In the brisk-paced world of commercial real estate, adaptation isn't just the key to success – it's the lifeline. Today, let's peel back the curtain on a silent but potent risk: the cost of maintaining the status quo in your property management systems.
By Phil Gale, Chief Information Security Officer, Re-Leased
Commercial real estate is facing more change now than in the last century, and it needs to start fighting back.
If you’re managing farm or rural estate portfolios, you will face certain challenges. Without accurate and up-to-date data, the management of rural estate properties can quickly become complex. The right cloud-based rural estate software reduces the complexities of managing a diverse range of assets, improves processes and gives you the ability to access the right information in the right place, at the right time.
2023 is already seeing a fundamental shift in the Commercial Real Estate industry as disruptions to the market such as working from home, evolving workforces and ESG regulations become more polished and more accepted by the mainstream. All headwinds are blowing favourably in the direction of PropTech, and it is now time for businesses to embrace this inevitable evolution.
In today's digital age, data breaches and cyber-attacks have become increasingly common, including invoice scams which are impacting the property industry. Hackers use sophisticated techniques to gain access to sensitive information, leaving businesses vulnerable to fraud, theft, and other forms of cybercrime. To combat these threats, many online services now offer Two-Factor Authentication (2FA). This article will explore the importance of 2FA and how it can help protect your online software accounts.
The most reliable way to grow a successful real estate business is to keep all of your properties in top condition and maintain a pool of happy and satisfied tenants. Whether you are an owner or investor managing your own buildings or you manage on behalf of owners, then versatile, user-friendly property management software in can save you time, cut costs, mitigate risk and help you grow your business in 2023.
In the last 12 to 24 months, there has been a significant labor shortage in commercial real estate, much like many other industries. Commercial leaders are finding it difficult to attract the talent they need while also ensuring they retain their best people. In light of this, the topic of people development has become a high priority for the industry.
Coworking is nothing new. In fact, the first ever coworking space was built way back in 2005 but it took a while before really gaining traction. Today, coworking has been deemed a priority for anyone who owns or manages an office building - and it’s making its way to the suburbs.
It may be an intimidating evolution to some, but PropTech is here to stay - so much so that Edward Wagoner, CIO for Digital at JLL states that “If you don’t take this seriously, in 5 years we won't take you seriously as you're not going to be around”. Adopting the right PropTech solutions can have incredible benefits for your business as the future becomes more digital for commercial real estate – yet many are put off by change.
The retail sector has been one of the hardest hit in CRE in recent years. First, there was the rise of eCommerce as customers flocked to online stores. Then, when a global pandemic forced shops to close their doors, many started to believe the days of physical retail may be numbered. But Rebeca Guzman Vidal never bought into that narrative. Rebeca is the Group Head of Retail Strategy at Chelsfield, a leading international real estate company focused on asset management, development and investment. She is also one of the retail sector’s leading voices and minds helping to shape the new era for the sector.
To state the obvious, the last few years have seen the market mood go from boom to subdued. Despite this, Scott Keck, Chairman of Property Advisory Firm, Charter Keck Cramer encourages those working in the property industry to stay the course - and hold on tight for conditions to improve.
Commercial real estate investors, developers and owners are embracing the move towards more efficient and eco-friendly commercial buildings, helped along by growing government mandates globally. Countries like the United Kingdom have been setting the pace when it comes to ESG-focused initiatives and now other countries are starting to follow suit. So how are commercial real estate companies approaching these initiatives?
Since the pandemic, there has been a high demand for improving the quality of all indoor environments, including commercial properties. People are more conscious of the health risks that poor air quality imposes, which has forced commercial landlords to be more proactive in optimizing their buildings. If landlords want to charge premium leases, attract and retain tenants, they can’t sit back and ignore the new demands for the indoor environment.
While the business of commercial and residential property management appears to have many similarities, they are fundamentally different and require a different approach to run successfully, from both a personnel and software perspective. All too often commercial property management is run with residential property personnel, and legacy software systems - a model that is increasingly agreed to be broken. As part of a recent webinar, we spoke with Wendy Thompson, owner of Wendy Who? a highly respected professional property consultancy, and Jason Luckhardt, National Manager of NAI Harcourts, the world’s largest network of owner-operated commercial brokerage firms, on why residential approaches don’t work for commercial properties. Watch the full webinar or read below for key takeaways: Why residential and commercial property managers are not made equal While it may seem like a simple transition, not every residential property manager is made for commercial real estate. And vice versa. At its core, the driving motivations between leasing residential and commercial assets are starkly different. “People don't have the necessity in life to have occupied commercial premises, it's a choice that they make, whereas people have a necessity of a roof over their head. So you start off with two very different bases in terms of property management. ” - Jason Luckhardt. These differing approaches then directly affect the service offering and landlord expectations associated with the role, which of course then flows through to the job description and ultimately the appropriate personality type of successful candidates. The role of a commercial property manager is extremely technical and complex, while a residential property manager is largely concerned with efficiencies around property maintenance and tenant satisfaction, From understanding legislative requirements in every region they work in, to managing tax, completing accurate lease administration, and ensuring all compliance is met by both tenant and landlord, the role is extremely business development focused. Being able to interpret macro and micro level reporting and offer timely advice to landlords is another part of the role and requires a person who thinks critically, and is extremely efficient. Given the difficulty of the role, and the vastness of the responsibilities that fall under it, a key component to the long-term success of the property manager, and therefore the business as a whole, is the need for appropriate available software. The importance of fit-for-purpose commercial real estate software “It's so critical to have good systems to be able to help you manage and simplify complexities so that you can focus on the landlord’s investment and maximizing the income to the agency.” - Wendy Thompson. When it comes to commercial real estate management, good reporting is imperative. Whereas a residential property is bricks and mortar and contains one type of tenant, commercial properties can be much more complicated. A multi-level property may have stacking plans, different business usages, car parking - and unique utilities. In a property such as this the landlord will want to see a detailed breakdown of expenses, track the vacancies, negotiate leases and identify the efficiencies in order to be able to derisk their investment and maximise the value of the asset for the owner. This requires both a level of macro and micro reporting that residential software simply cannot supply. "You need a system that allows you to put data in and analyze it locally to look for efficiencies. That's really where you're going to win business” - Jason Luckhardt The complex nature of the amount of information required to manage a commercial property portfolio effectively is not only a brain tangle but hugely time-consuming. Having a software system in place that is fit for purpose also greatly reduces the amount of admin time property managers spend inputting information and double-checking data. A good software system will automate everyday reminders and critical events, ensuring you are reminded of upcoming activities so that you don’t miss a beat, which in turn frees up time to get on with building your business. “Having a software program that makes it simpler for you at the end of the day is so important.” - Jason Luckhardt Of course, there are many services that are the same in managing residential and commercial properties, and this is why so many businesses persist in using legacy residential software with a few workarounds. But given the many unique challenges that commercial property managers face, this model is the business equivalent of fitting a square peg into a round hole. Check out our latest FREE guide on the ins and outs of making the transition from Residential to Commercial Property Manager and our expert tips like the ones above.
Great branding isn’t the first thing that springs to mind when you think of commercial real estate. For decades, the extent of a ‘brand’ would be a company name (typically a last name or multiple last names) and a bit of colour. But building a memorable brand not only helps you stand out from the (slightly outdated) crowd, it also has a tangible impact on your business.
The customer or tenant experience has been a major talking point across all sectors of commercial real estate recently. As tenants look to move away from 20-year leases to shorter agreements, the onus is on landlords and owners to deliver a service that will keep tenants in their buildings. It’s a trend that has already become popular in the office sector, but Industrials REIT is bringing that focus to the industrial space and finding great success.
With the Covid-19 pandemic accelerating many already growing trends, it’s predicted that paper billing will become obsolete by 2026. Businesses will now, more than ever, be opting in for synchronised and streamlined practices for managing their payment process from start to finish as opposed to using traditional methods. This is particularly important when managing commercial real estate as the easier it is for tenants to pay you with online rent payments, the quicker they do. For property managers and landlords, you’re also significantly reducing the time spent reconciling invoices and chasing arrears. To offer customers a solution that keeps them ahead of the game and able to track payments coming into their business in real-time, we introduced Re-Leased Pay – a secure digital payment solution reducing administration time, at little to no cost to your business and that can be set up within minutes.
Commercial properties are more than just bricks and mortar, they are lucrative business assets, assets which must always be profitable. To try and guarantee this, commercial landlords have two important goals: to maximise rental income and to safeguard against potential losses.
When setting your practice’s goals for 2022, it is important to understand what your clients’ priorities and pain points will be in the coming year. Knowing what’s ahead for your clients will allow you to give more proactive business advice and help you to anticipate how you will need to adjust your advisory offerings to better serve your clients.
This is an excerpt out of our Future Proof Your Property Management Agency guide. Download your FREE copy of the guide here.
While generational change is not a new concept (hence, generational), the step changes being made within Rural Estate Management currently are significant.
While the US market for residential real estate continues to run hot, ongoing fallout from the pandemic has created hardship and an uncertain outlook for many commercial real estate sectors. Warehouse space for industrial and e-commerce users remains in high demand, but it’s no secret that the retail and office buildings market has taken a major hit.
Although Australia has done remarkably well throughout the COVID-19 Pandemic, access to capital from traditional banking channels has become more difficult than ever. At the recent RSM Melbourne Property Summit, Koby Jones, Founder and Managing Director of The SILC Group, hosted a session to discuss alternative funding solutions for Australian developers and investors. Here are some of the highlights.
Commercial property owners throughout the UK are missing out on hundreds of thousands of pounds due to a largely misunderstood and significantly underutilised tax relief relating to embedded capital allowances. Despite the ability to claim Capital Allowances having been in play for many years, and the specific Capital Allowance Act 2001, it is still a niche area of tax accounting that most small to medium firms simply cannot provide as a service.
A lot of property managers and landlords use spreadsheets for a variety of needs. They’re a tried and tested way of storing and organising information, and when used with clever formulas and calculations, they are handy assets that add value to an organisation. But even with the ability to leverage off formulas, spreadsheets still require a lot of manual legwork in having to physically update data to keep information up to date. And this creates more headaches for property management teams.
There is often an unwritten rule in rural estates and farming to try and leave things in a better condition than when you took them over. So, what might this look like for the next generation?
In commercial real estate, the lease is everything. The lease is the contract that guarantees the income to the property; it is the document that, for all intents and purposes, gives a property its value. In other words: you can take it to the bank.
As a commercial landlord, your understanding of the pros and cons of different types of commercial leases will be critical to signing and retaining good tenants. A commercial lease is a binding contract between you, as the owner or landlord, and a tenant. The lease details all of the rights and responsibilities of each party. The commercial lease covers both the leased space and the building as a whole. Not every lease agreement is the same. Each agreement you draft should reflect the individual needs and concerns of both you and your tenant.
Commercial property landlords are operating within an increasingly competitive market. Working habits are changing, and tenants are increasingly tempted to seek out short-term, flexible workspaces.
Whether an organisation is large or small, spreadsheets are often an overlooked risk by many people. Flexibility, ease of use, and transferability are a few of the advantages of electronic spreadsheets. Yet, the same features that make spreadsheets useful can also make them risky compared to a managed, specialist line of business application such as a SaaS application.
In May 2021 office occupancy in London, as measured bythe Metrikus Occupancy Index, surged above 50% for the first time since lockdown measures were introduced in March 2020. The trend is being seen across the UK, with occupancy for the country coming in at 47%. As restrictions ease and vaccination numbers rise, these factors will help boost worker confidence in returning to the office. But it won’t be a return to the office as we knew it, as demand grows for flexible leases and spaces that offer experiences and amenities that cannot be found at home.
Before a property is purchased, it is a common industry practice to conduct a thorough due diligence. The same goes for hiring a new team member. Whether it is a market or financial analysis, a series of interviews, tests or background checks, the real estate industry checks, checks, and double-checks.
Sam Caulton, Re-Leased CFO reflects on how the return to work is tracking from Auckland to London reviewing vacancy rates and rent collection data as well as his experience moving offices in the middle of the pandemic. What can these insights tell property managers and landlords about how to manage re-occupancy?
Photo by Nastuh Abootalebi on Unsplash COVID-19 is disrupting the global economy and local economies are feeling the pinch. With many businesses shuttered worldwide and countless unknowns concerning the future, commercial landlords and property managers find themselves in a unique position.
For landlords and agents dealing with tenant requests for rent relief during the COVID-19 pandemic, the National Cabinet Mandatory Code of Conduct, which is designed to proportionately share the financial burden and business cash flow impact and simultaneously balance the interests of landlords and tenants, raises some interesting challenges for commercial property managers.
For most Commercial Property Managers (CPMs), dealing with the far-reaching consequences of COVID-19 is new territory with many being overwhelmed by the daily influx of tenants requesting assistance. Approaching landlords with these requests, documenting and adapting property management systems and processes to make adjustments – while simultaneously maintaining vital communications with all parties – is a huge challenge. So, how do we meet it?
Cloud computing and ‘tech stacks’ transformed Re-Leased CFO Sam Caulton’s role and here he talks about how it can be transformational for property businesses.
Commercial landlords who manage their own property portfolio can do a few clever things to increase their yield, one of them is to save on property management costs by managing their own portfolio.
The conventional office leasing model has gained fierce competition from the new and shiny co-working model that has become a hand-in-glove fit for modern businesses. Should commercial landlords revisit their office leasing strategy to recapture potential tenants? We dive into whether co-working spaces have thrown a spanner in the works for commercial landlords. Read on.
As a property management professional, your time is valuable. You can’t afford to be spending your time on repetitive tasks that bog you down.
The way we look at customer experiences is changing quite rapidly, and this is evident in the shift in the way buyers and sellers are interacting.
Cloud-based software has been widely adopted by just about every other industry, and it’s time that commercial real estate caught up.
When it comes to determining the value of your commercial property, one of the most important variables to consider is how much the tenant is willing to pay.
Leasing out commercial spaces brings its own set of unique challenges. To get the most yield out of a commercial property portfolio, landlords need to make sure they have a strategy in place to maximise returns.
Technology has proven to be an enabler of business growth and an accelerator for innovation.
Running an efficient business is important today to remain competitive.
Purchasing commercial property has its challenges.
Commercial real estate technology, or PropTech, has attracted huge financial investment (while continuing to claim global intrigue by leading investors) in recent years. In the United States alone, over $6 billion has been raised by PropTech companies who are disrupting the global real estate industry.
To get the most out of your portfolio you need to make sure you are on top of all tasks that need to get done portfolio-wide.
Bringing your commercial property business into the modern age requires solid investment, both in time and in finances in order to develop (and execute) on a strategy that’s truly tech-first. We’re in the era of information mobility, where access anywhere at anytime is no longer a commercial property luxury but now a non-negotiable necessity. This is where the entrance of mobile technology has made such a profound impact on the CRE industry.
Next time you’re commuting to work or walking back from your morning coffee run take a minute to pay attention to how many people have their head down. There are a lot of them. And chances are they're not reading the paper – they're scrolling, swiping, clicking and consuming.
Information mobility is a term used to describe the way that information can be accessed from anywhere and from any device. In other terms, information mobility relates to the ability of workers to do so remotely on the same business tasks they can perform at their primary work stations.
As the pressure to innovate increases daily for commercial property investors and property management professionals, one of the most important decisions that needs to be made is what technology platform you’re going to use to manage your portfolio into the future. Now, there are some questions around what cloud-based software actually is (and what the cloud really means), as well as what the difference is between modern, mobile-driven solutions, and server-based or traditional spreadsheet solutions.
The best reason to invest in commercial property is its earning potential. Depending on the area, commercial properties typically have an annual ROI of between 6% and 12%. These returns become even more impressive when compared to single family home properties that generally have an ROI of between 1% and 4%.
If you have a knack for real estate and are considering getting into the world of real estate investing, congratulations! It can be a very rewarding experience. And for seasoned commercial landlords, the efforts to build upon existing wealth by growing your portfolio is doubly as rewarding. Before the good, though, comes the planning. Proper planning – especially before you dive in head first – is crucial in finding success as a new investor.
In recent times, commercial real estate asset classes have experienced massive shifts. With the rapid rise of the internet, technology platforms and smart buildings, commercial real estate is very much amid its most profound period of change in decades. And some would argue its biggest change ever.
Outgoings is a general, industry term used to describe the recovery of money spent from the tenant for expenses that are associated with the day-to-day running (and maintenance) of a commercial property during the term of its lease. Or in other phrasing, outgoings are otherwise referred to as operating expenses – that is ultimately what it costs the landlord to occupy the building.
New technology has upped the game for modern property managers and landlords, forcing nimble efforts to adjust to the rise in adoption of platforms that automate the modern professional’s day-to-day.
Commercial real estate is in fine health, according to Macquarie Bank’s 2018 Commercial Real Estate Benchmarking Report, with 82 per cent of respondents anticipating further revenue growth in 2018 and 70 per cent picking higher profits.
For commercial real estate professionals, increasing efficiencies is a popular topic of conversation, and for good reason.
The years travel so fast – yet again we’re creeping up to the New Zealand and United Kingdom end of the financial year (EOFY). There is absolutely no doubt that your daily to-do lists are chock-full and you’re busy growing your business, but we’re here to make sure that you are fully prepared for the EOFY.
The management of VAT is changing for the UK's businesses and accountants. Learn why digital tax management is becoming mandatory and make it work for you before the deadline.
By Libby Sander, Griffith University With all the chatter about beautiful office design, it would be easy to assume workplaces have come a long way from the days of the cubicle farm. But recent research has shown this may not actually be the case.
Shopping around for the right property management software is a daunting task.
We always hear about the importance of leadership in business, but seldom does it seem that typical business management pays attention to the fact that leadership, or the lack thereof, can be instrumental in influencing talent in a business and keeping the churn out. Traditional management techniques tend to suggest that team members are easily replaceable, requiring little more than a new job listing to fix the gap in the chain. But as a lot of leaders can attest, people bring with them skills and knowledge outside the job description. So this means businesses and therefore its management need to create the right infrastructure to harness good talent. This is now as important as ever, as the workforce trends to a younger average demographic with differing expectations, the demand for alternate management styles is at an all time high. But in the past, the peak of management was seen as to plan and command. But the modern workforce wants something different, and for businesses stuck in the past, managing without leading is an expensive mistake. Let’s get to the facts... More than 30% of the workforce is now made up of Millennials, according to Pew Research Center. Millennials want to work somewhere that shares their values. Indeed’s Job Hunt report found that a recommendation by someone in your professional network, not including a colleague, typically accounted for how 26 per cent of people found their next job. And then 19 per cent of job hunters are looking for greener pastures because they’re dissatisfied with their current job. And just 36.7% of employees are engaged at work, according to Gallup. In this particular Australian report by job searching site Indeed, we can see that employees who are not engaged do not do their best work and are at risk of leaving your company. They want to feel like their work has a purpose and makes a difference – they want a good culture fit. A global Deloitte report looks at how today’s organisations exist in a glass door era, where every corporate decision and interaction “is immediately publicly exposed and debated”. Recent research shows that in most companies, engagement levels are low. According to Gallup, under 15% of the global workforce is highly engaged. These numbers demonstrate that there is a lack of refined process around measuring engagement – things like performance reviews and the determination of career growth prospects – that is ultimately resulting in low levels of employee confidence in their organisation’s ability to drive the desired culture. There is an interesting school of thought that says companies should treat employees as customers and consider them as volunteers in their position, not merely workers filling a role. It may be a left-of-field concept but with the birth of websites such as LinkedIn, Glassdoor and even Facebook in some instances, the power of transparency is at the fingertips of the employee. With this global shift, as outlined in Deloitte’s report, employee motivations have changed and there is a legitimate focus on purpose, integration and work-life balance. And now more than ever, we can see that an organisation’s cultural reputation is paramount. True leaders build reputation and nurture talent Clearly this shows that reputation – both formally and informally – counts. And one of the best ways for a business to tarnish reputation is by bad management and poor leadership, while one of the best is to be seen as a standout in the jobs field for work-life balance and strong management. Employee motivation is central to driving success and business leaders motivate their employees. Managers that fail do so by making common mistakes, whether that’s to downplay and pigeon-hole talent, devaluing creativity, individuality or critical thinking. Google is a great example of a company people want to work at. Why? Because it treats its employees as more than oil in the machine, giving them an exceptional work environment, whether that’s free snacks, drinks and meals, or chill out time and space, or hire scooters, for example. Google applies its data analytics to staffing, finding, ”periodic one-on-one coaching which included expressing interest in the employee, and frequent personalised feedback ranked as the No. 1 key to being a successful leader” for its staff. Okay, so why is toxic culture so bad? Management is the group that builds and cultivates that culture, so when leadership is lacking or management's bad the culture becomes toxic. We’ve all seen it in workplaces from across the jobs market: people leaving unannounced, the new hires get left sitting at their desks without proper on-boarding or, worse still, are simply thrown in the deep end with high expectations on instant output. When culture is bad, people pack their bags and leave. It’s that simple. Projects are disrupted, plans are dropped, and expenses balloon out. The costs of turnover can run from the tens of thousands of dollars to more than two times an employee’s annual salary. Not only is there a financial cost, but also the danger and difficulty of finding someone who can fill the void of the past worker.
As arguably the most definitive point of a customer’s experience, a smooth on-boarding process can affirm that the right product decision was made for new customers.
The WALE (or weighted average lease expiry) is the way to measure the average time period that all leases in a property will expire. It is a crucial metric used in the commercial real estate industry, particularly in property management and investment analysis.
Commercial real estate is typically at the heart of a healthy investment portfolio, but there are some challenges to yielding high returns, such as rent collection and therefore an unstable revenue stream.
Real estate investing is easier than ever to get into. If you’re looking to increase your wealth through purchasing real estate, then your odds are better than ever before.
Whether it’s making a start, or building on a property portfolio, commercial real estate makes a great addition to any investor’s strategy. For many landlords it provides a high yielding investment with a concrete asset, without many of the downsides that come with residential real estate.
The so-called ‘consumerisation of technology’, a defining trend in IT, reflects advances in cloud and mobile computing, which have allowed consumers to access their data from anywhere, anytime. As the line between home and work blurs, those same expectations are now the norm for people at work, including those of us in the commercial property management and technology industries.
There is a lot of chatter around how we’re going to lose our jobs to computers.
Property management companies are always fighting for the owner’s business, and there are a number of qualities they need to possess to be successful.
Commercial real estate (CRE) companies need to recognise that traditional business models must evolve as the world around them changes. These companies will benefit from rethinking their business strategies and considering new and innovative ways to achieve them.
Shopping around for the right software solution to fit your business can be a challenging task.
In today’s fast-paced technological era any technological development can give a great competitive edge, and those that don’t enhance their commercial real estate experiences can fall behind.
In the Macquarie Bank Building the business of tomorrow 2018 Commercial Real Estate Benchmarking Report, it’s outlined that 7/10 agencies have increased profits, with 82% anticipating further revenue growth in the 2018 financial year.
With the digital economy as liquid as ever, accounting has had to rethink the way it does business in order to remain relevant. But is technology a threat to accountants?
Gone are the days of putting your stock in the window front to win business. Now, today's real estate companies have to rely on various revenue streams to scale and grow, and it is technology that’s at the forefront of driving this shift in approach.
For an industry with $3 trillion in revenue a year, and growth of 5.4 per cent over the last 5 years, commercial property management remains something that many in the industry don’t quite get.
Landlords in today's market need to get smart. If they are to increase rental yields and keep tenants long term they can’t keep playing the same old game.
5 ways to stay one step ahead of your competitors... It’s a great question. In today’s business environment, with the commercial property industry so busy with companies offering varying tech solutions to ‘everyday problems’, how do professionals know which of them is best going to help differentiate them from the crowd?
Being aware of how your company is performing is vital for property management. The fragmented nature of the industry means that landlords and property managers cannot afford to let go of the reins.
Commercial property landlords live and die by the lease agreements they negotiate with tenants. It may be bread and butter work for landlords, but leases also require great effort to ensure they’re well-planned and fairly drawn-up.
The way people shop has changed. And that is no different for landlords shopping around for the best property management team to look after their portfolio.
A great property manager is a true asset to a property owner. Poor property managers, on the other hand, can be detrimental.
I know what you’re thinking.
Today’s property investors are utilising technology platforms and smarter accounting tools to help separate themselves from the competition.
The commercial property management industry is demanding.
Re-Leased is the best place for property accountants to easily process invoices, organise contacts, schedule and complete bank transactions, and have full control of their data from anywhere and on any device.
For any property management company, big or small, accounting and bookkeeping are some of the most vital aspects of the job. Get it wrong and it all goes wrong.
Richard Kennedy, the UK Managing Director of Re-Leased Property Software sat down with Dan Hughes, Director of Data and Information Product Management at RICS (The Royal Institution of Chartered Surveyors) to discuss exactly how important data is in the commercial and residential property industry.
Many of us are familiar with the Changing of the Guard, the elaborate ceremony in which soldiers outside Buckingham Palace swap places with those on the next shift. It’s a proudly British display of choreographed steps from Her Majesty's Armed Forces but is also common practice around the world at significant government buildings or state residences, and provides me with a convenient metaphor for a certain idiosyncrasy of the modern business world.
By moving away from the old way, property managers are greatly reducing risk.
As the student accommodation sector becomes a more dynamic and global business the strategic management of student accommodation facilities becomes even more important.
Our CEO, Tom, recently wrote on LinkedIn about the idea that platform beats product. It is a concept that is becoming more and more popular throughout the entire property industry, but it is probably more relevant to the property management industry than any other. First, let’s draw some firm definitions: A product is single source solution, a walled garden with one gate in and one gate out. When using a product, a property manager is limited to the abilities and powers of just that one solution.