The only thing that gives real estate agencies predictable and recurrent income is their rent roll, and therefore the rent roll needs a significant focus from the principal, according to Fletchers.
Speaking to Residential Property Manager, Fletchers managing director (Queensland) Christopher Stear said a principal must give at least 50 per cent of their focus to an agency’s rent roll.
“My view is that salespeople have a ‘hairdresser syndrome’ in that when they leave, they take their clients with them,” Mr Stear said.
“It’s often like that.
“Our property management numbers continue to strengthen consistently, which provides the regular underlying cash flow to reinvest in training and technology and ensure our people are at the cutting edge of best practice.”
Mr Stear confirmed that Fletchers Gold Coast does not have any plans to buy another rent roll but will continue to grow its current one.
“We grow the recurrent income base, therefore we give ourselves more flexibility in how we train our people and what we train them in,” he said.
“I have a view that the property management team needs to be multi-skilled, and that you are asking for trouble if one person does it all.”
Fletchers Gold Coast are tooling up their current property managers and recruiting future managers who are looking to gain multiple skills.