In this position at Wood & Co, you will be accountable for the overall management of a specific portfolio of properties (residential or commercial) on behalf of the owners of the properties.
Wood & Co’s quality assured policies and procedures will give you the guidelines to ensure you maintain a high standard of client care and diligent management practices. Just like our Sales Consultants, Wood & Co’s Property Managers are required to hold an Agent’s Representative qualification from the Victorian Business Licencing Authority and we maintain ongoing training to help our team stay abreast of changes in legislation and best practice procedures.
Property owners pay for service
In Property Management, the agency usually gets paid only when a property is leased.
Unlike letting out a hotel room or caravan park site, the business doesn’t own the product or stock it’s leasing – we are simply an “agent” engaged by the owner to lease the property on their behalf. While the tenant is paying rent for the house, unit, shop or office, it’s the property owners who are paying for our service – but they only pay us if we lease their property and look after it well.
A secure salary and more
However, the Property Managers at Wood & Co don’t have to shoulder all the risk and Wood & Co doesn’t employ Property Managers on a “commission only” basis. A secure salary is paid with a package that provides quarterly bonuses when the Property Manager’s leasing fees and rental commissions exceed a certain level.
Another unique thing about leasing real estate is that a Property Manager cannot simply “order more stock” as needed. He or she has to find properties that people are considering leasing out and then be favoured with the owner’s instructions to market and lease the property. That’s called a listing – where the Property Manager has permission to add that property to the list of properties for lease.
An advisor to property owners
Included in the process of listing, the Property Manager will be called upon to provide advice on the right rent, suggestions on presentation and recommendations on marketing. Once a property is listed for lease, the Property Manager then starts working on finding a tenant who will pay the best rent and look after the property. This is where the right presentation and effective marketing come in and it’s important that the manager’s negotiation skills are honed and perfected in order the truly represent the owner’s best interests.
While the Property Manager must never forget that their first loyalty is to the property owner (who pays the commission) everyone must be treated fairly and with respect and the manager must be completely honest in his/her dealings.
Residential property management is not a 9-5 job and our investors are paying us to take initiative and do what is required to properly look after their investments. A good Property Manager will soon earn the respect of his or her clients and for those who have the right attitude and skill set, property management can be very rewarding.
Get in touch
If property management sounds like your cup of tea, give Lauren Wood a call at Wood & Co to discuss how to get started.