AU2010249275A1 - Method of and system for investment property management - Google Patents

Abstract

A method of property management including: providing a tenanted property module having incorporated therein a maintenance and inspections sub-module, a history sub-module, a forms sub-module , a reports sub-module and a rent sub-module, each sub-module being operationally independent, but sharing information from one or more data tables; an untenanted property module operable to provide functionality to one or more users from each of a plurality of types of user; and an interface operable to provide interaction between the users and the modules. flenirnas review Contractor Manager 13 137 =16 Owner MaiYage mulfwk t~~nanr~dpmp~~rue1 18a~e rpet 212 -unted pmpene 20 AIifs Property Fig R.I-

Description

-1 METHOD OF AND SYSTEM FOR PROPERTY MANAGEMENT FIELD OF INVENTION THIS INVENTION relates to a method of and system for property management. The invention has particular application to self-managed strata title investment properties. However, the invention also has application to management of investment properties by agents on behalf of owners, to property managers who manage on behalf of owners and related fields of use. The invention is not limited to any particular type of property. BACKGROUND ART Management of properties can be time-consuming and inefficient, particularly in cases where the property is remote from the manager and/or owner, or in cases of a sizeable portfolio of properties. Management of properties can be costly. Sometimes, agents are ineffective. Tenants sometimes find it difficult to locate suitable rental accommodation in terms of location, price, quality and required attributes. Website searching in more recent times has improved the situation, but such sites are predominantly driven by realtor demand, and therefore do not normally provide for direct communication between owners and tenants. The present invention aims to provide a method of and system for property management which alleviate one or more of the problems of the prior art. Other aims and advantages of the invention may become apparent from the following description. DISCLOSURE OF THE INVENTION With the foregoing in view, this invention in one aspect resides broadly a method of property management including: providing a tenanted property module having incorporated therein a maintenance and inspections sub-module, a history sub module, a forms sub-module , a reports sub-module and a rent sub- -2 module, each sub-module being operationally independent, but sharing information from one or more data tables; an untenanted property module operable to provide functionality to one or more users from each of a plurality of types of user; and an interface operable to provide interaction between the users and the modules. In another aspect, the present invention resides broadly in a system for property management including: a tenanted property module operable to provide functionality to one or more users from each of plurality of categories of user and having incorporated therein a maintenance and inspections sub-module, a history sub-module, a forms sub-module , a reports sub-module and a rent sub-module; an untenanted property module operable to provide functionality to one or more users from each of a plurality of types of user; and an interface operable to provide interaction between the users and the modules. In another aspect, the present invention resides broadly in a system for property management including: a database for storage of information relevant to one or more tenantable properties; an application program interface operatively associated with the database and having program instructions for uploading and downloading the information or any part thereof; a plurality of secure access interfaces operatively associated the application program interface, each secure access interface formed to suit a predetermined category of user; and -3 a general access interface operable select one of the secure access interfaces suited to a category of user to provide operative interaction between the user and the database. Preferably, the system is embodied in software operable on one or more computers. More preferably, the system and/or software are operable on a network of computers. In a preferred form, the software is distributed amongst one or more server computers and one or more client computers operably associated therewith over a network, such as, for example, the internet. In such form, the system is operable as a web page having scripts, forms, graphic elements and such like providing the functionality relating to the modules and sub-modules. The interface preferably includes one or more separate website pages for each sub-module. In such form, the website pages include data entry forms for passing information entered by a user to predetermined data tables stored and accessed on the one or more server computers. Preferably, the categories of users include property owners, property managers, active tenants and contractors. Preferably the types of user include the prospective tenants and the owners from the categories of users who could interface with the tenanted property module. Where the users access the system through a web page or the like, there would typically be provided a registration module having one or more form fields sufficient to categorise or typify the user according to their category and/or type, and further form fields for the storage of information pertinent to the user. Of course, there can be different fields for each category and type of user. Preferably, the secure and general access interfaces are provided in the form of respective webpages in a website. In a preferred form, the secure access interfaces include a tenant webpage, a contractor webpage, an owner webpage and a management webpage. More preferably, the management webpage is divided into a manager webpage and an administrator webpage. In such form, it is preferred that the owner webpage is incorporated within the manager webpage.

-4 The system preferably further provides for the different categories and types of user to be limited in their access to different parts of the system. For example, the contractor category of user may be limited to the forms and maintenance and inspections sub-modules. Prospective tenants may be limited to the untenanted property module. The manager category would be able to access pertinent portions of multiple owner accounts. An administrator is preferably provided as a further category and type of user having access to all modules of the system. Preferably, the function elements of the web page operate in the form of an application programming interface for passing information from the browser to an application within which the system according to the invention is operable. Preferably the sub-modules are operable to provide for users to interact therewith to input and/or obtain output information relating to the function of the sub-module. For example, an active tenant may access the rent sub-module to pay rent due on the tenancy. In order to facilitate monetary transactions, the rent sub-module is preferably configured to interface with an electronic funds transfer application, web page, secure server or such like through which rental payments may be remitted. Payment is preferably arranged through a third party application or website. It is further preferred that the rent sub-module includes a critical information pop-up facility to permit tenants to access such information in a convenient format. The pop-up facility preferably includes a notification facility to permit notices to be sent to tenants including alerts, for example, to alert a tenant is rent is in arrears. In a preferred form, the untenanted property module includes a webpage, hereinafter referred to as a tenant signup page, having an option for a prospective tenant to apply to rent a property. In such form, the tenant signup page includes a form into which the prospective tenant. may enter their relevant personal details. The untenanted property module includes functionality to check with a database as to whether the -5 prospective tenant already has an established presence in the system. Once the tenant either successfully registers as a new tenant or logs on as an existing tenant, whether or not they are renting a property managed by the system of the pre.-: invention, that tenant may select an untenanted >ioperty to inspect more detail, contact the m mananW. the property for a physical inspection, anH - . .Ke direct contact with the owner in order -o treat for the establishment of a tenancy lease or the like. The untenanted property module preferably provides for a property owner to sign up and offer a property for lease. The module provides a website page in a similar fashion to that hereinbefore described with reference to the tenant signup page, in this case, the website page being referred to as an owner sign-up page. Once the owner either successfully registers as a new owner or logs on as an existing owner, that owner may enter details of a property available for lease so that such property may then be viewed and selected by a prospective tenant. In addition to the indication of availability of the property within the system of the present invention, it is also preferred that an option be provided for the owner to upload the entered particulars of their property or properties to third party web-based databases for advertising. It will be appreciated that a preference would be given to such third party web-based databases that provide for a link back to the originating agency, in this case, the database of the system according to the invention, whereby prospective tenant may be invited to sign up on the tenant sign-up page of the untenanted property module. Preferably, system further includes a backup module operatively associated with the interface module to provide backup functionality. The backup module may be accessed and operated from the interface module for backing up critical information of users to one or more of the servers. In such form, it is preferred that the backup module is operated regularly, such as daily, and provides further functionality to backup -6 critical data amended while the user is offline. It is further preferred that the backup module provide reminders, such as in the form of pop-up windows, to remind users about backing up critical data. Preferably, the system further inc]-'es _. accounting module operatively associated with the r*' .r modules of the system. The accounting module is preferaly provided by a standard accounting package soft--.- :-P&l-azion. Such applications normally provide sufficient functionality for the method and system of the present invention. However, it will be appreciated that the accounting module would at least include functionality for invoicing, receipting, banking, general ledger, balances, asset and liability, profit and loss, and general reporting. BRIEF DESCRIPTION OF THE DRAWINGS In order that the invention may be more readily understood and put into practical effect, a preferred embodiment of the present invention will now be described with reference to the following drawings, and wherein: Fig. 1 is a schematic diagram illustrating a system for property management according to the invention; Fig. 2 is a schematic diagram illustrating a security overview for the property management system of Fig. 1; Fig. 3 is a schematic process flow diagram for tenant sign up and application for the property management system of Fig. 1; Fig. 4 is a schematic process flow diagram for owner sign up and property lease for the property management system of Fig. 1; Fig. 5 is a schematic process flow diagram for lease sign up, entry condition report and bond imbursement for the property management system of Fig. 1; -7 Fig. 6 is a schematic process flow diagram for rent payment for the property management system of Fig. 1; Fig. 7 is a schematic process flow diagram for arrears for the property management system of Fig. 1; Fig. 8 is a schematic process flow diagram for maintenance in respect of the property management system of Fig. 1; and Fig. 9 is a schematic process flow diagram for lease termination, exit condition report and bond disbursement for the property management system of Fig. 1. DETAILED DESCRIPTION OF THE DRAWINGS The system for property management 10 shown in Fig. 1 is shown in overview at 11 and includes a website 12 which is accessible by different users. The users include property owners 13, active tenantsl4, prospective tenants 15, managers 16 and contractors 17. These users can access a website 12 which has within it several modules, the different users having selective access to one or more modules. The owners can access a managed property module 18 and an untenanted property module 19. Active tenants can access the managed property module 18, and prospective tenants can access the untenanted property module 19. Such access would include for example an ability to search for available properties and to lodge tenant applications as described in more detail hereinafter. The owner can advertise properties available for rent through the untenanted property module as well as receive applications for lease of an untenanted property submitted by a prospective tenant. The owner can also manage multiple properties through the managed property module., liaising as required trough the website, with active tenants and contractors from time to time in order to do so. The managed property module provides for management of properties directly by the owner as well as for management of properties through a manager. In order to -8 facilitate management of tenanted properties, a tenanted property module 20 is provided within the managed property module. The managed property module forms wha- may be considered to be a mangers shell 21 accessed by managers, the tenanted property module being accessed directly by the owner bypassing the managers shell. Within the tenanted property module is provided several sub modules including a rent sub-module 22, a report sub-module 23, a form sub-module 24, a history sub-module 25 and a maintenance sub-module 26. In accessing the system, contractors bypass the managers shell and tenanted property module to access directly the maintenance sub-module. Tenants can access the tenanted property module directly to liaise with owners and managers, and can pay rent directly to the rent sub-module through a payment facility 27 which is external to the website at 12. The security overview 30 illustrated in Fig 2provides an alternative view of the system shown in Fig 1. Like elements are given the same reference numerals, but for continence, a general user is defined at 31, and an administrator is defined at 32. It will be appreciated that the general user is not another kind of use but incorporates the other users described above. The different uses can access the different modules as indicated by the reference numerals. It will be appreciated that because the modules described herein are consensual rather than physical, some of the reference numerals in Fig 2 will be provided more than once. The general website should not be regarded as being separate from the modules displayed in Fig 2. The website will include procedures for accessing parts of the system including an application program interface 33 which in turn accesses a data base 34 as well as interacting with the payment facility at 27. In operation, different users will access different portions of the website termed, for convenience, a tenant website 35 accessible by tenants, a contractor website 36 accessible by contractors, an owner website 37 and an administration 38 -9 accessible by one or more administrators. The managers can access the owner website through the managers shell 21. The tenant, contractor, owner and administration websites all interact with the application program interface and further, through the application program interface, a database 34. At least some of the process steps to be followed by software for the system in accordance with the invention are set out in Figs 3 to 9. The tenant signup and application process 40 illus-rated in Fig 3 commences with an online attendance at the website at 12 by a user who by so accessing can enter into either a sign up loop at 28 through the process indicated at the tenant sign up process, or search for a property in a property search loop 41. If the prospective tenant. enters into the search for properties loop, this becomes an entry into the sign up process loop. Once a property has been located and the tenant successfully signs up, a lease application is generated at 42. The system issues a sign up challenge at 43 which must be met before being able to proceed further. If the tenant is already signed up and the property found. The tenant sign up application process then passes to a lease application loop 44, and once the lease is approved, a lease sign up process commences. The owner sign up and lease process 45 illustrated in Fig 4 passes through several owner data entry stages 46 for one or more properties. Tenancy applications are received whereupon the owner sign up and lease process enters a tenant approval loop 47 which when completed passes to a lease sign up, entry condition report and bond process. The lease sign up, entry condition report and bond process 50 illustrated in Fig 5 is entered into from the tenants sign up application process 40 illustrated in Fig 3 or the owner sign up and lease process 45 illustrated in Fig 4. Before a tenant can move in, an entry report is to be completed An entry report loop 48 is provided for this purpose, but may be bypassed if a report has already been produced within a predetermined prior timeframe. Several leasing stages49 are then followed including completion -10 of the entry report, execution of the lease and entry report by the tenant and the owner, payment of the bond and initial rent to the owner and any other steps that may be required to complete the lease and permit keys to the property to be handed over to the tenant :-r wn -e tenant takes possession of the property. The rent payment process 55 illustrated in Fig 6 passes through several lease accounting stages 58 including having funds deposited directly into the owners account from an internet banking or remittance service or the like. Details of the payment can be sent to the website, particularly the rent or report sub modules of the managed property module, with appropriate accounting recordal of data in a ledger with notifications being provided to the owner such as by email as indicated in Fig 6. Commission payable to cover the cost of maintaining the system according to this invention is normally payable. The rent payment process passes through a commission loop 51 which includes such processes as calculating the commission payable, drawing the commission from the owner bank account, recordal of the relevant accounting figures in a property rent ledger or the like. Investment statements, tax invoices, or other notifications are provided to the owner, such as by email. If commission is not to be taken, the process then the commission loop is bypassed to joins with the breakout step from the commission loop to proceed to the last step in the process, in which payment is complete. If the rent is not paid on time, or is paid late, then the arrears process 57 illustrated in Fig 7 is invoked. The arrears process passes through several steps including determining that the tenant is overdue on their rent, logging the late payment against the tenant, providing details of the amount overdue in a report and/or request for payment issued to the tenant. The process further includes the provision of a form for the tenant to enable remedy of the breach, and notifications to the owner including e-mail or text message for execution by relevant parties. The arrears process then passes to an arrears challenge -11 52. I~ the arrears are settled then the challenge is mt and no further action is required, but if not, it -a, oe necessary to request the tenant leave the property -id or be evicted at 53. Since the tenant resides at The property and has advantage of its possession during tKi lease, it is normally the case that the tenant would :eport requirements of maintenance of the property to the owner otherwise, scheduled maintenance can be undertaken or ad hoc maintenance undertaken by the owner. After the tenant logs into the website, and accesses the maintenance process, the system enters into a maintenance request loop 54 to enable the tenant request to be carried out on the property. The loop includes such steps as the requests for maintenance being received by the owner and quotes being requested and received by the owner for such maintenance. The decision is then made as to whether the maintenance is proved by the owner at 56 to enable the process to jump out of the maintenance request group. As an alternative, the owner may visit the website after logging in, and enter the maintenance process through a maintenance booking at 59, the tenant being notified at 61, whether the maintenance is request by the tenant or the owner as the case may be. The maintenance process then passes through a maintenance loop 62 within which the contractor is engaged, work booked and carried out awaiting approval by the tenant and or owner that the work or maintenance has been carried out to their satisfaction. The maintenance process then passes through several maintenance completion stages 63 including having the contractor having flagged that the work are complete, issuing of invoices to the relevant parties, notifying the owner by an appropriate means and signing off on the maintenance or work as being complete. For greatest efficiency, all transactions, processing and interaction are performed online. The lease termination, exit condition report and bond refund process 65 illustrated in Fig 9 passed through several termination and report stages 64 including a report that the lease has been terminated and keys returned to the owner or -12 manager, completion and execution of an exit report including digital photos prior to refunding any bond monies, determination is made as to whether maintenance is required through an exit maintenance loop 66 within the exi- maintenance loop is the maintenance loop 60 illustrated i. Fig 8. Once the maintenance has been satisfactory carri-_ out, if there is any remaining bond it is refunded '. ne tenant at 67 further reports are generated An, '-- ' .se is terminated. The property is now re-dy for a new tenant and ought to be advertised again for rent of lease. In use, the systems and method of the invention can be carried out by use of a file server or the like on the internet which provides the relevant web pages in compliant web format, although it will be appreciated that alternatives can be used for systems outside or as a sub-set of the internet. The website can include the provision of information on client computers accessing the website such as cookies, scripts or the like as well as linking to other internet services such as online payment and or banking to facilitate business-to-business or customer-to business relationships. From an owner's perspective, the internet can be used with the method and system of the present invention to maintain and manage rental of investment properties along with the generation of reports electronically for attention by the owner for accounting purposes, tax purposes or the like. Likewise managers of rental properties can use the method and system of the present invention on the internet to provide the required management of rental properties on behalf of one or many owners, and provide the owners with reports as required for the taxation and or to meet the reporting requirements of the or each owner in respect of which the managers mange properties. Although the invention has been described with reference to a specific example, it will be appreciated by those skilled in the art that the invention may be embodied in other forms within the broad scope and ambit of the invention as herein set forth and defined by the following claims.

Claims (17)

1. A method of property management including: providing a tenanted property module having incorporated therein a maintenance and inspections sub-module, a history sub module, a forms sub-module , a reports sub-module and a rent sub module, each sub-module being operationally independent, but sharing information from one or more data tables; an untenanted property module operable to provide functionality to one or more users from each of a plurality of types of user; and an interface operable to provide interaction between the users and the modules.

2. A system for property management including: a tenanted property module operable to provide functionality to one or more users from each of plurality of categories of user and having incorporated therein a maintenance and inspections sub-module, a history sub-module, a forms sub-module , a reports sub-module and a rent sub-module; an untenanted property module operable to provide functionality to one or more users from each of a plurality of types of user; and an interface operable to provide interaction between the users and the modules.

3. A system for property management including: a database for storage of information relevant to one or more tenantable properties; an application program interface operatively associated with the database and having program instructions for uploading and downloading the information or any part thereof; a plurality of secure access interfaces operatively associated the application program interface, each secure access interface formed to suit a predetermined category of user; and -14 a general access interface operable select one of the secure access interfaces suited to a category of user to provide operative interaction between the user and the database.

4. A system according of property management incorporating the system of property management according to Claim 2 together with the system of property management according to Claim 3.

5. The system according to Claim 4, embodied in software operable on a network of computers, wherein the software is distributed amongst one or more server computers and one or more client computers operably associated therewith over the network.

6. The system according to Claim 5, wherein the system is operable as a web page having scripts, forms, graphic elements and such like providing the functionality relating to the modules and sub-modules and includes an interface having one or more separate website pages for each sub-module.

7. The system according to Claim 6, wherein the website pages include data entry forms for passing information entered by a user to predetermined data tables stored and accessed on the one or more server computers.

8. The system according to Claim 7, wherein the categories of users include property owners, property managers, active tenants and contractors, the types of user include the prospective tenants and the owners from the categories of users who could interface with the tenanted property module.

9. The system according to Claim 8, wherein access to different parts of the system is limited to the different categories and types of user such that the contractor category of user is limited to the forms and maintenance and inspections sub-modules, prospective tenants are limited to the untenanted property module, the manager category is limited to pertinent portions of -15 multiple owner accounts and an administrator is provided as a further category and type of user having access to all modules of the system.

10. The system according to Claim 9, wherein the rent sub-module is configured to interface with an electronic funds transfer application, web page and/or secure server to facilitate monetary transactions through which rental payments may be remitted.

11. The system according to any one of Claims 2 to 10, wherein the untenanted property module includes a webpage formed as a tenant signup page having an option for a prospective tenant to apply to rent a property, the tenant signup page further including a form into which the prospective tenant may enter their relevant personal details.

12. The system according to any one of Claims 2 to 11, wherein the system further includes an accounting module operatively associated with the other modules of the system.

13. The system according to any one of Claims 2 to 12, wherein the system allows tenants to request maintenance through the system.

14. The system according to Claim 13, wherein information relating to a maintenance request is automatically forwarded on to a nominated repairer, and copied to the owner and/or the property manager.

15. The system according to Claim 14, wherein, once a maintenance request has been generated, an entry notice procedure is initiated.

16. The system according to Claim 15, wherein progress of the maintenance request is uploaded tc. the maintenance module for access by the tenant, owner and/or rrocertv manager. -16

17. The system according to any one of Claims 2 to 16 and including a mail system for recorIing notices and/or documents that need to be in hard copy.