News & Media

September 03, 2014

Price vs quality

It’s human nature to always be on the look-out for a bargain, in life and in property, but I think most would agree there are times when the need for quality should be prioritised above cost.  Managing your investment property should be one of those times. Why?  Let me explain.

Property management is often considered the ‘poor cousin’ of the real estate world. Unfortunately many employees see it as a mere stepping stone or foot in the door to a career as a sales agent.  For many employers it’s a department they consider requires only junior staff with minimal supervision because the service offered is limited to ticking administrative boxes. 

For many owners buying an investment property requires a significant financial outlay which represents a mechanism to secure long term financial security and financial return.  Therefore to achieve those goals the property needs to be managed with care, consideration and good communication. 

The reality is a quality property management service is much more than ticking boxes.

Of course you want a good tenant, maximum occupancy, bills paid, repairs organised and regular inspections. They’re the obvious things all property managers will promise but surprisingly not all will deliver.

On top of that as a property owner you should be able to develop a strong, long term working relationship with your property management team, comfortable they understand your needs as well as the history and idiosyncrasies of your property.

The best managers do work as a cohesive team and each member may have responsibility for individual properties but stay abreast of the entire portfolio ensuring no client need ever wait for a response and a solution.

Whenever you go shopping the universally accepted truth is that the lower the price the lower the quality. You might be prepared to accept cheaper dishwashing detergent but will never skimp on the quality of your wine or coffee so for those items you’re prepared to pay that little more.

Consider the same when you are looking for a professional to manage your biggest financial investment.  Property management is a service where quality is crucial and good quality can cost a little more. But it’s worth it.

The McKillop property management team are professionals and they’re ready to take your call today.