Too many property managers offer the same services and focus too much on what their competitors are offering, rather than seeing what else their clients could use, a leading trainer has said.
“I am looking around and seeing that most property management businesses are exactly the same," Fiona Blayney, director of Blayney Potential Plus, told Real Estate Business ono the sidelines of the Australasian Residential Property Management (ARPM) conference in Sydney last week. "There are no differentiating factors.”
“Don’t be looking at what your competition is doing because they will be doing the same as you, albeit slightly different, but nothing of magnitude that is going to make you or them some serious coin.”
During her presentation at ARPM 12 last week, Ms Blayney listed four key focus points that each principal should consider in order to give the client what they want without burdening their business financially. These included how to eliminate "fluff", create opportunity, reduce effort and raise your business.
“I encourage all business owners to sit down and think what are the 'fluff' parts of my business that I can eliminate?," she said. “These are things that cost you money to provide [yet] add no value to the client. Are you offering them four or five inspections per year but they don’t actually want that?
“Secondly, what can you create in your business to offer a new service to your clients,” she continued.
“How could you actually use the services that are already around you to create something new?”
According to Ms Blayney, many principals waste money by hiring overskilled staff when the job could be outsourced for cheaper.
“The third key focus I want owners to look at is what can I reduce?,” she said.
“So it might not be that I am going to eliminate the service all together but I am going to get somebody outside of the business, that has less skill, less knowledge and costs me less to do it.
“And the fourth part, is to raise your business, so what can you offer in terms of service that are bigger than any of your competitors could do?”