How many property management models are out there today? It’s an interesting question because most people in PM only think in terms of one model – the traditional, full-service approach to managing properties for clients. But there are more options on the table for our customers now, with the vast array of technology available and new ways of providing services that clients can actually do – at least partly – for themselves.
This episode features Fiona Blayney of Real+ – a highly successful recruitment, consultancy, coaching, and training business for the real estate industry. She’s also an integral part of the organisation and planning of ARPM – one of the best training and networking events in the industry.
This episode is with thanks to connectnow.
To find out more about how connectnow can make moving easier for your clients by sorting their home moving needs email [email protected] or visit connectnow.com.au.
Outline of This Episode
- [2:41] Most ideas our industry needs are at work in other industries already
- [4:01] Why we should be building our business for the customer of 2025
- [5:42] 4 different property management models to consider
- [12:21] We’ve all been competing on the wrong themes as Property Managers
- [18:46] What to expect from ARPM this year
- [23:34] The Leadership Diaries
- [38:50] Change is always happening, calm your mind so you can succeed
Which of the 4 Property Management models will you follow?
Those of us working actively in the PM industry are used to the traditional, full-service model. But things are changing – in fact, things have already changed. The models we discuss in this episode are already in play and every PM company needs to determine what type of business they are. This recognition could not only change the way you serve your customers but could also increase and diversify your revenue streams.
#1 – The traditional real estate model
We all know what this one is about. It’s handling everything from finding and placing tenants to managing repairs and collecting rent. This will remain an option for clients in the future.
#2 – Franchise-style, boutique, micro property management
Imagine a freelance sort of property manager, sitting at her kitchen table, using a property management company’s name, a piece of software, and their industry knowledge to manage properties in a geographic area. If you can picture it, you’ve got a good idea of what this model can look like.
#3 – The landlord self-serve model
This property management model is one where the tech is provided to an individual landlord so that THEY can more effectively manage their own properties. It’s essentially a “software as a service” model (SaaS), applied to the Property Management industry.
#4 – Online offering with fee-for-service roles
This is very much a hybrid property management model, offering DIY type elements but also individual services (repairs, for example) that can be contracted out for a fee on an as-needed basis.
Listen as Fiona dives deep into each of these, explains why they are important to understand, and why offering them through your PM company can expand your income streams and improve your customer experience.
Disruption is a ‘yesterday’ term – consumers now have serious choices
For some years now we’ve heard the word “disruption” used in an effort to explain how the property management industry is changing. Fiona says the word is beyond any meaningful use these days because the disruption has already happened. In today’s PM industry consumers have a wide variety of choices of how they can have their properties managed. The four property management models mentioned by her in this episode may just be the tip of the iceberg.
Do you offer your clients the wide array of choices now possible? If not, can you see how you are limiting both the choices you can offer customers and the opportunities for diversifying the revenue streams of your firm? Listen to this episode to hear Fiona’s advice about how to implement the right changes into your business.
The speed of change can’t be stopped, but it doesn’t have to overwhelm you
The four property management models outlined in this episode are an example of how technology is driving a rapid pace of change. Many of us have the urge to try to stop the change or slow it down. But Fiona points out how impossible that desire is and suggests that what we should do instead is to put our focus on calming our minds as we experience the change. This could mean regulating social media input more diligently, making space for contemplation and thinking, and more. Fiona’s experience in the industry as well as her current place in life, provide a wealth of insight on these issues, so be sure you listen to hear what she’s learning.
Resources & People Mentioned
- ARPM 2019 Bookings: arpmconference.com.au
- Yabonza Property Management
- “Leadership Diaries” episode with JoAnna Ferrari
- BOOK: Multipliers by Liz Wiseman