COVER YOUR ASSETS
IS SENIOR VICE
MANAGEMEN T, AT
IN IRVINE, CALIF.
ON TWITTER: @
Some predictions become prophetic.
Others are later mocked or chided because they were
so wrong or off the mark. Recently, I read an online advertisement that indicated the emergence
of a new tech sector spin-off known as Proptech—
or Property-Tech—that would leave the real estate industry reeling.
INVEST IN TECH TO BETTER INVEST
IN YOUR PEOPLE
Our business stands only to benefit from the emergence of technology- and app-driven support tools
and systems helping to streamline and enhance our
ability to underwrite, analyze, communicate and
correspond with customers and clients. By leveraging technology to its full potential, we are able
to reevaluate traditional staffing models at the corporate, regional and site levels and to better assess
the soft skills needed to help drive results. Investing
in and leveraging tech allows us to lower costs and
improve profits, all while upping our investment in
the greatest resource we have: our people.
SMALL-TIME SITUATION? NO BIG THREAT
Sure, small-time operators might decide to try
self-managing their own investments or a small
portfolio. We might also see more realtors looking
to dabble in property management because there
is now an app or new industry resource that can
help. But as with any level of professional compe-
tition, it is often the true professionals who ben-
efit most from the emergence of a new option in
the marketplace. Realtors and sales agents have
long fought Zillow and others from entering into
the brokerage sphere, but Zillow’s presence alone
has helped take the home buying/renting process
to new levels. Realtors who have adapted to this
technology have leveraged Zillow as a partner,
sometimes without any added expense. Managers
should expect to do the same.
SKILLS PAY THE BILLS
Technology alone is not the solution, and during a
recent transaction I was reminded why. As I met
with a property manager and asked her to outline
the current market rates for available units, she
looked at me and said, “I don’t know—the computer tells me what to charge.” When I asked what
nearby competitors charged, she then admitted
to having not shopped the competition because,
again, the computer told her what to charge. Although I was prepared with my own market data,
I was shocked at the casual and seemingly lackadaisical approach to product pricing by the manager. Sure, a computer can help to maximize revenue, but knowing your product and the market
as it relates to the price of your product gives you
a competitive advantage that will make you more
successful than any price setting solution ever will.
It’s the personal approach and strong interpersonal relationships that help managers thrive. Could
you imagine directing frustrated customers to a
computer terminal to solve their problems?
We have reached a point where we must embrace the new and the old: the best of both worlds.
Our success in business and in life depends on it.
MR. DUNLAP IS
ALSO THE AU THOR
OF BRICK AND
BANKS: YOUR GUIDE
TO CREATING LIFE
IT’S THE PERSONAL