of year when people make New Year’s resolutions, reflect on what they have achieved and what they want to see happen in the following year.

    What is a Resolution anyway?

    The drive for making resolutions is motivated by this ‘punctuation in time’. They activate hope and expectations for what we hope to achieve going forward. With a New Year comes a ‘sense of renewal’ and evolution.

    We’re almost 10 years old!

    It’s hard to believe that we are nearly 10 years old.
    Starting in 2014, next year we will be celebrating our very special 10 year anniversary.
    What better way than to do something BIG to mark the occasion… that’s right, we meant it when we said “New Year, New Us”. We’re having a little bit more than just a makeover!


    Next month we shall be releasing a special Newsletter focused solely on this topic. But we have been finding it hard to keep such a big and exciting secret… So let’s share a few of our motivations that have become ‘the pillars’ behind the next version of Resident!

    EFFICIENT

    To make our clients’ ‘day-to-day work’ more efficient

    The new version of Resident will enable users to get to different parts of the system using much fewer clicks. Most functions will be clickable from the main Dashboard and take you directly to where you want to be…say goodbye to multiple menus!

    AGILE

    Opening doors for development and implementation… with minimal impact on you

    The system will be future-proof.
    It will allow us to withstand multiple scenarios of adding new features as we and the industry evolves, without causing a negative impact on the end user.
    Thanks to next generation modularity, if a new function needs to be added due to new laws or natural evolution, then this can be entirely self-contained, meaning it will not impact other parts of the system in any way!

    TAILORED

    Resident, but more of ‘you’ at the centre of it

    We want Resident to be more tailored to the needs of our users.
    Mindful that every single Client’s workflow is different, even one employee sat next to another may work differently to one another… but there is still a way we can make lives easier and put each person at the helm!

    We will be creating a ‘Favourites Tab’ within the Dashboard itself.
    Just imagine, you’re someone that uses Resident mostly for the same 5 things each day, you will now be able to create your own ‘quick access panel’ to the parts of the system you use the most!
    More tailored, less time wasted!

    INNOVATIVE

    We like to look good too, that’s fine, right?

    Joking aside, the reason for aesthetic changes are always deeply rooted in the drive to make Resident’s UX & UI as great as we possibly can.

    In short, this means thinking about the interactions had on the software and are they necessary and as optimised as they could be?

    As an example of this, we shall be introducing ‘Dark Mode’ to decrease eye strain and also focusing on even bigger topics such as state of the art architecture, to encourage speed and less operation errors. This is all but a wisp; a flavour, if you will…

  • Client Case Study – Blocsphere

    Client Case Study – Blocsphere

    Q&A with Blocsphere

    Congratulations on your recent success at the News on the Block 2022 Awards. What does it take to win the ‘Scale Up Property Management Company of the Year’ and be a finalist in the ‘Customer Service’ category. What sets Blocsphere apart from your competition?

    Scale Up Property Management Company of the year

     

    • A clear vision of what you want to achieve in the long run
    • Ensuring a smooth onboarding process for new staff members
    • Making sure that there is no disruption to the clients as we grow
    • Nurturing and training staff

    Customer Service Category

    • Maintaining professionalism at all time
    • Providing as much information to residents as possible, even if it something which they may not necessarily want to hear!
    • Strengthening the relationship between residents and property managers Going the extra mile
    Your property managers walked away with the highly commended award in the ‘London Property Manager of the Year’ category and finalist in the ‘Regional Property Manager of the Year’ category. Tell us about Sophia and Chloë’s Blocsphere journey and what drives them to deliver award winning services?

    Sophia has filled the gap with the London portfolio superbly. She is attentive, friendly, approachable and hard working. She is able to relate to her clients and really provides a service above and beyond. She manages buildings with combustible cladding remediations and has really put the residents at ease with her updates and communication. Sophia is a real asset to the company and we hope to have her with us in the long term.

    Chloe took over some of the Midlands portfolio whilst the property manager for those sites was off on maternity leave. Choe is never afraid to ask for help and assistance if needed and works closely with the facilities management team to ensure that all sites are looked after. She is an effective
    communicator and very hard working.

    Ash and Joy have been Directors since Blocsphere’s start up – tell us a little about its origins, why block management, how has Blocsphere grown and where is it heading?

    Blocsphere started out of frustration felt by Joy. Joy used to be in service charge recovery and would advise other managing agents of how to be compliant etc. This however often fell on deaf ears and she would regularly hear “tales” of property managers really not caring about their managed developments. As such, Joy felt she could do a much better job that the others – so started Blocsphere Property.

    Ash and Joy have grown Blocsphere from a small lettings establishment to a thriving block management company, usually obtaining clients through word of mouth. Our real “selling point” is
    knowledge. The whole team is very knowledgeable in all areas of block management, which we feel puts our clients at ease that they are with a company who will ensure everything is being done properly.

    Blocsphere have now added on sales, lettings and facilities management to their service which is gaining in strength on a daily basis.

    Block management is a fast paced, ever evolving industry, what has made the greatest impact on the industry since Blocsphere’s start up?

    In a nutshell, Grenfell changed property management forever. The tragedy highlighted the dangers leaseholders in high rise blocks of flats face every day. We are still working through the new rules
    and regulations, however, the safety of residents is of the upmost importance.

    Many managing agents working with Resident believe the industry has become more demanding. Is this your experience? Why do you think that is?

    Very much so. Unfortunately, a managing agent is the only “person” a resident can speak to. This isn’t always a pleasant interaction and we do feel that some people have simply lost the ability to be courteous to others. It is a thankless job, but a very necessary one.

    In a recent interview Resident’s founder was asked “Some say the property manager is an engineer, lawyer, architect, economist, and a psychologist in one” Can Sophia and Chloë relate?

    Everyone in the office can relate. We are so much more than just property managers. As the
    founder of residents has correctly said, we are all of the above. Sophia and Chloe have both had
    experiences in all of the above.

    How do you see (or want to see) block management evolving in the future?

    We are already seeing an increased focus on fire safety following the Grenfell Tower fire and expect
    to see this increase over the coming years. We welcome these changes and improvements as we
    strive to make the buildings we manage as safe as possible for occupants and visitors.

    What advice do you have for the new generation of property managers?

    Have systems in place to keep everything organised as it is easy to lose track with so many different things going on. Ensure that as you are working to solve problems, you keep interested parties such
    as Leaseholders and Tenants informed at every stage.

    Quote from Sophia: It can be busy, but keep the customer (owner, contractor tenant) in mind with the best intentions to help them, always offer a resolution and keep your client updated and communicate with them where you can. It can be very busy, with no day the same, but rewarding when you see a job well done and a safe, compliant block.

    Blocksphere has been using the Resident platform for some time now, how has Resident helped you achieve growth, efficiency, and transparency, win awards?

    Resident has enabled us to automate more tasks and streamline existing processes. This creates more time for our client accounting staff and property managers to spend dealing with leaseholder
    queries. One of the main reasons we moved to Resident was because of the leaseholder & director portal. We felt that this offered a much more user-friendly environment compared to the portals of other software providers we considered. It is extremely important to us that our clients can easily find important information regarding their building.

  • Say goodbye to being drowned in maintenance issues…

    Say goodbye to being drowned in maintenance issues…

    Hi again, it’s Craig, Resident’s Client Success Manager.

    I am back to talk to you about another Module designed by Resident, to make your working lives that bit easier.

    It truly isn’t an exaggeration to say that sometimes it’s easy to think we are drowning in maintenance issues being reported. Those issues also get reported in a multitude of ways: email, phone, letter, voicemail, in person… to name but a few.

    Resident has designed the Ticketing module, to help ease the pain. A way to capture maintenance issues all in one place. You can attribute tasks, assign to colleagues, respond to the sender, create work orders and so much more.

    In this blog we are going to take a deeper dive into all things Ticketing and understand how it can make a drastic difference to you and in turn, your clients too.

    So, without further ado – let’s take a look! 

    Psst…If you are a visual learner, feel free to check out the video demonstration via the link at the bottom of this blog…

    What is Ticketing?

    In order to help explain, I will start off by sharing with you what the main area of Ticketing looks like:

    Think of Ticketing as the most organised list you’ve ever seen. You can see tickets assigned to you, your colleagues and those that need assigning – perfect if someone is away from the business for any period of time, and conversely – keeping a keen eye on your own workload.

    You can key word search to help find a ticket quickly, tag tickets (this could be the block name or the issue type – whatever you decide). You can also prioritise tickets too, by using the Grade feature.

    How integrated is Ticketing?

    Short answer, totally integrated!

    A Leaseholder/Director can submit a ticket via email, the portal or direct from your website and they will all show up in Ticketing. If the submitting email is found within Resident, it will automatically hook their registered Block, Unit and Owner information. The system will also pull their Email address, telephone number and any files they attach to their initial ticket/email too.

    What other features does Ticketing have?
    • Assign Tickets to other colleagues
    • Send automatic notifications when a new ticket is received/assigned to you
    • Weekly Status Reports
    • Create Works Orders against a Ticket, which creates a ‘quick link’ back to the Ticket and prompts you to update the status of the Ticket
    • Create Tasks against a Ticket to never lose track
    • Two way messaging between yourself and ticket reporter (and more) – all stay logged within the ticket itself
    • Tickets raised by a particular leaseholder are also all located on their individual ‘level’, within their Ownership Details tab
    • Write internal notes that only yourself and your colleagues can see
    • Merge Tickets – Perfect if everyone in the block starts reporting the same broken lift!
    • See a an overarching Log on a Ticket, to evidence who actioned ‘what’ at any point – think of this as your Audit Trail

    The ways in which Ticketing can improve how you manage this busy aspect of Block Management are extensive and we would be delighted to talk through this with you in more detail.

    To help gain a deeper understanding of all things Ticketing, please feel free to check out the Video Demonstration by clicking the link!

    So, if you wish to learn more then please reach out to me directly: craig@resident.uk.com

  • Employee Q&A with Marek

    Employee Q&A with Marek

    “Right from the start, we aimed to provide our users with full flexibility and the ability to work from anywhere in the world. Then, a couple of years later, ‘everything happened,’ and this idea became a reality for everyone. “

    Tell us a little about your career journey – what was life before Resident?

    I’ve got a master’s degree in journalism and public relations. Before joining Resident, I worked as a journalist at one of the mainstream Polish newspapers, ‘Gazeta Wyborcza.’ I’ve always had a passion for writing, so it was an ideal place for me to fulfil it. During my time in the media, there were a couple of interviews I conducted that will stay with me for my entire life. To recall just one of them, I had the privilege of talking to Maestro Krzysztof Penderecki, who was a Polish composer and a true legend in the world of modern classical music. He was the author of a Symphony No. 7: Seven Gates of Jerusalem, written to celebrate 3000 years of the City of Jerusalem. You can also hear some of his pieces in films like ‘The Exorcist’, ‘The Shining’ (Stanley Kubrick’s version) or ‘Twin Peaks’ to name a few. It was a very valuable conversation about music, culture, and the origin of inspiration.

    Ok, I’m getting a bit carried away by the memories… Moving forward, I was offered a job at a marketing agency, which I decided to take. This allowed me to approach my writing in a slightly less formal and more creative manner. To be honest, this was where my interest in coding began. You see, my desk was situated right next to the development team. As the months went by, I had the opportunity to witness the amazing work those guys were doing, and it felt like something really significant to me. So, I went back to university and completed a post-graduate diploma in IT.

    And then Resident came along, tell us a bit about your time with the company?

    Looking at it from a time perspective, those six years were undoubtedly the most interesting period in my entire career. Firstly, I had the opportunity to witness and contribute to the fantastic piece of software that Resident is, so I got the space to immerse myself in coding. At the same time, I could utilise some of my less obvious skills, such as sound production for podcasts, DTP for printed and digital brochures, and video editing and production for some of the marketing material we’ve created in the past. Additionally, I had the pleasure of meeting some equally unconventional people here, who became my friends.

    So, now we know a bit more about you – tell us, what exactly does a Front End Developer do?

    To put it simply, front-end developers are responsible for bringing to life the ideas and designs that serve as the building blocks of a website or application (like Resident). I’m referring to everything that our users see on their screens, which involves creating a user interface encompassing elements like forms, buttons, tables, and more, all presented on the screen and equipped in the certain operation logic. The visual content is designed by our UI/UX team, and our job is to transform those designs into functional code.

    During your career what have been your most valuable lessons you’ve learned along the way?

    In the era of automation and AI, I’ve come to understand the importance of not entirely excluding the human factor out of the equation. I believe it’s a wise practice to have real eyes overseeing some tasks that have been designed and scheduled to occur without manual intervention. It’s akin to having an insurance policy, providing us with the peace of mind that everything progresses smoothly and punctually. Machine errors can happen, just like human errors.

    You must have seen many changes in your time at Resident – which stands out the most to you and why?

    While I believe that Bank Feeds were a significant game changer, my personal favourite has to be Ticketing. Beyond its wonderful functionality, it holds importance for me because it signifies the new approach to Resident’s infrastructure. By this, I mean it embodies one key concept: ‘modularity.’ It serves as an optional functionality of the system that empowers our users to customise Resident to align with their specific needs. This aspect of modularity is something I am particularly excited about for the months ahead.

    What excites you the most about Resident’s future?

    We have something absolutely fantastic taking form in our secret, deep-down-below-the-ground-level Resident forge 🙂 I can’t divulge too much at the moment, but it’s going to be something truly monumental and simply outstanding! I guess I can share a few keywords: speed, user-friendliness, and ultra-modern design. Alright, I better stop here before I let the cat out of the bag!

    The ways in which people learn, purchase, research and interact have hugely changed since the pandemic. Do you think the demands of web User Experience (UX) have had to shift because of this too?

    Perhaps it didn’t undergo a fundamental change, but people have certainly become more aware and are utilising web interfaces (such as online shops, search engines, and browser-based software) much more extensively than ever before. This increased traffic primarily strains available resources, but it also serves as a trigger to reevaluate the UX aspect. The fundamental principles of UX, like providing the correct information with as few clicks as possible, remain constant. However, we now have newer tools at our disposal that will greatly enhance this user journey. This is why I’m genuinely excited for the months ahead. It’s going to be an incredible time for Resident users!

    Speaking of Resident, I believe our software was somewhat ahead of its time when it was created. You see, when it was first developed, it was already designed with a priority on remote access. Keep in mind that this was in the middle of the last decade, and remote working wasn’t as common back then! Right from the start, we aimed to provide our users with full flexibility and the ability to work from anywhere in the world. Then, a couple of years later, ‘everything happened,’ and this idea became a reality for everyone. We were prepared for this, and from that point forward, we’ve only grown stronger!

    It’s a common misconception that a Front End Developer solely focuses on website testing, bug fixes and writing high-quality code – what is one thing that would shock people to learn, that is regularly part of your working life?

    I’m not sure if this comes as shocking news, but many developers also have graphic design skills to some extent (that also includes Photoshop, Illustrator or similar software like Affinity suite). This skillset proves useful when discussing and designing user interfaces, as well as establishing the overall look and feel of the app. It also streamlines the process if we notice something that could benefit from adjustments while in the coding phase. This not only speeds things up but also reduces the number of video meetings we need to have 🙂

    So, penultimate question now – what is it like to work at Resident? Give us the scoop…

    Ha! It’s a fantastic adventure and an incredibly satisfying experience! We have the opportunity to accomplish some truly amazing things, both in terms of software development and outside of work. Get ready to spontaneously embark on a 100-mile cycling sportive or summit Snowdon in the dark! Oh, and of course, don’t forget to bring your laptop along! If not for coding, then at least for finding some decent memes (we LOVE memes) 🙂

    For anyone who might be considering a future in Front End Development, what advice would you give?

    Maybe I’ll start with a word of encouragement: go for it and start today, but begin from the very basics. This might seem obvious, but I believe it’s incredibly important. Don’t give up too quickly. Remember how the learning process feels – much of the time, it’s hard work, but that’s how it’s supposed to be. If you feel a bit overwhelmed, remind yourself that it’s a sign you’re on the right track, because this is how learning NEW things feels! If you haven’t started yet, then, as I mentioned earlier, begin with the fundamentals (HTML, CSS), and then focus on thoroughly understanding JavaScript. This will open the doors to more advanced areas of involvement, like front-end frameworks and an infinite number of possibilities, really. Don’t do it backwards – don’t attempt to learn something more complex first (like TypeScript or Angular) without first truly grasping JavaScript!

  • The King’s Speech… unpacked!

    The King’s Speech… unpacked!

    Hi again, it’s Craig, Resident’s Client Success Manager 👋🏼

    It’s a relatively short update from me, but if you have been following the news closely today; 7th November 2023, you’ll have seen The King’s speech. The first in parliament in 70 years.

    Now, amongst a number of topics, one of which was this:

     
    Leasehold and Freehold Bill

     

    “My Ministers will bring forward a bill to reform the housing market by making it cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of homeowners through punitive service charges.”

    (For all of The King’s Speech 2023: background briefing notes, click here!)

     

    You’re safe with us

    If you are reading this, then you are already a user of Resident, which means we have your back.

    Part of what is covered by the Leasehold and Freehold Bill, is to achieve transparency over Leaseholders’ Service Charges, “so all leaseholders receive better transparency over the costs they are being charged by their freeholder or managing agent in a standardised comparable format and can scrutinise and better challenge them if they are unreasonable.”

    At Resident, our thoughts align and hence why we offer the fantastic Portal completely free of charge. Transparency to your Leaseholders and Directors shouldn’t have to be a financial burden for you to shoulder, nor should it be something you have to justify the cost for.

    Unlike other Block Management software providers in the marketplace, we do not charge per month with additional ‘£ per unit’ added on, in order to utilise the Portal with your Leaseholder; and even your Directors, too. 

    Your ability to be transparent and follow guidance, shouldn’t come at a cost.

    The Portal

    If you haven’t already started to use the Portal, then there really couldn’t be a better time to do so.

    Not only is this supportive of the direction of the times, but it:

    1. Will save you countless amounts of time handling enquiries for statements etc
    2. Allows your Leaseholders to self-serve their queries
    3. Promotes transparency
    4. It’s totally, unequivocally free of charge and is ready to use on your dashboard, today

    If you would like to start learning today, feel free to check out this sequence of videos, taken from the Resident Video Library. Save the second link if you haven’t already, for easy access to many ‘How-To’ style videos!

     

    Did you know that other Block Management Software providers are charging Clients thousands of pounds* per year just for Portal Access!

    *example of 1000 units equating to £4,200 with alternative provider
    *example of 5000 units equating to £18,600 with the same alternative provider

  • Employee Q&A with Michal

    Employee Q&A with Michal

    “I have learned a lot of technical and soft skills but the most impactful was something I call business empathy. It is a skill of putting myself in the shoes of my client or colleague to better understand their needs.”

    Tell us a little about your career journey – what was life before Resident?

    I got a Masters in Applied Mathematics while pursuing an alternative career as bartender and PADi diver. After 2 years of being a cogwheel in a corporate machine I left Poland to support my wife’s career opportunity. Instantly I fell in love with the Garden of England and started a job as a payroll specialist which I pursued for 4 years until I landed the position of Payments Manager. I felt I had learned all that I wanted in that business, so I embarked on a new chapter of my life: Resident.

    And then Resident came along, tell us a bit about your time with the company?

    It has flown by and been the happiest 6 years of my professional career to date. I have met lovely people who have now become my friends. There were a lot of challenges but with such a brilliant support group, none was overwhelming. Now I feel not only a part of this software but also a family member.

    So, now we know a bit more about you – tell us, what exactly does a Product Owner do?

    In short: whatever is needed 🙂 To elaborate, my main responsibility is to be a modern day translator, converting feedback from business to dev team. After that is done there is ‘only’ keeping eye on delivery, tests and more feedback.

    During your career what have been the most valuable lessons you’ve learned along the way?

    I have learned a lot of technical and soft skills but the most impactful was something I call business empathy. It is a skill of putting myself in the shoes of my client or colleague to better understand their needs. It allows you to work more efficiently and understand even the most difficult emotions.

    You must have seen many changes in your time at Resident – which stands out the most to you and why?

    There were so many of them and some of the most impactful things were done behind the scenes. I will just give two examples. The most impactful (and causing the majority of sleepless nights) was integration with bank feeds. My personal favourite is Mail Merge which I created from scratch.

    What excites you the most about Resident’s future?

    It would be a small confidentiality breach to give too many details but let’s say I am a big fan of all restoration shows.

    The ways in which people learn, purchase, research and interact have hugely changed since the pandemic. Do you think Clients’ wants and needs from a software perspective have had to shift because of this too?

    It feels like we were one step ahead of those strange times so this major shift to remote work made clear the importance of solutions we are offering for transparency in property management businesses.

    You told us earlier what a Product Owner does, but what one thing would surprise people to know is a big part of your working life?

    I am not sure there is such a thing as my job is really making sure the job is getting done correctly. Right on time every time.

    Oh maybe meme exchanges before our daily calls. Although I am quite sure that is not in my job description…

    So, penultimate question now – what is it like to work at Resident? Give us the scoop…

    Just expect the unexpected. Keep calm and eat elephants, The best way to do it is bit by bit. Oh, you need to remember nothing is personal.

    For anyone who might be considering a future as a Product Owner, what advice would you give?

    Be open minded to new skills and knowledge. Although curiosity killed the cat you will surely fail in the job without it.

  • My first year @Resident

    My first year @Resident

    Hi, I’m Craig and I am the Client Success Manager here at Resident 

    Hopefully; unlike when I wrote My first 30 days, this might not be the first time you’ve heard of me!

    In this blog, I am going to try my best to cast my mind back over my first full year at Resident and all that has happened along the way. Now, it was a challenge remembering 30 days worth, so this truly is an undertaking.

    Alas, the slightly stronger coffee than usual sat upon my desk next to me, shall do its best to keep me on track… so, let’s dig in.

    Firstly, who & what ‘is’ Resident

    Well, I covered this in my previous post, but for all those reading this who may be using another provider, or are curious to know… here it is, in a nutshell, ofcourse.

    Resident offers cloud based Block Management software, built by block managers, for block managers. Essentially, offering a ‘single view’ for all block management needs.

    It was set up by our Founder, Kate Boyes – and for more information on how it all began, be sure to check out this lovely article for more of an insight: RESIDENT – simple answer to complex challenges in block management

    Read the article

    Life after onboarding

    In the days leading up to the end of the onboarding process, it’s fair to say that I was expecting everything to change. I don’t know why, but it was almost like I would wake up, find myself alone, nobody would be there and I would all of a sudden be in front of clients with only what I picked up in my first month, to go on.

    Now, I am all or nothing in business. So perhaps this is why my irrational part of my brain assumed this would be the case. Onboarding done, now off you fly… alone.

    I wish at that point I could have spoken to my future self and settled my anxieties around this, because it couldn’t have been further from the truth. For the most part, absolutely nothing has changed, whatsoever. I still have everyone around me, I still feel supported at every turn and I still ask questions. The major difference is that I am now fully part of the team and I am just as likely to be answering someone else’s question, too.

    It is safe to say that going through onboarding to work at Resident, gave me the clearest opportunity to appreciate the anxiety, nervousness and excitement that switching software offers to our new clients when they join. So, from that perspective – I am so pleased that I got to feel exactly the same, so that I can appease those concerns ahead of them bubbling up, when onboarding new clients with us.

    Finally, nerves are a good thing. It shows that you care and Resident really does; hugely in fact, on making sure we are doing all we can to set you up for success!

    Biggest achievement

    Let’s be honest, making wholesale changes when you are still quite new, isn’t always the norm.

    But then Resident, isn’t like most other places that you could work. It is purposefully a small team, where your voice really does get heard!

    So, having been onboarded myself, I used all of the resources that were on offer for new clients who were joining us. Aside from the 1-2-1 time with my colleagues doing screen shares etc (in the very same way that we continue to offer clients today), this meant predominantly utilising the amazing Resident Knowledge Base. I say amazing, because it is… it has 8 years worth of articles answering pretty much everything you could ever need to know, and there is no ‘chaos’ in finding what you need either. It’s quick to filter out the ‘other stuff’; like, super quick!

    That said, it allowed me to look back at what I had studied; across live sessions with colleagues and from articles, and question what had ‘stuck’ in my mind the most. In other words, how do I best learn new information?

    Truthfully, I had always known I was a visual learner and for me being shown how to do something – just sunk in so much easier and I found I didn’t need to ‘follow up’ on that topic again.

    So, the subject of this portion is ‘Biggest achievement’, right?

    I took to creating our; now, fully fledged Resident Video Library.

    Essentially, a library dedicated to all of the various ‘How To’ videos, covering the widest of spectrums. All the way from the basics such as how to add a new leaseholder – all the way through to editing arrears processes, templates and how to use dynamic fields in emails!

    Our 37 videos have now been watched in excess of 800 times. To put this into perspective, just one of our 4 minute videos has prevented our small team from being in 26 hours of 1-2-1 live meetings. More importantly, this enables us to help clients faster, more on demand and also for us to be more available for 1-2-1 training that clients really need (outside of what is covered by the Library). Plus, clients can ‘pause, play and replay’ me talking them through something, something not so easily mastered in ‘real time’ calls.

    We also now provide accompanying videos to our major releases on the software. Showing you exactly where and what said release effects in your everyday life and show you what benefits you can expect to experience.

    If you are currently a user of Resident and want to know more about the Resident Video Library, then use the contact button at the bottom of this blog!

    Working from home

    I feel like not addressing what it’s like to be ‘Remote First’, when working for a remote first business – would be a missed opportunity. So here it is in a nutshell, from my experience.

    Personally, my average week spans circa 8 hours of live 1-2-1 sessions via Google Meet etc, so I haven’t really noticed any difference in ‘working alone’. Other than that I am adding more coffee to my weekly supermarket trip… but other than that is all positives over here.

    I don’t think working full-time from home is for everyone, in just the same way as it isn’t for all businesses. For Resident it continually pushes us to develop training, onboarding and resources that are ‘rich’ and can be delivered with the same impact required, but ‘virtually’. So for us, it’s actually really important to live and breathe that mentality every day ourselves, so that it stays front and centre with all that we create.

    What’s next?

    This is a hard one to be ‘restrained’ on, because there are so many great things happening already and even more that we could easily get excited over and push to the top of the list, but restraint is and must be observed!

    Alas, lets whet the appetite a little for what’s in our future:

    Over this past year we have been working on a brand new version of Resident – which is quite honestly, more than exciting and we cannot wait to continue working on this next year too.

    I have plans to entirely change the way in which we bring people onboard to Resident. Now having tested the waters with video content for learning, I want to look at how we can enhance the overall experience.

    Think more of a ‘Pack’ that you get sent after signing up with us – a ‘what to do before you start’, ‘what to expect’ and ‘what to learn from where’… all the links and all of the reassurance we all need when starting something new!

    Newsletters! Yes, that’s right… sounds old school, but don’t worry, it won’t be making its way through your letterbox. We want to share what’s working well for other clients, what is new and what is coming up to get excited about!

    So, that’s My first year all wrapped up! I hope you found it interesting, if nothing else I hope it helped to get to know me a bit better or just a simple ‘peep behind the curtain’, whilst enjoying that well earned cup of tea!

    It has honestly been a pleasure getting to know so many of you over the last year, all whilst working with a team I am so blessed to call my colleagues.

    Until next time, keep on keeping on and I look forward to catching up with you all again soon!

    Jump onboard?

    If you are like I was, looking for a company that is really answering a problem, really has a vision and knows how to get there – then feel free to connect with me! We’re always open to hearing from like minded people.

    Say Hello!
  • Don’t say you’re still manually importing bank transactions? Why?

    Don’t say you’re still manually importing bank transactions? Why?

    Hi, I’m Craig the Client Success Manager and today we are going to be talking about one of our most popular Products, Bank Feeds. 

    In order to talk more about the What, Why & the How of Bank Feeds – we first need to cover Open Banking. Get your cup of tea and let’s dive in…

    What is Open Banking?

    Using an “application programming interface” (API), one software program can talk to another and share information between themselves. Everyday examples would be logging into a website via Facebook, Instagram or Twitter platforms.

    Open banking enables consumers and small and medium-sized enterprises (SMEs) to share their bank and credit card transaction data securely with trusted third parties who are then able to provide them with applications and services. It can facilitate payments from account to account (A2A) without the use of cards or physical presence. It is estimated that half the UK’s small businesses and over 7 million consumers now use services powered by open banking technology and by September 2023, 60% of the UK population will be using it.

    If you want to read more about Open Banking, how it’s regulated and how it manages risk – then please read our past blog dedicated to this, here.

    So, back to the main question… Are you still manually loading transactions into Resident?

    Resident offers three ways for users to import transactions to the system. 

    • Manual
    • Import via CSV
    • Bank Feeds

    Bringing transactions into Resident in the Manual way is perhaps a logical place for companies with fewer units to start using Resident, to initially get a good understanding of how the system works.

    The second option; Import via CSV, is a sensible option for small companies with few blocks that are happy to have some consistent manual involvement with importing transactions. This option is also what the majority of companies used before Bank Feeds became available.

    So what is Bank Feeds?

    So, Bank Feeds links to your chosen account(s) and automatically pulls in transactions directly to Resident. Every morning, between 6am – 9am. Simple!

    Okay, let’s not leave it at that. Every day, when these transactions come into Resident, it will be pulling transactions from 24 hours ago. Therefore mitigating the risk of you reconciling a pending transaction etc.

    Now, you may have individual Block Accounts, or just one Global Account – either way, Bank Feeds will work seamlessly for you.

    Want to know more about how easy it is to connect, watch this short video!

    What about Reconciliation?

    So, you get to your desk in the morning and Bank Feeds has already brought in all of the transactions for you, you now need to reconcile. With Bank Feeds, you also have access to a whole new; easier, way to reconcile your transactions.

    As per the example shown below, Resident will show you Owners or Suppliers with eligible outstanding invoices. Once you select the right person or company, it will highlight any matches the payment could be for. Simply Select It, Save It and move onto the next…!

    The Cost of such ease?

    Much like Resident itself, Bank Feeds works on a subscription basis which is charged annually, upfront. The exact cost entirely depends on the number of Accounts you wish to Sync. Prices are between 99p per day – £3.95 per day… not hard to justify when you’ll be saving more than an hour of someone’s time every day!

    If you are interested in learning more, understanding your company’s cost or having a demo, please reach out to me directly:

    Email me!
  • A deeper look into our world of Development

    A deeper look into our world of Development

    Hi again, it’s Craig, Resident’s Client Success Manager.

    Hopefully you will all have seen our Development Plan that was communicated via email and our website, on 23rd February.

    For those that have not; or would like to take another look, please feel free to take a read by clicking this link. 

    What is a Development Plan?

    Resident’s Development Plan outlines the initiatives, epics and features in the engineering pipeline. Development Plans help us internally visualise the key technical objectives in the development workflow. 

    It is a high-level snapshot of our development team’s major objectives and allows us to share with our clients a clear vision for the year ahead.

    You talk, we listen…

    If you aren’t familiar with our story, Resident was founded by; and used by, Block Managers. 

    So, we have a deep understanding of what is needed by our clients. That said, we take requests and suggestions all year round, too.

    We constantly review if we are noticing trends across clients requests, and where we do, we look to build into our future Development Plans.

    For other requests outside of our communicated Development Plan, we also take on Custom Development work, which is paid for by the requested Client.

    The time to develop this custom work is then scheduled into our Development Plan too.

    Development & Growth

    Releasing new developments can be a volatile environment. Every idea/request/release impacts on multiple areas of Resident, and is never as simple as developing something new and ‘adding’ to the system.

    Our amazing development team tests everything ahead of release to ensure it meets the brief and does not compromise any other features you all rely on every day. Once satisfied, they then switch to working out of business hours to implement, to ensure they minimise disruption to users.

    It’s a constant cycle and we like it that way!

    Block Management isn’t something that sits still. It’s constantly evolving and changing, so we do too… take a look at how busy we have been

    If you wish to discuss any of the exciting upcoming developments, or indeed commissioning Custom Development work of your own with us, then please reach out to me directly: craig@resident.uk.com

  • New to the world of Open Banking

    New to the world of Open Banking

    Open banking is a developing trend using “financial technology” (fintech) companies to compete with traditional financial ways to deliver financial services. 

     

    Why does Open Banking exist? 

    In 2016, The Competition and Markets Authority (CMA) published a report on the UK’s retail banking market concluding older, larger banks need do little to gain new business, whilst newer banks struggled to access the market and grow. One of the CMA’s solutions was opening banking. In 2017 the nine largest current account providers in Great Britain and Northern Ireland (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander) were ordered to create (at their own cost) an implementation entity (OBIE) to help level the playing field, unlock the competition and implement opening banking.

    What is Open Banking?  

    Open banking allows secure connections between apps and banks, cuts out the middleman and aims to save users time and money. Users share the minimum data necessary for the product or service they want to use through a secure digital process. Using “application programming interface” (API) one software program can talk to another and share information between themselves. Everyday examples would be logging into a website via Facebook, Instagram or Twitter platforms, or companies using Google Map’s API to pinpoint locations. 

    Open banking enables consumers and small and medium-sized enterprises (SMEs) to share their bank and credit card transaction data securely with trusted third parties who are then able to provide them with applications and services. It can facilitate payments from account to account (A2A) without the use of cards or physical presence. It is estimated that half the UK’s small businesses and over 6 million consumers now use services powered by open banking technology and by September 2023, 60% of the UK population will be using it. 

    Open Banking & Resident?

    Resident uses opening banking to effortlessly pull data directly from the bank, streamline reconciliation, and better manage risk with real-time cash flow visibility. Manual laborious data inputting has been automated by tech avoiding user error, optimising efficiency and minimising time spent. Resident automatically imports transactions from multiple client accounts pulling bank feeds overnight so that they are ready in the morning to reconcile. This all saves bookkeepers approximately 80% of their time. Clients can have daily up-to-date records. Real-time information like bank account balances displayed on Resident’s dashboards. A game changer for transparency of information for Resident Management Company directors and leaseholders.

    During 2023 Resident will provide open banking powered payments, enabling users to make A2A one- off or automated, recurring transfers safely.

    Is Opening Banking safe or regulated?

    In the UK, open banking is guided by the Open Banking Standard (OBS) – a framework published by the Open Banking Implementation Entity (OBIE, trading as Open Banking Limited). Open banking uses rigorously tested software, security systems, and data is encrypted. 

    To reduce the risk of payment fraud and protect customer data Strong Customer Authentication (SCA) is used. Banks or payment providers verify identity when users make electronic payments or access an account online using additional layers of security like two-step verification. Open banking requires explicit consent to be given to regulated apps or websites. So for Resident users to keep bank feeds active the OBS requires that consent is renewed every 90 days.

    Open banking in the UK is regulated by the Financial Conduct Authority (FCA) requiring companies to follow strict rules and stringent standards to keep data secure. Only apps and websites regulated by the FCA or a European National Competent Authority can enroll in the Open Banking Directory. You can read more and check if an app or website is regulated on the OBIE regulated providers page or via the FCA register, or its European equivalent.

    Open banking is constantly evolving much like Resident so look out for future blogs.

  • Technology Talk by Kate Boyes

    Technology Talk by Kate Boyes

    Technology Talk

    by Kate Boyes MRICS (Originally given at the ARMA Northern Chapter in January 2019, updated for this article February 2022)

    I’m Kate Boyes

    Eight years ago I founded Resident – property software developed bespokely for the block management industry.

    I am a Chartered Surveyor, I have a 1st class degree in land management from the University of Reading and have sat on the board of ARLA.

    I worked for a commercial landlord & tenant firm in the west end before establishing my own lettings business in the South East, and then my own block management business. Suffice to say my background is 100% property and not technology.  

    Resident was born from a genuine frustration with archaic and inflexible solutions to the challenges I faced everyday.

     

    Looking back…

    Go back to 2012 / 2013 – I looked after a niche estate. It was just under 100 units so not huge but certainly not small. It had about 15 service charge schedules and some distinguished features: 

    • It was a heritage building mixed with new builds, 
    • It had been signed off wrongly by the local council, 
    • It needed £100k of fire upgrades;  the grounds were supposed to open to the public once a year, parts of the grounds included a listed arboretum and a rockery – as you do! 
    • AND to top it off the new builds had multi million pound NHBC claims. 

    Where do you start with communicating this with the residents?!
    Where do you start with that level of financial reporting?!

    The workload

    I would prepare bespoke financial reports for the directors once a month. I asked the software package I used at the time to build a template for me. They couldn’t. I was a property manager, not fluent in code, and I simply didn’t understand the complexities of prepayments and accruals. The software I used just didn’t understand the plight of a property management department and I didn’t understand the software I used either!

    I needed to email updates to the client daily. But I didn’t need or want to see the round robin debates from the leaseholders.

    I needed answers to decisions but I didn’t need to know that they would let me know their decision after their lunch, where they were eating, what they were eating and who with!

    I am being flippant but you know exactly what I mean.

    Resident

    Block Management Software

    So to cut a long story short I took my 84 point checklist of things property managers need to do with each block; yes, my 84 point checklist.

    I worked out that my accountant was handling company secretary stuff over here, my spreadsheet was handling reminders over there, my software was generating service charge demands and payments but I didn’t really understand the software and the clients didn’t begin to understand the system standard generated reports.

    I had a a server in the office storing documents over here, a million emails over there, and would spend hours printing and posting service charge demands. So I set about building ONE platform for everything – the first version of Resident was born in 2015.

    Technology

    What i have learnt about how it can assist property managers?

    #1

    IT and technology companies should not shroud simplicity with complexity as a way of increasing their charges – this happens a lot. 

    #2

    There are ’cloud based systems’ that aren’t true cloud systems. These still rely on networks and therefore overheads in IT costs

    Agents need to start by looking at their internal infrastructure:

    #1

    Servers, networks, email hosting, telephone hosting – there are such simple solutions that cost absolutely nothing and offer flexible agile working compared to the IT contracts and leases I was tied into and I still see so many tied into.

    #2

    Expectations are moving so fast – a year ago clients queried our cloud based product as wanted security of their in-house servers; now clients want to get Resident working as perfectly as possible as quickly as possible because they too want to reduce their overheads – office space, travel, flexi working etc.

    BUT technology is not about creating solutions for problems that don’t really exist.

    In your day to day role:

    • What can be automated?
    • What is a waste of a persons time?
    • What are the jobs that feel so tedious because you feel like you are wasting your time doing them, but need to be done?
    • What do clients want?

    Thats where technology steps in.

    Clients

    Clients want you. They want to see you, to talk to you, to discuss. To debate. To listen. To hear. To see that you care and that you are present.

     

    A computer will never, in my opinion, replace this.

     

    And to be honest do we really want it to? I don’t think any of us entered the property industry because we wanted to sit behind a desk. In fact isn’t that the answer all of us gave to our first job interview in this industry? Why do you want to work in property?

    Clients want transparency on the information they can access:

    • how much is in the bank?
    • who hasn’t paid their service charges?
    • was this supplier paid?
    • was this invoice posted on the correct schedule?

      The client doesn’t care that it took you 40 hours this week to post this on the system. They just want to see the results. And what’s the point in a system that they can log in to see if the information they see is a month out of date? They will still call you; you will still spend time looking it up.

    The strategy

    There is a perhaps well known insight on LinkedIn from a JP Morgan director on customer focused strategy:

    • NETFLIX did not kill Blockbuster, ridiculous late fees did.
    • UBER did not kill the taxi business, limited taxi access and fare control did.
    • APPLE did not kill the music industry, being forced to buy full-length albums did.
    • AMAZON did not kill other retailers, bad customer service did.
    • AIRBNB isn’t killing the hotel industry, limited availability and pricing options are.

    And I suppose this is the point I am getting to:

    Technology by itself is not the real disruptor. Not being customer-centric is the biggest threat to any business.

    So what do I foresee as some cracking technologies that will assist you in the years to come?

    Fintech

    Companies such as GoCardless & Stripe

    For example, a leaseholder receives their service charge demand which has a simple web link or button to click. They click and a pre-formatted form pops up whereby they enter their bank details and you have already set it behind the scenes to take a one off lump sum, or monthly payments and hey presto.  This information is reported back to your software. Job done.

    Open Banking

    This is the secure way to give providers access to your financial information.

    Directly feeds bank transactions from individual bank accounts not an easy task

    It will enable financial controllers / book-keepers to provide live bank account information to their clients. The better the quality of the information the happier agents will be in offering this transparency. It will also enable them to spend the time to sit and discuss the financial results with the clients; rather than spending time data inputting which should be automated by tech.

    Estimated to save around 80% of book-keeping time, and will also evolve into flexible online payments and receipts direct from the banks no doubt replacing direct debits and standing orders.

    OCR technology

    Enabling suppliers invoices to be scanned in bulk, the details read by the system, and auto loaded into the system with a copy of the invoice attached – statistics on the time saving is hard to predict but it’s huge and i anticipate one to three days per week for the average book-keeper in this industry.

    Data Webhooks / APIs

    The ability for all changes within the system to be sent to a financial spreadsheet that directors can access at any time and can even be templated for specific clients if needed. It doesn’t even need to be financial this could relate to works orders and tasks.

    Technology by itself is not the real disruptor. Not being customer-centric is the biggest threat to any business.

    Marketing

    AdminTech

    Thinking about directors meetings & AGMs. Not only the time taken holding the meeting but typing up the minutes and action points afterwards. Digital devices that enable pen-to-paper note-taking and conversion to text – such as the Remarkable products are already providing time saving solutions to these challenges.

    Other

    • Inspection apps & works orders – automated and repopulated
    • Risk Assessments
    • End of Year Packs (automated)
    • Pre Sales Packs (automated)
    • Insurance renewals (automated)
    • Smart meters – taking longer than anticipated to roll out. However the ability to report these back to your software and supplier lifts yet more un-necessary work. Let someone else deal with the renewals, unit prices, contracts by using a utility management company.
    • Live chat – for me this has worked really well for utility accounts where I don’t want to pick up a phone and the associated wait time, and cannot remember my log in details or never wanted to register in the first place. I think there is a lot of consideration to be given to this as a resource for managing agents.
    • Artificial intelligence – I will be honest, I still don’t really understand this especially in our marketplace. BUT from what I do understand there is a market for using a knowledge base for the computer to answer questions such as where is the water meter; when are the bins collected?

    But with a change of agent, will all this information be lost as who owns this knowledge base?

    This brings me to my final point:

    It’s all about data

    Technically the clients file is officially their file. If they request it; it is theirs.

    So the data you are administering online as managing agents is your clients data.

    Don’t we therefore have a responsibility to make sure it is stored in a standardised way? Flights, insurance and accommodation all have standardised data sharing. But not property. And yet we are in charge of individuals greatest assets. It’s quite bizarre if you think about.

    I can log into Clear Score and see my credit history for the past 6 years and what credit card payments I made to whom and when. Why in theory can I not do this with my service charge?

    And why as an agent is it so hard to access historical information when a block has quite naturally been managed by multiple agents over the years with maybe a smidgeon of self management in between.

    Block Management Software

    The bigger agents have departments just for exiting clients. That’s mad. The clients should have instant access to their data. But for this there needs to be Data Standards. Softwares need to adhere to a set of Data Standards written by our professional bodies in practice statements and guidance notes. Unfortunately this still seems a long way off. I am proud to say that since making this talk in 2019 Resident has been successfully offering Open Banking to its Clients and in February 2022 (this month) we are launching our own OCR technology called the Data Hub for processing supplier invoices – read more on this new software here – https://dhub.uk.com/