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
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.