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Discover the secrets of successful property management and investing on "The Property Investors Handbook" podcast. Join Colleen Sutherland as she shares expert insights and strategies for acquiring, managing, and maximising returns on real estate investments. Whether you're a beginner or seasoned investor, this podcast is your essential guide to navigating the world of property investment. Tune in and unlock the keys to financial success in real estate.
Produced by Pod Pro Australia
Hello, and welcome to the Property Investor's Handbook. Today, we're diving into a vital topic for any property investor, and that is choosing the right property manager.
Now I'm joined by, well, I'm going to say the best property manager in the world, Mrs. Colleen Sutherland, and we're going to explore some essential characteristics that you should look for In a property manager, which she has outlined in her ebook that, we will talk about in a bit of detail and, point you towards being able to grab off her website and that really, it's called the perfect property manager checklist.
I mean, in every episode, Colleen, we've covered. Why you should have a property manager in your corner, but, there are things you should be looking for to get the right one. So look, let's uncover, what makes a property manager truly effective and how that can transform your investment, experience.
So can you start by explaining to me, The three main characteristics that you believe every property manager should possess.
I think the best ones is their longevity in the industry, their knowledge and what training they receive and then the skill set that they have. They're, I think, above everything else.
They're the things that you should be looking for.
Okay. And how would a property investor find these things out about, they're considering, a couple of agencies, how would they go about determining, what property managers have , these traits?
I think you need to speak to the property manager or the supervisor there in the office.
What some landlords make the mistake of is just focusing on price point and that's where there's going to be a difference in agencies. So you want, everyone can go straight and do the rent arrears and fixing the leaky taps and that sort of thing. It's not until there's a curve ball. in, in the situation where you don't know how to handle it and you're relying on the property manager, Stuart, because that's what you're paying her for, or are you?
So you have to take into consideration what you're paying her for. And she needs to be able to respond to those curve balls. With confidence and a solution. So you've got a problem and she needs to provide the solution and then she needs to know how to execute that solution.
Sure. Sure. How important is, creating a, a relationship with your property manager so that they, you know, them and their style and the type of person they are and vice versa, the manager knowing that their client.
I think gut instinct. is a solid because you can usually sort of think, am I going to be able to work with this person? Because you do need to work with her, whether it's just by email in all future communications or, you're going to pick up the phone and speak to them. They need to fit with your personality.
And vice versa, because that is everything. And that's sort of going to set you up of how you're going to get along with that person. And do you have the confidence in that person to be able to do the hard things?
Sure, sure. Reliability would be another good one. Key trait, I imagine that you need to, how, how would you be able to determine something like that?
It's probably more looking at asking them, you know, how many properties do you look after? Do you ever have somebody come along and ask to speak to any of your Clients almost get a reference on you.
Correct. We do get a lot of people who call into the office and ask us questions, which is great because then they know what to expect.
Reliability is something, yes, you need to possess. However, it's hard to prove that until that's, You've been working together. So their reliability in their communication, first and foremost, whether it's email, keeping you up to date, that sort of thing. And it's reliability as in, then that property manager is going to carry out,
yeah,
whether whatever she says or whatever the landlord has asked.
So, you know, that you can rely on them to do that tasks you've asked them to do. And that forms peace of mind.
Sure. Another, you've mentioned people coming in and asking you your questions. I know this is something that you, again, you cover in your ebook. What would be good questions for a, a landlord, a property investor to come in and ask, you know, their potential property manager?
So, Longevity. So how long have you been in property management? Because there's a lot of people leaving or retiring from property management. So getting staff is easy when, you're employing. However, you need to know that whoever's going to look after your property has had a couple of years. So they know how to handle certain, situations.
So, how long have they been in the industry for? What, how many properties they manage? Because that plays a big part as in, is she going to be able to pay attention to all those other properties? As well as mine. Yep. So when they're managing the whole portfolio and they've got a couple of assistants, there's not a lot of continuity if it's a big office.
So you really need to nut down who's going to be looking after my property. How many places have you got? And that's really important other than understanding legislation, because that's a whole nother conversation, but how well they work, you know, you don't want someone who's going to just work part time.
Yeah, I can do it two days a week. No, you can't, unless you're doing two days a week, but you're doing four days every day. So you need to know who they're there. And if they're not going to, be doing the leasing? Who's going to be doing it? How long have they been doing leasing for so if they work in a pod?
Who's going to be looking after the maintenance? Who do I speak to because I don't want to speak to everybody So that's noted on their file that one point of contact but if they're happy to talk to leasing and they're happy to talk to just say they've got a maintenance crew and they've got a accounting crew you have to establish is that for me?
Yeah,
sure.
Is there
anything a property investor should consider if they're weighing up, you know, they're looking to get a property manager and they're weighing up a specific, property management agency, and that's all they do versus one where it's an arm of a, of a bigger agency, who, you know, do a lot of sales.
There is a major difference there because in a property management agency, in a boutique type agency, we can focus on each landlord. We can tailor a service that suits. We've got file notes. We've got, what you like and what you don't like and things like that. Whereas when you're in an agency where property management is part of the agency, they're focusing on numbers.
You don't necessarily, have an individual service. It's a blanket service. And if you're happy with that, then, you know, that might suit you, but they have a very different role model and what used to be the norm. And I'm not sure if it still is. Cause I haven't worked in a franchised agency for a long time, but property management was always the poor cousin.
And so. It didn't get a lot of attention from the principal and didn't get much input. They're now employing supervisors and. all sorts of heads of departments and things like that, but still as their rent roll grows, it's hard to control. So just remember you may just be a number, whereas in a private smaller agency, you would be a person.
And so what we do in our agency is we, our main focus of business is property management and our clients and their investment properties. And then we have an arm of sales so that we can help navigate the sale of the property and the tenant. Sure. And move the tenant out. Look, I
know what you're talking about there because having walked into a number of real estate agency offices in my time, everything there is all.
And I remember going in as a tenant Oh yes. To see the property manager and, and sign some documents or whatever it was. And they were always shuffled off in the little corner while you saw the big awards and everything and everything. Yeah. It just screamed sales, sales, sales as you walked into this office and Yeah, I was there to see the property manager or there, sort of down there.
Yes. And so I, I do understand what you're, you're saying there with those
awards and that makes me laugh, , I. I used to work for a couple of big, franchised agencies, and that's part of the reason I started my own was because of the way we were required to work. And it didn't align with my values, but I won a lot of those awards.
And I remember back in the day when I did win them, we had to work our guts out to get one. Whereas now it's like, you haven't had one and you haven't had one. So I'll give one to you and one to you and so that you've got it in your office and you can promote it and show off and all that sort of stuff where they don't necessarily get them for the right reason.
So you have to weigh up whether which one would be right for you. Sure.
Look, thank you, Colleen, again for joining us and sharing such valuable insights into your ebook. Everything we've talked about today is covered in great detail. So I'd actually implore anyone listening to go to your website and download the ebook because having the right property manager is obviously very important.
I mean, we've covered this. Get a property manager, number one. I think, everything we talk about, it just, you'd be crazy not to. But then get the right one. And you discuss in this ebook in detail how you do that. And, you're always open to chat to anyone who would like to look at, you managing their property.
So if
you find that you've not got the right property manager, and sometimes you don't realize that until you're this far down the track. Don't be afraid to change. If it's not aligning with you and your values and your investment, you might need to consider to change. It doesn't affect the tenancy.
It just affects who's managing it for you
easier than you might think. So reach out to Colleen and her, her team. Easiest way to do that is the website, www.spmg.com.au.
Jump in there. All the contact details are there. Download the ebook and, and get across to Sutherland's because they do a magnificent job.
That's, that's a wrap again for another episode. Thanks so much for joining us. Do hit that subscribe button. Give us a review, hit the five stars. And, if there's anything you want to know, put a comment and, we look at all of those and, we will answer any specific questions. Colleen, thanks once again.
Thank you, Adam.