Property management is too often seen as sales’ poor cousin in an agency environment. Sometimes that’s because leadership isn’t looking at the bigger picture.
At Coronis, 50 per cent of our business income comes from our property management division. We have more than 5,500 properties on our rent roll, with plans to add another 4,500 in the next 18 months.
Property management isn’t about finding the right tenant, fixing television antennas or doing exit inspections. If you only call your landlords to authorise jobs to fix a property, how well are you managing your client relationships? Do you understand their property goals?
A property is most likely your client’s most valuable asset, so it is your job to ensure maximum cash flow and to make their property journey a simple, efficient process. Learn about your client and their plan for this asset, then advise them along the way to help increase value rather than simply authorising Band-aid fixes.
If a landlord hasn’t invested in some renovation work in the past 10 years, how well are you managing that asset? Basic maintenance won’t increase the worth of a property over time. It doesn’t have to cost the earth – a fresh coat of paint, new carpets or perhaps modernising a kitchen or bathroom will all help you match market expectation and achieve higher rental returns.
While rents are at record levels in most capital cities and demand continues to outstrip supply, maximising cash flow can seem a straightforward job. What happens when the going gets tough?
The best property managers ensure their client’s investment is in safe hands, regardless of the market activity around rental prices and vacancy levels.
Property isn’t a passive investment, it is a financial asset that needs to be managed well throughout its lifetime. It’s our job as property managers to educate our clients and help them make wise decisions along the way.