Author Archive

Find Zen this year

One of the more alarming trends we saw at the end of last year was the number of teams who were in overwhelm. Sure, the end of the year brings with it the silly season, but as markets continue to shift and stress levels are rising, pressures are added to the load for many Property Management teams.

It is imperative in this environment to find time to take a step back and survey the landscape in front of you, reset and re-plan how to tackle your day, week and month ahead so that you can maintain control. Find a sort of zen in your day.

It is Property Management and, as in life, there will be elements outside your control. We need to control what we can and accept those things that we cannot.

This month one of our virtual classrooms will explore techniques to minimise those pressure points in both work and personal and remind us of the need to ‘unplug’ once in a while.

So jump on over and register to join us.

See you online!

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Are you clocking the lifetime value of your Customers?

In a world where everything is tracked, from our time of phone calls to spending habits and even the number of daily steps to monitor our fitness levels; there’s a vast collection of information recorded daily that contributes to our digital scores.

Many companies that you interact with, both on a business and personal level, are right now allocating you a score based on your Customer Lifetime Value and are tracking your activity and rewarding you in line with this activity.

If you were to think about the tracking of your customers, are you putting them to the Customer Lifetime Value test? How are your tracking their worth to your business and as such rewarding them for their loyalty?

If we were to look at it on the level of your Property Management customers, think about ways in which we can build their Customer Lifetime Value, to increase our rates of customer retention and keep them coming back into your business as well as referring others to do the same.

Some of the areas that you might like to begin to analyse are around the areas of communication and personalisation. Communication and the right type of communication is the most important tool in building loyalty to your business, now more than ever before. Delivering on your promises and transparency are key is developing trust in your brand as well as serviced tailored to the needs of the customer.

In terms of finding out how you can personalise service to the client, ask. Ask them what they want in a Property Management company, how often they would like to be paid, how they would like to be communicated with and even how they would like to be notified and budgets around repairs and maintenance. Work with them through their investment journey and communicate the importance of this with them to build a partnership that in turn leads to loyalty.

Another area to consider is the exclusivity of being part of your brand. How do they feel when they walk through the doors of your office, whether that be through the physical front doors or through various communication mediums? Do they feel like a valued member of your community or just another number? Is there a reward for their long-term loyalty to your business?

What makes your customers choose you and are there strategies in place to ensure that should they exit, there is a path for re-engagement at some point in the future to build in a long-term strategy for retention.

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Lead to Empower

When leading a team, there can be some challenges along the way as we negotiate through different personalities. Effective communication from key stakeholders within the team is necessary to empower the team in achieving common goals.

Transparency is key in the delivery of messages and enables the team to understand their goals. It also gives all parties the potential to understand the expectations of the business in addition to managing their own expectations. 

 Accountability for individuals can be as simple as adding a daily wrap into their schedule, summarising daily achievements. This can also assist leaders in understanding the playing field and manage any potential challenges.

Remember that we all make mistakes and it is part of the learning journey. Encourage the team to share mistakes and manage them as soon as they happen so that it becomes a collaborative learning experience and an opportunity to weed out potential issues.

Availability and approachability in leaders is imperative in building trust and rapport, especially if they have any concerns that need to be managed. Setting boundaries around availability is however important and standing or walking meetings can help in cutting down meeting times to achieve deadlines and goals.

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What does a successful 2018 look like?

We’re now into the final part of the year – usually a time when we’re trying to tie up loose ends and evaluate how successful our year has been.

At this time, it’s important to remember that success means something different to everyone. While there are those who are kicking amazing goals in their achievements, there are others where basic survival is necessary just to claw to that end of year deadline.

During this last quarter, it is a great opportunity to take a step back, pause and look at your business and where it is currently positioned. Are there still some areas that need to be achieved to ensure that you are on the road to hitting those goals that you planned out in the first quarter of 2018?

When we are looking at your Property Management Department, there are a few key areas that are essential to take a look at when gaining an overview of it’s functionality:

  • Systems – are they up to the challenge to help you achieve your goals and keep your cogs turning effectively? If there are some gaps, are they identifiable and what needs to change to ensure that they are water tight.
  • Technology – Is the current technology in your office working for you or is there something out there that may help to achieve less stress and give you back more time. Keep in mind there are so many options and it is never a one size fits all approach. Find what works best for your team.
  • Training – are your team up to date with their training and understanding of all that is required of their role, compliance and managing your client’s assets.
  • Growth – have you achieved the growth that you aimed to this year? Have there been any road blocks along the way, what were they and do any changes need to be made to get to that goal?
  • Reporting – is there a reporting process in place to measure the KPI’s of your team and ensure that you have your finger on the pulse?

If any of these steps seem a little daunting and you aren’t sure of where to begin, don’t forget that you can contact the team at Real+ to have a talk about options and what is required to get you on track. A little end of year health check may just be the thing to identify any areas for improvement and ensure that you hit the ground running in 2019.

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