| 8.30am, arrive at work (although you could check in | | | | The biggest, most profitable companies in the world |
| from your mobile if you wanted). Relax - make | | | | are among the most aggressive outsourcers, for |
| yourself a nice cuppa - there is no need to rush into | | | | example, GE outsource approximately 70% of their |
| downloading rental payments or receipts notices; | | | | entire operation. Whether it's some form of |
| someone has already done that for you. Review your | | | | manufacturing or back office type tasks all the big |
| electronic to-do list for the day (you have an | | | | companies use the experts and outside knowledge |
| environmentally friendly paperless office policy), which | | | | where they are able to and focus on their core |
| has been professionally prepared for you by your | | | | competencies. |
| "virtual" assistant. Speak to owners and tenants with | | | | There are many back office type tasks that can be |
| great confidence using up to the minute information | | | | outsourced in property management including collecting |
| regarding their property. Your focus is completely on | | | | rent payments, receipting rent payments, bank |
| growing a business in which you probably have an | | | | reconciliations, trust account auditing and the list goes |
| equity stake. Even if it's end of month, you can still go | | | | on. With an outside "expert" performing these tasks, |
| out for lunch, your statements have already been | | | | property managers re-direct their energy towards the |
| printed and posted and your trust account has already | | | | personal relationships which are key to growing the |
| been reconciled. | | | | business. |
| Welcome to the property management office of the | | | | There are enormous benefits that can be had through |
| future! | | | | strategic sourcing, and companies that do not achieve |
| Would you like to work in or own this office? The | | | | these savings in the future will be at a disadvantage to |
| property management office of the future sounds | | | | those that do. However, to achieve these efficiencies, |
| amazing doesn't it? Customer focussed, technologically | | | | you need to resist the urge to own and hold onto |
| savvy, environmentally friendly, flexible and highly | | | | everything. Explore new business models where |
| profitable. This is not so much the distant future though, | | | | money can be made or saved. The goal is to create a |
| this is the way that the agencies with large rent rolls | | | | better overall experience for customers by having |
| are headed (if they are not already there) right now. If | | | | best of breed front and back office. |
| you are serious about achieving your property | | | | Out of the information age and into the era of personal |
| management goals and are willing to make some | | | | relationships |
| changes then it could be your business too. | | | | Thanks to technology, we will also probably get to a |
| You need to think differently! | | | | point where there is total transparency of data |
| The property management office of the future has | | | | between all stakeholders. We will all have access to |
| learned to think differently. If you goal is growth (and | | | | the same information, likely even from the same |
| according to Macquarie Banks last survey for more | | | | database. |
| than 88% of you it is) you need an honest | | | | In Property Management, you not only need to be |
| assessment of where your business is at right now. | | | | accountable to your tenants, and landlords, but also to |
| Using your current systems and processes, are you | | | | the government and regulatory bodies. The speed at |
| able to scale easily? Or are you still manually | | | | which information moves today (known as "word of |
| performing a multitude of tasks that will only create | | | | mouse") can lead to very positive or negative |
| more work with the additional clients you take on? | | | | experiences in relation to your brand. |
| Whilst you are worrying about keeping your | | | | Ultimately the primary area of differentiation will be the |
| back-office best practice your competitors are | | | | quality of personal relationships that you maintain with |
| probably out there out their focussing on growing their | | | | your customers. The property management office of |
| business. | | | | the future needs to be customer service driven and |
| Property Management Software and Technology will | | | | provide amazing personal service to their clients. |
| play a major part. | | | | To gain competitive advantage, Property Managers will |
| Technology, to a large degree, can automate the | | | | need to sell their skills to the client and clearly |
| complex processes associated with property | | | | demonstrate a value add approach to their customers. |
| management and this ensures you appear competent | | | | Attracting the best people |
| to your customers. The property management | | | | The property management office of the future |
| software that you choose will dictate the types of | | | | attracts the best people who want to drive the |
| services that you can offer to your clients and if you | | | | business forward. They are incentivised to achieve |
| choose right, you can differentiate yourself from your | | | | business related goals and are easily measured upon |
| competition easily. | | | | these through the technology deployed in the office. |
| These days we are all pretty impatient and again, | | | | They are motivated by companies that are at the |
| advances in technology are to blame. Take Internet | | | | forefront of their profession and are not just people |
| banking as an example. Nobody wants to stand in a | | | | that want a "leg-up" into sales. |
| bank queue to deposit or withdraw money or look at a | | | | Also bear in mind that true talent wants to be |
| statement if it can be done up to the minute, online, | | | | personally connected to the companies they work for |
| anywhere, anytime. | | | | and the people they work with. They are interested in |
| In the property management office of the future, | | | | both personal recognition and financial rewards. I have |
| technology will play a major part in the services able to | | | | heard of some property managers being offered an |
| be offered to clients. For example - if you can get | | | | equity stake in the business and there is no better way |
| your bank statements on line, why shouldn't owners be | | | | to feel personally connected to the company that you |
| able to check their property statements online or even | | | | work for. |
| get an up to the minute snapshot of their entire | | | | In Conclusion |
| portfolio? | | | | The property management office of the future is really |
| Property management systems of the future will be | | | | not that far away, in some cases its already here. If |
| workflow based. A good workflow system will have | | | | your vision is growth, be prepared to let go of what |
| mapped out what needs to be done that day in order | | | | does not support your ability to move towards your |
| of priority - hence my comment earlier about a "virtual" | | | | ultimate goal. Look for new and different business |
| assistant mapping out your to do list for the day and | | | | models where you can achieve revenue growth or |
| making sure it gets done. This will include things like | | | | cost savings through strategic sourcing. Use the |
| proactively minimising vacancies, better scheduling of | | | | technology available to you to your advantage. Find a |
| tradespeople and creating other value-adds for | | | | property management software provider that can |
| owners. | | | | support your goals. And then look forward to going out |
| Start thinking strategic sourcing | | | | for lunch! |