27 September 2024
More complex buildings with ever tighter regulations and legislation governing them have led to an increased focus on professionalism within the property management industry. Speaking to Property Week, our Managing Director Martin King explains how FirstPort is embracing this evolution and responding to the changing demands of clients and customers.
Can you summarise the key changes we are seeing across the property management industry?
We’ve seen three key changes in our industry. Firstly, an increase in resident management developments, so RMCs [resident management companies] are becoming much more prevalent.
Secondly, there is a real focus on professionalism, capability and qualifications in the industry – we are coming out of a time where you could simply learn on the job. Our clients are looking for a much more qualified and professional group of residential property managers, supported by forward-thinking property management companies.
Thirdly, we are seeing greater complexity around the buildings themselves. The developments and homes that we are managing are becoming ever more intricate, as are the regulations and legislation around the framework of looking after those buildings. A clear and positive understanding of the market and those changes is required from any residential property management company.
How is FirstPort responding to the changing RMC landscape?
We have launched a new specialised London Residential Real Estate team dedicated to supporting resident management developments in the Capital. It’s been set up in the centre of London, because while we currently manage 1,700 RMCs nationwide, almost 20% of the market is based in central London. We believe this team will truly embed itself in the London RMC space and provide unrivalled products and service to market.
We have to get the right people with the right backgrounds and the right professional qualifications in order to deliver this service. RMC directors are becoming a lot more professional in their approach because there is a lot of responsibility on their shoulders – they are responsible for safety, accounts and the day-to-day running of a building. Choosing the right partner is very personal for them, they need someone who can deliver, and offer a personalised approach.
We are the largest property management company in the UK but that doesn’t stop us having a very local touch with RMC directors. What our size gives us is more flexibility in terms of managing the regulatory and legislative changes affecting the industry, but we also provide a local feel which includes knowing our RMC directors personally and understanding the specific needs of their residents.
Are you expecting any new legislation around property management under the new government?
There’s already a lot for us as an industry to respond to from the previous government and this has to be the priority.
Our industry body, The Property Institute, recently issued their manifesto which calls on the Government to set the right policy and regulatory framework to improve the lives of all residents in multi-occupied buildings. While much of the new legislation coming out of the Leasehold and Freehold Reform Act has not yet come into force, we are continuing to monitor it, and we hope this will be a step in the right direction towards a standardised professional approach across the whole sector.
What do you need to do to serve today’s clientele effectively?
Communication is a big factor and for the directors and clients we serve it is absolutely key. To respond to that we recently launched a new CRM system, and were taken aback by the response we received – since launching in April we’ve had 180,000 people sign up for the updated customer portal. The system enables us to interact with our customers in a way that is ahead of the market and makes things simpler and faster for our clients.
Everything is available online and is much more digitally focused, it helps us to improve our information and decision-making processes. In addition to that easy communication, it’s also important for us to actually meet directors regularly to ensure that elements such as budget estimates are correct and understood, and the accounts are on time, and to highlight we are answerable to the clients leaving them with a great impression based on trust and professionalism.
Does property management have the professional reputation it deserves?
Professional reputation is something that is earned and the professionalisation of our industry is more important now than ever.
As a collective, we need to show a higher quality of delivery, set higher standards for ourselves, and show value for money and transparency. These are key themes that come out in conversations with our customers.
What are you doing to support colleagues with professionalism?
Professionalism in property management is something that we are absolutely pushing for within FirstPort. As part of that we like to see the right qualifications when a person starts with us to ensure they can deal with the complex requirements our industry presents, such as the building safety agenda. Our property managers need to be trained to the right level and have the right tools for success. It’s on us to support that. That’s why we set-up our 101 Training Programme. It’s a 12-week course that our new starters go through when they begin. It’s a Level Two qualification recognised by The Property Institute and we’re looking to roll it out for all of our staff.
What can people entering the industry expect from FirstPort that wasn’t there five years ago?
The biggest difference they will find is a company that is much more forward-leaning in terms of making sure that they have the best possible chance of success to deliver for our customers and our clients. Our processes are better, our systems are industry leading, and communication with staff and customers is better than it’s ever been. When people join us there is also an opportunity for them to learn and progress and that they feel invested in and cared for by us as a business. Property management is a difficult role, and you need to feel the weight of a company behind you that knows what it’s doing. The industry is changing to such an extent that we need to be on the front foot. We are on a journey and focused on being a genuine industry leader. People are seeing that change.
What feedback have you received from clients about the changes you have implemented?
The client feedback really is around communication and delivery. They want you to understand their needs and their portfolio, to be able to provide the correct information, regular updates, and a contact who understands their requirements. We’re here to ensure accounts are serviced on time, developments are well managed, and health and safety regulations are adhered to. We’re here to give comfort in an increasingly complex industry and clients are recognising the changes we’ve put in place and the positive journey we are on.
How do you see property management developing over the next 12 months?
The real estate sector is going through a rapid period of change and property managers across resi and commercial must be ready to adapt to that.
Much of the conversation is around preparedness and being able to respond to the changes that are evolving the landscape such as the new government, developing regulation, changing technology, and the increasingly high expectations of the customer base. The biggest change is leaning into delivering on all of that.
