The concept of collaboration is not new, but we find that it’s regularly overlooked by industries looking to enhance an existing business model.
The truth is that collaboration is essential for success – within real estate, property management and beyond.
Here are five reasons why collaboration is essential within the property management space.
LESS REACTIVE MORE PROACTIVE
Considering the mounting pressure being placed upon the property management industry to increase the value they’re able to offer clients, coupled with downward pressure on fees, it’s important to make the move from a task-based, reactive model towards a more proactive, relationship-centric and collaborative one.
At the risk of sounding like a broken record, in order to build wealth for clients, property managers need to become more than just task-doers – by offering intelligent and innovative expertise.
Our clients may be wondering exactly what it is that they’re paying for and it’s clear there is an increasing expectation being placed on property managers to bring an increased knowledge set, more holistic value, and a higher level skill-set to the table.
INTEGRITY FOR THE INDUSTRY
At the heart of it, openly sharing your ideas, failures and successes with others in the industry shows trust, dedication and an overarching commitment to bettering the industry.
I’ll say it again: In order to uphold the value, integrity and future of the industry, collaboration between property management professionals is not only desirable, it is essential.
COLLABORATION = QUICKER WINS
Integrity and value aside, collaboration actually just makes good business sense. It directly produces more efficient outputs, because it reduces the amount of time spent testing and evaluating something that has already been tested and had an outcome.
Industry-wide, we need to acknowledge that we don’t need to reinvent the wheel each time we look to implement business improvements. If we can learn from others who have tried, failed, and succeeded, there’s little value in engaging in the same process to achieve the same results.
Across the board, we can achieve more by working smarter together, not harder alone.
A TWO-WAY STREET
It’s common for people to fear imparting their ideas and wisdom into a collaborative forum, as they consider it to be a significant output for minimal return; plus, why on earth would you share ideas and knowledge with your competitor?
By its very definition, collaboration is a two-way street, so despite potential reservations about sharing your experiences and ideas, it’s important to remember that within that very same framework, you’re able to access the ideas, experiences and wisdom of others, which you can then implement into your business to help improve the industry as a whole.
A simple reframing of the concept, to something that celebrates and elevates the importance of sharing ideas, can help build a consensus around, and commitment to, the idea of collaboration.
A BETTER INDUSTRY IS BETTER FOR EVERYONE
As obvious as it may sound, it’s important to remember that everyone benefits from improvements within the industry.
The better we are as an industry at delivering on-point client and employee experiences, the better off we are as a whole at future-proofing the industry, maintaining fee integrity, and adding value for our clients – which ultimately makes the role of a property manager far more enjoyable and rewarding.
