1 PINNACLE OF SUCCESS
To reach the pinnacle of success, you must be prepared for the climb. Start by getting a ‘prognosis’ done on your property management business to assess its current state and determine how you can improve its overall health.
Next, you must map your course – identify where you want your business to go in the next three to five years. This helps determine additional training you and your team must undertake to fill knowledge and skill gaps.
Mentors should also accompany you on your journey. These are the ones who keep you motivated and moving despite the challenges. Reaching the pinnacle of success in your property management business is about preparation, perseverance and persistence.
2 INTERNET OF THINGS
The Internet of Things (IoT) will change the way we work in property management, and the industry should see this as an opportunity.
IoT will enable anything in a property to be monitored, controlled and monetised.
As a result, it provides new ways for property managers to enhance revenue yields from their clients’ investment properties.
IoT will also improve the landlord’s experience, reduce customer service requests, cut capital expenditure, enhance investment property revenue and give tenants a lifestyle unencumbered by maintenance issues. This technological advancement should be embraced by principals and property managers if they want to remain relevant and viable in this changing economy.
3 AI AND CHATBOTS
Artificial Intelligence (AI) and chatbots could soon help property managers be more productive and principals more profitable. These messaging capabilities could replace tasks such as customer service response, lease renewals, maintenance procedures, work orders, revenue protection, collections and administration, insurance claim preparation and advertising. If these tasks were done by a robotic agent, the cost of providing these services to landlords and tenants would be near zero marginal cost, with scale.
As such, these technologies are an opportunity for principals to take their property management business to the next level. Alongside property managers, AI and chatbots could help improve the service experience, deal with more clients, improve yields, provide more services and create more types of property revenue.
4 MAXIMISING LEADERSHIP
If industry leaders define their expectations for success, they can overcome any obstacles and turn challenges into opportunities. Knowing what you want your property management business to achieve, including growth, profit and team, allows you to focus on accomplishing it.
Business consultant Steve Rodgers demonstrated this in his ‘Lead to Gold’ formula for maximising leadership and success. The three-step formula begins with Transition – committing to change, Transform – designing and implementing systems allowing change to happen, and finally Evolve – achieving your desired changes.
5 MOVING MOUNTAINS
The greatest challenge for principals aiming to move mountains in their property management business is overcoming the unexpected landslides a growing business naturally creates. To overcome these challenges, principals must slow down to speed up. This means designing a plan for growth and making sure you execute it fully.
Since change is a process, you should set expectations with your team about the steps, time and energy involved. This helps determine where you currently are in the process, and which steps you need to take next. Slowly but surely, this process will move mountains in your property management business.
This year’s ALPPPS inspired industry leaders to accomplish spectacular results using peak leadership, business and technology strategies and tools. Make this the year you #movemountains in your property management business or career.