Did you know that a property manager can be the maker or breaker of a relationship between a property investor and a tenant? We spoke to Cath Simpson and Kathryn Macansh about what you should look for in your next property manager.
Their top 3 tips:
1. Look for a property manager who understands you and your property.
2. Seek out a property manager who has a thorough understanding of relevant legislation.
3. Experience matters – the tenant they put forward, their negotiation skills and having been at the “coal face” before makes a real difference.
Life as a property investor
You have worked hard, you are a Mum and Dad investor, you have gone without to save your deposit. It is so important that you find the right Property Manager to look after and grow your asset.
You are time poor between family, work and life commitments. You just want someone you are confident will make the right decisions in your best interests. That’s sometimes easier said than done.
Varied levels of experience
Property management can mark the start of a real estate agent’s career. You get serviced by young, enthusiastic and at times less experienced people. This can be refreshing, it can also be costly if the incorrect decisions are made.
“Property management is a career path for me” Cathy Simpson explains, smiling across the table at an inner-city café. “This is where I want to be, its what I absolutely love doing”. Rather than the norm of a career stepping stone into at times a more lucrative sales position, Cathy has been steadfast in property management for nearly 17 years.
Cathy Simpson, property manager with @fnnewcastle.
“I love it!” she explains. “I love solving problems for people, building relationships and fitting the right tenant with the right property”. She explains that by ensuring the fit is right up front, you can be looking at years of a secure rental income and a stable home environment for the tenant.
Kathryn Macansh agrees. She has recently commenced a Business Development role with First National Newcastle, and draws on decades of industry experience. “We believe finding the right tenant is our most important job, so Cathy and I are the ones conducting the inspections, meeting prospective tenants in person. Truly choosing tenants as if the properties were our own.”
Kathryn Macansh looks after business development @fnnewcastle's property management team.
Kathryn and Cathy explain the reason they have succeeded in property management so far is focusing on building a strong relationship with both the tenant and the investor from the start. “If both parties feel respected, it makes for a strong relationship and a successful management”.
When asked what makes them different, they point to their ability to make decisions.
Cathy explains: “We focus on property management and property management only. Other agencies might have a rotating roster of people with limited oversight, experience or ability to make decisions. We build a strong foundation of trust with both the investor and the tenant. We remember the property, the person and the issue. The buck stops with us”.
Kathryn agrees. “We are currently project managing a make-over for an out-of-town property investor. He has allocated a budget, and we are making sure the property is refurbished with new flooring, fresh paint and landscaping to attract the right tenant in a new price range. It takes a trusting relationship for this to occur”.
Improved returns and relationships
“We have managed properties in just about every apartment building in Newcastle”, Cathy explains. She elaborates that knowing the building, the community and the suburb means they have insights into what the property is worth and what can improve the rental income.
“We love sharing our knowledge, even if the investor or tenant isn’t a client of First National Newcastle. We help anyone with their property management questions. It’s how we operate #therightway. A good relationship makes for happy people now and good return on investment down the track” she concludes.
Kathryn Macansh and Cathy Simpson, property management duo @fnnewcastle.