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.
In 1980 when Apple was first publically listed, its share price was $22 per share. Now, in 2014, it has shown a growth level to be more then 25 times that amount. Victoria Park has gone through a similar transition. A small industrial area which not many people showed interest in throughout the 80’s and 90’s to a vision of a grand landscape at the turn of the century to what it is becoming presently, a leading Urban Renewal Project. With these plans it has also brought a lot of anticipation from many different parties.
With development sites shooting up left right and centre within the small community, pardon the pun but everybody wants their piece of the apple. Whether it is the large construction companies coming in and putting their footprint on the structural landscape of the area, to the mum and dad investors who are looking to boost that nest egg for the years to come or even the young real estate agent looking to cut their teeth into an ever expanding market, everyone wants a taste.
In our current economic climate with the real estate market appearing to be pushing past the peak of a much publicized ‘boom’ period, growth areas such as Victoria Park are on the radar of investors. With the potential to make a solid earning on their investment and its close proximity to the CBD, airport and Sydney’s pristine beaches, it does appeal to those individuals who are looking to rent. As I have mentioned in earlier posts, foot traffic at inspections at the time of new apartments settling is impressive. With the phone ringing off the hook to book inspection times and the numbers at inspections for prospective tenants is testament to the area and the demand that it is in.
With Victoria Park becoming a highly sort after location for both owners and tenants, it is hard to believe that it was an industrial area some 15 years ago. Both Victoria Park and Apple are providing their clientele with similar aspects. Apple prides itself on being the leaders on Innovation and the design behind Victoria Park follows a similar structure.
The biggest comparable between both Apple and Victoria Park is their growth. Having started from not much other then a wooden box from a garage or a run down industrial playground, both have experienced growth and a massive change which can impact the lives of many.
In previous posts, I have touched on how the local area is expanding with new high density developments finishing and how the area is evolving. Inner-city living is on the rise and Victoria Park is in the thick of it. In many high density developments, the sense of solitary can be evident but this is not the residents fault. In many cases, this can be put down to the overall landscape of the community and the way it has been designed. This is why Victoria Park is different.
With the addition of the new developments, the difference between Victoria Park and previous urban renewal projects is that the small district has not become a ‘high-rise haven’. Yes, there are numerous towers reaching towards the heavens but by ensuring that the local nature reserves such as Joynton, Tote and Nuffield Parks has provided that the space is different from previous redeveloped areas and that it allows that sense of community. By having these parks in place throughout the community, establishes the sense of a social neighborhood. It allows for public events to take place which adds to that sense of community. Lets be honest, there is nothing better then socializing with friends and having a barbecue on a summers day and having this with in walking distance of your own home creates the vibe and buzz which Victoria Park is striving for.
With the natural park lands added with the modern facilities such as the East Quarter Market Place which is set for completion in the near future, Victoria Park is becoming its own community. Not only is it becoming your standard residential community but it’s an area which has “heart and soul”. It’s a place where you want to live and somewhere that you want to be apart of. It’s creating that new sense of community.