Renting Property And Tenant Management
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It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
And welcome to another episode of The Real Estate Podcast. We're talking to Hayley Mitchell from Mitchell PT. Hayley, welcome to The Real Estate Podcast.
Thank you for having me.
Hey, you know, a lot of our listeners have rental properties. Some elect to self-manage these properties. Others have companies and people doing that aspect for them. And it's always a crossroad for owners who say to themselves, oh, you know what? I want to save money and do all of this myself. And then once they get into it, suddenly that inspirational idea of saving money can quickly turn into a what the hell have I done sort of a moment. And so property management, it's a diverse and busy role requiring a lot of different skill factors to fluently manage a wide variety of different properties. So I thought, Hayley, let's break down a little bit of the DNA code of what a property manager's role and job is.
Yeah, it's a really interesting one. I've been in real estate myself for 23-ish years, I think now. And I think back to when I started and I've always been a property manager. I've never worked in sales. And I had a typewriter when I started, you know, I had film in a camera. If we wanted to do an ad for a property, we would type it up on the typewriter and, you know, get the front photo of the property developed at the chemist down the road and then sticky tape it to the piece of paper in the window and that was our ad. We look now to what we now do in real estate and it is so much different than what we did 20 odd years ago.
What does a property manager actually do beyond collecting rent?
And I think also one of the big changes is obviously the last couple of years and in particular in Victoria, we have had a full legislation change early this year. So that's right in the middle of everything else that we're dealing with has been throwing property managers into a bit of a spin. But I guess, you know, it's a lot more, I think a lot of owners do think that property management's just collecting the rent and, you know, you go around, look at the property once or twice a year and that's kind of it. There is so much more involved in what we do day to day. And when we get it right, and what I mean by getting it right, you know, you've got an awesome owner who looks after their property well and maintains it and you've got a fantastic tenant that pays their rent on time and there's never any issues.
You know, that's our dream. That's what we want to achieve for all of our clients. But when it goes wrong, it can go wrong really quickly. And I think that that's when you need that specialist person in there that really has that intimate knowledge of the legislation and all the rules so that they can make sure that the owners are protected and the property is protected as well. So, yeah, there's a lot more to it than just collecting the rent and driving around in a fancy car, I can tell you. Yeah.
And have you still got that typewriter and that camera that requires film?
No, I don't. I haven't worked at that agency in 20 years.
I don't know if they've still got the typewriter and the film, but I would definitely hope not.
They're actually worth something now, these old typewriters and these film cameras, and particularly for young ones because they're kind of like, what is that? How does that work? You say you put this bit of celluloid across it and it takes a photo?
It's crazy. And the funny thing is that 20-odd years ago, we were able to manage maybe 200, 250 properties effectively. And we actually did it quite well. And if you said to a property manager now, hey, you're going to manage 200, 250 properties, you'd never hire anyone. So it's really interesting. We've got all the technology now and all the assistance that we need to actually do the job right. But We're actually managing half the size portfolios that we used to. And in a lot of cases, too, we're actually charging less fees than what we used to. It's just crazy. So it's a very, very different market than it used to be.
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