Don't leave it too late to grow rent roll

Revenue-hungry principals are facing more competition from an increasing number of specialist property management firms, said Bob Walters, executive director of Leading Property Managers of Australia (LPMA).

“We are seeing a lot more specialist property management businesses opening their doors,” Mr Walters told Real Estate Business.

“This is following an American trend where typically in the US, property management is regarded as a separate industry to real estate sales.”

According to Mr Walters, it is important for principals to be thinking now how they can better secure themselves a strong rent roll, rather than leaving it until times get tough.

“When I was starting off training seminars of how to grow rent rolls back in the 80s' it was easy to shine because the vast majority of companies focused on their sales business.

"If you were serious about your property management business, and you marketed it well, it was a really easy way to grow it fast,” he said.

“It is not as easy to grow it today because there are more players coming into the business with better ideas than their predecessors, so it is important for a principal to be on their toes.”

The LPMA is holding its 2012 Annual Forum at Jupiter's Hotel and Casino on the Gold Coast on April 26 and 27, an event that is open to all industry practitioners across Australia and New Zealand.

The Forum features two American property management experts (Todd Breen and Robert Locke), and another from New Zealand (Vesna Wells).

“The fundamentals of property management are the same in Australia as they are in places like the US and NZ," Mr Walters continued.

“Even though property management practice here in Australia is worldclass, there are great thought leaders in property management in other countries,” he said.

“It is critical to keep looking for ways and people to help you getting better at what you do wherever they might hail [from].”

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