The Changing Nature of Property Management
Source:
Chris Mellen, July 25, 2016 www.nreionline.com
It is no cutting-edge revelation that
technology is changing the way we do business. It’s
as true for property management as it is for any other line of real estate
business.
But
property managers face a specific challenge in dealing with that reality in
that the practice of management is traditionally a face-to-face, hands-on
business. How does our growing ability to monitor and respond to issues
remotely sync up with that age-old expectation? The answer is the two are not
mutually exclusive.
Indeed,
property management today is at a juncture at which we split from old
methodologies and preconceived notions to follow a new path of efficiency and
customer service.
First
some facts. As was recorded during an IREM webinar, to best meet today's
customers’ expectations, the smartest service teams are making use of
specially-designed software and apps on smart devices like iPads, smart phones
and many other tools that are coming onto the playing field daily. Doing
so can deliver benefits for managers and occupants alike, including a 45
percent increase in productivity and a 44 percent jump in efficiency.
It’s
simply a function of the modern 24/7 mode of work. We’re communicating all the
time and so doing more through the above-named devices, social media and
emails. But remember, so too are all of our occupants, whether those occupants
are residential or commercial. Technologies are assisting in all parts of our
day, whether it’s remote meeting capabilities, lease renewals, virtual building
tours or online banking.
We all
want service, but we want it done quickly and efficiently. The tools available
to us today make us as property managers more proactive than ever before while
simultaneously making us more responsive to the needs and wants of our
constituents. Everyone gains.
Well,
not everyone. While the cost of technology is generally always coming down,
certain systems, such as remote applications for monitoring building equipment,
can carry hefty price tags. And there are those of the older guard who might
balk at the expense or at the very challenge of doing things other than how
they were done years ago. Their choice is to render themselves irrelevant or to
keep up in order to increase their own profit margins.
And we
must note here the overplayed hype of Milennials and technology. Yes, the
generation that is taking hold of a greater percentage of the workforce is
savvier than all others as to the applications of technology, and indeed, they
do reinforce its need. But, by-and-large, they are not as yet in
decision-making capacities, not at least in business. No, tech is advancing on
its own. We’re all merely adopters.
At
IREM’s Leadership & Legislative Conference in Washington DC earlier this
year, keynote speaker John Santora, of Cushman & Wakefield, made an
important point about relationships. He said that if a manager has to introduce
himself to the building receptionist, she or he is not doing their job.
The
importance of having a face-to-face presence will never go away. But more than
ever, it’s presence with a purpose. We’re in a new day of management where our
frontline constituents—our occupants—recognize and appreciate the efficiency of
our operations as much as our onsite presence. After all, they’ve experienced
the power of tech in every other aspect of their lives. They expect it in their
building operations as well.
The
essentials of good management will never change. The tools available to us
today simply allow us to employ those essentials in a way that makes
sense.
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