The global pandemic really shook things up, especially for businesses. Uncertainty and the environment of constant changes forced firms to look for solutions that are adaptable to the current environment. There is a Covid triggered trend for business managers – they are looking for systems and solutions that can enhance reaction times. With more difficulties and ever-changing conditions, there’s bound to be amazing opportunities to take advantage of, also. Let’s focus on how your business can be efficiently managed through a remote channel and how can you enhance reaction times!
What are the advantages of enhanced reaction times?
In the past, reaction times were not nearly as important as they are now. The economy of today and the economic landscape changes quickly. Hence, businesses have to adapt because those who don’t, quickly become dispensable and irrelevant.
For property analytics and overall property management, there is also the risk of losing tenants due to uncertainty or ever-increasing pressure from competitors. To adapt to the current market situation, you have to have the tools, like a dependable property management program in order to fulfill planned actions and move forward with your ideas.
If the tool is versatile enough, it is going to have tools and modules for reactions and benefits to your customers. For example, when certain market circumstances change, you can send out updates, newsletters, change pricing, inform about meetings to discuss, and in turn – reduce the so-called churn rate and the loss of clients.
Property management program – implementation & improvement
If we talk about remote management of your business, we have to talk about program management for real estate and properties. These tools create a centralized system to take care of both day-to-day duties, related to building and property management as well as implementing long-term visionary plans.
But, with regards to reaction times, the important thing is to have flexibility. And to implement not only the program itself but to help your staff and the designated personnel to familiarize themselves with the tools at their disposal, the implementation process has to be smooth and fitting.
Here are 6 steps that you can follow in order to enhance reaction times after or during the implementation of a property management program.
1. Determine your best competencies and focus on how they correlate with the needs of your customer. Market research is the most significant part of this step.
2. Remove the activities in your current agenda that bring least or no value at all. Focus more attention on the things that could add value.
3. Enhance commitment from the staff by incentivizing good results or dedication to the implementation.
4. Look for ways to improve on everything that you’re currently offering (pricing, service, response times, etc.)
5. Simplify the administration by having a clear chain of command, delegate tasks and avoid bottlenecks.
6. Monitor the market trends periodically and adjust your business accordingly.
How to know whether it is time to enhance reaction times?
But maybe you’re doing enough? Maybe you are already enforcing the right solutions and your reaction times are good enough so that you don’t lose any business? How to know precisely? Well, there isn’t just one single way of telling. In general, most businesses tend to look at trends and market share analysis as well as property analytics to know whether their strategy needs changing.
Trends and changes
For businesses, monthly or quarterly analysis and overviews aren’t just meant for show. They can indicate both positive and negative trends in the market. By monitoring key performance indicator (KPI) data and overall financial situation, you can quickly know when the trend is moving in the wrong direction. If the trend is worrying, you can choose to look over the weak areas, and enhancing reaction times might be one of the solutions!
Market share analysis
In terms of market share, you have to be able to resist pushy tactics from your competitors and retain your clients. Sometimes you’ll have to price-match, other times you’ll have to over-extend slightly, but gathering information about the competition is crucial.
Whenever you’re losing market share and your direct competitors are gaining it – it’s time to aggressively move towards getting more clients and not losing any more revenue. Enhanced reaction times do help with that.
Property reporting tools help find bottlenecks and the potential for more revenue. It’s crucial that you have good reaction times to act on that potential and make the most of it.
Other challenges of managing businesses remotely
Slow reaction times aren’t the only thing that challenges remote business management. There are a lot of other areas that need more adapted solutions for remote work.
First and foremost, there usually is just a general absence of access to important information and a lack of communication between parties involved. Proper delegation and the utilization of a versatile software tool seem to eradicate such problems. Once your staff has access to a centralized database remotely and can assign, delegate tasks as well as leave notes (amongst many other things), efficiency tends to improve.
There are other internal obstacles such as sub-par supervision. However, efficient communication should be able to solve them.
Risks of getting bogged down with minuscule issues and investing resources in areas with little to no potential are also present. By preparing a plan to work remotely and delegating tasks via the chain of command, using the property management software, every company can expect to do better. Focusing on core competencies and the most important aspects of doing business – great service & great relationships with clients, you can do as well or even better, regardless of whether the work is forced to happen remotely due to Covid or other factors.