Real Estate, technology & change.
“According to Mckinsey, 70% of change programs fail to achieve their goals, largely due to employee resistance and lack of management support.” – Brie Rangel, Hubspot
When you think about those numbers and the fact that pure speed of change with technology in business today is the new norm, embracing change while learning how to effectively manage your team through periods of transition will define if whether your business evolves or if it becomes extinct.
Over the past decade, we’ve seen many highs and lows in the real estate industry as a whole but specifically in the way we operate and do business. There are a range of things you can do to prepare your team for change and help prevent them from becoming stuck in their ways and rejecting new initiatives.
Some leaders view change management as one the most important processes in their business and building a strong culture around this should not be underestimated. Leaders and business owners must master the ‘lead from the top’ idea if they want change to be effective. The culture within the business is as important, if not more so, than the directives. If a company is steadfastly holding onto outdated processes and thinking, it will be difficult to implement change, regardless of how much it’s needed or how many incentives there are.
Beginning with seemingly meaningless activities like switching seats every week, scheduled and required opportunities for team members to learn new tasks or simply staggering the times your team take their lunch breaks to facilitate new and different social connections, your team will quickly become adept at navigating their changing environment and give rise to the culture needed to seamlessly bring in much bigger initiatives.
In order to manage the blistering speed of change within bigger projects, it is important to go back to the business intent. If, for example, your intention is to drive the speed of process execution, then every piece of technology you use should integrate with everything you do and always be driving that speed.
It’s simply not good enough to have industry leading technology and not get the business requirements solved anymore. For property management teams, this means flexible core data and sharing of data between applications.
Many technology leaders are now adept at driving projects that are segmented into short consumable sprints. These sprints enable business teams, alongside technologists, to work together and provide support to deliver the desired outcome and head off any problems, delays or losses in time before they impact the project or the business.
As a leader, its up to you to guide your team. The value you place on strong change management practices in your business will determine the way change is adopted for all of your projects. This starts with culture and continues with methodology. We’re no expert on change management and there are a number of different approaches businesses can take. But the one thing we do know, is that if you want change in any area of your business, you must focus your attention on building in the principles of great change management first.
Lisa Pentland has over 3 decades of experience in the property management industry.
With an impressive career, some of Lisa’s highlights are owning her own successful Real Estate agency for 15 years, serving as General Manager of Property Management at Ray White Corporate Australia/NZ & fulfilling the role of Chief Operating Officer of LMPA/LMPANZ.
Now the General Manager of Sales & Service at Propertyme, Lisa continually challenges the industry to break new ground in technology & customer experience.
Suzannah Toop is Chief Executive Officer at Toop&Toop Real Estate. Since starting in 1985, Toop&Toop has set the standards for innovation, marketing, customer service and business excellence in South Australia. Fast forward to today, Toop&Toop has been recognised as Australias #1 Real Estate Agency in 2019, 2018 & 2017.
Suzannah was admitted as a lawyer in the supreme court of NSW and co-founded software company, Virtual Agent with her sister Genevieve in 2017. Virtual Agent is a growing proptech company that is powering up real estate agencies across the country.
Realm has spent two years building the industry’s first Artificial Intelligence that can talk to tenants, solve problems and support the property management team. The end result is a huge time saving on everyday property management tasks, an increase in managements due to technology leadership, a 24/7 tenant support system and lastly, new revenue opportunities all found, produced and driven by AI. Don’t get left behind, let Realm take you into the future!