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To combat the 'number one frustration' for landlords, a property management director has offered to hand out cold, hard cash in order to prove the worth of his services.
Investors Edge director Jarrod Mahon said by conducting surveys it uncovered that communication is the number one frustration for most landlords.
“We then went about doing something quite crazy, and I came up with the idea of guaranteeing we return calls and emails on the same day or we will pay you $100,” he said.
“It shocked my team. I started trialling it with new owners, then we rolled it out to all owners, and we have now rolled it out to all tenants as well.
“It doesn’t mean you are getting back to them with the exact solution right now, it means we are acknowledging that we have heard from you and we are establishing a timeframe to get back to them,” he explained.
Speaking at the Australasian Residential Property Management Conference, Mr Mahon also mentioned that through listening to investors his company has narrowed down what it thinks are the three burning desires of property management.
“The first of them, which might be a really obvious one is that investors buy a property to make money - sounds really, really simple, but that is the core of why they are doing this,” he said.
“Once they have got the property, they want to save money, which is one of the major roles they see in us.
“Finally, I got the first two of these really well, but it took me three or four years to understand that our most important thing is to help them sleep well at night, because that is why they are appointing you."
Mr Mahon said if landlords wanted to do it all themselves then there would be no role for property managers.
“We have direct control over how we can satisfy these desires,” he said.
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