Customer Driven Business Model Innovation within a Swiss Property Management Company
Recent trends in the real estate industry indicate a shift into a more customer-centric focus concerning business model innovation. The modern business environment requires property management companies to adapt and improve their offering of services to customers continuously.
Alain Strebel, 2022
Bachelor Thesis, VERIT Immobilien AG
Betreuende Dozierende: Andreas Hinz
Keywords: Real Estate, Property Management, Business Model Innovation, Customer Expectations, Key Accounts
Customer requirements from the property management company’s key accounts were not distinctly researched yet. Therefore, no clear evidence exists if clients need additional services which can be offered. Also, current challenges and their urgency within the core property management business are relatively unstructured. To increase transparency in this regard, this paper aims to answer if the current business model of the client is appropriately suited to fulfil client expectations and highlight focus points in the core business.
To answer the question, research on business model innovation in the real estate service industry and measurement of customer expectations is conducted. Subsequently, interviews with five existing key accounts of the property management company are performed to gather primary data on customer relationships and their priorities. The collected insights are then compared with the company's current business model.
The analysis results emphasise that the client already targets the main areas of interest in property management. Today, the property management company tries to create customer satisfaction by customising areas in daily tasks. Nonetheless, significant improvement areas are detected. The core task of vacancy reduction is of utmost importance for investors when conducting property management. Additionally, supportive activities such as communication and digitalisation are of high importance. The main challenges to be faced in this regard are the lack of proactivity and low quality of services. The interviewed key accounts see a significant instability in these areas. Predominantly within the vacancy reduction and financial planning. Additional quality management and marketing teams within the existing departments may be introduced to improve both quality and proactivity. Additionally, closer yearly exchanges to measure customer satisfaction are suggested. Since such measures increase costs for the client without creating more revenue, the pricing model must be further analysed. A flexible pricing model for individual properties may be introduced.
Studiengang: Business Administration International Management (Bachelor)
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