Tag: customer service

Changing The Property Management Industry…. Or Not?

The residential property management industry is one that always has us pondering – with lots of companies offering a service,  how does a customer choose between them all? And where do customers find out more?

A lot of businesses look for that niche. That special and unique selling point which gives them an edge over their competitors and attracts their customers.

Front and Back Gardens

During a conversation with a very wise business inspiration recently, they described how companies always have a front garden and a back garden.  The front garden is what the customer sees first – the impression that a firm wants to give.  This is normally evident in that particular firms marketing and sales. They paint the picture they think the customer wants to see and granted, many firms are excellent at this. Or they have the funds to employ fabulous PR, marketing and advertising agencies. The firms back garden consists of the workings of the company, but it is only seen once the customer has passed through the front garden. This is the point where customers get to see if both gardens are tended to in the same way.  Does a company put as much time and investment into their business processes, business morals and general business operations, as that of their advertising and marketing?  In other words, do they do what they say they will?  No doubt everyone can think of a company they have dealt with whereby their unkempt back garden doesn’t match their pretty front garden!

Many of Concordia’s competitors are evidently cultivating their front gardens furiously in the race to attract customers and clients, which is great. Some of the campaigns are wonderfully sounding, stating that the industry will be revolutionised by them. Some are stating that they are ensuring changes to leasehold property management are going to be made (obviously we don’t have knowledge of their back gardens and therefore cannot comment accordingly).

USP’s in Property Management

How about we be bold and say that one property management company cannot change the way the industry works or revolutionise it – it’s the lease, the law and the managing agent contract.  Companies can however, change the way they work.  This is what creates a unique pool of services for our customers. Each unique selling point (USP) will suit different customers in different ways.  Some will want an automated service where technology is fully utilised to provide instant answers and 24 hour access to data (Ask Porter are doing some amazing work on this). Some customers may wish for little involvement and to be able to simply hand everything over to a property management company. However Concordia’s aim is to provide a highly ethical, high quality, good old fashioned customer service. One which gives the leaseholder confidence, satisfaction and peace of mind that their development is being managed correctly. Concordia’s back garden is  well tended to and hopefully our front garden looks neat and tidy too.

Commonhold

As a side point to the above, some leaseholders may be interested in the Governments push for their new way of ownership for flats – Commonhold. The Commonhold and Leasehold Reform Act of 2002 brought in the notion of Commonhold to law.  It allows for flat owners to own a part of the freehold of the block.  This isn’t as popular as many would have hoped due to some hiccups in the way the system works.  As a result, the Government has now opened a consultation on Commonhold reform which can be found here. It makes for interesting reading and we are certainly in favour of Commonhold as this is the way to revolutionise and change the way the industry works.

Emotional Intelligence

It’s the buzzword of the moment – Emotional Intelligence or EI as it is also known. The ability for the understanding of the self as well as others around you, and to use that intelligence to motivate, communicate and consider. We noted an article on the RICS website this week by Gary Williams which touched on the subject of emotional intelligence and how it can give businesses the edge over competitors. 

Concordia Residential are whole heartedly in agreement with Gary’s article. The subject of emotional intelligence, in our opinion, is utterly fascinating as well as totally relevant to business. Emotional intelligence was first highlighted to our founder, Abigail Teece, during her time at university.  It was a subject that was completely overwhelming to start with, but our founder soon became addicted to finding out more and more. Learning about what makes people tick, as well as finding out the reasons behind why people act and react the way they do was hugely interesting. During her time as an employee in the industry, Abi made a conscious effort to apply emotional intelligence wherever possible. To herself, to colleagues, to clients and customers.  It didn’t always work as well as intended and some people around Abi were adamant that she was “too soft” in her approach. They claimed she didn’t know how to “do business”.  There was even a “stupid woman” comment at one point (our eyes rolled at this too!). Many do not seem to realise that being understanding and showing consideration in business can benefit companies so much. Showing empathy and having understanding towards people makes for a better manager, a better colleague and a better person all round.

Our Core

As any astute business does, we keep an awareness of the market around us. We note that there are some competitors who are, as Gary notes, really focusing on “technological innovation, pricing structures, expertise and experience”.  And that’s great.  Indeed, Concordia Residential does have those factors in our eyeline. However our true core and the depth from which our mission statement is built gives utter kudos to emotional intelligence and its surrounding factors. We are big believers that business doesn’t have to be hard-headed, money grabbing or lack understanding.  It can show empathy, be generous and kind.  A good days work for a fair salary.  We must at this point, credit academics Carl Jung and Myers-Briggs for enlightening Abi’s journey through business with emotional intelligence. This has resulted in Concordia’s aim in that emotional intelligence within our company will spill over into providing the best customer service for clients and customers. Concordia Residential is here to make a difference.

Marketing & More

It’s been a busy few weeks since our first blog post. In that time Concordia Residential has been steadily developing as a business and starting that all-important marketing. The term ‘marketing’ fills some with dread. We have been spending some time reflecting on why those terms sometimes make people feel a little uncomfortable. Our conclusion is that it is down to confidence, previous marketing experiences (many of these could be negative – think cold calling) and whether marketing is an individual’s professional skill or not. Concordia Residential’s expertise is in property management, organisation and customer service. As such, marketing and sales are not our area of expertise but they are skills that we want to learn in order to ensure our message is effective.

One thing that Concordia firmly believes in, is the process of life learning. Education is so important as it brings wisdom, knowledge, skills and much more, which benefit each generation over and over. It’s how we evolve and it is the only way that Concordia will also evolve. Therefore its back to the drawing board for us in order to learn how to market and how to sell. We want to spread the message which will give the opportunity to ensure leaseholders get the best service.

External Leverage

Many may point out that Concordia Residential could utilise the skills of an external marketing company, and this indeed we could. However with the understanding of our industry being so niche and also with limited start up funds, we have decided the best marketing route for us at this time is to educate as opposed to leveraging out to external firms.

The Concordia Residential Marketing Journey

Our marketing journey began this week by simply thinking about how a leaseholder would find a new managing agent. This is a challenge, as there is no generically known category for managing agents. As a breed we are not estate agents, nor we are not letting agents (which seems to be the opinion of most). Indeed managing agents have a limited target market, that being flats and developments. So how would we ensure that the people who need to know about us, do so?

Not being experts in marketing, we have started with the most direct approach – a mailshot. The process of writing about the company has been fairly straight forward but does the content of the mailshot ‘sell’ the business? Speaking to one of Concordia Residential’s industry colleagues who kindly reviewed the mailshot, their observation was simple and effective. The service Concordia offers sells itself. Their view was that it didn’t need dressing up, it didn’t need a hard sell because the core services were the right thing. Honourable and truthful. This opinion was gratefully received and subsequently led to a boost in confidence.

Social Media

Furthermore, Concordia Residential have a huge awareness of the part that social media now plays in marketing. This again, is something that Concordia want to learn more about. Our Twitter, Facebook and LinkedIn accounts are live now and we are sure these will develop over time as we learn more. We are confident that we are on the right road to learning how to market and sell. Here’s to more reading going forward. There’s lots to learn.