THE DIFFERENCE BETWEEN TRAINING, COACHING AND CONSULTING FOR PROPERTY MANAGEMENT

In this expeditious world of property management, challenges can arise unexpectedly, leaving even seasoned professionals like Michael Furlong searching for solutions. Michael shared his journey and insights, shedding light on the importance of proactive strategies and external oversight in navigating the complex landscape of property management.

Michael’s journey began over 25 years ago in the real estate industry, where he initially struggled as a sales-based principal. However, a pivotal realisation led him to shift his focus to property management, where he discovered a wealth of untapped potential. Armed with newfound expertise, Michael honed his skills and eventually transitioned into consultancy, helping other property management directors optimise their businesses.

One key lesson Michael learned early on was the critical importance of asking the right questions. In an industry where success is often measured by metrics like property turnover and staff retention, Michael delved deeper, probing into the profitability and operational efficiency of property management businesses. This shift in perspective allowed him to identify common pain points and develop tailored solutions for his clients.

Central to Michael’s approach is the concept of “embedding” within client organisations. Rather than offering generic advice from a distance, Michael immerses himself in his clients’ businesses, working alongside their teams to implement strategies and systems for success. This hands-on approach ensures that recommendations are not only practical but also seamlessly integrated into existing workflows.

A recurring theme in Michael’s consulting work is the importance of compliance and risk management. With ever-evolving regulations and stringent enforcement measures, property management businesses face increasing pressure to ensure regulatory compliance. Michael emphasises the need for proactive measures, such as regular audits and process reviews, to mitigate potential risks and safeguard against legal liabilities.

In light of recent challenges, such as staff turnover and client poaching, Michael advocates for a proactive approach to client engagement and relationship-building. By fostering direct relationships between directors and clients, rather than relying solely on property managers, businesses can strengthen client loyalty and resilience in the face of external threats.

Ultimately, Michael’s insights underscore the value of continuous learning and adaptation in the dynamic field of property management. By staying vigilant, proactive, and responsive to industry trends, property management professionals can navigate challenges with confidence and emerge stronger than ever.

As the conversation with Michael Furlong demonstrates, success in property management requires more than just technical expertise—it demands a holistic approach that prioritizes relationships, compliance, and continuous improvement. With the right strategies and support, property management businesses can thrive in an ever-changing landscape, poised for long-term success.

Michael delves into the core of risk mitigation, emphasising the importance of safeguarding properties and relationships from potential threats. He underscores the need for comprehensive systems that transcend individual property managers, ensuring continuity even amidst staffing changes or portfolio adjustments.

Drawing from his own experiences, Michael highlights the correlation between stress levels and staff retention. He advocates for a proactive approach centered on structured onboarding, professional development plans, and transparent communication. By nurturing individual career paths and aligning organisational goals, businesses can enhance staff satisfaction and longevity.

Michael’s insights extend beyond property management, advocating for personal responsibility in professional development. He encourages individuals to craft their own development plans, leveraging resources like podcasts and books to enhance their skills and knowledge base. By becoming truly remarkable in their roles, individuals can elevate their value within the organisation and the industry at large.

In a digital age where reputation is paramount, Michael underscores the significance of Google reviews. He shares invaluable tips on crafting responses to negative reviews, turning them into opportunities to showcase organisational integrity and commitment to improvement. By actively engaging with reviews, businesses can shape a positive online presence and attract prospective clients.

Michael Furlong’s insights offer a roadmap for success in property management, blending practical strategies with a profound understanding of human dynamics. By prioritising risk mitigation, staff retention, and personal development, businesses and individuals alike can thrive in an ever-evolving industry landscape.

 

Connect with Michael Furlong

https://www.rentrollmaximiser.com.au/

Property Management Customer Service Audit (DIY Audit)

https://www.rentrollmaximiser.com.au/

Any Property Management Business Can be turned around from Chaos to Award winning in as little as 90-120 Days

https://www.youtube.com/watch?v=xBZJZ0A4dTI&t=64s

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