Simplify Processes & Add Value in Property Management: Insights from TSP x Trustek

In this conversation between TSP and our PropTech Consultant partner Trustek, we explore meaningful, data-backed methods to simplify processes and add value in property management.

Discover the top three prop-tech solutions that will compound long-term value, plus the number one wellness amenity that every landlord should install.

TRUSTEK:

Are there any unique characteristics or challenges associated with managing certain properties within your portfolio?

TSP:

Every property that we manage has its own character and quirks. From smaller, disparate charity hubs to large central London corporate estates – our portfolio is diverse; a challenge we relish.

Our role as a property manager is to understand each building’s unique needs, ensuring that they still run smoothly, are compliant, and present to the highest standard.

Our primary challenge therefore lies in tailoring our services; working with partners and contractors who can adapt to the specific management needs of each property.

TRUSTEK:

What existing technology solutions do you have in place for property management?

TSP:

Our property management department prioritises tech solutions that make day-to-day processes simpler, while adding meaningful value to the building.

For example, we use:

• Paxton Access System: A cornerstone of our property management strategy, the Paxton system allows tenants seamless entry via fobs and mobile devices. This streamlined solution not only enhances convenience but also bolsters security measures.
• Smart Meters: We use smart meters to monitor energy consumption across our portfolio. This proactive approach not only facilitates accurate billing but also empowers tenants to make informed decisions regarding their energy usage.
• QUBE: Serving as our financial and lease management software hub; its intuitive interface and robust features enable comprehensive management of our diverse portfolio.
• ELOGBOOKS: Helping us in maintaining operational excellence, Elogbooks functions as our dedicated helpdesk platform. By centralising maintenance requests and tracking service history, it enables swift resolution of tenant issues.
• RISKWISE: Prioritising tenant safety and regulatory compliance, RiskWise serves as our comprehensive solution for health and safety management and required remedials.

TRUSTEK:

Are there any expansion plans or new markets you’re targeting where proptech could play a significant role?

TSP:

At TSP, we’re focused on expanding our hospitality and service offering to align with the growing trend of hotelisation within office spaces. Therefore, prop-tech that enhances comfort, convenience, and personalised experiences could play a significant role.

For example, a virtual concierge service could be implemented to support our Property Management team. Digital assistants or chatbots would efficiently triage requests, raise tickets, provide tenants with personalised recommendations, and on-demand assistance. This would free up time for our team to focus on providing a best-in-class experience for our tenants, including more in-person site visits.

Also, Building Management Systems (BMS) that empower occupants to effortlessly control heating, air conditioning, and lighting within their workspace via a user-friendly app could play an important role.

TSP:

In 2024, what are the top 3 prop-tech solutions that can help landlords add long-term value to their properties?

TRUSTEK:

• AMRs – Automatic meter readers for buildings utility consumption
• EMS – Energy management solutions to reduce the consumption of the buildings
• Issue Reporting – Proactive asset management with transparency on the ongoing tasks completed onsite.

The rise of ESG reporting requirements and expectations from both landlords and occupiers has galvanised the rise in the need for these products. Coupled with the rising utility costs we have seen significant investment in these technologies being adopted at scale.

TSP:

There were some interesting insights in the recent Trustek audit.

One key finding stood out: In 2023, there was a 130% increase in ESG strategies – however only 5% have an ESG reporting platform in place.

How can companies tangibly benefit from having a reporting platform in place?

TRUSTEK:

ESG reporting relies heavily upon the collection of numerous data points within any building and providing transparent benchmarks for improvements that need to be made or have been implemented within any building.

The benefit of having a reporting platform is to remove the current manual nature of the data entry that takes valuable time away from people working with building and as consultants to buildings. Giving them time back to focus on elements of their role which cannot be automated.

TSP:

73% of your audited assets have at least one wellness amenity in place; which of these do you see as the most valuable to occupants and that every landlord should install?

TRUSTEK:

The most consistent element is the availability of good end of journey facilities and specific safe internal bike storage to facilitate active commuting within buildings. In central locations this can be harder to accommodate within the building, but creative bike storage solutions are still valuable amenities to have.

TSP:

It’s quite striking that even today, a staggering 95% of buildings lack reliable indoor phone signal.

What are the primary factors contributing to this? What steps can landlords take to ensure that their buildings don’t fall into this category?

TRUSTEK:

The challenge is a combination of factors. Firstly, the availability of telecoms masts throughout the UK which means that the availability of high-quality 4G and 5G connectivity is not consistent.

Secondly, the design and construction of most office buildings being a combination of glass and steel means that this reduces the ability for the radio waves to permeate the buildings. The height of the building will also impact this above a certain number of storeys. We recommend that occupiers complete a radio frequency review of their building/floor before taking occupation. Thankfully, there are solutions to this problem which you can find on our Verified Marketplace.

TSP:

What do you see as the most promising finding from the Trustek 2023 audit?  

TRUSTEK:

Progress.

There are many challenges facing the commercial real estate market through changing regulations and customer expectations. The audits have allowed for onsite teams to prioritise and justify implementing new technologies over the year. There is still a long way to go, however, progress is our shared ambition for the buildings we audit.