Most people fear the uncertain, and for property managers this has never been more true. In our The Voice of Australian Property Management Report, 58% of respondents agree that this unease is due to the growing expectations of tenants and owners and the uncertain property market.
These pressing issues are understandable for such a dynamic industry and they become even more magnified when businesses are inefficient with their operations and incapable to adapt to change.
We talked with Rose Kelly of Leading Focus on why being efficient and ready to adopt new ways to do business are the main challenges in the property management sector today and how the right property management system helps in addressing these challenges and turning them to viable opportunities.
Efficiency is Key
Most real estate businesses that Kelly has worked with suffered from massive inefficiency, with significant staffing costs that are often due to poor logistics, poor adoption of technology and inadequate training and management of teams.
“The volume of ‘rework’ that I uncover in many small businesses is frightening, but also exciting for those who are prepared to change, as this means plenty of scope for uplift in the business performance” says Kelly.
A reliable systems provider that focuses on innovation and with the client's convenience in mind should be able to address inefficiencies in the business. A cloud based property management software, for example, solves problems in logistics for those working outside the office and its ability to connect with other tools and apps also opens up possibilities for future innovations at less cost.
Adapting to Change Confidently
According to Kelly, many in the business also experience great confusion about what to do next to innovate, meet consumer expectations, keep up with peers and stay ahead.
“There’s no secret of the current ‘race to market’ approach from suppliers with newer and innovative technologies; in many cases ‘game changers’ are constantly being released," says Kelly of the digital disruption happening today, most notable in the property management software space.
Kelly added that while these technological innovations opens up a lot of opportunities for those in the industry, agencies should be prepared to act on it quickly yet confidently. “Many in the industry will miss these opportunities because they are not skilled, organised and running efficiently enough to adopt them. Others will miss them because they are not prepared to make a decision or make the changes that are necessary for adoption of new ways and some still believe that the current disruption is a lot of hype and that the industry will still essentially be the same in five years.”
The Real Challenge: Don’t Stop at Quick Fixes
Most people will know when they are struggling, and it’s usually defined by pain points such as financial challenges, team challenges or client challenges.
The real challenge, however, is finding out why this pain point has appeared and then how to fix it and prevent it.
“There are many people who can offer band aid approaches and a quick fix is certainly a feel-good moment,” says Kelly. But businesses shouldn’t just stop at quick fixes. “Take the time, get the assistance you need and really get to know your business – where the waste is, what the real capacity is and how to emerge from ‘struggling’ forever.”
By recognising the challenges and opportunities in property management, agencies will be able to prepare themselves with the right tools to help them in the disruption. It also worth noting that a systems partner that leads and supports change can help them succeed and keep up in an industry that's rapidly changing.