In 2022, we conducted a survey among our clients to identify the most challenging aspects of property management. The results showed that compliance was one of their biggest headaches at the time – a particularly frustrating situation, since compliance’s labour-intensive (and hard-to-manage) activities contribute nothing towards running a profitable business.

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Fast forward one year, however, and our 2023 client survey presents a very different – and far more positive – picture.

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Our results showed that 94% of our clients have seen improvements in their business’ compliance as a direct result of using WeconnectU. A further 95% acknowledged improvements in their business’ manageability, while 81% experienced greater scalability and 72% experienced higher profits.

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Needless to say, these results were beyond exciting for us. We know first-hand, from our own time in the industry, just how real and painful compliance challenges (in particular) are. It was thrilling to see proof that our dream of creating an end-to-end software ecosystem that solves these challenges (and others) is now a reality.

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But it was also a valuable reminder of the importance – and power – of good compliance in the first place.

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Why good compliance is good for you

If you look at the strategic objectives of the PPRA, it’s clear that compliance is high on their list of priorities. They’re certainly not playing around when it comes to enforcing compliance standards, with fines and even jail time on the cards for those who fail to meet compliance obligations.

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That said, the benefits of good compliance extend well beyond merely avoiding the unpleasant consequences of failure.

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The fact is, tighter legislation raises the bar for entry into the industry, making it harder for unskilled and unscrupulous operators to flourish. It also reduces financial and legal risk for compliant businesses – a great way to enhance individual business’ reputations while simultaneously fast-tracking the professionalisation of the industry as a whole.

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This, in turn, improves the public’s perception of property management and makes it easier to recruit more qualified people, charge fair fees for professional services, and achieve greater profits overall.

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Why compliance requires manageability

Of course, good compliance doesn’t happen on its own. The requirements are complex, hard to track, and easy to lose sight of – which is why good manageability makes all the difference.

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In general, good manageability:

• reduces waste through resource optimisation.
• supports decision-making through accurate and up-to-date information.
• improves adaptability through better visibility and more strategic control.
• enhances employee productivity and satisfaction by improving workflows and morale.
• ensures all efforts and activities are aligned with business goals.

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In the context of compliance, specifically, good manageability makes it possible to successfully oversee all the countless compliance requirements, ensuring they are met accurately and on time with full transparency and accountability, leaving no critical tasks hanging to cause problems down the line.

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Why solving compliance challenges is critical for growth

Another interesting insight revealed by our October 2023 survey is that growth has become the number one priority for today’s property management businesses. Skyrocketing demand means there’s certainly room to expand portfolios, revenue and market share, but to grow sustainably, scalability needs to take a central role.

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What does scalability have to do with compliance? We’re glad you asked.

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You see, scalability is all about optimising operations to handle increased demand without requiring a significant increase in resources. Without scalability, escalating costs quickly devour any additional profits, and service delivery inevitably suffers. Since compliance is one of the most resource-intensive activities of property management, optimising compliance goes a long way towards achieving a scalable operation.

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Where to from here?

We are thrilled to see first-hand proof that our solutions are making a real difference to our clients’ ability to address the four biggest challenges of property management: compliance, manageability, scalability and profit. That doesn’t mean we’re about to rest on our laurels, however.

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Our goal for 2024 is to keep eliminating pain points, enhancing service delivery and helping property managers like you fall in love with the business all over again.

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Find out more about our plans and the broader strategies that will continue to shape the future of property management at our annual ENGAGE event on 16 February 2024. The event will feature keynote sessions directly from WeconnectU leaders, compelling customer stories from leading businesses, inspirational talks from industry stakeholders, and engaging additional content.

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Don’t miss this opportunity to join us and hundreds of like-minded individuals from across the nation as we delve into the future of our industry, and lead its positive transformation.

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Register to attend, today.