✨ Building worldclass talent in your Property team
Over the last two years, I’ve talked to a huge variety of property teams and have seen first hand what amazing and incredible work you do within businesses or working as partners with them.
Here are a few things I’ve noted down about the teams I’ve worked with to date:
Understanding the mission and relevance of property is fundamental: Why is Property important to the business you’re working for? It could be a retail network that services regional customers or a distribution centre network that connects trucking and rail logistics across the country. Positioning is key to both of these businesses to optimise cost, damage rates and order delivery times. Therefore, making sure that new property is developed in the right locations and/or existing properties are well maintained and serviced are clear business missions of the team.
Setting up the team for success: Every property team has structure and that’s good because it means you’re meeting the needs of other people in your business or customer network well:
Typically, the Head of Property or Development will work with the leadership team to ensure that the network is achieving what it needs to e.g. revenues - costs on target and development opportunities are maximised based on competitive threats and revenue growth opportunities.
Asset and Property managers will work to ensure that operations are seamless at a regional level with tenants or
Property and facilities co-ordinators will then take much more ownership at a local level to work with contractors and operations/branch managers to ensure the site itself runs ship shape
Metrics & budgets: Knowing what you’ll spend in the next 2 years in OPEX and 5-10 years in CAPEX is critical to a good working relationship with your stakeholders. Property costs can blow out quite easily and being able to drill intro why and the options is key. The Finance Team are going to be your partners when it comes to maintaining the properties you look after and predicting future profit margins.
Communication and trust: Because there is so much going on at the same time, a lot of trust is given to everyone in the team. Whether they’re the team lead or the co-ordinator, an open door policy and aligning issue priorities e.g. defining a common definition of what is urgent is fundamental
Stretch your people before you promote them: By preparing people well before you promote them, you set them up for success when they get the job and enable them to move faster. If you think someone is ready for
Your network is power: Whether they’re a fellow Property leader or co-ordinator in another company or a contractor you work with closely, talking to your network is your super power. They are the perfect people to
Action-oriented: Property is action - whether you’re buying, selling or managing, taking action at the right time can mean the difference between winning or losing a market, between a large CAPEX replacement or a small OPEX bill. In everyone you hire, you want to test and get them to demonstrate this action-oriented mindset.
Celebrate: Celebrate your success! There are people across town who have a cow bell. We do a dance when we release a new feature or win a new contract. Beers are a great way to get everyone together. You want to build a feeling of achievement with your team.
📈 🏢 The Build-To-Rent Market
Property Council Australia just published a very interesting article about BTR market in Australia. Something we’re seeing on this side of the market as well.
CBRE’s new Build-to-Rent Development Pipeline report estimates the market is now worth more than $10 billion, with an additional $3-5 billion in projects at various stages of due diligence
10 projects, totalling 3,300 units, have been announced over the past seven months alone, with 11 groups currently developing more than one project
Build-to-rent can increase supply of rental accommodation, improve the rental experience, and create jobs in construction and management, says the Property Council.
🔥 Our new Timeline feature
A lot of what we’re talking about up there comes back to what we’re trying to build at Frankie - a better system of communication and collaboration across time and space.
Take a peek at our new Timeline feature below to see how easy it is to manage tasks across your team now.
Have a good week all!