Ever wondered what the key driving factors of the property management industry are? One of our resident experts is here to walk you through her job.
Have you ever considered using a property management service for your investment? The team at Peter Blackshaw Real Estate can help to find tenants, look after the property, deal with the finances and all sorts of other tasks. Your investment in the property market doesn't have to cost you a lot of time as well as money.
We sat down with Alex Ah Key from the Peter Blackshaw Queanbeyan and Jerrabomberra office to discuss how property management has evolved over the last few years, and what it will look like heading forward.
Out with the old ways, and in with the new
Property management, just like any industry that relies on a constant customer base for success, has had to evolve over the years to keep up with the demands of clients and disrupters within the real estate industry. It's not all about adopting new technologies either.
"The biggest change we've seen would be the introduction of leasing consultants."
"The biggest change we've seen would be the introduction of leasing consultants," noted Alex.
"With the downturn in the rental market from a few years ago, the pressure increased to really 'service' the prospective tenants, which called for someone to focus on this, both for the tenant and the owner of the property. I've seen a real push towards a sales process with the rentals – the quality of photography and advertisement copy has improved and we show property by exhibition or private appointment only now."
People have a different expectation of property managers now as well, with better technology available and an emphasis on tailored customer service.
"We are required to be more contactable, manage more property and provide faster turnarounds on everything. Technology has certainly assisted with consistency, manageability and data collection."
Technology driving the industry
As with most industries around Australia, and certainly in the real estate field, technology is making it easier for people to access information themselves, and to keep track of how their investment is performing. As much as new technologies can help the industry to remain vital, Alex realises the need to continue face-to-face communication and maintain a personal relationship with the clients.
Technology has made it easier to keep up-to-date with how your investment is performing.
"Clients can expect more and more technology solutions available to them in the near future, sure, but property managers will need to remember that we are primarily in the people business. Less and less emphasis on email communication (other than confirmation of events) and more face-to-face, or picking up the phone to have a chat is required.
"Property managers will need to find a way to continue to manage increasing demands, yet keep that personal connection with the client. Flexibility and adaptability will be crucial. Early explanation of the process, regular follow-up and consistent results will contribute to realistic expectations."
Ultimately, the success of the investment relies on the state of the rental market.
As much as it's important for clients to demand quality results from their property managers, new technology won't necessarily help to make them more money. Ultimately, the success of the investment relies on the state of the rental market, however utilising the experience and knowledge of great property managers can assist to make the right choices for your investment.
Why should you choose Peter Blackshaw Property Management?
Established in 1988, Peter Blackshaw Real Estate has seen Canberra grow and evolve, and we know how to market to the people who live here – because we live here.
"The Peter Blackshaw network has a huge focus on providing an exceptional client experience," continued Alex.
"Close enough is not good enough for us and we are constantly striving to ensure we innovate, train and communicate in better ways. We recognise that moving, whether buying, selling or renting a property, is one of life's biggest stress creators. We find a way that our team can ease the burden, take a weight off, or offer advice."
For more information about why your investment would benefit from property management with Peter Blackshaw Real Estate , get in touch today.