Damien and David speak with Malcom Riley where shares the ups and downs of almost 40 years as well as why we have a problem with Fee Structures within the industry with agencies offering as low as 1.5%, Automation and how changes in Amazon are directly flowing onto the Real Estate industry, answering after hour calls and how ignoring them loses clients and how 90 properties per PM vs 410 properties per PM and why the agency with 410 properties per PM is offering better support to their local staff.
Malcom really puts it all out there and shares his journey in the industry and where he sees it heading as he continues to work with clients.
1:49 – Malcoms entry into the industry 37 years ago in sales
2:23 – Restarting the business from the ground up while facing 10% vacancy
2:51 – Why Malcom decided to become one of the first companies to offer just Property Management and dump sales
4:32 – The biggest changes over the last (almost) 40 years around legislation and why the industry was Landlord Focussed
5:18 – Is the industry now Pro-Tenant?
6:05 – The strangest thing Malcom has ever seen and how he’s had to to deal with 19 tenants pass away over the last 30 years
6:41 – Why we have a problem with Fee Structures within the industry and agencies offering 1.5%
7:36 – The changing roles of a property manager and changing the structure of the industry
8:18 – Doing more in less time and becoming client focussed and why responding to a client after 3 hours is too long
9:23 – Not taking a client call at 7:30pm how it meant they lost the client and if that’s an issue with their business structure
10:56 – Should you add your clients to Facebook, including landlords and tenants?
12:12 – Automation and how changes in Amazon are directly flowing onto the Real Estate industry
14:44 – How automation is stopping real estate agents from doing their actually doing their jobs
15:33 – What is the best way to start a relationship with a potential client
16:11 – Do you think there’s still a place for door knocking in the industry
17:00 – What Damien’s clients are doing to generate new leads
17:47 – Why EFT was ahead of it’s time and the balance of innovation v’s the industry wanting to change
19:03 – Is technology killing the relationship?
20:16 – How Malcom is working with clients on the traditional vs new model
20:49 – The Manual side of Property Management 30 years ago vs full automation
21:16 – The example of 90 properties per PM vs 410 properties per PM and why the agency with 410 is offering better support to their local staff
23:17 – The fishbowl mentality and why agencies should always get outside help for Structure and Business Growth