With over 100 combined years of property management experience, they’ve lived through everything the business could throw at them. Residential Property Manager brought together four of the industry’s longest standing professionals to learn their formula for success
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Town: Carlton, Melbourne inner north
Rent roll: 2,200
Distance from capital city: 1km
Years in industry: 27
Company: Raine & Horne Newtown
Town: Newtown, Sydney
Rent roll: 900
Distance from capital city: 5km
Years in industry: 25
Company: Richardson & Wrench Caboolture
Title: Property management director
Town: Caboolture, Queensland
Rent roll: 600
Distance from capital city: 45km
Years in industry: 21
Company: Ray White Paddington
Rent roll: 1,000
Distance from capital city: 2km
Years in industry: 30
How has your workload changed over the years, if at all?
Over the years, the required attention to detail and consumer expectation has had a significant effect on property management. In 1986, portfolios in excess of 350 properties were the property manager’s complete responsibility. Every aspect of management was in their control, and if something was overlooked it was no big deal. Nowadays, a portfolio of 350 properties will be looked after by a team, including the property manager, a letting clerk and possibly someone else doing routine inspections. The level of detail and the standard demanded by both tenants and landlords requires a lot more work than that of the late 80s, and the repercussion for errors can be devastating for a business.
The workload over the years has increased in line with the rising professionalism within the property manager’s role. Gone are the days of a handshake, paying some rent and collecting the keys. With such a highly legislated industry, the workload to safeguard all parties involved with a tenancy is always increasing. To cover the increased workload requires hiring new staff and creating new systems to ensure compliance.
The workload has shifted considerably in my time. The introduction of a team leader responsible for the day-to-day operations of a property management department, including the monitoring of KPIs has made a big difference.
What are some of the broader social issues that have changed the way you do business?
(including legislative changes)
I don’t think there have been any real social issues that have changed the way we do business. There is no doubt we are living in a more litigious world and the courts seem to be the place people head straight for to sort out issues. We have had to be more thorough than ever before to ensure we represent our landlords effectively, should the need arise to go to tribunal. There is also no doubt that the growth of the internet and social media have continued to place pressure on businesses to act responsibly and with professional care in all areas. It is easy for someone to post a bad experience online and, with the explosive nature of social media, it is hard to combat negative publicity.
Legislation changes have involved a greater paper workload; compliance with the Residential Tenancy Act and the process of mediation have resulted in a greater weighting towards the tenant and their requirements and attitude.
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