With consumers becoming increasingly more demanding there is an opportunity for the property management industry to improve standards, according to property management professionals who met at the latest Emperors Club meeting.
The growing number of market-savvy consumers looking to hire property management agencies which offer a specialist service is an opportunity for the industry to step up and deliver.
ireviloution intelligence managing director, Jo-Anne Oliveri, believes this new breed of educated consumers is raising the bar for service expectations and in order to compete, property management agencies must become ‘market specialists’.
According to Ms Oliveri, ‘market specialists’ are agencies which have the processes to keep up to date with market trends, so factual information about the local area is offered to property owners. This information helps maximise returns and optimise the long-term value of their investment properties.
Jam Property managing director, Loretta Morgan, advocates on-going market area research so her team can help property owners make better informed decisions about their properties given the current market area trends and statistics.
“Consumers now expect property managers to have every answer to every question about their market area, so this is what we deliver,” Ms Morgan said.
Symons Partners Property Centre operations manager Josh Symons agreed market area research is key to providing clients with what they now demand – information to determine the best solutions and strategies for their portfolios.
“Each week we devote at least two hours to market research to ensure we know the latest data and developments in our market area,” Mr Symons said.
Place Estate Agents Mooloolaba business owner Vivienne Gray-Gorman believes the property management industry must start matching increased consumer expectations by “delivering the experience and service they [consumers] expect”.
Beautique Realty owner and specialist property manager Beau-lea Miller agreed that if property managers make consumers feel positive about investing in property, then they will continue to invest and the industry can earn much needed respect.
Purple Emperors Club is an initiative of ireviloution intelligence and unites leaders in the property management industry to drive positive change.
Purple Emperors Club attendees included Symons Partners Property Centre operations manager Josh Symons, Jam Property managing director and 2013 REIQ finalist Loretta Morgan, Beautique Realty owner and specialist property manager Beau-lea Miller, and Place Estate Agents Mooloolaba business owner Vivienne Gray-Gorman.