Here’s what a rental ecosystem mean to me.
Abridged Version:
ACCESS: to the rental tools, data and services that support connection and value for key contributors.
COLLABORATION: between a closely knit system of contributors consisting of owners and operators, service professionals, and renter-consumers.
BALANCE: of voice, understanding and appreciation for contribution, enabling a flywheel affect where value is dramatically increased over time.
ALIGNMENT: of an others centered thesis. Not as a soundbite but as a business model we demand of ourselves and partners. The hospitality industry did well understanding this dynamic.
DISTRIBUTION: of opportunity, service and value lend to upward mobility that impacts each contributor, incentivizing them to higher accountability, loyalty and excellence. This is especially true for renters.
TL;DR
For any ecosystem to evolve and flourish, it must be free to work as a holistic entity. The industry must be open those willing to contribute towards efficiencies, serve a greater good should be able to do so affordably or even free. Without this alignment, there is imbalance and with imbalance, a flywheel will never fully realized.
Okay, less on the philosophical front.
Property management, historically, has been about the property. Focusing on operations across leasing, maintenance, reporting and accounting.
Property management software perpetuated this by systematizing process around property management activities. This alienated renters and service professionals alike and lends to a myopic view of net operating income, resulting in diminishing margins.
Evolution of the space has seen an inversion of focus from the property as a physical asset to the importance around the experience within and around the property. If the systems we use don’t allow proper acknowledgement of what takes place beyond the rent, well, you’re likely losing millions (dep on scale).
It’s no wonder we haven’t seen anything close to a true flywheel in the rental market yet. Too many silos, misalignment and a lack of collaboration exist. The renter that wants flowers delivered. The service professionals seeking to build their cleaning business. The manager needing help with landscaping. It’s all connected.
Walled gardens withhold data, and alienate services and consumers. Instead, let’s empower the rental market towards new beginnings. A virtuous flywheel of access and opportunity is well within our grasp. We all see it taking shape yet without everyone involved we’ll always come up short.
Thoughts:
– use services aligned with your business. Are you a fee based manager? Use transaction based systems, not per unit services that charge you regardless of outcome.
– seek out feedback loops across your consumer base. They’ll tell you how to win. Just ask.
- engage service professionals around your community. They are subject matter experts. Use them. LEASERA
