Why professionalism matters
Clare Brady asks whether property managers are colluding in a race to the bottom.
It is a common woe of many managing agents: modern blocks are becoming more complicated to manage. Leaseholders are increasingly sophisticated and demanding and yet there is a persistent downward pressure on service charges and management fees.
But professionalism and quality rarely sit comfortably with squeezed fees. Professionalism can be defined as performing a job to high standards, to adhering to standards of courtesy, honesty and responsibility, to acting in your clients’ best interests, and to going above and beyond basic requirements. In addition, many professionals (such as solicitors) will have standards of education and qualification and be subject to codes of conduct that dictate their ethical and moral obligations.
There is a visible drive for professional standards within the industry (witness the popularity of ARMA Q and the IRPM qualification) but professionalism is much more than achieving a certain level of qualifications, it is about serving your client as best you can. None of which means doing the job at the cheapest rate.
So how do we shift the focus towards professionalism?
1. Discuss and agree service expectations at the outset: Estates that want a rock bottom price need to be told that they will get an appropriately matched service. You may want to show them a number of price and service options and give them the option for a low-cost service, but with the understanding that it comes with a reduced level of service.
2. Establish a clear client care policy: Do you seek feedback on your service standards and client care? A drive for continual improvement is a clear mark of professionalism and helps move the conversation away from cost. Establish internal service standards and communicate these to your clients, encouraging them to provide feedback. Regular staff training on client care is also crucial in creating a professional ethos.
3. Talk to your clients and understand their goals: How - and how often - do you communicate with your clients? Do you understand their goals and what they want? Of course they want a well-run block but, by understanding what else may be on their wish-list, you can better meet their demands. For example, they may want more regular contact with you - are they prepared to pay for that?
4. Remember that you are the experts: Make expertise your speciality. If we want to be viewed as the property management ‘profession’, rather than simply the property management ‘industry’, we need to act in a leadership capacity when advising clients. When clients lead professionals, it can be an unsatisfactory result for both parties: the client doesn’t get the advice for which they are paying and the professional is curtailed into a method of working that defies best practice.
Clare Brady is MD of Brady Solicitors
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