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PMs can learn from Uber, Airbnb and Spotify

PMs can learn from Uber, Airbnb and Spotify

by Jay Garcia 0 comments

An industry coach has told property managers that they should learn from key disruptors rather than fear the changes they bring.

Real Plus managing director Fiona Blayney told the Australasian Residential Property Management Conference that successful businesses are born from a problem that needs to be solved and the consumer is willing to pay for.

Ms Blayney offered the example of Spotify, which provides free music streaming as well as a subscription service that removes advertisements, improves the audio quality, and allows users to download music for offline listening.

“Spotify is one business that offers the same service that you can use different ways,” she said.

“How Spotify are you? Do consumers get to choose how they use you, or is it one size fits all?”

Citing further examples such as Airbnb and Uber, Ms Blayney noted that all these businesses have innovated, disrupted and unbundled their services.

“An array of service providers has given a great new framework to us as an industry to be able to conduct our business easier,” she said.

“Everybody is scared of cannibalising their own business. I think we have to be more afraid of not doing it, of not changing your offer to the consumer.”

According to Ms Blayney, causing a disruption is akin to breaking something down, then rebuilding and improving it.

“You must break down what you’re doing and question everything that you’re doing, because the real disruptors are already doing that behind the scenes,” she said.

[Related: PMs can turn digital disruption to their advantage]

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PMs can learn from Uber, Airbnb and Spotify
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What keeps you awake at night?

The threat from the so-called digital disruptors like the property portals, DIY models and lead generating platforms
Competition from other agents in my local catchment area
Changes in the traditional real estate model and an uncertain future for the industry
The current cooling markets and other economic influencers
Nothing. I back myself to meet the challenges ahead
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