Please let me introduce myself. I am a fellow property investor with over 12 years’ industry experience who also has a driving passion to make a real difference to the standards of property management in Brisbane.
At Beyond Property Management, our passion is to see a change of focus…from volume-driven processes to personalised service focused on maximising the client’s return on investment.
And so we decided to ‘be the change we wanted to see’.
Our business model was created from a core understanding of what investors want from a Property Manager.
In launching our business model, we drew from our experiences as active property investors and managers of over twelve years, to develop a property management service that is value-adding to clients. We put together our list of 10 Top Strategies for maximising returns and minimising risk in investing.
Then we decided to share these tips with other investors.
Receiving our FREE 10 Top Tips for Maximising Your Investment Property’s Return is easy and painless.
Just fill in your details on the orange form on the right hand side of this webpage.
The information in our 10 Top Tips is designed to give questions, information, tips and strategies to ensure you are receiving the best possible return from your investment property.
We hope the information both makes you money and saves you money… And also just empowers you to enjoy your journey as a landlord!
Once we started writing our 10 Top Tips, we just kept going, so to get you started, here are a few basic questions that we feel are absolutely critical to ask a potential Property Manager. These are the key things you should know about your Property Manager before looking more closely at the more strategic tips in our 10 Top Tips.
ASK the potential Property Manager:
Who will be managing my property?
One of the key complaints that property investors have is that they have lost track of who their Property Manager is, and don’t even know who to call and talk to within the Agency.
We know ourselves that many property investors feel that they are spending more time managing their manager, than the manager spends on the property.
The Business Development person promises the world, and then once they have your required signature, hand you over to someone you have never met, then through restructures and staff changes you lose track of who that primary contact is supposed to be, your calls aren’t returned, your emails aren’t acknowledged, then a problem strikes with maintenance or arrears, and you have no confidence that anyone is actually in control of the situation.
We know that because we’ve been clients in that situation!
So make sure you ask questions that will give you confidence in continuity of service.
What experience and skills does this person have?
Did you know that to become a Property Manager, you need to merely sit a 3 day course? And then you are apparently qualified to manage assets with total value in the tens of millions of dollars??
Property Management is in our opinion, a role that is undervalued by its own industry. It is a multi-faceted role, the complexities of which are over-looked by the industry, which seems to target people with an ‘administration’ background.
Communication skills are an over-looked but critical part of property management. Strong communication skills for both the Lessor-Manager and the Tenant-Manager relationship ensures lower arrears, defaults and ultimately reduced tribunal costs. Difficult situation and personalities are a big part of the job!
Other skills and traits you should look for in a Property Manager are:
• Negotiation skills
• Calm under pressure
• Mature approach- to never take personally any of the tense situations we find ourselves in
• Attention to detail
• Ability to juggle and prioritise multiple tasks
• High standard of client care
• Understanding of both investor and tenant needs and ways of thinking
• Understanding of legislation
• Knowledge of property maintenance
You can see that the skill set required to be an excellent Property Manager is actually quite extensive, yet the role remains one of the most undervalued and lowly paid in the industry.
Does this person own investment properties?
Many people, including some Property Managers and tenants, have the belief that all landlords are squillionaires. Whether you are a squillionaire or not, you want to make sure your Property Manager manages your property with respect for your needs and your money, and has an understanding that their role is to minimise your risk and maximise your return.
If the Property Manager owns investment properties, we believe they will understand their role better from the client point of view, and we believe will have an entirely different philosophy to their role. They will also be more experienced with general property and maintenance matters, so are likely to be more knowledgeable when maintenance matters arise, which should also save you money. (Our Top Tip Two covers this in more detail)
How many properties will my Property Manager be responsible for?
It is not uncommon for Property Managers to be responsible for up to 200 properties (we’ve even heard of managers being responsible for over 400 properties!). Depending on the value of the properties, this could be well over $100million worth of assets. I don’t know any other industry that would allow a junior staff member on below average wages to manage that value of assets!
Further to this, if your Property Manager is managing 200 properties, in a 40 hour week this gives them just twelve minutes per property per week. That’s barely enough time to respond to one email let alone add value to your investing experience!
Is the Agency a Specialist Property Management Company?
In many mainstream real estate agencies, the Principal has a background in sales rather than property management – which requires an entirely different skill set and expertise. Property management is a specialist area – legislation has made it a more and more complex and specialist field, so ensure the expertise within the Agency come from the top-down. Otherwise who will your Property Manager turn to when a situation arises in which they need advice and support?
Is the Principal Hands-on in the Day-to-Day Management of Properties?
Having a hands-on Principal guarantees you the best level of service, as a business owner is not paid a salary regardless of whether their clients are happy.
A hands-on Principal is also evidence that you are dealing with an Agency focused on property management. (The importance of this becomes very clear in our 10 Top Tips, where you can read about the different strategies and level of service you should expect from your Property Manager, and how these have a direct impact on your finances related to the property.)
Thank you for reading our introductory tips.
By also reading our 10 Top Tips, you will see the difference that a great Property Manager can make to your return on investment. A best practice Property Manager knows there is a direct cost to a client of an application sitting on their desk a day too long, of not having best-practice lease renewal processes, of the importance of good communication with a tenant.
So don’t be shy to request our FREE 10 Top Tips to maximising your property’s return.
You have nothing to lose – and peace of mind and higher returns to gain!
Principal, Beyond Property Management Pty Ltd
PS You really don’t have to spend more time managing your manager than they spend managing your property! You just need to experience the difference of dealing directly with the Agency Principal, who has over twelve years of experience as a Business Owner, Property Manager, and Property Investor… as well as a perfectionist streak a mile wide and a passion for client service!
We would love to help you achieve your property goals through the peace of mind of knowing you have an absolute expert on your team, who will always look after your best interest and your return.
PPS Just in case you still aren’t sure, check out these comments from happy clients
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PPPPS We provide property management to all areas of Brisbane. So whether you are looking for Brisbane Property Management, Ipswich Property Management, Logan Property Management, Annerley Property Management, Alderley Property Management, Keperra Property Management, Kenmore Property Management, Mount Gravatt Property Management, North Lakes Property Management, Rocklea Property Management, Everton Park Property Management, or any other area in the wider-Brisbane region then we would love to help.