Property management firms must steel themselves for a fast-changing future – that’s the opinion of a business that has just celebrated its 30th anniversary.
Adelaide agency Toop&Toop, which was founded in 1985, expects the industry to become much more sophisticated in coming years, according to head of property management Suzannah Toop.
“The mum-and-dad investors are craving more information in a bite-sized and understandable way,” Ms Toop told Residential Property Manager.
“It wouldn’t be at that institutional level where you're talking in a very high-tech, analytical way, but there’s huge room to improve the information that’s provided to residential property investors.”
Ms Toop said the industry would continue moving away from simple rent-collecting towards providing clients with more market information, such as projections and outlooks.
“That’s such a missing part in the property management puzzle at the moment and I think clients are really craving that,” she said.
Toop&Toop has more than $1 billion of residential property under management and would one day like to run a rent roll of up to 10,000 properties, according to Ms Toop.
“We want to use that presence and that footprint in the market to be able to provide benefits to our clients that have never been seen in the industry before.”
Toop&Toop has occupied the same office in Norwood for 28 years and now has six offices across Adelaide.
The agency has 134 staff, including a property management team of 35 and a sales team of 40.
Founders Anthony and Sylvia Toop still have a presence in the company as mentors, although their daughters, Suzanne and Genevieve, are now responsible for day-to-day management.