Ramesh: iResidenz helps homeowners, tenants, resident committee members, management offices
and property developers manage a strata development. (Photo by Low Yen Yeing/EdgeProp.my)

The popularity of on-demand services has resulted in more and more industries entering the fray. Among them is property management, which involves not just paying maintenance fees, but also a two-way communication between the management and residents.

In the traditional setting, the limitation of office hours may make it rather inconvenient for residents to meet up with their building managers for any related issues. Likewise, building managers may find it somehow ineffective to disseminate information via the old school way — using notice boards.

To increase productivity and efficiency of property management, The Residenz Solution Sdn Bhd has developed a web-based property management portal called iResidenz, which streamlines everything on a single digital platform, says founder and CEO Ramesh Balakrishnan.

“iResidenz helps homeowners, tenants, resident committee members, management offices and property developers manage a strata development.

“For owners, tenants and property management offices, communication is made easier where payments, bookings of facilities, complaints, notices and others are available on the platform, 24/7, virtually. So there’s no more calling up or having to be physically present at the management office to make facilities booking or lodge a complaint.

“And for the management office, its paperwork is reduced through automation and they can also post up notices or contact any resident through iResidenz,” he tells EdgeProp.my.

On top of that, making cashless payments on iResidenz could reduce the mishandling and mismanagement of funding as the funds will be credited directly into the management’s account, adds Ramesh.

Prior to founding iResidenz, Ramesh was a web and software developer. The property management portal was one of his developments and he decided to expand it on a full scale.

Targeting high-end properties, iResidenz is currently providing its service to 54 strata properties across Malaysia, with the majority of them being high-end properties located in the Klang Valley. The start-up is hoping to grow its client base to more than 100 properties by the end of this year.

According to Ramesh, iResidenz has raised a total of seven-figure funding since its incorporation in May 2013. It recently raised a pre-series A funding earlier this March from Interbase Resources Sdn Bhd, the operator of online marketplace Lelong.my.

A freemium model

On setting itself apart from similar players such as Landlord and Advelsoft, Ramesh says the most unique selling point of iResidenz is its freemium model.

“iResidenz is provided at no cost or fee to properties. We also provide value-added services, which require a fee, such as doctor-on-call and service provider directory.

“Our premium features include real-time dashboard reporting that allows committees to view the happenings at the management office and tenant management for property owners to better manage rental collection. We will soon roll out a visitor management system, which is a security module for the guards.

“We are looking to introduce online food ordering and laundry pick-up and drop-off services starting September,” he says, adding that iResidenz will roll out its mobile application by the end of this month.

On top of monetising the value-added services, Ramesh shares that iResidenz’s revenue model includes the “convenience fee” from its online payment facilities.

“Our platform supports online banking and payment via credit or debit cards, where a minimal fee of RM3.18 onwards is charged for successful transactions. As of July 2017, over RM1 million worth of transactions have gone through our platform,” he shares.

Ramesh adds that he is also looking to expand iResidenz beyond Malaysia. “We are currently exploring Singapore and Indonesia.”

Source : http://agent.theedgeproperty.com.my/content/1200509/digitising-property-management

Here’s our newest round-up of the featured startups on our site this week. If you have startup tips or story suggestions, feel free to email us. Enjoy this week’s list!

1. Event Pop | Thailand (Startup Profile)

Events management and ticketing startup Event Pop provides a range of services – from customizable web pages for events and digital and physical ticketing to event check-in tools, as well as analytics. It claims to have served over 3,000 events including festivals since its 2015 launch.

2. PolicyStreet | Malaysia (Startup Profile)

PolicyStreet acts as a marketing and technology partner for insurers and curates cheap insurance products targeted towards specific groups. It aims to advance inclusive insurance to help urban poor, emerging middle-income, millennials, and interest groups obtain adequate insurance protection.

3. Campaign.com | Indonesia (Startup Profile)

Campaign.com helps community leaders organize around a social cause. It works with communities who want to achieve societal change to define campaign goals, helps them set up websites and monitoring tools, and connects them to a wider network. It has a companion app that links community organizers to each other.

4. WAmazing | Japan (Startup Profile)

Mobile SIM service WAmazing allows foreign travellers to register before they arrive, saving hassle once their trip starts. The startup is also offering hotel reservations within its app. The app also provides an Uber-esque feature for travelers to hail a taxi.

5. iResidenz | Malaysia (Startup Profile)

Online property management platform iResidenz connects property owners, managers, and tenants. Tenants can use the portal to access bills, make payments, book facilities, and submit complaints. Meanwhile, property owners and managers are given access to real-time reports and an automation feature for select administrative tasks.

Startup lists

6 – 9: These 4 AI startups are changing the way we consume information

10 – 15: 6 rising startups in Japan

16 – 20: 5 rising fintech startups PayPal is investing in

Source: https://www.techinasia.com/asian-startup-list-10-september-2017

The Residenz Solution Sdn Bhd has developed an online portal that makes property management easier and more convenient for all parties involved as it streamlines everything on one digital platform.

“iResidenz helps homeowners, tenants, resident committee members, management offices and property developers manage a strata development,” its Founder and CEO Ramesh Balakrishnan.

“For owners, tenants and property management offices, communication is made easier where payments, bookings of facilities, complaints, notices and others are available on the platform, 24/7, virtually. So there’s no more calling up or having to be physically present at the management office to make facilities booking or lodge a complaint.”

With this, residents can contact their property manager any time, while property manager don’t need to rely on notice boards to disseminate important information. Aside from having the ability to contact a specific resident, there is also less paperwork thanks to automation.

Moreover, when making cashless payments on iResidenz, the residents are sure that they money for their property’s maintenance fees and other charges are credited directly into their manager’s account.

“Our platform supports online banking and payment via credit or debit cards, where a minimal fee of RM3.18 onwards is charged for successful transactions. As of July 2017, over RM1 million worth of transactions have gone through our platform.”

Ramesh revealed that his start-up has raised capital amounting to seven figures since it was incorporated in May 2013. It has also gained a pre-series A funding from online marketplace Lelong.my’s operator Interbase Resources in March 2017.

Asked on what sets iResidenz apart from its rivals like Advelsoft and Landlord, he pointed that they use a freemium model, but they charge a fee for premium services, such as service provider directory and doctor-on-call.

“Our premium features include real-time dashboard reporting that allows committees to view the happenings at the management office and tenant management for property owners to better manage rental collection. We will soon roll out a visitor management system, which is a security module for the guards.”

“We are looking to introduce online food ordering and laundry pick-up and drop-off services starting September,” Ramesh noted, adding they are planning to launch a mobile app later this month.

At present, iResidenz caters to 54 strata developments in Malaysia, most of which are upscale developments situated in Klang Valley. Aside from targeting to increase its local clients to over 100 properties by year-end, it is also considering to expand into Singapore and Indonesia.

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

Source : http://www.propertyguru.com.my/property-news/2017/9/160738/managing-properties-in-a-digital-age

Malaysia-based iResidenz is an online property management platform that connects property owners, managers, and tenants. Tenants can use the portal to access bills, make payments, book facilities, and submit complaints. Meanwhile, property owners and managers are given access to real-time reports and an automation feature for select administrative tasks.

As a part of its user acquisition campaign, the platform employs a freemium model, without any subscription or setup fee. It generates revenue mainly through its payment gateway services, where users are charged US$0.76 each time an online payment is made in the platform.

Competitors: Pegaxis, GuestReady, Yardi, Skyline

How it compares to competitors: iResidenz claims to provide value-added services to tenants. Tenants can book on-call doctors, home improvement services, as well as laundry pick-up.

Traction 

iResidenz now has 55 condominiums across Klang Valley, Johor, and Sabah accessible on its platform, with 100 more said to be on the pipeline. In June, the total amount of transactions made on the platform hit US$234,000. The startup also plans to expand into Penang, and aims to get 1 million users by 2020.

Funding Details

Amount raised: Undisclosed
Funding stage: Pre-series A
Investor: Interbase Resources
Investment type: Equity
Purpose: Market expansion, product development, and team growth
Total disclosed funding to date: Undisclosed

Source : https://www.techinasia.com/malaysian-online-property-management-iresidenz-secures-funding

MANY people have opted for highrise residences due to land scarcity, convenience, and better security.

However, condominium living can be a hassle when it comes to booking common facilities, parking, and paying fees as residents can only visit the property management office during working hours.

On the other hand, the management office has to deal with the frustration of collecting maintenance fees from residents, managing paperwork, and dealing with maintenance problems.

Recognising these pain points, home-grown technology start-up The Residenz Solution Sdn Bhd offers digital solutions to address the problems.

“I live in a condominium and know the pain and frustration of living there,” its founder and CEO Ramesh Balakrishnan says.

The company owns an online resident portal, iResidenz, which caters to condominiums and gated communities.

It claims to make property management and communications easier for owners, tenants, and property management offices by connecting the parties to expedite payments, bookings of facilities, complaints, notices and more.

The workload of the management office is also reduced through automation of administrative tasks.

iResidenz also serves as a platform for property management companies and property developers where they get access to real-time reports of multiple properties and other features.

The Residenz Solution was formed in 2013 when Ramesh received a request to build such a system.

His client wanted the system as he had problems sourcing for localised property management software.

“There are such softwares from the US and Australia but they are not as flexible and could be expensive to run,” he says.

Demand

To date, the system is deployed in over 54 properties across the Klang Valley, Johor, and Sabah.

Among them are Summer Suites KLCC, Ampang’s M-City, Desa ParkCity’s The Mansions, Cyberjaya’s Mirage by the Lake, and Waldorf and Windsor in Sri Hartamas.

Of the 54 properties, it is used by two commercial ones and eight gated communities.

The difference in the system is that the booking function is absent in the commercial properties and gated communities version as such properties do not have condominium facilities.

“We are looking at an average of 350 units per property in our system. One of our highest users has over 1,400 units in a condominium project,” says Ramesh.

Users of iResidenz are charged a convenience fee of RM3.18 per transaction performed through its payment gateway service.

Ramesh says this function is optional for residents who can still make physical payments at the property management office. However, the system’s take up rate has been encouraging.

The payment gateway, which was introduced early last year, has since surpassed the RM1 mil transaction milestone.

As many of the properties on iResidenz consist of high-end condominiums, Ramesh says property owners who are likely to be landlords, prefer to opt for online payments as they rarely set foot on their tenanted properties.

For property management offices, managing and tracking payments are one of the biggest headaches faced.

“There are some property management offices that allow you to transfer money to their account and then provide them with a proof of payment such as a transaction slip or receipt.

“However, it is cumbersome to track as there have been instances where payment has been made but the resident forgot to attach any proof of payment,” he says.

Ramesh points out that he has seen unclaimed or untraceable deposits ranging from a few thousand to as high as RM40,000.

Payments made on iResidenz are tracked and traceable as the process is automated, making it easier for both parties to monitor.

Target audiences for the system, he says, are existing and soon-to-be completed properties. “When we work with property developers, it makes sense as they may have existing projects,” he says.

A Knight Frank Malaysia report on the real estate sector for H1 says the cumulative supply of high-end condominiums and residences stood at 47,380 units.

Following the recent completion of The Sentral Residences, Arcoris Mont’ Kiara and 28 Dutamas, the figure has increased by another 1,333 units.

Monetisation

Ramesh says iResidenz is developed as a “freemium” model for property management offices with the option to subscribe to add-on modules such as visitor management, committee management, and tenant management models.

(Freemium is a pricing strategy by which a product or service, typically a digital offering or application such as software, media, games or web services, are provided free of charge, but money (premium) is charged for proprietary features, functionality, or virtual goods).

“We are planning to introduce our committee management model by Q4. It will allow the joint management body (JMB) of condominiums to document meetings and their outcomes,” he says.

This function allows new property managers elected by the JMB to have a clear idea of what happened in the past and be able to pick up faster from where the previous officials left off.

Other monetisation options include tailored advertisements on the portal. Ramesh says residents who are booking the tennis court, for example, may be prompted with an advertisement for tennis coaching lessons.

The advertising module is still in its experimental stage and has yet to have a fixed pricing structure.

“We have residents and property managers coming to us with ways to improve the system, but any new feature we launch will have to satisfy the majority first,” says Ramesh.

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