After having a quick chat with a potential investor in the local area about property management, this was the response I was given. Everyone is entitled to their own opinion but after speaking for no more then 5 minutes, this investor had done a 180 and was now thinking how he could be without a Property Manager. A highly respected Property Manager once said to me in my early days in real estate, “Property Management is not one big job, it is a million small jobs all rolled into one!” I didn’t know what this meant when he first said this and I can guarantee many investors don’t have this understanding either. After working in Property Management for numerous years you learn quickly the point he was getting across.
For instance, today I have been a debt collector, taxi driver, negotiator, mediator, receptionist, post man and finally, a social media commentator. Just another standard day in Property Management.
From a landlord’s perspective, when things are travelling well with a tenancy, they see a Property Manager as just another expense but when the proverbial hits the fan, there are not too many people who can work their way to ensuring that the issue is resolved in a timely and cost effective manner. Enter the Property Manager.
As a Property Manager, I want to ensure that my clients feel they are getting more value for their money. All Property Managers want to give 110% for their clients but the question I put to them is. “How can you give 110% if everyone else is doing the same?” Yes the effort is there but how do you separate yourself from your competition? What’s your point of difference? In a previous post I spoke about being an innovative agent and the use of videos for my periodical and outgoing inspections. I have been using this system for close to 2 years now and have had nothing but praise. Little things like this where an investor may have brought their investment to me from another agency ensures their decision to change. Receiving a video on a bi-monthly basis compared to a hand-written carbon fiber report yearly can do wonders and adds value to your client base. There are many other things I am completing to try and add that value for my clients.
By doing this ensures that you are not an investor saying “Nah, I don’t need one of those” to “what would I do without them?”
“Where have you been? The Sydney Real Estate market is really moving and your property is in the thick of it. Why don’t you call me for advice on where your property currently sits?”
This is what faced me earlier this morning as I checked my mailbox on my way to work. We encounter these notices day in and day out. The thing that struck me is how the advertising was pitched. “The Sydney Real Estate Market”. This is what the media convey over the entirety of the city but the market changes from suburb to suburb, street to street. Metaphorically speaking, the best way to describe the market is in the form of a Babushka Doll. There is the large doll but as you delve deeper and start pulling away, more dolls appear. Tinier and tinier. Each doll has the same amount detail but gets smaller. The same can be said for the real estate market. Everyone puts on their real estate hat and burrows deeper to find out more information about their investment. The intricate details of the smallest doll would be that of your property. A small figure but an essential part in the market.
So what does this mean for Zetland and Victoria Park?
Zetland and Victoria Park are very specific just like any suburb. New developments, mostly apartments and located within close proximity of the city. People who are invested in the area should not be phased about record house sales in Doonside in Sydney’s west. In the first quarter of 2014, 31 properties were sold, 2 of those being houses, the remainder apartments. The supply and demand for the local market places heavy focus on what is trending with apartments and their sales. As the area is slowly nearing completion with developments such as East Village and Platinum set for completion this year, it will be interesting to see what occurs within our local market, but also the greater Sydney market. We have experienced a boom of late which I reported on in an earlier blog with a high volume of sales and record prices but it does appear to have reached, if not passed its peak. Just like the Babushka Doll, every part is essential in gaining the final result.
It has always been a question on any young persons mind and I’m reminded of it time and time again from family, friends and clients…..”When should I get an investment property”.
For many Gen Y’s who are looking to dip their foot in the big ocean that is the residential housing market, it can be a daunting phase. Some people are lucky as they have the financial support of family however; many do not have this luxury at their disposal. As of late, Real Estate has been running hot and has been gaining a lot of media attention which has added fuel to the fire. This has ensured a booming end to 2013 real estate sector and a strong start to 2014.
Over the past couple of years, there has been an influx of overseas investors which has strengthened the market but is pushing the first home owners out of the market. It has always been tough to get that first property under your belt but with added competition with deep pockets, it has made it that much harder.
Buying your first property is not going to be easy. It’s a challenge. It’s a journey. It is something that you have never faced before. Just ensure you have the right support networks in place to assist you in making those decisions. These are different for every situation but just ensure you surround yourself with trustworthy people, the right information and the courage to take the plunge.
Finally, the fundamental network in this phase is the one you have always surrounded yourself with, it’s your family. They have nurtured you through the scrapped knees and broken bones and what’s not to say they wont assist you though this tough stage. It may not be financial help but it may be the little things which help this little fish find its way through the ocean and prosper.