Article by Jo-Anne Oliveri, ireviloution intelligence
Your property management team cannot manage their workload, tasks are piling up, tenants are unhappy with your service and owners are threatening to take their business elsewhere.
Does this sound like your property management business?
Unfortunately, this is the current situation for many property management businesses. What’s the solution? Many property management businesses are outsourcing tasks like inspections, maintenance, prospecting and trust accounting. Their goal is to cut costs, free up their team’s workload and deliver more efficient service to owners and tenants.
But is this really the best way to manage your business?
In the short term, perhaps. You may save some money, your team may have more time to focus on other tasks and your clients may be momentarily happy with your service. But, be warned, this is not a long-term solution to managing your business because you are dealing with the symptoms instead of the problem.
There is, in fact, a better way to gain what you are hoping to gain from outsourcing! Instead of focusing on the symptoms, how about dealing with the problem?
The problem is your current processes. The solution, therefore, is clear (though not so easy): implementing better processes. Implementing better processes is a long-term solution that not only adds value to your business, but completely negates the need to outsource.
Better processes allow you to proactively manage every area of your business, including your operations, team, service, clients and bottom line. This solution puts you in 100% control of your business, which is what I think most principals would rather have.
The first step is to look at your business’ current processes. Where are the weaknesses? Which tasks are not being carried out efficiently? What services are your tenants and owners unhappy with?
Work out where improvements must be made and how to systematise, streamline and simplify operations to achieve the level of service you want to deliver. Then, out with the old and in with the new! Put your new processes in place and start training your team. It’s important your team understands how to consistently manage your business’ processes in order to deliver a consistent level of customer service.
The next step is educating your owners. You want your owners to understand how your services maximise returns on their properties. To do this, educate them on your business’ policies and tasks so they understand their responsibilities and see the value in your services.
Ultimately, this builds trust between you and your owners. The result? If your owners trust you, then they will also trust your recommendations. That means all tasks, like maintenance, are understood and can be carried out seamlessly and consistently. It’s better for you and your property managers to build these mutually beneficial relations than a third party that doesn’t represent your business.
Outsourcing is a short-term fix to address the symptoms. But if you want to seize the opportunity and deal with the problem, then implementing better processes and educating your clients is the way to go. It’s the long-term solution you need to keep you, your team, your owners and your bottom line happy.
Jo-Anne Oliveri (CIPS, TRC) ireviloution intelligence Managing Director
After 20 years real estate experience, Jo-Anne established ireviloution intelligence to lead positive change in the industry. ireviloution provides property management systems (training + resources + processes), consulting, mentoring, workshops, due diligence, prognosis, business plan and rent roll transfer and transition services to principals and their property management teams. This innovative service offers a world-first – online training that measures competency, monitors progress and teaches systems which streamline and simplify all property management processes. Power your property management business with ireviloution intelligence or join the ireviloution intelligence International Property Management Academy. For more information email firstname.lastname@example.org or visit ireviloution.com.