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Regional PMs battle maintenance and oversupply issues

Regional PMs battle maintenance and oversupply issues

by Jay Garcia 2 comments

Property managers from metropolitan markets might be surprised to learn the challenges faced by their regional counterparts.

One of the difficulties of working in a regional area is that problems at rental properties can take longer to fix, according to Megan Wilson from Percival Property.

“We don’t always have the diversity of tradespeople our city agents may have, which can mean extended maintenance times,” Ms Wilson told Residential Property Manager.

She also noted that rental prices in regional communities can fluctuate wildly based on major infrastructure projects, of the sort that are occurring in her market of Port Macquarie in NSW.

“This means there are a lot of road and construction workers seeking accommodation in town,” she said. "But once the work ceases [it] can also mean a lot of broken leases."

Monique Hope, an LJ Hooker professional in the New South Wales town of Cessnock, said regional areas often have an oversupply of rental properties, which can lead to longer vacancy periods.

However, the good thing about working regionally is that it’s easy to create long and trusting relationships with clients, she added.

Ms Wilson, who has worked in Sydney, also noted that regional property managers don’t have to deal with exhausting commutes.

Another challenge of working in a capital city is the high amount of competition, according to Slavica Mendoza, a senior property manager with Sydney agency Green Real Estate,

Mark Hewett, a senior property manager from Jellis Craig Doncaster in Melbourne, said managing older properties can also be difficult.

“These homes are generally in highly desirable locations so they lease well, but can absorb a lot of time in maintaining them for owner and tenant,” he told Residential Property Manager.

On the flip-side, Ms Mendoza and Mr Hewett agreed that metropolitan areas offered more clients, better employment opportunities and higher wages.

“Metro areas have lower vacancy rates, which makes it more achievable to get good, efficient results for clients that helps to maintain good relationships,” Mr Hewett added.

[Related: Metro prices growing twice as fast as regional values]

 

 

Regional PMs battle maintenance and oversupply issues
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