98pc of PMs fail to follow up

98pc of PMs fail to follow up

by 5 comments

Over 98 per cent of property managers fail to follow up on initial enquiries made by prospective landlords, research has shown.

In a study performed by Real Estate Dynamics, it was found that just two per cent of property managers followed up on enquiries.

The research was obtained between January and April 2013 by conducting a mystery shop, whereby a ‘prospective landlord’ contacted 138 agencies across 29 different regions of Australia. The prospective landlord asked a series of questions to assess the customer service of different property management departments.

The mystery shop also produced other startling results, such as 85.6 per cent of property managers agreed to cut their commission immediately over the phone. It was also found that only 6.5 per cent of property managers asked basic questions about the prospective landlord or the property.

Nathan Brett, director at Real Estate Dynamics, stated that the purpose of the mystery shop was to examine the industry and help property management heads. He said the results were very surprising.

“I think it’s a very sobering experience for anyone who’s selling property management services and I think there’s a lot of work to do in the area to get it right,” he told Residential Property Manager at the recent ARPM Conference in Sydney.

He recommended that all principal licensees should perform their own mystery shop on their agency.
Given the interest the results have caused in the industry, it's likely Real Estate Dynamics will be repeating this type of research on an annual basis.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Learning from the best led Michael Clarke to success

In this episode of Secrets of the Top 100 Agents, number four-ranked agent, Michael Clarke, returns to the studio to explain why he’s less...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?