G'Day All
I am posting this in Caveat Emptor but it may end up in Coffee Lounge however I am at the mercy of the Moderators!
As you know as well as being an accredited Mortgage Broker (www.meadowgatemortgages.com.au) I hold the full Victorian Estate Agent’s Licence. Essentially I have been involved with real estate in one form or another since 1975.
My premises in Chirnside Park are only used infrequently (remember Pie and a Pint at Meadowgate Drive back in January 2004? http://www.somersoft.com/forums/showthread.php?t=13965&highlight=Pint Alack! The fish and chip shop is now closed and the building (Shop 11) up for sale. No more deep fried Mars Bars! ) and recently I have been thinking about the general quality of property management which modern investors are now wanting and expecting of their property managers.
There are a couple or three property management agencies in Melbourne which operate exclusive management services, that is, they do not involve themselves with sales. These agencies fill a market need and manage significant rent rolls.
I also have experience as a Body Corporate manager, although Body Corporate management companies are not estate agents and are not under the Estate Agent’s Act, so that is a different field again.
I also worked for almost two years as a Buyer’s Agent at a time when that was thought to be a good idea but nobody wanted to pay for the service.
So where is this heading? Two thoughts running here:
Firstly: Is there any forum member who would be interested or perhaps knows someone who would be interested in discussing the concept with me regarding setting up a property management agency, based in Chirnside Park but managing properties across the metropolitan area and including the Yarra Valley and perhaps further afield (sorry, Horsham is probably a bit too far for effective management)?
If you / your referral would like to have the conversation please email me [email protected]
Secondly: As investors, would you use an agency which would:
(a) Source the property for you at a nominal fee eg 0.5% of purchase price or $1,000 flat fee or whatever, then
(b) Be able to facilitate appropriate, competitive structuring and financing for the purchase at no cost to you, then
(c) Move on to letting and managing the property for the usual letting and management fees?
It seems to me that many Estate Agencies still uphold the old fashioned view: Sales are paramount and the property management pays peanuts in comparison per transaction so is usually not given the status, consideration and resources it deserves. Property Managers themselves shift from one agency to another in search of support and recognition, thus disrupting corporate knowledge and continuity of service and causing inconvenience to the landlords and to the tenants.
However, if you are an active investor (as distinct from an accidental investor) the management of your portfolio is of vital importance to your financial wellbeing and the Sleep At Night Factor.
So to summarise:
(a) I would be interested in exploring a business plan with someone prepared to become involved in a start up business to provide top quality property management services across a broad geographic area
(b) Would you as an investor consider engaging an Estate Agency which offered buying services / financial services / property management services under one roof, which deployed their staff in that activity exclusively (no sales) and which charged the usual fee for services (excluding the mortgage broking which is paid for by the lender)?
Just a thought at this stage, but as you all know each stage in our progress starts with a casual thought, moves along to the discussion stage, then the planning stage, then action then finally the glorious Pie and a Pint stage!
I really enjoy my involvement with the supermarket, and it has been a God send after the couple of years pouring money into the bottomless pit called property development. I painted six houses in 2004 and ran from one end of the year to the other, and 2004 came after two years of renovation and very limited cash flow.
Counting money in the vault has been a healing process but now the dust has settled and I am raring to get back into what I love best: Property, property and more property. Those of you who have met me know I was born to talk and sitting in the vault I have no one to talk to.
The mortgage broking business is going well as a stand alone business but being able to combine all three aspects of my favourite subject – property, money, investment would be nirvana, so if there is anyone out there interested in the concept please contact me. Perhaps I could organise a ‘discussion evening’ at the shop, share a glass of water and a crispbread (well, I am on the lose 25 kilos program, too, remember) and have a general conversation as an opening gambit.
OK, look forward to any comments and replies.
Thanks
Kristine (Trump)
I am posting this in Caveat Emptor but it may end up in Coffee Lounge however I am at the mercy of the Moderators!
As you know as well as being an accredited Mortgage Broker (www.meadowgatemortgages.com.au) I hold the full Victorian Estate Agent’s Licence. Essentially I have been involved with real estate in one form or another since 1975.
My premises in Chirnside Park are only used infrequently (remember Pie and a Pint at Meadowgate Drive back in January 2004? http://www.somersoft.com/forums/showthread.php?t=13965&highlight=Pint Alack! The fish and chip shop is now closed and the building (Shop 11) up for sale. No more deep fried Mars Bars! ) and recently I have been thinking about the general quality of property management which modern investors are now wanting and expecting of their property managers.
There are a couple or three property management agencies in Melbourne which operate exclusive management services, that is, they do not involve themselves with sales. These agencies fill a market need and manage significant rent rolls.
I also have experience as a Body Corporate manager, although Body Corporate management companies are not estate agents and are not under the Estate Agent’s Act, so that is a different field again.
I also worked for almost two years as a Buyer’s Agent at a time when that was thought to be a good idea but nobody wanted to pay for the service.
So where is this heading? Two thoughts running here:
Firstly: Is there any forum member who would be interested or perhaps knows someone who would be interested in discussing the concept with me regarding setting up a property management agency, based in Chirnside Park but managing properties across the metropolitan area and including the Yarra Valley and perhaps further afield (sorry, Horsham is probably a bit too far for effective management)?
If you / your referral would like to have the conversation please email me [email protected]
Secondly: As investors, would you use an agency which would:
(a) Source the property for you at a nominal fee eg 0.5% of purchase price or $1,000 flat fee or whatever, then
(b) Be able to facilitate appropriate, competitive structuring and financing for the purchase at no cost to you, then
(c) Move on to letting and managing the property for the usual letting and management fees?
It seems to me that many Estate Agencies still uphold the old fashioned view: Sales are paramount and the property management pays peanuts in comparison per transaction so is usually not given the status, consideration and resources it deserves. Property Managers themselves shift from one agency to another in search of support and recognition, thus disrupting corporate knowledge and continuity of service and causing inconvenience to the landlords and to the tenants.
However, if you are an active investor (as distinct from an accidental investor) the management of your portfolio is of vital importance to your financial wellbeing and the Sleep At Night Factor.
So to summarise:
(a) I would be interested in exploring a business plan with someone prepared to become involved in a start up business to provide top quality property management services across a broad geographic area
(b) Would you as an investor consider engaging an Estate Agency which offered buying services / financial services / property management services under one roof, which deployed their staff in that activity exclusively (no sales) and which charged the usual fee for services (excluding the mortgage broking which is paid for by the lender)?
Just a thought at this stage, but as you all know each stage in our progress starts with a casual thought, moves along to the discussion stage, then the planning stage, then action then finally the glorious Pie and a Pint stage!
I really enjoy my involvement with the supermarket, and it has been a God send after the couple of years pouring money into the bottomless pit called property development. I painted six houses in 2004 and ran from one end of the year to the other, and 2004 came after two years of renovation and very limited cash flow.
Counting money in the vault has been a healing process but now the dust has settled and I am raring to get back into what I love best: Property, property and more property. Those of you who have met me know I was born to talk and sitting in the vault I have no one to talk to.
The mortgage broking business is going well as a stand alone business but being able to combine all three aspects of my favourite subject – property, money, investment would be nirvana, so if there is anyone out there interested in the concept please contact me. Perhaps I could organise a ‘discussion evening’ at the shop, share a glass of water and a crispbread (well, I am on the lose 25 kilos program, too, remember) and have a general conversation as an opening gambit.
OK, look forward to any comments and replies.
Thanks
Kristine (Trump)