The Economics of Change: How to Save Your Business with a Modern Mindset
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If your property management business has been through a software transition before, you know that change isn’t easy. But if you are losing precious time and money to outdated systems that don’t work with your business, you might need to change faster than you would like. In fact, if you are hesitant to make necessary changes to your business your competitors are likely outgrowing you already. Check out these slides to learn how you can: -Set clear and measurable goals to assess your current business practices -Effectively navigate your team through significant business changes -Conquer the biggest hurdles in implementing new software systems -Motivate your team to adopt new processes -… and more!
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The Economics of Change: How to Save Your Business with a Modern Mindset
- 2. 2016 © AppFolio, Inc. Confidential. The Economics of Change How to save your business with a modern mindset Vince Coley Director, Implementation Services
- 3. Join Us Online - #AppFolioChat facebook.com/AppFolio Follow Us @AppFolio Follow Us – AppFolio
- 4. • Property management and accounting • Online rent collection (free) • Prospect / guest card tracking • Vacancy Marketing • Websites • Online applications & leases • Resident Screening • Mobile Inspections … So You Run A More Successful Business Web-Based Property Management Software @AppFolio #AppFolioChat AppFolio
- 5. 2016 © AppFolio, Inc. Confidential. CHANGE IS BAD
- 6. 2016 © AppFolio, Inc. Confidential. How will this change affect me? FEAR
- 7. 2016 © AppFolio, Inc. Confidential. Change is difficult. Not Changing is fatal.
- 8. 2016 © AppFolio, Inc. Confidential. If You Don’t Change LEASING RENTS OWNERS MISTAKES The list goes on and on...
- 9. 2016 © AppFolio, Inc. Confidential. YOUR COMPETITION (embracing change :)
- 10. 2016 © AppFolio, Inc. Confidential. “I want you to find a bold and innovative way to do everything exactly the same way it’s been done for 25 years.”
- 11. 2016 © AppFolio, Inc. Confidential. “The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” SocratesSocrates
- 12. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 13. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 14. 2016 © AppFolio, Inc. Confidential. Your Perception The Reality
- 15. 2016 © AppFolio, Inc. Confidential. The Leasing Process “But, We’ve Always Done It That Way.” Over time, we accept deficiencies in our property management & accounting systems as “the norm” and adapt our processes to fit these limitations.
- 16. 2016 © AppFolio, Inc. Confidential. Structure Your Decision Process What’s Your Business Goal? What’s Holding You Back? Other Goals & Initiatives Ex: Grow X Units Next 12 Mo w/out Adding Headcount Must be Measurable “More Efficient” → $$$ Why can’t you achieve your goal? Where Spending Time? Mundane Tasks, Duplicate Entry, etc Maximize Use of Technology Even Better Customer Service Attract & Retain Modern Owners & Tenants
- 17. 2016 © AppFolio, Inc. Confidential. Why AppFolio Now? Marketing – Save $163 per month Leasing – Save 14 hours + $40 per month Accounting – Save 40 hours + $720 per month Maintenance – PMs can focus on adding owners Communication – Save 20 hours + $28 per month Maximize Use of Technology Provide Even Better Service Owner/Tenant Retention Tools Annual Return on Investment $25,469 Business Goal: Grow by 20% in 1st year w/out adding headcount
- 18. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 19. 2016 © AppFolio, Inc. Confidential. What’s your business goal? What’s holding you back? What other initiatives are you thinking about? Decision Business Owner Accounting Lead Prop Mgt Lead Mr. T
- 20. 2016 © AppFolio, Inc. Confidential. Who’s Driving the Bus? To Change... Not To Change... Engage & Drive Build an ROI Case & Sell It! -OR- TEAM MEMBER BUSINESS OWNER
- 21. 2016 © AppFolio, Inc. Confidential. TEAM ENGAGEMENT = TEAM COMMITMENT
- 22. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 23. 2016 © AppFolio, Inc. Confidential. Don’t Re-invent the Wheel Don’t try to duplicate your current processes in a new solution Expect some trade-offs, stay focused on value Be open minded, ask for best practice recommendations
- 24. 2016 © AppFolio, Inc. Confidential. “How do other property management companies solve that same problem?”
- 25. 2016 © AppFolio, Inc. Confidential. value check boxes Not All Features Are Created Equally
- 26. 2016 © AppFolio, Inc. Confidential.
- 27. 2016 © AppFolio, Inc. Confidential. Do Your Due Diligence & Focus on Value 1. Due Diligence: What are your Goals? Challenges? 2. Make a list of specific items and walk through them with your sales rep. (focus on Value!) 3. Don’t pass go until you’re confident that your due diligence is complete! A Common Mistake 1. You haven’t been trained on the software. 2. How will you know if your testing is successful? 3. Don’t make this decision based on gut feel. “I just need access to a demo site so I can test the system for myself, to see if it’ll work for me.”
- 28. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 29. 2016 © AppFolio, Inc. Confidential. Do or do not, there is no try. Yoda
- 30. 2016 © AppFolio, Inc. Confidential. Mindset Matters #1 ingredient of any successful change. POSITIVE MINDSET
- 31. 2016 © AppFolio, Inc. Confidential. Commitment Starts at the TOP We are DOING This! 2016 © AppFolio, Inc. Confidential.
- 32. 2016 © AppFolio, Inc. Confidential.
- 33. 2016 © AppFolio, Inc. Confidential.
- 34. 2016 © AppFolio, Inc. Confidential. Expect a Few Surprises Commit to Finding Solutions
- 35. 2016 © AppFolio, Inc. Confidential. Everyone Onboard?
- 36. 2016 © AppFolio, Inc. Confidential. Do your due diligence and decide to commit! A Common Mistake 1. No commitment...what message does this send? 2. Same planning/time/effort/decisions need to be made for 5, 50, 500 or 5000 properties/units. 3. Don’t turn a 1-2 month implementation into a 6-12 month process → the team will suffer. “I just want to try a few properties to see if the software will work for us.”
- 37. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 38. 2016 © AppFolio, Inc. Confidential. What’s your business goal? What’s holding you back? What other initiatives are you thinking about? Project Business Owner Accounting Lead Prop Mgt Lead Mr. T Subject Matter Experts Tech Savvy Influential (in a good way) Get the “Vision” Great Attitudes a Must!!
- 39. 2016 © AppFolio, Inc. Confidential. Expectations & Accountability Get a Checklist → Understand the time & effort commitment so you can plan ahead Dedicate Resources → Allow them to focus on the highest priority items for the biz (the transition!) Hold Your Team Accountable → Timely delivery of tasks & deadlines
- 40. 2016 © AppFolio, Inc. Confidential. Host a Launch Party SHARE: Your business goals & how the new solution will help you get there. THINK: What’s in it for them?! SAY: This will take time and Effort. We are DOING this. But, it’ll be so worth it!
- 41. 2016 © AppFolio, Inc. Confidential.
- 42. 2016 © AppFolio, Inc. Confidential. Celebrate Your Successes!
- 43. 2016 © AppFolio, Inc. Confidential. Due Diligence Engage Your Team Early Focus on Value Decide to Commit Execution Time
- 44. Thanks! Questions or Comments? Twitter - @AppFolio #AppFolioChat Online – AppFolio.com