WeconnectU News

Today’s business landscape is characterised by unprecedented levels of customer influence. Between online reviews, social media, community groups and word of mouth, businesses can literally live or die based on the opinions of their customers. As a result, more and more organisations – particularly in customer-facing industries like property management – are expanding their previously product/service-centric business models to include a far greater emphasis on customer experience.

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.

Growth and scaling are often used interchangeably, but there are some very important differences between the two. Business growth refers to the process of increasing a business’ size, revenue and (typically) market share. Its focus is on attracting more customers, expanding into new markets and increasing sales as a path to greater profitability. The trouble is that growth (without the right foundations) tends to bring a corresponding increase in business costs, which can quickly erode any increase in profits. Scaling, on the other hand, is all about optimising operations to handle increased demand without requiring a significant increase in resources. This is achieved by improving infrastructure and operational efficiencies (often through automation) to deliver more output “bang” for the same input “buck”.

This is the third instalment of our Community Meetings article series. Our first article, Tapping the full potential of Community Meetings, covered the many challenges (and enormous workload) Community Managers face when planning, facilitating and concluding meetings. Our second article, How (and why) to create the ultimate community meeting experience, unpacked the importance of community meetings as critical touchpoints for Community Managers to drive community participation and progress. Today, we’ll be taking a more practical angle, examining real-world actions Community Managers can take to unlock the full spectrum of Community Meeting efficiencies and benefits.

If you’ve been following our journey for a while now, you’ll know that WeconnectU is the only company in South Africa (and, as far as we can tell, the world) to provide custom-built solutions for all three facets of property management (Community Management, Rental Asset Management and Inspections and Maintenance Management). Being in this unique position, and collaborating with almost 1500 clients across our three solutions, is an achievement that fills us with pride on a daily basis. However, that pride has recently received a very humbling boost in the form of recognition from two highly respected international organisations.

With year-end rapidly approaching, a lot of property management business owners will be doubling down on their involvement in daily activities. For many, this is a necessity driven by increased workloads and exacerbated by tired teams motivated for nothing more than a well-earned holiday. The trouble is, as a business owner, having your nose pressed too firmly to the grindstone often means missing the big picture opportunities that are right in front of you.

To a lot of people, the difference between a technology system and a technology solution is one of semantics. To us at WeconnectU, it’s a foundational component of our business ethos. You see, back when we worked in the industry ourselves, we used our fair share of technology systems – tools designed to achieve a specific function or set of functions. We quickly came to realise that, while these systems gave us a way to perform workflow-specific activities, they didn’t actually solve any of property management’s core business challenges: Compliancy. Manageability. Scalability. Profitability.

When was the last time you did a detailed review and adjustment of your management fees? If you’re like most South African property professionals, the answer is probably: “Not for a long time.” In fact, many property management business owners we’ve spoken to say their current fee model is not too different from the one they first started out with. They’re still cutting costs on every level, and offering a host of value-adding freebies. What has quickly become apparent, however, is that the same competitive pricing techniques that were so important when building an initial client base are now effectively strangling these business’ ability to achieve their full potential.

In uncertain times, it’s human instinct to go to ground, seek security in familiarity, and avoid change at all costs. History has shown this very same instinct can be detrimental to both businesses and investors, however. The fact is: unusual times breed unusual opportunities. The world’s most successful investors (the Jeff Bezos and Warren Buffets of the world) are not those who succumbed to negativity, but those who rose above it to find the potential in every circumstance. Today’s property managers have a similar choice before them: batten the hatches and maintain the status quo for their property investors, or act as a guiding light to draw investors’ attention to strategic opportunities that will see them emerge from current challenges stronger than ever before. If you’re ready to be this beacon of hope and progress in a sea of negativity, a clear and consistent communication strategy is going to be your greatest asset.

Being a trustee of a community scheme may feel like a thankless task – all work, no play, and very little gratitude. The irony is: the quality and dedication of a community scheme’s leadership – its body corporate, trustees and managing agents – is often the single biggest contributor to its success or failure. If taking responsibility for the protection of the value of their entire community’s property assets wasn’t enough, trustees are often interested to learn that community schemes are also a significant economic contributor. Estimated to comprise 27% (R800 billion) of the total value of residential property in South Africa, the health of organised communities is critical for the country as a whole.