The property management industry is changing: increased competition, heightened fee pressure, and demand from tenants and landlords for highly personalised service is forcing agencies to evolve.
In this episode of Rockend Rockstars we asked Ray White’s Head of Property Management Emily Sim to discuss how technology is shaping these changes and how these changes are affecting the property management industry.
Rockend Rockstars is a video series in partnership with Property TV. As part of the series, property commentator Kevin Turner talks to some rockstars of the property management industry about their business, tips, and personal stories.
Emily Sim has been in property management for a long time, so for her to say that we’re at the “pointy end” now means a lot. "It’s not a one size fits all model anymore: agents and firms need to evolve, look at ways to differentiate, and pick a strategy that works for them" she says.
Automation is key to meeting increased demands
The biggest challenge in the industry right now is delivering on client promises. It’s simply not possible for services like maintenance, repairs, and inspections to be performed manually. But the industry has been manual for the longest time and is sometimes slow to adopt new technology. If you don’t, your competitor will – because the technology is there – everyday tech companies are providing more and more features that automate property management processes.
Emily Sim says that we have to start delivering more property services with automation. And we are seeing this change with the latest release of Rockend’s cloud-based property management software, Property Tree.
Happy property managers = happy customers
The best thing property management and agency leaders can do for their customers is to look after their property managers. Strong leadership, a welcoming culture, and a positive working environment will lead to staff retention. Property managers don’t stay in a business without vision and opportunities for development. When they leave, landlords are likely to follow, because after all, they build relationships and rapport with property managers first and your business second.
Based on the data that Emily and her team analysed, happy property managers breed happy landlords, who in turn, refer clients. They become advocates for the business. This is backed up by Rockend’s 2018 Voice of the Property Manager report.
The fees conundrum
As for fees, they’re a balancing act for many property managers. Do you protect fees at the risk of annoying your customers or should you ignore fees to build relationships? If you can prove that your service is superior, you’re in a position to defend and maintain higher fees. And as technology enters the marketplace, different types of fee models come in.
Watch the video to learn more.