A recent international real estate convention confirmed that Australia is ahead of the game in the property management industry.
At RE/MAX’s 2017 R4 Convention in Las Vegas – an event that attracted more than 6,000 delegates – three Australians delivered the first property management session.
Justin Miller, co-owner and property management director, led the session which featured panellist Cushla Symonds, trainer and property management team leader at RE/MAX Regency, and Katie Knight, owner of RE/MAX Success in Toowoomba, Queensland and widely regarded as one of Australia’s best property managers.
“RE/MAX is in more than 100 countries, and while some of the 7,000-plus RE/MAX offices have established property management businesses, many do not,” Mr Miller said.
“Australia leads the way. When you look at home-ownership rates in the highest-rating 49 countries, the opportunity available for property management business in each country is clear, and we can see that in Australia 33 per cent of dwellings are rented. Eight countries present with more renters than the US where the figure is 35 per cent, though I’ve heard it as closer to 40 per cent.”
It is expected that property management will grow as an industry with the increase of investors using the ‘buy and hold’ method in America.
“As property management grows in countries such as the US, more people will get into the industry,” Mr Miller said.
“Having documented and flowcharted every process within our department, our onboarding and team education becomes a very simple process, allowing us to employ team members with little or no experience, trusting that our systems and culture will guide the team members through their day-to-day tasks.”
RE/MAX Regency and RE/MAX Success utilise a property management model that is effective, transparent and result-driven.
Both Ms Knight and Ms Symons explained the model to the convention attendees, saying its focus on four ‘quadrants’ allows their businesses to fully utilise the specific skill sets of their employees.
“With clearly-defined procedures and policies, each member of the team knows exactly what their responsibilities are. Each of the ‘quadrants’ has a different leveraging position, with respect to time and task allocation allowing for efficient workflow practices ensuring minimal movement between quadrants,” Ms Knight said.
“Property management certainly has global eyes focused on Australia, and it was evident at R4 that other regions are recognising value in the property management side of real estate business,” Mr Miller said.