TIME FOR CHANGE: LPMA TOP TAKE­AWAYS

To suc­ceed in prop­erty man­age­ment, agency prin­ci­pals, prop­erty man­agers and BDMs must build a bul­let­proof cul­ture which will keep pace with on­go­ing changes in the in­dus­try. That was a key mes­sage at the Lead­ing Prop­erty Man­agers of Aus­tralia (LPMA) 2016 c

Elite Property Manager - - Contents - OVER TO YOU: Were you at LPMA 2016? What were the stand-out mo­ments and key take­aways for you? Leave us a com­ment at me­dia@rent.com.au or on Twit­ter @Rent­co­mau #epm #lpma.

In ad­di­tion to a pa­rade of shiny new prod­uct of­fer­ings from more than 25 part­ners, the event cen­tred on the im­pact that busi­ness ‘dis­rup­tors’ could have on the in­dus­try. The bot­tom line at this year’s event: know your points of dif­fer­ence, and ex­hibit trust and con­fi­dence in your agency to win new busi­ness.

In case you missed it, Rent.com.au looks at the top five take­aways from this year’s con­fer­ence on the Gold Coast.

ALL DIS­RUP­TION IS IN­NO­VA­TIVE, BUT NOT ALL IN­NO­VA­TION IS DIS­RUP­TIVE

In the busi­ness world, change has be­come a con­stant. For real es­tate busi­ness own­ers, guess­ing the next big thing is the key to get­ting that im­por­tant leg-up in the mar­ket.

John Runko talked about the chang­ing face of the prop­erty man­age­ment in­dus­try and con­cerns about be­ing dis­in­ter­me­di­ated. Runko said un­der­stand­ing the dif­fer­ence be­tween dis­rup­tion and in­no­va­tion was key: dis­rup­tion cre­ates a new mar­ket, dis­plac­ing the es­tab­lished leader in the cur­rent mar­ket­place. Tech­nol­ogy is not a

dis­rup­tor – it is a lev­eller. The dif­fer­ence re­mains in how you lever­age it. The ques­tion is not ‘should you in­no­vate?’ but ‘how will you in­no­vate?’

BE OVER THE TOP WITH EFFULGENCE AND JOY

First im­pres­sions count. In his key­note speech, Colin Pearce told del­e­gates to re­mem­ber their AS­SETS: Ap­pear­ance, Smile, Sound happy to help, En­thu­si­asm, Thank you and hav­ing a Ser­vant heart. Pearce had plenty of ad­vice to share about growth and lead­er­ship, but it was his ideas about re­main­ing hum­ble and be­ing a ‘ser­vant leader’ that res­onated with us.

In this in­dus­try, the key to busi­ness at­trac­tion and re­ten­tion is to re­move the fo­cus from you and put your clients first; it makes peo­ple feel bet­ter in­stantly. “Just switch it around and be won­der­ful,” he said. Your as­sets are the last im­pres­sion you leave be­hind.

KNOW YOUR POINT OF DIF­FER­ENCE

The per­son who meets the client’s need is the one who gains their trust and con­fi­dence, and walks away with the busi­ness. Dar­ren Hunter re­minded del­e­gates that their prop­erty man­age­ment fee is only an is­sue in the ab­sence of value. “If your client can’t see your dif­fer­ence, you’re on the back foot and be­come a fee dis­count mag­net,” he said.

Pro­tect and stand by your point of dif­fer­ence; it takes a lot for your com­peti­tors to take that away. If you have too many points of dif­fer­ence, they’ll be missed. Fo­cus them onto the three hot but­tons: get­ting the best rent, the best tenant and in the quick­est pos­si­ble time, be­cause you’re af­ter qual­ity, prof­itable prop­erty man­age­ment.

CRE­ATE RE­MARK­ABLE CLIENT EX­PE­RI­ENCES

An­other idea floated at LPMA was the im­por­tance of dif­fer­en­ti­a­tion in the mar­ket. John Runko said busi­nesses of the fu­ture would let the clients do busi­ness on their own terms. Is your team em­pow­ered to make client ex­pe­ri­ence a great thing? How can you do things bet­ter?

“It will only be a mat­ter of time be­fore own­ers can video-in to do walk­through in­spec­tions. It’s a mat­ter of con­sid­er­ing how we do things to get the re­sult we want,” he said. Tech­nol­ogy will be key to re­lat­ing to the cus­tomer in the fu­ture.

MAN­AGE EMO­TIONS – BE­ING A TENANT IS STRESS­FUL

Mov­ing house is one of the five most stress­ful things you can do in life. Re­mem­ber that real es­tate is not about prop­erty; it’s about peo­ple. An in­creased over­sup­ply of prop­erty means ten­ants are even more im­por­tant to­day, said Jodi Ford.

The key is let­ting your ten­ants know ev­ery­thing. Think about how you talk to your ten­ants when you’re busy; this is a con­scious de­ci­sion and de­ter­mines whether or not you will be ex­cep­tional and suc­cess­ful. Show your ap­pre­ci­a­tion for your ten­ants’ oc­cu­pancy. Build­ing re­la­tion­ships shows that you value their stay, sav­ing you time and money in hav­ing to relist a va­cant prop­erty.

LPMA 2016 speak­ers re­minded us that ev­ery in­ter­ac­tion with our team, our ten­ants and our own­ers is a po­ten­tial busi­ness op­por­tu­nity. Treat it that way and you might just be sur­prised.

TECH­NOL­OGY IS NOT A DIS­RUP­TOR – IT IS A LEV­ELLER. THE DIF­FER­ENCE RE­MAINS IN HOW YOU LEVER­AGE IT.

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