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A change in tide for PM

11 August 2014 Elyse Perrau

A real estate principal has said he has noticed “a lot of switched on, younger principals” from property management backgrounds changing the industry for the better.

MAP Real Estate principal and director Michael Furlong said he learnt the hard way about the importance of property management, and didn’t figure it out until later.

“What I am seeing a lot of is a shift between property management being a division of the business which is the back corner, to there being a lot more property management businesses that have sales as that adjunct,” he told Residential Property Manager.

“I see a lot of those younger principals who have come through property management divisions, and have gone and set their own business up and the tide is different.

“They are more focused on PM and as a result those are the businesses that are able to offer a greater level of service; they are almost at a premium because they are PM focused rather than being sales focused,” he added.

Mr Furlong said he is seeing a “trend”, where the background younger principals are coming from is property management based.

“I don’t see too many old school principals who have come through the 90s, 2000s and now, that are even remotely interested in trying to get an understanding of property management - they just don’t have it in their DNA,” he said.

“If you have been a real estate principal, say for 15 years, and you are making good money and the property management business is over to the side, as long as it is not imploding why would you get involved in it, if you didn’t understand it?

“It is a tough division and it is more frustrating than sales,” he added. 

A change in tide for PM
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