| | 8 HOSPITALITY BUSINESS REVIEWDECEMBER 2024IN MY OPINIONSOLVING THE PROPTECH CONUNDRUM By Emma Gordon, Group Head of Property Management, The Barry Plant Group If your property management business does not embrace PropTech, chances are you can say goodbye to a profitable business. In Australia, staffing costs and therefore the cost of running a business have rapidly increased in the last few years. Many property managers have left the sector on the back of the sustained stress they suffered during the Covid-19 lockdowns. For those that remain, they are grappling with more responsibilities than ever before - particularly in the critical areas of compliance and risk management. These requirements are onerous and time consuming and without the use of good technology tools, the number of properties that a property manager can look after is significantly reduced - which increases costs. To continue to be profitable we have to embrace PropTech. But we have to do it right or we risk wasting a lot of money and frustrating our team members. The developments in property management specific technology over the past few years have revolutionized the service offering of those businesses that have embraced it. But the tech is changing and evolving rapidly. Not all the hyped software delivers what it promises. Not all software developers understand the nuances and requirements of the highly regulated sector we work in. It's time-consuming to keep across product developments and it's easy to be convinced by a good sales pitch. Mistakes in this area are expensive. Emma Gordon
< Page 7 | Page 9 >