With a rapidly growing sectional title and HOA industry, it’s critical that you as a managing agent adapt and transform yourself from a basic secretarial service to being professional accounting and legal specialists.
It is most likely that you are or will be facing these 4 major challenges:
Compliance, Manageability, Scalability and Profitability.
For starters, let’s talk about compliancy:
With the new legislation in place, there is an additional burden on you as a managing agent to ensure that each community that you manage as well as your business are compliant at all times. This adds an even bigger workload on your staff and comes with great responsibility for which most managing agents do not get recognition or additional compensation. It is therefore becoming more and more challenging to run a profitable business, let alone trying to stay on top of the evolving legal requirements.
Considering all the essential responsibilities of a property manager, it is quite easy to lose control of your team’s responsibilities when trying to manage a decent size portfolio. To combat this, it is common practice with most property managers, to introduce more specialized divisions to try and have some form of quality control and create efficiencies. This unfortunately creates silos within a company due to the lack of transparent and efficient systems. Inevitably this will result in poor performance, service delivery and eventually a poor return on time and investment.
Unless you have a transparent system, that allows different users or divisions to work from one platform, it is very difficult to stay on top of all the responsibilities of a property manager.
Being able to review and report on all the key responsibilities has also now become a necessity instead of a luxury.
Scalability is an attribute that describes the ability of an organization to grow and manage increased demand. A scalable business has an advantage due to its nature being more adaptable to the changing needs or demands of its users or clients. As with most businesses, efficiency and manageability promotes scalability.
Property managers that can transform their businesses with the implementation of processes and new generation systems will be able to scale and capitalise on the rapidly growing sectional title and HOA market.
When you combine the three factors: compliancy, manageability and scalability, turning your established or new business into a more profitable enterprise becomes more easily attainable.
The future of property management
Based on a fast-evolving market, managing agents needs to revise their business model and ensure that they achieve optimum efficiencies by implementing the most advanced systems if they want to capitalise on this fast-growing industry.
With the introduction of the new software solutions all managing agents irrespective of their size are now able to overcome these challenges and transform their business to a scalable business.
Contact James at demo15-enovation today to find out how IPMS (Intelligent Property Management Software) can transform your business.