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A property management director has said younger principals are more likely to take a "hands-on" approach in regards to their property management department.
The comment follows another property manager's belief that most principals will not touch property management.
Urban Property Agents director of property management Ranita Patel said, in her previous employment a lot of principals seemed to hire experienced property managers and just leave it to them to run the department.
“When it comes to spending money or setting a marketing budget to grow property management they are very hesitant about it,” she told Residential Property Manager.
“However, my current principal and business partner – I don’t know whether it is because he is young, in his early 30s – is very up for it and hands on in property management.
“If you think about it, a lot of young people in their late 20s and 30s are quite savvy, and it is all about how they can invest in their future to have a successful future ahead of them,” she added.
Ms Patel believes most principals still have “ancient thinking” when it comes to managing their property management division.
“They go ‘let’s start property management because it is a backbone in real estate in terms of financial benefits’, but then they probably get too tired of it,” she said.
“If they have undereducated staff and underpaid staff then it becomes too hard for them because the property managers don’t know how to deal with day-to-day crises.
“Maybe it is the age difference,” she added.
Ms Patel said principals are also behind in the legislation surrounding property management.
“They don’t know anything about property management except for ‘how many properties do I have and what is the average rented and what is the average management fee’ – it is not all you need to know,” she said.
“How many principals know property management legislation these days? I would think 10 per cent to be honest.”
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