The property management industry is changing in all sorts of ways. So we asked Ray White’s Emily Sim to join us in the latest episode of Rockend Rockstars to discuss how technology is shaping and changing the property management industry.
Emily has been in property management for a long time, so for her to say that we’re at the “pointy end” now has to mean a lot. She says it’s not a one size fits all model anymore. Agents and firms need to evolve and be dedicated. They need to pick a strategy that works for them.
The biggest challenge in the industry right now is delivering on client promises. If you peel back all of the layers to most client agreements, then you’ll see that services like maintenance, repairs, inspections, and managing tenancies can no longer be done manually. But the industry has been doing these manually for the longest time, so that’s one of the things that a heightened focus on technology will change.
Emily says that we need to be in a position where we can start to deliver property services paid by automation. We are starting to see this automation more and more with the latest release to Rockend’s cloud-based property management software, Property Tree.
The best thing one can do for their landlord clients is to look after your property managers. This can be in the form of making sure that leadership is clear, a welcoming culture, and good staff retention. Property managers don’t stay in a business where they’re not getting leadership and good opportunities. When they leave, landlords are likely to follow, because after all, they build relationships and rapport with property managers first and your business second.
Based on the data that Emily and her team analyzed, happy property managers breed happy landlords, who in turn, refer clients. They become advocates for the business.
As for fees, they’re a balancing act for many property managers. Do you protect fees at the risk of annoying your customers or should you ignore fees to build relationships? As technology enters the marketplace, different types of fee models come in. Emily discusses these in detail in the interview.
Emily shares that one piece of technology that she can’t be without is an integrated rent payment system. Learn why in the video above.