HOW TO GROW YOUR RENT ROLL USING PROPERTY PROFILING

In the world of property management, things are changing fast. Ash, a property management expert, has been busy training real estate officers, especially in Western Australia, about these changes. Her main focus has been on the evolving role of property managers, which is a hot topic in many areas.

Traditionally, property managers are seen as people who collect rent, arrange maintenance, and handle paperwork. While these tasks are important, Ash warns that if property managers continue to only focus on these traditional roles, they could become easily replaceable by technology, offshore services, or apps that allow property owners to manage these tasks themselves.

Ash advocates for the upskilling of property managers. By expanding their roles, property managers can become invaluable to property owners, offering services that go beyond the basics. For example, in Queensland, there is a growing concern about how artificial intelligence (AI) is impacting various industries, including real estate. Ash has been researching and taking courses on AI, understanding its potential to replace traditional roles in marketing and advertising. She believes property managers need to focus on providing more value to investors, acting as advisors and educators, not just managers.

Ash’s forward-thinking approach is evident in her creation of the Property Profiling Platform, a tool designed to help property managers stay ahead of the curve. The idea is to offer a comprehensive service, where each person has a dedicated real estate agent for all their needs—much like having a go-to accountant or lawyer. This approach aims to strengthen relationships and provide a consistent point of contact for all real estate needs, reducing the need for multiple agents for different services.

Ash also predicts a shift towards more integrated, nationwide real estate services. As laws and regulations become more standardised across states, she envisions real estate offices managing properties across the country. This shift will likely lead to larger firms managing a broader range of properties, supported by AI and offshore services.

To prepare for these changes, Ash emphasises the importance of upskilling. She has developed a course to help property managers and Business Development Managers (BDMs) understand the evolving needs of investors. The course covers topics like working with buyers’ agents, understanding self-managed super funds, and the importance of new build consultants. These are areas where property managers can add significant value by providing informed guidance to property owners.

Ash’s approach has already seen success. Her business has grown significantly, doubling its portfolio in the last three years. She attributes this growth to attracting quality clients who value her services, even if it means paying higher fees. By offering expert advice and support from the start, Ash has built trust and loyalty with her clients, leading to smoother property management experiences and fewer disputes over fees.

One insight that stands out is that investors often prefer to pay for property management services. Why? Paying for services eliminates guilt or hesitation when they need to reach out, as they know they will receive priority treatment. When property managers offer free services, it becomes difficult for them to manage expectations, especially when juggling multiple tasks. The idea is simple: if you’re not paying for a service, you can’t expect to be a priority. This stance not only sets clear boundaries but also supports property managers in delivering quality service without being overwhelmed.

Investor expectations are higher than ever, especially with increasing mortgage pressures. Property managers are in a unique position to create win-win situations by establishing great relationships from the start. Trust is crucial—clients need to trust that the property manager will make the right decisions, handle maintenance efficiently, and ensure that all parties are satisfied. This trust helps avoid constant questioning, making the property management process smoother for everyone involved.

Empathy plays a critical role in property management. Tenants are often paying top dollar for rentals, and with the cost of living rising, many struggle to afford even basic necessities. Property managers often find themselves handling minor maintenance requests that can feel overwhelming. It’s essential for property managers to maintain empathy while balancing the needs of both tenants and property owners, who might also be facing financial pressures, such as rising mortgage rates.

Setting clear boundaries with clients can prevent misunderstandings and ensure smooth operations. For instance, if a property owner has unrealistic expectations—like refusing to allow pets even when legislation requires it—property managers must have the confidence to have tough conversations. By communicating openly and assertively, property managers can set the tone for a positive working relationship. It’s about maintaining professionalism and being honest when something doesn’t feel right, ensuring both the property manager and client are on the same page.

Property management is not just about managing properties—it’s about managing relationships, expectations, and experiences. By valuing the journey, empathising with both tenants and owners, setting clear boundaries, and continuously improving skills, property managers can create lasting, positive relationships with their clients. The industry is moving fast, and those who are willing to adapt and evolve will find themselves not just keeping up, but leading the way.

 

Connect with Ashleigh Goodchild

LinkedIn – https://www.linkedin.com/in/perthpropertymanager/

Website – https://www.socorealty.com.au/