There’s a real sense of optimism slowly but surely seeping into the industry at the moment after a few sucker-punch months that didn’t take the wind out of developers’ sails so much as set the whole boat ablaze.
While conditions are still far from ideal, companies are taking stock, thinking through strategies and pioneering innovations within the sector. For the first time since late 2008, we can entertain the notion that there’s light at the end of the tunnel and it isn’t just another train coming.
The industry has changed; the nuances of this are far too numerous and detailed to describe here but, once the nitty-gritty has been ironed out and the peripherals discarded, one truth remains: the customer is now king. It’s a buyer’s market and that makes the recipe for survival and success even more obvious: provide value.
For some developers this has meant creating flexible payment plans, moves into asset management, concentrating on affordable homes or expansion into the rental or hospitality markets.
However, one area that makes me squirm a little is that of FM and, more specifically, developers offering both facilities management and strata management services. In Dubai, strata law will take hold shortly and, with the creation of Owners Associations, comes the need for strata management.
FM is an entirely different discipline but the firm responsible for FM reports to the strata manager who, in turns, runs such services on the Owners Association’s behalf – ensuring best performance and price. Strata management and facilities management being performed by the same company simply doesn’t wash; it’s a little like giving an employee the right to do their own pay and performance reviews.
So, while many of these moves and expansions are welcome and wise, always ask if they’re actually providing added value and transparency to customers. After all, their concerns are now yours.
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