Category

Blog

Category

WE are very proud to present our latest innovation; ladies and gentlemen, clients and friends (cue fanfare), this is the brand new RealService Dashboard.

Created over the last 12 months from a RealService brief by Jon Saville, of our tech partners at Walnut Innovation Limited, and our own data supremo Lasha Gegidze, this live reporting tool will make it possible for our clients to analyse their data in real time and in more segments than a chocolate orange.

“It’s a brilliant, new versatile tool which will bring up-to-date statistics and customer insight to our clients,” said RealService director and chief operating officer Louise Freethy.

It’s especially useful for clients with diverse portfolios who might want to monitor trends by country, or by sector and it provides both the macro and the micro view. Want to know your NPS score over the last five years? It’s all there. Want to know what a specific occupier said in response to a specific question in a specific building in Poland? That insight is there too, in Polish and English, at the click of a button.

Lasha Gegidze … RealService data supremo

Daily refresher dynamic

“It has a daily refresher dynamic, it looks modern and enticing and the information is easily navigable,” said Lasha. “Clients can add new pages so it’s bespoke to them and the data is sliceable and diceable in every way.”

While RealService was the driving force behind the brief, it was Jon Saville at Walnut who had the technical know-how to make it happen.

Based near Peterborough, Walnut have worked with RealService for around 10 years.

It started with our Quest system, the cloud-based client portal which securely stores the transcripts from the thousands of interviews RealService conduct every year.

Jon Saville … dashboard designer

“We were given the opportunity to redevelop the Quest system, which was a substantial piece of work – in fact, it took two years,” said Jon.

Focused on the needs of clients

“This dashboard is similar and it has been an interesting journey. RealService are completely focused on the needs of their clients and they want to deliver the best service. It’s our job to give them that support.”

Jon sees the dashboard as a real value-add.

“It is completely integrated into the Quest platform so any data put into Quest is reflected on the dashboard.

“The other advantage is that all you need is a web browser or mobile phone in order to see it. It has been designed so there is the least amount of ‘friction’ between the data and the user.

See at a glance and track trends

“The immediacy in the way the information is presented means you can see at a glance what it’s trying to say and track the trends. It’s pretty much piped into your eyeballs!”

If you are thinking of conducting Voice of Customer research and would like to hear more about the dashboard and our other services, please contact Louise Freethy, our chief operating officer, at the email address below.

Louise Freethy can be contacted at: Louise.freethy@real-service.co.uk.

Walnut Innovation can be contacted via www.walnutinnovation.co.uk.

WELCOME to the third of our interviews in our CX Conversations series. Here, David O’Sullivan, director of occupier and property services at Great Portland Estates, emphasises the importance of gathering regular, independent feedback from customers.

David O’Sullivan

He talks about how ‘over-communicating’ during the pandemic has improved the relationship between landlord and occupiers and emphasises the ‘people-focused’ nature of the business.

Oh, and don’t do what the banks do. Definitely don’t do what the banks do.

Welcome to our series of CX Conversations.

If you are a property company unconvinced as to the value of customer experience, please listen to our series of interviews with key figures from different sectors. We’ll be posting over the coming weeks and our interviewees include:

  • THE CUSTOMER. The head of real estate for PwC speaks stridently about the levels of service and engagement he expects as a major customer and he offers up a future of the office as ‘business theatre’.
  • THE ASSET MANAGER. The head of sustainability, Europe, for a global REIT talks about the importance of retention and reputation as key drivers for revenue.
  • THE LANDLORD. The director of occupier & property services for a major UK landlord explains the value of communicating with customers and how building relationships will serve them well in what are likely to be tough times following the pandemic.
Chris Richmond

1. The customer

This first interview is with Chris Richmond, senior head of real estate for PwC.

We asked him about the services he expects as an occupier, the role of managing agents and their preparedness for post-pandemic office life. Oh, and we also touched on the future of the office itself.

Next time, Kaj Bakker, head of sustainability (Europe) at Cromwell Property Group, will talk about being the middle-man, the asset manager serving two masters – occupiers and investors. It’s understanding occupiers, he says, which will drive retention, reputation and revenue.

CONNECTING on a human level with the end user is the way the office sector will remain relevant as it undergoes the most radical change in decades.

So concluded CGA founder and managing director Chris Garthwaite as he wrapped up the first roundtable event to mark his organisation’s collaboration with RealService.

The event was the opening salvo in RealService and CGA’s series Revitalising Real Estate and the discussion revolved around the theme Reimagining the Office: The Customer’s Voice.

“The office is one of the last institutions which is now breaking down,” he said. “Covid is an accelerator, but a distraction. The office now can be a home, a coffee shop, it’s wherever the end user wants it to be.

“It’s the biggest change in 40 years and probably one of the last industries which is being fundamentally altered.”

Strategic partnership

RealService and fellow customer experience consultants CGA have launched a strategic partnership with the aim of giving clients the best of both worlds: RealService’s expertise in the property industry and CGA’s renowned knowledge of other sectors.

The launch event featured some of RealService’s valued clients and they were challenged by one of the industry’s biggest customers, Chris Richmond, senior head of real estate at PwC.

Those around the table impressed Richmond with their commitment to customer engagement although he said his personal experience was a patchy one.

RealService and CGA launched their formal collaboration with a roundtable online event which discussed the future of the office

“Maybe PwC are dealing with the wrong landlords,” he said, adding that while some had engaged with him during the pandemic, there had been little dialogue around a return to work.

David O’Sullivan, director of occupier and property services at Great Portland Estates, said his team had, if anything, over-communicated with occupiers.

“It’s disappointing to hear of Chris’s experience, because I can say with certainty our delivery of that type of response has been exemplary,” he said. “We went early, issuing a return to work playbook to advise occupiers.  We have kept every one of our buildings open, we’ve communicated throughout the process and run occupier clinics.

“Moreover, it has been a highly-valued process that has really improved our relationships. It has been the one constant thing we have been able to talk to them about in the last year and it has really cemented our relationships.”

While Richmond was preaching to the converted an even bigger question remains: what is the office environment going to look like in the future?

PwC have announced they will be embracing flexible working with its chairman Kevin Ellis saying he hopes it will be “the norm rather than the exception” and that “we want our people to feel trusted and empowered”.

Its workers can now work from home for a couple of days a week and start as early or as late as they want, which could have major implications for the space PwC currently occupies.

RealService founder and managing director Howard Morgan, who facilitated the discussion, wondered if space should be priced by the day? “Surge pricing is prevalent in every other sector,” he said.

Paul Rostas, founder of Plus X, the coworking provider, said: “We’ve tried to develop our product in a different way; we used to work at our desks and have an away day to think differently, maybe now, we work at home at our desk and come into the office to think differently.

We haven’t really tried a hybrid model

“Maybe Monday is for one company, Tuesday we set it up differently for a different organisation. From a cost-efficiency point of view that’s appealing; we reconfigure the space as and when people need it, driven by what the customer wants.”

For Dan Lovatt, head of property management and build to rent at Transport for London, the problem is two-fold.

He said: “First there is a technical side – help me with PPE, signage etc but then it’s, ‘I’ve got this space, help me understand what I am going to do with it’. The second lockdown has been a lot harder on people and there is less of a desire to work from home.

“Presenteeism plays a part. We talk about a hybrid model but we’ve either all been in or all been out, we haven’t really tried a hybrid model.”

From his perspective outside the property industry, Chris Garthwaite said change was inevitable.

“I remember working for Kingfisher when the internet arrived. It’s the same here. Your customers will have access to anything they want, on their terms. The focus must be on considering what are you selling? Is it productivity? Flexibility? This is about brands selling environments and this is where it starts to become really interesting.”

 

*RealService and CGA would like to thank Dan Lovatt (TfL). Michelle Laramy (The Crown Estate), David O’Sullivan (Great Portland Estates), Paul Rostas (Plus X), Rowan Packer (Mapp) and Raj Rajput (Hines) for responding to Chris Richmond’s challenge and to Chris Richmond (PwC) for being the provocateur.

 

CX Conversations: Listen to Claire Middleton’s interview with Chris Richmond here.

PROPERTY management and customer experience will be key to the future value of real estate, said Professor Yolande Barnes, chair of UCL’s Bartlett Real Estate Institute, at a British Property Federation webinar focusing on tackling the property industry’s skills gap.

Speakers at the event also included RealService founder and managing director Howard Morgan and Experience Makers producer Harriet Jones.

“The things that make real estate valuable are the people and what they do in the space,” Prof Barnes said. “There was a weird time in the 20th Century when money was made through inflation and the value-adders were those who could trade property at rising prices.

“However, the closed club of big-building real estate is dismantling. Upward-only rent reviews won’t be what creates value in the future, it will be the long-term performance and management of the building.

‘Property managers have come from central casting’

“It’s about the income which can be generated from the people in the building and that puts property management and customer experience front and centre.”

However, according to a report for the British Council for Offices, written and researched by customer experience consultants RealService, the industry is not blessed with a customer-centric culture and those who have been employed in customer-facing roles have come largely from outside the sector.

“Property managers often look as though they have come from central casting,” said Howard Morgan, the author of the BCO report. “We found there is nothing in the major real estate universities or in the APC process which emphasises the importance of customer experience. People are graduating without an understanding of who their customers are.”

In an effort to transform real estate and provide training to ambitious young property professionals, BREI has teamed up with Experience Makers to launch an executive short course – CX in Real Estate:  Future Leaders Programme. The course directors are Prof Barnes and Howard Morgan.

Experience Makers is a research, education and networking community which aims to put ‘life and soul into property’ and has a number of major landlords among its members. Many have contributed to the course content and endorsed it as a much-needed game-changer for the industry.

“There should be alarm bells ringing because landlords need to future-proof against what’s going to be a major change in the office sector and the impact of the internet on the retail sector,” said Harriet Jones.

“Customer experience is not just about making sure there’s a smile at the front desk, it’s about designing all your strategies around the customer and developing those processes. It is beginning to happen, and Experience Makers members can vouch for that, but it’s not happening quickly.

“The Future Leaders Programme is calling for pioneers to come and challenge the system, challenge RICS and change the language and processes of real estate.”

Other areas covered by the panel included the lack of diversity in the industry and discussion around how young people from different backgrounds could be attracted into property management.

The CX in Real Estate: Future Leaders Programme aims to address many of these shortcomings and will be run over five sessions, starting on May 6. Core to the course will be modules on customer experience strategy and design.

For more information on the Future Leaders Programme, please contact harriet@experiencemakers.com

To see the BCO report please head here

For the full BPF webinar please click here

RealService, founder & MD, Howard Morgan, has been appointed joint course director for the new CX in Real Estate – Future Leaders Programme launched by Experience Makers and the Bartlett Real Estate Institute .

Experience Makers is the real estate industry champion for customer experience professional training and research. The Bartlett Real Estate Institute (BREI) is part of University College London’s world-class faculty and the focal point for all built-environment professionals to re-think real estate.

The CX in Real Estate – Future Leaders Programme is the first short course of its kind to combine academic research with industry insight to provide a vital understanding of customer experience strategy in property, and the skills to implement it.

This exciting initiative is the culmination of research and consultation carried out by Experience Makers and partners that highlights an alarming gap between current training and the skills required for a fast evolving and increasingly service-driven industry.

The impact of coronavirus has plainly revealed the property industry’s reliance on its customers. The call for new and improved knowledge on how to create attractive and healthy places that respond to customer need has only increased.

Fellow course director Prof. Yolande Barnes, chair of the Bartlett Real Estate Institute, said: “This new short course is an exciting next step in our journey to explore the richness and diversity of the value that real estate generates.

 “The programme sets out to open minds to new ways of thinking about real estate in the Covid-19 era and will equip students with practical tools to put this into action. Our ambition is to foster a new generation of professionals who see real estate not as a commodity, but as means to deliver an outstanding experience to customers.”

The CX in Real Estate – Future Leaders Programme is aimed at ambitious individuals working in all areas of property and its related fields, who recognise that real estate has evolved and who see themselves leading CX programmes at asset, team or business level.

Initially delivered online via eight units over six weeks, the intensive short course provides participants with a rewarding learning experience, equips them with practical tools to take back to their business and offers the chance to be part of a new alumni of property professionals with a customer mindset.

The CX in Real Estate – Future Leaders Programme is supported by Experience Makers members and developed in consultation with an Advisory Group of leading organisations passionate about pushing the industry forward.

These include The Crown Estate, Get Living, MAPP, Savills and Transport for London. Their involvement ensures that the programme is rooted in real-world aims, actions and successes.

Howard Morgan, said: “RealService was founded 20 years ago with the ambition to transform our industry’s approach to customer relationships. RealService is a proud supporter of Experience Makers with it’s mission to champion education and research in customer experience in real estate. I am thrilled to be collaborating with Professor Yolande Barnes and UCL Bartlett, an academic partner that shares our ambition to rethink real estate.

 “I believe that this programme is an international first and am excited to welcome participants from the UK, Europe and the rest of the world.

 

Information about the course is available here:

https://www.ucl.ac.uk/bartlett/real-estate/study/short-courses/cx-real-estate-future-leaders-programme-short-course

Course start date: Tuesday, May 20 2021

 


 

 

About BREI (+ UCL press office number +44 (0)7747 565 056)

 

The Bartlett Real Estate Institute is a new global institute that is rethinking the traditional view of real estate. We offer MSc programmes, short courses and research opportunities that critically evaluate real estate within its wider societal, economic and environmental context.

 

About Experience Makers www.experiencemakers.com

 

Experience Makers are the real estate industry champions for customer experience professional education and research supported by a network of leading organisations and trailblazing individuals committed to pushing the industry forward.

 

28/01/2021

 

Eerie silence

I ventured into London last week for only the second time since March. There was an eerie silence in the heart of the City of London.  Working from home has sapped the lifeblood out of the financial district. My gut feeling is that we are witnessing a once in a lifetime step change in the way we work. I also think that it’s as futile for office investors to see this is a temporary blip as it was for retail property investors to believe that online shopping would have only a minimal effect on our high streets and shopping centres.

For those whose careers have been built on building offices in the City, it’s only natural to have self-belief in their products. Like me, you’ll have read the interviews which put forward the line that 1. We are social creatures 2. Teams can’t work well when separated 3. Young people need to learn by listening 4. Sandwich bars deserve our support. ….so it’s only a matter of time before the problem goes away and we return to the way things were.

I liken this self-belief to that shown by shopping centre owners who confidently told consumers that there’s no substitute for being able to try on a dress or shoes in store. Meanwhile the percentage of online sales has grown year on year. Retailers saw that the future was multi-channel long before shopping centre owners. For shopping centre owners, being invested in just one channel has proven a scary place to be.

Blended working

Flexible (or blended) working is the workplace equivalent of multi-channel retailing. It recognizes that one solution doesn’t fit all and that each business needs to think through what’s the best blend of workplace solutions for its customers, suppliers and employees. For some businesses that answer could still be the 9 – 5 traditional office but for the majority it will be a blend of office/hotel/cafe/business centre and home working.

Technology is enabling the change in workstyle with high-speed broadband and low-cost software tools like Zoom and Teams making it possible to work from anywhere. Covid-19 has added another reason not to commute to the heart of our cities, but the underlying trend towards flexible working is not new.

If we accept that office real estate’s biggest competitor is now the ability to work from anywhere, then the question for owners is “what can we do to compete?”. At RealService we’re excited by the opportunity to work with our clients to better understand the desired workstyle of employees. We are already seeing a move away for the formulaic and to the creation of a new and exciting range of products and services which give companies and their employees the workstyle they want.

For those financially and emotionally invested in the old model, this will require a transformational change in thinking.

So how ready is your business to change its thinking?

Real estate has a fundamental health problem but how ready are we to face up to this?

We can learn a lot from the Stages of Change model used by the medical professions.

https://rcni.com/hosted-content/rcn/first-steps/stages-of-change-model

The Stages of Change model describes the different stages we go through when we want to change something in our lives. This readily translates into the world of business

  1. Pre-contemplation: This is where we’re not thinking seriously about making a change or we don’t really see it as a problem.
  1. Contemplation: We’re now beginning to think about our business models and we’re beginning to see that maybe there is a problem that’s affecting our long-term business health.
  1. Preparation/determination: By now, we’ve realised that something needs to change, and we’re ready to make changes – but maybe we don’t know exactly how, so we look for help.
  1. Action: We now know what we want to change, we’ve researched how we can change it, and we’ve got a plan to put into action.
  1. Maintenance: We’ve got to a position where we can sustain our new approach
  1. Relapse: we may revert to our old ways when the market begins to strengthen or it just gets too difficult

Where is your business at today?

The starting point for real estate business leaders is to ask where are we today in terms of our readiness for change? It’s time to be honest. Do we have the energy and resolve to change? Do we have the clarity of customer insight and vision to take action?

In this new series of blogs, we’ll look at ten strategies to accelerate your business through the change model.

 

Howard Morgan is Founder & MD RealService, customer experience consultancy

 

www.real-service.co.uk

 

To discuss any of these themes contact Howard at howard.morgan@real-service.co.uk

Never has the business relationship between landlord and tenant been under greater pressure than now.

The Covid-19 crisis has hit the already reeling retail sector, the demand for office space has disappeared overnight and viewing a residential property is a risk to health.

When the going gets tough, you might expect landlords to revert to stereotype – taking advantage of legally binding commitments made in better times.

RealService clients see the world differently – they see the crisis as chance to enhance relationships and demonstrate a genuine humanity.

We’ve been working for the past 21 years to help our clients to create truly customer focused property businesses. We’re proud that our clients pay more than lip-service to treating tenants as customers. We’ve helped them to measure customer loyalty and to understand what best practice looks like.

The coming weeks will test their resolve and whether their “customer first” mission statements are more than hogwash. We’ve been working with them to develop their empathy skills, to learn how to ask open questions and to listen to the practical and emotional needs of their customers. Some have already shown that they are listening https://tfl.gov.uk/info-for/media/press-releases/2020/march/tfl-takes-steps-to-support-tenants

At RealService, we’ve always advised clients that when the going gets tough, the most important thing you can do is stick close to your customers. They will tell you what they need, you just have to deliver it. For the property industry post Coronavirus, this is going to mean radical change. We’re ready to help our clients gather even more intelligence about their customers.

The message to our clients is simple…. we are here for you and ready to give any practical support that you need. For example, helping you to keep in touch with your customers, to communicate important messages, or just to see how they are doing. If your resources are stretched, we are able to help.

We’re also bringing customer experience professionals in real estate together through our Experience Makers network – why not join our discussion group and share ideas and get inspiration at https://join.slack.com/t/exmnetwork/shared_invite/zt-cog6pzdt-XQZNLjZXHS1YVSsud9E6HQ

The RealService team are working from home and easily accessible via email, telephone and video conferencing.

Whatever the coming months bring, we remain relentlessly focused on providing our clients with excellent professional service and support they have come to expect of us, and we thank them for their continued loyalty.

We all recognise that feedback is key to our business. As investors or developers, we want to understand what drives our customers; as landlords and property managers we need to know what keeps our tenants happy.

The problem is that as occupiers or consumers we can feel we are being harassed for information, asked to fill surveys, click buttons or give ratings after practically every interaction, no matter how small.

‘How Did We Do?’, we’re asked as we go through border control.

‘Would You Recommend Us?’, we’re asked after a visit to the GP.

‘Rate Our Facilities’, we’re asked after a trip to the loo.

The UKAA’s September breakfast roundtable, hosted by JLL, had the theme ‘Residents’ Feedback: Lifeblood or Unwanted Gift’ and was facilitated by customer experience consultancy RealService.

As a company, RealService is very much in the feedback business, conducting independent qualitative and quantitative reviews to help inform and guide the customer experience strategy of major clients from all sectors of the property industry.

And so, the presentation from founder and managing director Howard Morgan revolved around the notion that those who want customer feedback should really have to earn it.

He said that it should be an easy process, completed at the convenience of the customer and requested only after a relationship has been cultivated through meaningful contact.

Basically, the customer giving feedback should be treated in the same way as the customer buying, or renting, your product.

“Business makes such wonderful claims about service but doesn’t always think about whether their methods for gathering feedback measure up to those claims,” said Morgan.

“I recently went on a cruise and almost as soon as I disembarked was asked by email about my experience,” he said.

The mail said the feedback would take about 10 minutes to complete but filling in the initial questions – how did I rate my cruise overall – led to a 32-page survey. The person who designed it was clearly not thinking about the customer.

Asking for feedback on washroom facilities, he added was “the height of madness”.

“Why would you have to ask how clean the toilets are? I am your customer, not your cleaning supervisor.

“Outsourcing feedback is too easy. We have to learn how to gather feedback in an independent, ethical way, without making it onerous for the customer.”

For those attending, volume of feedback was important, to weed out customers with extreme views, be they good or bad. Other points offered or raised included:

  • Asking for feedback got a better response than simply waiting for it – generally it’s unhappy customers who give it unasked
  • It’s hard to integrate feedback systems; for example, word of mouth with digital or electronic
  • Uber’s 360-degree feedback is stressful – should the supplier really be scoring the customer?
  • Verification is important; how do we tell if anonymous feedback is from a true purchaser?
  • In the residential renting world might it be wise to include ‘responding to requests for feedback’ in the leasing process?
  • The Build To Rent Sector is way ahead of other property sectors because of the realisation that ‘these people could be your customers for years to come’

Hannah Marsh, co-founder of digital feedback company HomeViews, said property was learning from the hospitality industry.

“Hotels wanted feedback but kept getting it from outlier customers – those with extreme views, which were usually negative,” she said.

Now they ask everybody because if you ask all your residents you get the people who might be happy with your service but wouldn’t write a review unprompted.

Sam Winnard, JLL’s Director – Residential Agency, gave an overview of their feedback methodology which included monthly email and telephone calls and residents’ forums. Google Reviews and Net Promoter Scores were used for benchmarking so JLL can compare itself with competitors and with scores from outside the industry.

“Our customers have all interacted with the likes of Amazon or First Direct and they expect the same level of service across the board,” he said.

The Net Promoter Score is a good way of finding out if your customers are passionate about your product and benchmarking their experience inside and outside the property industry, agreed Morgan.

“However, if you are going to be rated a nine or a 10 – the scores which suggest a customer will stay loyal and actively recommend you – there needs to be an emotional connection,” he said.

“After getting your scores, there are two challenges.

“The obvious one is to identify your detractors and proactively manage any issues they have.

“The second is to convert any sevens or eights – those who are passive – into nines or tens and to do that, you need qualitative information around what would make the difference.”

It must also be desirable to have that feedback collected and verified independently.

Wrapping up, UKAA CEO Dave Butler said: “Customers are essential to the success of our business, but we have a long way to go before we put people before buildings.”

If you’d like to know more about how RealService could help you to design a customer feedback programme, or measure and benchmark customer satisfaction, please contact Howard Morgan at howard.morgan@real-service.co.uk 

STAKEHOLDER engagement is becoming a key area for GRESB assessment and the ability to deal with stakeholders – clients, customers, occupiers, tenants (call them what you will) – has become a key skill for anyone in a client-facing role.

Investment managers – for whom customer has previously meant investor – are coming around to the view that the definition is now much broader than that.

However, there is a widening skills gap which has become especially yawning in the office sector where the disruptors have had a field day shortening leases, providing excellent customer experience and pretty much doing away with the service charge.

This prompted the British Council for Offices to commission customer experience consultancy RealService to carry out a major piece of research.

The BCO was interested in how the office sector, and primarily its property managers, was dealing with the new emphasis on customer experience and how businesses were going to retrain, retain and recruit staff who were suited to this new world order.

And while the full report is an excellent read (The Customer Experience Revolution Closing the Skills Gap) and can be download for free via www.bco.org.uk, one of the areas thrown up by our research was how diversity – or the lack of it – was impacting on the recruitment and retention of the sort of staff best placed to thrive in a customer-first, space-as-a-service industry.

All the companies we interviewed had policies around equality and expressed that they were doing their bit to help change the image of the property industry from ‘male, pale and stale’ into one which better reflected the industry’s customers.

It was a similar story in terms of inclusion. Behind the rainbow-themed Twitter logos and lots of posts on mental health awareness, especially during Pride/Mental Health Awareness month (or similar), there is clearly some good work going on.

However, we found two ongoing issues.

  • First, the production line for those going into the property industry still (in the UK anyway) usually begins with a “relevant” university degree (as emphasised by the Royal Institution of Chartered Surveyors)
  • Second, even as the universities do their best to attract a wider range of undergraduates, once that production line reaches the leading property companies even the most diverse of candidates becomes moulded into the old-fashioned, traditional system

As the report found:

The road to diversity is not yet well trodden; those with great customer service skills are not being attracted into the property industry, which still predominantly recruits from traditional universities offering ‘relevant’ degrees. Property management is not perceived as attractive an option as investment or asset management.

There are alternative routes into the property industry which might attract more women or black, Asian or ethnic minority candidates and there are many examples of best practice.

However, while major companies run apprenticeship schemes (there’s a government levy on larger businesses), they are not major areas for recruitment. Indeed, there is no guarantee an apprentice who completes their qualification while working at a property company will be offered a job there.

“There is a welcome drive to increase the diversity of students coming into the UK property industry,” we say in the report.

“Property Needs You and, especially, Pathways to Property, with its emphasis on state-school recruitment, are doing their best. RICS, too, is endeavouring to widen its base and overcome what it calls the ‘unconscious bias of middle management’.

“The need for increased diversity at entry level, in recruitment and career development underpins any attempts to close the skills gap.”

We concluded the conundrum around this skills gap, and by extension the lack of diversity, needs a radical solution.

So, property managers of the future must be alchemists, with a combination of base skills – customer service, technology, business and marketing to name a few – which can be turned into CX gold. While some technical knowledge is still required, property management no longer revolves around bricks and mortar. In fact, the term ‘property manager’ is obsolete.

Alchemists will not come into the property industry via traditional routes. They will have a wide range of degrees and come from a wide variety of backgrounds. They will be capable of disrupting the disruptors. Currently, they are being plundered from the hospitality sector and are providing the sort of customer experience which keeps occupiers happy and the rent coming in.

And that will be music to the ears of investment managers.