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Are you utilising digital technology to exceed your client expectations?

According to Statista.com, “As of February 2018, 83 percent of mobile phone users used a smartphone, while only 17 percent of users did not. ” With a report from 2013 in Mobile Marketing showing us that six years ago, Generation Y (30 – 35) are the most likely to own a smartphone, at 89 per cent. But Generation Z – those aged 21 to 29 – follow closely with 85 per cent smartphone ownership, and these people are the happiest group to use apps for shopping rather than going in store, at 48 per cent. More than half, 54 per cent, of 54 to 65-year olds now own a smartphone too.”

These people are your clients now or future clients, so this week, we’re looking at what this means for your business? And why Property Factoring and Block Management firms need to elevate digital client communication to suit today’s clients and future proof your business.

Stuck on stamps?

Whether it’s bills, debt recovery, repairs and maintenance reporting, these communications could be executed via email. At 41p for a franked second class email, potential savings for your firm over the year could stretch into four or five figures.

Add to that the amount of time it takes for your staff to execute the printing and postage of letters and it becomes even more costly – time and money. Time that could be better spent elsewhere – adding value to your business.

What does the industry currently offer?

It’s apparent that most Board of Directors and Management continue to choose to spend money on letterheads, ink, envelopes and postage every month or quarter to communicate with clients. Whilst most companies positively encourage paperless billing, why are property factoring and block management firms being so slow to respond?

We can see a change occurring with more and more firms going paperless and switching to client portals. Yet still there appears to be a sticking point in the move to app based communication.

Whilst there appear to be a number of property factoring and block management firms who have embraced online payment facilities and client portals, the industry trend is the exception rather than the norm.

Going beyond the desktop and onto handheld devices, the number of firms providing client apps is even less so.

What could you offer your client?

We live in a world where we can communicate instantly with a swipe. As a Director or Manager in the industry, you have a massive opportunity to differentiate your service offering by providing clients with a mobile app.

Whether it’s reporting or requesting repairs and maintenance, making payments, organising meetings or simply making it easy to communicate, a mobile app would provide you and your clients with an open and easy way to communicate. Client not paid their bill? Send a notification straight into their line of site and onto their phone to remind them. Clients can make payments quickly and easily, bringing cash into your business more efficiently, keeping your cashflow moving.

If your property factoring or block management firm would like to add digital improvements to your business strategy, please contact a member of the CPL team for an informal chat or to book a demo – click here