The past two years in real estate have been anything but ordinary, especially for those in the property management space. With lockdowns, restrictions and eviction freezes hopefully behind us, 2022 looks like a new kind of normal. Property managers and their teams have learnt valuable lessons during the pandemic, some which will continue into the future, but one seasoned professional has said it is time to get back to basics.
Edith Byrne of No Bull Real Estate in Newcastle, and REINSW Residential Property Management Chapter Committee Member, said record low vacancy levels are still putting unprecedented pressure on property managers and support staff across NSW. Whether new to the sector, or experienced operators, she added that business owners can take some simple steps to ensure the success, and sanity, of their teams.
Newcomers should be nurtured
“There are a lot of new property managers coming into the industry at a very unique time. With the stresses of COVID we unfortunately lost a lot of property managers, but I worry now that the new ones coming in aren’t sufficiently trained. Some are arriving on day one and are being told ‘There’s your desk, there’s your phone, now you have to manage 150 properties.’”
“They’re thrown in the deep end today and there’s not enough instruction, especially in the completion of forms. When I teach REINSW’s Property Management courses, I actually go through the forms and explain exactly how to complete them,” she explained.
Mentoring is a must
Ms Byrne, who is a trainer with REINSW, said when it comes to mentoring many novice property managers are being left in the dark.
“Mentoring is probably the most important thing there is. You can't just throw somebody into the fire and not give them support. They need guidance, they need someone to talk to. Even if you have all the training in the world, until a scenario actually happens you really don't know how you’re going to deal with it.”
Communication is key
Being open and honest with staff shows them we all make mistakes and might need to ask for help sometimes.
“I find when I share a lot of my stories and experiences, once I get the ball rolling that's when I find other property managers will come forward and start talking. What it comes down to is that they’re worried about feeling embarrassed, or not getting the necessary support. But they also simply want to get credit for doing a good job.”
With COVID came many unprecedented changes and challenges for property managers – both new and experienced. Ms Byrne said if people can’t find a sounding board within their immediate team then the REINSW Helpline is another great alternative.
“I really can't fault the Helpline team, I think they're brilliant. Unfortunately though, I don't think they are used enough.”
Smooth the path to entry
Another way business owners and team leaders can assist their new property managers is to simplify steps to ensure a smoother integration.
“I find a lot of offices don’t even have checklists in place for newcomers, so they can go through and tick off tasks as they do each thing. It’s one thing to have office policies and procedures - and that's great - but what about checklists for new staff members that help them learn on the job?
Praise your property managers
After a boom year in property prices, Ms Byrne said she feared some agencies are shifting their focus onto sales to the detriment of their property management teams.
“The rumour is that principals are just so busy with sales they’re letting their property managers run their own race. While it is good for these specialists to be independent, they’re still staff members who need counselling and training.”
“We all know most markets are crazy at the moment, but I've been in real estate for 29 years and I know it's a roller coaster that won’t last forever. I’d say to principals you shouldn’t leave your property management departments behind, because that's the bread and butter of your office.”
Maintain relationships with tenants
It is also time to take a temperature check with your tenants - even if low vacancies mean there are plenty about.
“Property managers tend to be good at maintaining relationships with landlords, for obvious reasons, but tenants also need a personal touch. I love my tenants. I know their kids’ names and birthdays, and I get sent photos of newborn babies. You've got to treat them like you’d want to be treated yourself. But unfortunately, they’re sometimes treated like second class citizens.”
She said business owners need to remember tenants do buy investment properties.
“When mine become landlords, many have handed those properties straight back to me to manage because of the relationship I’ve built with them. These people can come back and enrich your business and even become lifelong friends.”