Running an efficient property management division has never been more important. The expectations of the client are ever increasing, with latest releases showing that 60% of clients expect under 1 hour response time on their emails, and nearly instant replies to calls. This is almost untenable in the majority of traditionally run property management businesses unless we start to shift our thinking on the way we run our businesses, we may not have businesses to run in five or ten years from now.
The growing momentum in ‘outsourcing’ and the benefits it can open up to your businesses are now starting to become common knowledge. This is just the beginning of a series of changes that will revolutionise our industry. The less understood concept is that of the required re-engineering to the team onshore in order to capitalise properly on a global team. Gone are the days that the simple solution involves adding a seat globally and removing one here. The emphasis now, is on a gradual process of change management, incremental change designed to move the business toward future digitisation. When the change is implemented this way, the global team are each experts in their roles, as are your team onshore. resulting in far bigger improvements to your business than just a cut to your wages and salaries.
The profits achievable in a well-run property management division utilising the best technology in the market and a global team for process efficiency should be well over 30%, some are achieving far higher than that with our help. It really is time to start looking at your business as its own corporate entity, rather than a sideline to the sales business. Property Management is no longer an asset to build and sell at retirement. If well run, it can provide solid returns year on year, an ecosystem for future sales, and an asset for sale down the track.