Having worked in Property Management for over 12 years in the local area it continues to amaze me how cheap some agents are dropping their fees in a desperate attempt to list new business.
Blogger: Kim Wilson, Rental Department Director, Department Manager at Barry Plant Boronia
We’ve all heard the saying:
- "You get what you pay for"
- "Pay peanuts and you get monkeys"
As Property Managers you may think your Director is going to be impressed by your new listings each month, BUT if you are listing them at discounted, bottom dollar rates, what do you think is going to happen? There will come a time when the income of the properties you manage won’t cover your wage, which you guessed it means you will end up managing MORE properties for LESS income, so not only are you doing yourself out of future salary increase, but you are increasing your own work load.
At the end of the day there is a dollar amount the department needs to make per year from each property in order to pay wages and run a successful business. Think long term! If you are good at your job, if you go the extra mile, if you know you are better than the rest, why are you charging less?
If you can demonstrate your points of difference to a potential landlord and they have confidence in your ability as a Property Manager then fees should not be questioned. When a potential landlord starts to question your fees it means 1 thing – he/she doesn’t see value in your charge.
I constantly hear Property Managers saying they are overworked, manage too many properties, don’t get paid enough and that they aren’t valued by the general public and other sectors of the property industry as a true profession, well do something about it! Start charging what you feel you are truly worth and don’t be afraid to knock back business if you feel it is a client that will be hard work at a lower rate, we all know the clients I am talking about, the ones who pay seem to pay the lowest in management fees, but take up the most of your time and energy. Start working smarter, not harder.
As Property Managers we wear so many hats – rent collectors, marriage councillors, plumbers, electricians, interior designers, builders, accountants, insurance advisors, financial planners, locksmiths, dog whisperers, cleaners and many more, each and every year clients expectations increase, we are expected to do more and so our workload increases to ensure client satisfaction.
If you think you are worth more start charging what you are worth, in the long run it will not only benefit yourself, but the business you work with and the entire Property Management Industry.
About Kim Wilson
From a very young age Kim's passion for Real Estate was evident, with her first taste of Real Estate at just 14, working as a weekend receptionist for a local agency.
Having been a Property Manager since 2000 and now Director, Department Manager & Officer in Effective Control of Barry Plant Boronia Rentals, Kim has built a solid relationship with all her clients, both landlords and tenants. Kim's extensive training keeps her up to date with the latest legislation.
Kim's dedication to customer service, keeping in constant contact with her clients and her organisational skills ensure the smooth running of the Property Management Department.
Over the last six years she has been nominated every year and won Property Management Department of the Year at the Barry Plant group awards, as well as Property Manager of the Year and twice received an award for greatest growth in a rent roll.