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Principals behind in PM legislation, not such a bad thing

Principals behind in PM legislation, not such a bad thing

by Elyse Perrau 1 comments

An industry leader has responded to a comment stating a majority of principals are behind when it comes to the legislation surrounding property management.

Leading Property Managers of Australia (LPMA) executive director Bob Walters said he would agree that most agency principals are not up to date with residential tenancy legislation.

“[However] is it really necessary for an agency principal to have intimate knowledge of the residential tenancy legislation when he/she may have confident property managers in the team who do have an expert knowledge of the legislation?” he told Residential Property Manager.

“I think it is a lot to expect the owner of a business to have textbook knowledge of every single piece of legislation that touches the real estate industry."

“That is why you surround yourself with people who do have that expert knowledge,” he added.

Mr Walters said property managers can’t expect principals to be “walking encyclopaedias”.

“I think a wise agency principal should have a good general knowledge of the legislation without necessarily needing to know all the intricate details of the legislation,” he said.

Mr Walters added that if the situation was reversed you wouldn’t expect principals to have the same level of knowledge as their sales staff.

“In a real estate agency that specialises in property management, where you might have an agency principal who does have textbook knowledge of the residential tenancy legislation, but that business may also have a sales division that is operated by salespeople and a sales manager, you would expect those people to have textbook knowledge on all the legislation relating to real estate sales,” he said.

“But would you expect the business owner to have that same level of knowledge? - the answer is no.”

Principals behind in PM legislation, not such a bad thing
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