Head of Real Assets
5 Mar 2018
The property management industry doesn’t need to evolve, it needs reinventing
A common misconception in the real estate industry is that outsourcing Property Management activities to third party managing agents is more efficient, saving both time and money. However, in Property Week, Bill Hughes discusses how significant changes in how buildings are operated and occupied is drastically needed.
The decision to outsource property management is commonly propelled by the property owner requirements to reduce costs and save time. In reality it’s left with a managing agent in the middle who, very often, does not have the motivation or skillset to look after the needs of the occupier or run a building efficiently.
With a growing body of legislation covering energy consumption, waste and its reduction, there is an increasing burden on the managing agents to provide services that they are not equipped to offer. The Property Manager function now needs to actively participate in customer service, facilities maintenance and engineering, sustainability and CSR strategic thinking – not to mention rent collection and day-to-day maintenance. The emergence of these areas for property owners shines a spotlight on the existing industry skills gap.
To read the full article, please click the link below.
There needs to be a commitment from property owners to work closely with the occupiers, a transparent relationship and a deeper engagement that has a ‘hands on approach’ to help establish what the consumer wants.
Bill Hughes, Head of Real Assets for Legal & General