In an increasingly digitised world, it’s encouraging to see more and more block management firms embrace technology. But research obtained from management consultancy firm KPMG suggests that although the residential management industry has made a start when it comes to utilising the power of digital, there’s still plenty that could be done much better. Here are just some of the simple mistakes you might be making.
Not having a clear digital transformation strategy
Almost half of all companies (42%) surveyed revealed they didn’t have a clear digital strategy. Although it’s encouraging that 58% answered positively, far too many companies are falling short of setting clear digital goals and driving towards them.
Lack of expertise
Even among the companies that were happy with their digital strategy, many (65%) admitted that the lead person wasn’t a digital or technology specialist.
Not understanding the investment return
Unsurprisingly it tended to be larger agents who were more switched on when it came to digital. Many smaller firms didn’t understand the investment return, which is curious given they could most benefit from the reduction in manpower and the freeing up of time that a decent digital strategy can generate.
Not making digitisation a priority
40% of organisations said that digital wasn’t a priority for them. Developing your digital transformation strategy is actually one of the more cost-effective ways to reduce operational costs.
Allowing departments or systems to become siloed
A common mistake is to have legacy systems, spreadsheets and siloed databases not talking to each other. Integrating digital in certain departments of your organization but not others can also create siloed systems. Unless digital is rolled out comprehensively and in a joined-up fashion, you won’t be able to maximise its benefits.
Being afraid to experiment
KPMG’s report noted more companies need to encourage employees to experiment, innovate and broker new collaborations with proptech firms and other digital outlets rather than being hemmed in by the status quo.
Over a quarter of companies admitted they didn’t have the appropriate talent to manage the digitisation process. Retention was also a struggle, leading to old ground being repeatedly retrodden as new employees had to be brought up to speed.
Resistant to change
The real estate industry as a whole was resistant to change, the report noted. The report also purported that the property market can seem reluctant to abandon old practices and suspicious of new innovations and digital ideas.
Making data a second thought
A wider level of concern across multiple agencies was the failure to consider data. Not only are some companies falling short of the levels of data protection required; many are failing to realise the marketing value their data offers.
Refusing to get external help
If you take away one thing from the report, it should be this: don’t be afraid to seek external help. Unless you have the time and budget to develop and then maintain an entire system and all its processes in-house, it’s worth seeking professional help – not only will they help you realise your vision; they’ll give you the benefit of theirs.