A property manager’s portfolio is predicted to grow to between 500 and 700 properties in the coming years, according to attendants at Residential Property Manager's inaugural Executive Roundtable.
As technology advancements continue to make like easier for property managers, the number of properties managed is set to rise
“I think the sizes of the rent roll will double in the next five years,” Gerri Keays, corporate property management executive at Ray White said.
“During the Queensland floods the average profile went from 362 to about 480 in a five-year period, according to Macquarie Bank benchmarking report.
“The ability to run a rent roll of no less than a thousand will be the norm.”
According to Michael Conolly, head of property management at McGrath Estate Agents, property managers have not come very far when it comes to handling larger portfolios.
“Going back some time now, we had property managers looking after 420 on average each, with the view of going to 500, and all our property managers were on board,” he said.
“With all the fantastic things happening in technology, why are we not sitting here today talking about property managers managing 700 properties?”
However, the one thing standing in the way of this rapid growth is increased consumer expectations.
“Consumers now have expectations that everything should be done instantly,” Sandra Larkin, general manager of property management at Place Estate Agents said.
According to Mr Conolly, the benefits of technology has meant clients are more demanding.
“As we are obviously getting the benefits of technology, clients are also getting the benefits,” he said.
“In years gone by, we’ve had tenant agreements about how quickly an email should be replied to or a phone call returned.
“Part of the answer to why agents aren't doing 700 properties today is that consumer expectations have also caught up with us.”
The inaugural Executive Roundtable hosted by Residential Property Manager was designed to bring together the industry’s leading property management professionals to share ideas with a view to improving the industry.
Roundtable participants included Sean Green, operations manager at Raine&Horne; Douglas Driscoll, CEO at Starr Partners; Michael Conolly, head of network property management at McGrath Estate Agents; Vasili Hadzellis, franchise service manager at Richardson&Wrench; Kayla Bishop, property management operations manager at Harcourts NSW Corporate; Gerri Keays, corporate property management executive at Ray White, Sandra Larkin, general manager of property management at Place Estate Agents and Amy Sanderson, head of property management at LJ Hooker.