3rd November 2021
By Jess Parmar FIRPM LLB COO at PBM Property Management | Board Director at The Institute of Residential Property Management (IRPM)
With our two leading professional bodies – IRPM and ARMA, joining forces in a proposed merger, we anticipate to see a positive transition in our industry to become more customer-focused; by providing members of the industry and organisations that employ these members, governance, guidance, support and best practice to deal with the demands of this fast-paced market.
Customer expectations are higher than ever before, and leaseholders and residents scrutinise property managing agents more intensely than ever. They’re comparing their experience to the easy, fast, and personalised experiences they’re having with the best of the best.
When buying into a new development, one of the most important things all stakeholders- investors, leaseholders, residents and developers consider is the offering of residential amenities; what sets it apart from surrounding residential schemes and gives it a unique edge? It’s crucial for managing agents to do what they can to create that community feel because it greatly impacts their residents’ wellbeing and living experience. The more engagement and enjoyment people get out of their living environment, the greater the community identity and sense of belonging.
Combining this with the integration of sustainable performance being arguably the most important changes to property management in recent years, it is essential that property managers and all supporting functions of a property management company are supported in dealing with this new world of residential living. The managing agent would ideally play a critical role in improving a building’s environmental performance. Technology advances have also helped property managers analyse buildings` energy consumption and develop strategies to manage energy more efficiently to lower total operating lease costs.
It’s evident that these environmental, consumer choice, technological advancements, and socioeconomic forces, along with the very real and immediate demands of their owners and residents, are changing the role of the property manager for good.