Training on both sides of the fence is necessary to tackle the issue of underpaid and overworked property managers, according to a property management director.
Urban Property Agents director of property management Ranita Patel said it comes down to how you train people.
“I think a lot of property managers are saying ‘Ok, well I think training needs to start within the individual institutions, like REIQ and REIV and everything, where people have to say, this is not what you do as a property manager, you do a lot more than that’,” she told Residential Property Manager.
“You need to start thinking smarter and more outside the box of property management, so not just managing the property but trying to make the investment work for the investor.
“[However] it is not just training with property managers, to be honest; investors need to be trained as well,” she added.
Ms Patel said the pre-conceived “misconceptions” landlords have need to be reversed.
“Yes we manage properties, but a lot of owners at this stage are saying, 'Well, if you are just going to manage property what is there to manage, you do leases, you find a tenant for my property and that is it right? You collect rent',” she said.
“People don’t hesitate to pay their accountants and their lawyers a $100 per hour fee, yet they worry about paying us $30 a week to manage their property - why is that?
“We need to start getting to the nitty gritty of it and saying ‘Mr investor, let’s talk about why you feel like that. What do you think property managers aren’t doing for you?’" she added.
Ms Patel said if you are proactive and ask that question, you will be surprised what people actually come out and say.
“People actually come up and say, ‘Well it is not you Ranita, it is the whole idea that X, Y and Z are actually offering me three months' free management - why wouldn’t I go with that, why would I go with you?’" she said.
“I think that is the biggest issue that we are going to be facing at the moment.”