Elevate Property Performance by Changing Managing Agent

Homeowner boards, similar to businesses, thrive on change. They adapt, evolve, and transform to meet their changing lifestyle needs, property value trends, and a variety of other factors. Among these transformations, changing a managing agent in a residential building can often be a significant move. It’s a strategic decision that can enhance the quality of life of residents as well as comfort in your home as a home and as an investment. In this blog, we will delve into how this change can significantly improve your living experience as a homeowner board member, within a managed building.

Before we proceed, it is essential to understand what a managing agent does. They are essentially responsible for coordinating the day-to-day operations of your property. This includes managing supplier relationships, ensuring compliance with legal requirements plus maintaining property and operational standards.

The question then arises – why should you consider changing your managing agent? The answer lies in three major aspects – increased efficiency, innovation, and better supplier management.

  1. Increased Efficiency: A fresh perspective can be a catalyst for change. A new managing agent can bring in a different approach, innovative ideas, and streamlined processes, which can significantly enhance operational efficiency.
  2. Innovation: The property and residential block management landscape is continuously evolving, and so should your strategies. A new managing agent might be more attuned to the latest trends and technologies, enabling you to leverage these for your investment return.
  3. Better Supplier Management: With a new managing agent, the way you work with your suppliers can change, potentially for the better. By implementing robust KPIs and SLAs, you can monitor and manage your supplier relationships more effectively, leading to improved performance and outcomes for you as a homeowner, and a board/committee member.

Change, while often beneficial, can be challenging to implement. However, with the right strategies and resources, such as our guide on ‘How to Implement KPIs & SLAs With Your Suppliers‘, the transition can be smooth and rewarding. This guide equips you with a comprehensive understanding of the process, helpful tips, and best practices to navigate the challenges and maximise the benefits of the transition.

And so, switching your managing agent can indeed be a game-changing exercise. However, it is essential to remember that every residential portfolio is unique, and what works for one might not work for another. Therefore, it is crucial to analyse your property’s needs, evaluate a variety of potential managing agents, and consider the impact this change can have on your property before making the decision. With the right approach, changing your managing agent can prove to be a significant step towards elevating your property and your investment.

Remember, knowledge is power. Stay informed and make the change work for you.

Get in touch with a member of our team to discuss how we can support you through sourcing and onboarding a new managing agent.

About the Author: Dustin Fjeld

Dustin Fjeld
As founder member of Fjeld Consulting, Dustin has helped save clients thousands across a range of BTR, PBSA, PRS and Co-living portfolios.

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