The World of Property Management

By Fiona Blayney

Relationships are key to success in property management. CEO & Director of the highly successful consultancy, training, people and outsourced services business Real+, Fiona Blayney shares her tips for to help property management professional upskill in building strong foundations with tenants and landlords, and tips on how to grow your rent portfolio.

Fiona Blayney provided property management professionals with the following key takeaways:

Customers are comparing experiences across multiple industries.

Consumers interact with an inordinate number of service providers on a daily basis. Many of which are literally in the palm of their hand, and with this comes the speed of choice. Experiences across industries are influencing what consumers expect and how they interact with other providers, including property. Understanding the profile of the business, the service offering, the value proposition and the customer expectations is the first step to client retention.

How to implement this trend into your business:

Host a business Think Tank. Ask and answer, these simple yet complex questions to identify the gaps between realized customer expectations.

      1. Who are your clients, now and future?
      2. What do your clients want?
      3. Who are you as a business?
      4. Why did/do your clients choose you?
      5. How / where are you living up to your client’s expectations?

Consumers of traditional and boutique Property Management business models are questioning value as a result of lack of connection.

It is more important than ever to create a quality online and offline relationships with customers. Where the ratio of automated verses manual, online vs offline, personal verses pre-formulated consumer and service provider communication is out of alignment with the customer’s expectation, we are met with disgruntled clients and a lack of perceived value. Consumers who have originally contracted a human service and now find themselves interacting with technology in it’s place are left questioning their relationship with their agency, and the value they are receiving from it. Traditional relationships are not born on automation, they are developed via interaction.

How to implement this trend into your business:

Continue with session two of your Think Tank. Review the relationship status of your clients with your agency. Questions you could include:

      1. What level of engagement do we have with our clients, on a scale of 1- 10?
      2. How often are we interacting with our clients in a meaningful way?
      3. When was the last time we had personalised communication with our client, via email, phone or SMS?
      4. If we asked our clients, would they say we care? How do we make them feel?

Technology can be selected for a business reactively and based on desire, rather than need or benefit.

There is an abundance of technology in our world, and its implementation into businesses is done with business efficiency being the top priority, often at the expense of the consumer. Before embarking on implementing new technology, it is prudent to ensure that the tech provides value to all stakeholders. Business service offering, client expectation, team usage and process adaptation are all factors where incorrect technology selection may have a detrimental effect on your efficiency and profit.

How to implement this trend into your business:

Your next Think Tank project is to add to your customer journey map. Review your map and highlight where technology is being utilised.

Questions you could include:

      1. What technology is being used and where?
      2. Does this technology create efficiency at the cost of the client relationship?

Client acquisition does not happen by chance, it takes a strong, consistent plan with robust execution and accountability for delivery.

Due to natural attrition, the need for new clients exists for businesses seeking to maintain their current position in market, and for those seeking to increase their bottom- and top-line performance. Creating a strong plan for acquisition and execution is vital to business growth.

How to implement this trend into your business:

Growth is a total sum game, involving every member of the team, from the front door to the back. Your growth Think Tank involves identifying opportunities for seeking out new clients. Questions you could include;

    1. What is our natural attrition?
    2. What is our desired growth?
    3. Where do the opportunities exist in and outside of our existing client base?
    4. What activities need to be undertaken consistently?
    5. Who will lead us to growth?

Fiona Blayney

About Fiona Blayney

CEO & Director of the highly successful consultancy, training, people and outsourced services business Real+, Fiona has specialised in estate agency services in Australia, NZ, the U.K and the U.S for 17 years. Gaining a reputation as one of the best business strategy, talent and growth specialists around, she is ever the chameleon. Drawing on her life and the lives of her coaching clients globally she knows the reality of the Property Management world, where it’s going and how to get the most out of it.

A dynamo of the stage across 4 continents, Fiona commands her audience with her ability to translate the most complex of content into everyday stories and anecdotes, with her no holds barred, authentic approach to life, she break thinking to  transform people, businesses and teams.

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