Working in the real estate industry since the 80s, one regional property manager has said in her experience most principals will not touch property management.
Raine & Horne Byron Bay residential property manager Gai Mason said property managers have always been the poor cousin to sales in the real estate office, with “more glitz and glam” associated with the sales department.
“I think the perception of what a property manager does is not known by everybody and certainly my experience over the years tells me that most principals have never touched property management and will go nowhere near it,” she told Residential Property Manager.
“We don’t have anywhere near the income that salespeople have, which I guess is interesting from an employee perspective because often we do more work than salespeople.
“A lot of people don’t get into property management because they don’t want to go near it, unless they want to go into a BDM role, which is a relatively new role in property management,” she added.
Also speaking to Residential Property Manager, Crawford Property Group director Ryan Crawford, who won the Real Estate Business Award for Property Management Business of the Year (multiple), said sales does provide a great cash flow but it is not a consistent, sustainable income stream.
“By focusing your efforts on sales, you are putting your business at the mercy of the market,” he said.
“A period of slow sales can have a detrimental effect on business growth.
“Property management provides a steady, reliable source of income and if the right attention is given to growing your PM portfolio, it has much greater value to the business than sales,” he added.
Mr Crawford warns principals the business of property management will never be easy.
“It requires hard work, a dedicated team and an unwavering focus to work through problems and find solutions each and every hour of the day. But get it right and your business will grow exponentially - both in reputation and value,” he said.