Blink Property
Real estate investors rely on property managers to help them manage their assets, whether they have a portfolio of 1 or 100.
But before simply engaging the nearest property manager, it’s important you know they are not all created equal.
Some have goals to become a selling agent, while others might see it as a job, but not a career.
What you want is a professional, who has the education, knowledge and motivation to manage your asset as if it was their own; not just a bunch of boxes to tick between 9am and 5pm.
That’s where Blink Property’s Asset Managers come in. Let’s look at how they stack up against traditional property managers.
Old school property managers will focus mainly on the basic, day to day operations of looking after an investment property. They collect rent, organise maintenance and repair work when alerted by tenants, conduct required property inspections, deal with tenants, contractors and landlords, and enforce legislation.
Blink Asset Managers seek to understand a client’s motivation and work with them to help achieve their financial investment goals, explains Michelle Raymond, Blink Property’s Principal Licensee.
“When we talk to landlords, we first ask what their greatest fear is concerning owning an investment property,” Michelle said. “The second question we ask is what they are hoping to achieve through investing. Once we get an idea, we can tailor the way we manage the investment based on the owner’s goals.”
Part of that tailored approach is recognising that property investing is a business and therefore managing the whole asset, with an eye on the big picture.
During routine property inspections, Blink Asset Managers make recommendations based on the financial impact to the property, work towards improving the income of the investment and maximise its return and value.
They also look for opportunities to avoid major repairs later down the track by stopping potential problems at a much earlier, and much cheaper, stage and reducing costs by maximizing the efficiency of any work that needs doing.
“This could mean suggesting you do up a kitchen, or invest in a new hot water system with a five year warranty rather than having someone come and patch it up every time it leaks,” Michelle said. “If you’ve got a leaking tap, which needs to be fixed, you will pay for an hour, but it doesn’t take an hour to fix it. So, if a plumber has to be called out, a Blink Asset Manager would use that hour to have that plumber check all the taps in the property and re-issue a Waterwise Certificate while they are there, to save the landlord the cost of a separate callout to do that later down the track.”
Many traditional property managers out there are attached to selling agencies. In fact their licensee will be a sale based principal, with a major focus on selling properties. At Blink however, all licensees are active and working managers.
Asset Managers are paid commission based on rent paid. They don’t earn money if a landlord’s property is sitting vacant, so it’s in their interest and yours that the property be tenanted as quickly and cost effectively as possible, with a quality tenant.
“A lot of property managers out there don’t invest in education, they don’t get tradespeople in to provide tips on what to look for during inspections and give them that knowledge,” Michelle said. “Blink only employs career managers, who are trained right away to become Asset Managers, to get the education, the trade knowledge, and so on.”
Asset Managers also generally have smaller portfolios than regular property managers; think 50 odd compared to up to 200. This means Asset Managers are better placed to provide more tailored care and attention to the landlords on their books. And considering that property is a very expensive asset to invest in, that extra attention is nothing to sneeze at. As a landlord, your livelihood is at stake, so you’ll want to be looked after.
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