The Lifestyle Guide 2018

PROPE RT Y MANAGEME NT UPDATE With new properties popping up almost daily and demand reaching peak levels, the need for quality property management has never been so strong. Expectations of both landlords and tenants have increased immensely. But unfortunately for the real-estate market, there are less candidates willing to work in a property management capacity. This has led to soaring costs for agencies to attain and retain knowledgeable property managers, which is integral to ensuring quality control over property portfolios. Property management is a lot more than just collecting the rent. The job title includes understanding legislation, liaising daily with tenants and landlords, tradesman, strata and building managers, dealing with various insurances and carrying out routine inspections and detailed inventories. And if that wasn’t enough, a typical day for a property manager could also include listing, leasing, marketing, sourcing tenants, tenant screening, rental renewals, appraisals and rental increases, renovations, styling, cleaning, accounting, technology, repairs maintenance, record keeping and offering overall support for hundreds of people. Using common sense is key in this role, as, on numerous occasions, tenants will call up with issues that can be solved with a quick visit to the property and without engaging expensive trades. This comes down to the knowledge of the property manager, who needs to have a strong understanding of all trades, appliances and general strata laws to know who is responsible for what. We are looking forward to achieving the billion-dollar mark for our property portfolio shortly. For example, we commonly have tenants calling up advising that their dryer isn’t working. Sometimes it’s cheaper to replace the appliance rather than generate a service fee, but on occasions we have gone out to inspect and the tenant has confused the dryer with the washing machine (yes, this has actually happened!) So, property management is about making sure you can swiftly troubleshoot the issue without going to great expense if it isn’t necessary. To say that a property manager has to wear many hats is an understatement and we are blessed to have such a knowledgeable management team at Lifestyle Property Agency. Rohan Alexander Director, Lifestyle Property Agency LIFESTYLE GUIDE 49 With an extraordinary portfolio of over $850 million, Rohan Alexander talks about what it takes to nail the property management game.