A Watershed Moment for Property Management | Flussos

A Watershed Moment for Property Management

by | Dec 18, 2020 | Guest Experts | 0 comments

“The ordinary way of doing business is not the best way” – Henry Ford

Extraordinary events beg for extraordinary responses.  After this year, I believe the phrase, “Hindsight is 2020,” will have concrete significance in our memories for the rest of our lives.

How will we remember it?  As a year of loss?  A year of innovation?  The end of something? The beginning of something new?

For property management, this year can be an opportunity for the end of business as usual and the beginning of new standards and new heights.

Hindsight is where you can find lessons learned and inspiration for the future.

The US Great Depression offers us lessons on how to think and thrive during economic turmoil.  While many businesses collapsed, the stage was set for forward-thinkers to shift entire industries.

Let’s briefly explore industry visionaries Richard Deupree of Proctor and Gamble, Alfred Sloan of General Motors, and Olive Ann Beech of Beech Aircraft and see what principles they used to make their companies flourish in famine.

 

You will find 3 valuable principles you can use today.

Deupree defied P&G shareholder wishes in 1933.  In the midst of depression, instead of being conservative, he concentrated vast amounts of money in radio advertising.   He knew that household products were still necessary, but he did not spend on product advertising.  He instead created programming that did not focus on the product, but was entertaining for the many stuck at home.

These programs were so popular that they created a new social term, “soap opera,” and launched the radio industry to new heights.  Daytime radio and P&G continued to rise through the Depression and remained titans afterward.

Principle 1:  Spending on advertising, and doubling down during a crisis, is a worthy investment.

Studies show that property managers have increased their broadcast messaging to tenants out of necessity to communicate government and building policy changes for controlling the viral spread.

This is a reaction to the pandemic, but it should be standard procedure to engage clients and the market with useful information.

Our second example, Alfred Sloan, likewise relentlessly engaged the public through radio and print and uncovered demand for variety in car models at a time when Ford was leading with their one-dimensional car body and low pricing.

Sloan aggressively shifted General Motors’ organizational structure to create divisions focused on innovating and producing a “car for every purse.”  He sold technical improvements and established yearly car models as a differentiator.  It worked, and positioned GM to gain on Ford’s market share and grow during the Depression.

 

Principle 2: Set a structure that empowers employees to look for innovation and rewards innovation.

During this time of uncertainty, property management is actually a stable business.  The recent US-based Market Research Insight study shows that move-in rates are currently outpacing move-out rates.  Even with distressing unemployment numbers and winter coming, US tenants are still paying rent at rates above 90% per The National Multifamily Housing Council.

Simply put, having a stable place to stay is a priority for people, and PM companies that make it standard practice to focus on improving the quality of their service are in position to grow their reputation and footprint.  This requires a team dedicated to that.  Speaking of…

In our third anecdote, Olive Ann Beech and her husband Walter saw opportunity in the skies.  During the worst dip of the Depression, they invested in a team of skilled welders, woodworkers, and pilots to construct and test a new aircraft that would shatter performance norms.

Their company grew from 10 employees to 10,000 and produced aircraft that would eventually lead them to be the premier aerospace company in the 20th century.

 

Principle 3:  Have a vision and invest in the right team to produce it.

It is tempting to assume that the right software is a priority over the right team.  Without question, the property management industry was better prepared than most for contactless business.  Software has been utilized for years prior in the form of digital keys, online applications, and online rent collections.  Tenant usage of these technologies has only increased.

Virtual assistants, too, have been helping reduce administrative costs for managers years in advance of the current remote work environment.  The trap, though, is when your technology becomes the foundation of the business, rather than business principles driving the direction of the technology.

It’s tempting to think luck was a major factor in these Depression success stories, but these were not wild attempts at innovation.  Their success was a result of calculated decision-making, market engagement, and a consistent vision for the entire team.

The key to thriving like the entrepreneurial pioneers of those times is performing a prognosis on your business.

 

PM Owners need to focus on these questions for growth beyond 2020:

What is our company vision?

Are we investing in the vision?

Does the team know the vision?

What are our service expectations?

Are we consistent in meeting or exceeding these expectations?

Is everyone in the company clear on their role?

Typically, companies are reactionary to the times and stressing their employees with tasks outside of their job roles.  You, instead, need to be deliberate today so tomorrow is an opportunity for you and your team to grow.

The market will do what it always has—rebound and dip.  Tenants and property owners depend on you to be the rock in unsteady times.

 

It all depends on how you set your standards.

Your standard defines your expectation, and you need operations that produce that expectation regardless of the prevailing winds.

Jo-Anne Oliveri, founder of PM consulting firm ireviloution, saw that managers frequently did not have sustainable systems in place and there was a revolving door of clients and staff.

To support them, she distilled years of direct PM knowledge into standardized workflows that have helped companies shift their culture and turn staff from doing what they feel is right in their own eyes into a cohesive team delivering consistent, quality service.

 
These workflows are not like grocery store checklists.  These are guided paths for the most common Tenant and Client-management tasks.  Setting clear expectations and responsibility.

If you work with virtual assistants overseas, this kind of clear direction eliminates wasted communication and rework.

In 2021, all of ireviloution’s flows will be made available in a new digital platform called Flussos.

Flussos is for companies the size of one person or firms with multiple team members in different locations

 
When Flussos is released, you can expect to see:
  • More than 20 Field-tested workflows that are pre-engineered for Property Managers only.  Programs like Monday or Asana make you create your own workflows.  These flows come pre-loaded and are already built for production efficiency.
  • Enough wasted time eliminated where you can stop doing non-dollar productive work and focus on your company vision for the years to come.
  • A simple view of day-to-day staff productivity and business performance metrics.
  • Employees empowered to lead their work due to the clarity of their responsibilities.

You do not have to wait to see what a workflow looks like.  Visit Flussos.com and grab a ready-made Workflow today.

Sign up for updates on the platform’s launch.  Jo-Anne is also making herself available for a free half-hour consulting call that would normally cost a firm $750.

Remember, businesses are only as strong as the mindsets inhabiting them.  Flussos is geared to change your mindset.

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    Guest Experts

    CIPS, TRC, Founder and Managing Director of property management business solutions company ireviloution is an international real estate identity who has coached, mentored and trained over a thousand of property management teams and business to success and thousands of individual property management business owners and property managers worldwide.

     
    Jo-Anne Oliveri

    A co-founder of LockedOn – a powerful, easy-to-use real estate CRM platform that makes listing and selling simple. With over 15 years in software development experience in the real estate industry, Iain has helped create software solutions that have enabled thousands of agents create lasting relationships with their customers.

     
    Iain French

    He is the Founder of the hugely successful Offer Management Platform, Market Buy, and a career real estate agent spanning 22 years. He has worked in all facets of real estate and has won many awards over the years for Innovation, Sales volume, and office performance. Dave is dedicated to improving the real estate industry and providing agents with the tools they need to survive and thrive in an ever-evolving business environment.

     
    Dave Stewart

    She is the founder of Rent Roll Starter and specialises in helping independent real estate agents to start and build their own Rent Rolls, using affordable (and sometimes free) marketing and growth strategies.

     
    Ellen Bathgate

    He is the Co-Founder and CEO of the Melbourne-based proptech start-up Rental Heroes. He is passionate about applying innovative digital solutions to help people connect better. Like many Australians, Ben and his co-founder Dom, have been both tenants and landlords. They founded Rental Heroes because they saw an opportunity to speed up issue resolution and automatically handle common tenant requests 24/7 (everything from a broken dishwasher a to pet requests!). Rental Heroes have launched their AI-chatbot “Alex” - who helps property managers by liaising directly with tenants to handle everyday requests and issues.

     
    Ben Burton

    With more than 15 years experience as a professional real estate photographer, Brad has a deep understanding of what it takes to showcase a home in its best light. After photographing homes all day and editing them all night, Brad decided to create BoxBrownie.com, which has become the ultimate photo editing portal for everyone from professional photographers, real estate agents, to property managers.

     
    Brad Filliponi

    With extensive digital experience spanning over 30 years, He is a full-service mobile marketing business specialist and chatbot ninja. Mike helps empower small business owners and real estate agents to achieve marketing success on Facebook by generating leads through conversation.

    Mike has built the marketing platform and designed the Facebook strategy using old school systems so that Real Estate Agency owners can build the most effective marketing lists as well as own the data from advertising and marketing. Following Mike’s vendor paid 12-point strategy over 12 weeks will build a list of over 1,000 prospects segmented into Buyers and Sellers that teaches Facebook who should see your ads in the future.

     
    Mike Hillsdon

    Sarah has emerged as a highly sought after speaker and panelist on the intersection of artificial intelligence and human systems in real estate. Sarah is passionate about helping agents and organisations to understand this new technology, simply, so they can make confident and informed decisions about how to adapt to a future of work where human and digital resources collaborate.

     
    Sarah Bell

    Joel is the founder of Property TV and has worked with some of the most innovative companies in Australia, USA and Europe. He is the former CEO of Californian PropTech entity Transmit Data and former CIO for a Silicon Valley technology incubator, Joel has been at the forefront of property marketing and technology for the past 15 years. Joel is also the former CIO of the Australian Property Institute and former Head of Technology for real estate franchise group, Raine & Horne.

     
    Joel Leslie

    He is a mental skills & mindset coach, and founder of  Jet Xavier Consulting Agency. Jet Xavier has conducted over 4000 elite human performance coaching and training sessions with various real estate agents and major agencies across Australia and overseasHe is a pioneer in the Real Estate industry as his training and coaching techniques bring the latest neuroscience, positive psychology, and elite human performance models to agents and principals helping them to create success at every level.

     

    Jet Xavier

    He is the founder & CEO of Properti.ai. Craig has spent the last 25 years at the forefront of technology, marketing, and business building in Australia and around the world. He has built and sold 2 technology companies to NYSE listed US companies.
    Having worked with Google, Amazon, Telstra as a technology provider to some of the largest Industry brands including REA, Corelogic, LJ Hooker, REIQ, and many others in the Real Estate industry.
    What separates him from most is a rare mix of technology innovation that can be applied to business growth and marketing strategies.

     

    Craig Deveson

    He is a dynamic and seasoned leader and expert in the world of both technology and property. For over 20 years, Josh has been using his expertise in strategy, product, technology, and marketing to make significant notable transformations in Fintech, PropTech, and the interplay of technology and humans. Josh now leads PropTech start-up company Little Hinges, a world leader in digitising space.

     

    Josh Callaghan

    He enjoys using construction principles to help businesses grow. He studied Civil Engineering and worked in construction for over a decade. Jarren founded Harvey PM Services to help business owners discover their foundations and turn their blueprints into reality. He is currently working with partners in Australia to shake up the property management world.

     

    Jarren Harvey
    Flussos

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