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The smarter (not harder) way to unlock more value as a Community Manager
Community Schemes
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16
May
2023
Community Schemes
,
|
16
May
2023
In a recent article, we explored the concept of value as a Community Manager, and why connecting the dots between effort, value and compensation is so critical for property management businesses.
Our research shows that Community Managers with a solid grasp on the amount of effort going into each community, and a clear picture of how that effort translates into tangible value for their clients, are far more likely to receive fair compensation for their services.
Unfortunately, as we all know, there is a limit to how much effort any Community Manager can put in. There are only 24 hours in a day, after all. That means the value you deliver (and therefore compensation you can reasonably expect) is limited by the amount of effort it requires.
But what if you could change that dynamic? What if there was a way to deliver more value with less effort than ever before? We’ll let you in on a little secret – you don’t need to wonder, because there are already Community Management businesses achieving exactly that.
They are the ones charging those top-tier, value related fees. They are the ones whose portfolios keep growing, whose profits keep climbing, and whose teams never seem too busy to go the extra mile.
How are they getting it right? That’s easy: they’re working smarter, not harder. Let’s take a look at how you can do the same…
Efficiency (and where to aim it)
Efficiency is the art (or science) of doing things in a way that saves time, money and resources while still achieving the desired outcome. For Property Management businesses, the desired outcome can be broken into four components (or challenges): Compliance, Manageability, Scalability and Profit.
Overcoming these challenges requires:
- Enabling better management of all business aspects (Compliance & Manageability)
- Empowering teams to handle greater workloads with less effort (Scalability)
- Delivering more visible value and charging accordingly (Profit)
Each can be achieved with the help of four, specific efficiency drivers that help you – and your teams – work smarter, not harder.
The four most critical efficiency drivers for Community Managers
1. Team cohesion and seamless collaboration
Community management isn’t a solo game. It takes a village, and that village needs to be able to connect and collaborate transparently in order to thrive. Eliminating opportunities for dropped balls and miscommunications is a great way to maximise team efficiency and minimise wasted effort.
This can be achieved by creating/implementing:
- A communication strategy that eliminates email overload
- Shorter communication chains for faster internal and external feedback
- A simpler, safer and more convenient approvals process for stakeholders like trustees
- Easy access to KPIs to improve operations and decision-making
- Full transparency between teams for consistent, quality service delivery
2. Automated workflows
Today’s tech tools make it possible to automate many of the manual workflows that take up so much of Community Managers’ time. Doing so dramatically improves operational efficiency (and therefore scalability), while freeing Community Managers to focus on areas of greater client-facing value, such as meetings and stakeholder relationships.
Ideal areas for automation include:
- Financial processes (e.g. automated bulk imports of bank statements/transaction allocations/supplier payments, global arrears management, debit orders etc.)
- Compliance and operations (e.g. automated global compliance task scheduling, task assignments and task management)
- Reporting (e.g. automated report scheduling, generation, bulk distribution, and tracking)
3. Standard Operating Procedures (SOPs)
Standardising workflows is another huge contributor to efficiency, making it faster and easier for team members to complete essential activities without second-guessing every step. (SOPs also have the benefit of enhancing consistency and quality standards – a bonus for your clients and your business.)
SOPs can add value in a number of Community Management workflows, including:
- Finances (e.g. billing, suppliers, cashbooks, arrears management etc.)
- Compliance (e.g. audits, CSOS, insurance, fire equipment, etc.)
- Meetings (e.g. AGMs, trustee meetings, SGMs etc.)
- Operations (e.g. maintenance projects, insurance claims, offences, transfers etc.)
- Skills development (e.g. training, skills standards, personal development)
4. Proactive “red flag” identification
Being able to identify red flags before they escalate into full-blown crises can be an astounding time (and cost) saver for Community Managers.
Red flags can be both internal (productivity/portfolio profitability issues) and external (community issues). Early identification is easiest using tools that automatically ingest and analyse key data, alerting stakeholders to potentially problematic patterns as soon as they appear.
The right tools for the job
It’s all very well knowing where you need to focus your efficiency efforts, but without the right management tools available, it can still be impossible to make real progress.