We continue or Property Management Challenge Discussion in this 3 part series. (view part 2 here)
The role of the Property Manager continues to evolve and get harder, the responsibilities increase with increased legislation, challenges with communications to landlords, creditors and tenants.
Tribunals are getting tougher and have higher expectations of property managers to provide precise, orderly paperwork and unbiased evidence to support their claims. The need to know all relevant legislation and the upkeep of constant changes. Plus if you manage properties that cross state boarder, you must be aware of both states rules, regulations and legislation.
How you handles these dilemmas and constant change will determine how you cope, mentally, emotionally and physically and how your role really does affect potential business revenue gain or loss.
Mid-2015 we ran a panel of 5 leading professionals in conjunction with Elite Property Manager to answer some of the issues you face on a daily basis and how to deal with them effectively.
Chaired by Fiona McEachran from Console, and videoed in the Console Brisbane office, the featured panelists were:
- Karen George from Richardson & Wrench Caboolture
- Laura Valenti from Solutions Property
- Michael Papantoniou from List Property
- Jess Kindt from Place
- Troy Woodward from Jeff Jones
Part 3 of the Panel (3 part series)
Fiona McEachran: I’ve heard a lot at recent events that different offices are trialling project-based management versus task-based management. You know, one person used to do everything for all the landlords, and then someone will come along and take a section of that. But I’ve heard now that our property managers are splitting up the tasks. Is that, are you guys trying to do that? And is that creating more efficiency?
Laura: So I think even if someone claims to be portfolio-based, and this is only one who is working in that business, it is still just in every task-based. We do part-task and part-portfolio. That works for us.
Fiona: Fantastic! How does it work in your office, Troy?
Troy: We have portfolio-based as well, and our portfolio managers are the single point of contact for both the owners and tenants for those properties. But we also have a dedicated leasing team that do all the other things in purchasing, things like that. And we also have a dedicated trust team, dedicated new business team. So we’ve split it up into different areas, but we just have a single point of contact for owners and tenants.
Michael: That’s the challenge. The owner wants generally to contact one person, and that one person know everything about the property, or least be able to come back with the information.
Laura: We have to have different people with their different likes, and their different interests, and their different tasks.
Fiona: And what are the biggest challenges that you have at the moment, Karen?
Karen: Our biggest challenge is keeping up-to-date with new technology. But, we still learn from each other. And we also go to similar conferences ‘cause we all want the same kind of information. You know, we get in touch with our owners as a personal relationship. There’s nothing wrong with getting in touch with other agents.
Fiona: Do you feel the same, Jess?
Jess: My greatest challenge at the moment is actually taking us back step, and going back to customer service, because I think that’s really what’s going to succeed in the industry at the moment.
Troy: We just start getting some efficiencies in the admin side as well cause that relationship is so much more important these days than it was you know, 5-10 years ago in our industry.
Fiona: What is the future property management? Where is it headed, Michael?
Michael: Well it’s I think, it’s a mix of both customer service and technology.
Laura: I’d like to see it be more professional, I’d like to see not someone do a 5-day course but 1 day of that being property management, how to fill out a Form 6. I just wanna see it as a profession which it is, because we have to be so many different things. And a good property manager is such a capable person. It will come down to commissions and as soon as we can stop this you know, auctioning lowest, right? Let us get paying what we were so that we can pay out our people what they are worth.
Michael: The challenge was to rely, and I agree with you, on owners not thinking that they can do the job themselves and how we actually provide value ‘cause with a lot of the online technologies you know, a lot of people believe they can manage their own property, they can lease it themselves, they can market it themselves, they can do all that on their own, they’ve got access to all the information. So it’s about showing why we as an industry can add value and why we should be taking their business.
Fiona: Fantastic! Well thank you very much guys. Thank you for joining Console today, and having a chat about the future of property management. I’m sure this is a topic that is going to continue to be discussed into the future as technology and as customer service is coming back to the forefront. So, thank you very much guys.
This article was originally published in the first edition of Elite Property Management