If you need a new property manager, want to change property managers or would just like to compare your current manager to alternative managers there is a new website that will help you do that. It’s called Property Management Concierge. The man behind it is Tim Godden, we talk with him in today’s show.
Kevin: If you need a new property manager, maybe you want to have a look around to see if you’re getting the best deal possible, or maybe you’re a little unhappy with your existing property manager and think it’s time to change, how do you go about doing that? There’s a brand new website that’s been set up, and I’m going to talk to the man behind it right now. It’s called Property Management Concierge. They help you go through this process. The man behind it is Tim Godden.
Tim, thanks for your time.
Tim: No problems, Kevin. Thank you.
Kevin: Tell me a little bit about your background and why you started Property Management Concierge.
Tim: I’ve been in real estate for over seven years now, and in that time, I’ve worked with property managers, landlords, and investment property owners. We were servicing a lot of landlords’ properties, and were constantly asked recommendations for other property managers because they either weren’t happy or needed a new manager for their investment property.
Being in property management for a period of time, I really could see the difference between a brilliant property manager – someone who was actively servicing their landlords and trying to get the most out of the properties as possible in the way of financial returns – and comparing that to a property manager who was more just collecting the rent and ensuring that the property is maintained.
There is a really big difference, and that’s where I saw this opportunity to be able to put property investors in touch with brilliant property managers and be able to find them brilliant property managers out in the marketplace.
Kevin: I talk to you in a moment about how it actually works, but it’s an interesting development. I guess it’s on the back of what we’re seeing in different industries, not just in real estate, but it’s almost like disruption. We’ve seen in recent years the growth in popularity of buyer’s agents as the role of traditional agents had been split between working for the seller, which is traditionally what they do, but there was a need for someone to come in and work specifically with buyers. Is this how the whole thing has eventuated, Tim?
Tim: Yes. We see ourselves almost like a mortgage broker service. We’re a free service where investment property owners are able to compare offers from a number of property managers. They can even compare what another property manager believes they’ll be able to achieve in rent from their property compared to what the tenants are currently paying.
You’re exactly right; it had eventuated from that. We’re completely obligation-free, and independent, as well, from any of the other agencies, servicing only the best interests of the property owner.
Kevin: You said it’s a free service to investors, so how are you making your money out of this?
Tim: We’re paid an industry-standard referral fee from the property management agency. Every property management agency we work with has exactly the same fee, so we have no preference for one or the other. It’s completely independent from any agency, as I said. It’s an industry-standard referral fee for referring them the business, which then allows us to make the service completely free to the property owner.
There’s really nothing to lose from the property owner’s point of view, simply just comparing property managers. Worst case scenario, they find a property manager that is able to gain them more rent for their property.
Kevin: How unbiased will your referral be based on the fact that it’s the agent who is paying your fee?
Tim: It’s unbiased because the fee is exactly the same no matter which agency we go to. The industry-standard referral fee, which is one week’s rent. We’ll advise the property owner of what the referral fee would be for each of the agencies. It’s one week’s rent, so depending on what the agency is able to rent the property out for is what our fee will be for that agency.
In a way, it’s in our best interests to find an agency that will be able to achieve the best rest for the landlord, but at the same time, we are completely independent of any agency. We just want to find the best agency for the property investor.
Kevin: Just tell me how it works from the investor’s point of view. How do they hook into this service, and what can they expect to have happen?
Tim: They can contact us either by:
- Phone: our number is 1300 736 538
- Website: PropertyManagementConcierge.com.au
We can go through a number of short questions with them that then uncover what their expectations are for a property manager and what’s most important to them – whether it’s the communication that’s particularly important – or if they’ve had any bad experiences with property managers in the past.
Once we’ve uncovered that information, we shortlist property managers who are in a particular suburb. What we then do is interview the property managers on behalf of the property investor. We’ll go through a number of questions with the property manager that allow us to make a recommendation to the property owner about which manager we think best suits them and their property.
We’ll even go through the fee structure of the agency, and we are able to negotiate that with the agency, and give a clear comparison to the property owner regarding the fees of each agency. Some agencies charge their fees in different ways. Some may charge for routine inspections, while others don’t charge for those. Just because the management fee may be less doesn’t mean there won’t be other fees elsewhere, so we make a clear comparison of that fee structure, as well.
Kevin: Tim, once you actually make that appointment with the investor and they have their new property manager, do you then step away and all the contact is between that new rental manager and the investor, or do you stay in the loop?
Tim: We stay in the loop for the process. Once we’ve been appointed, we’ll make the introduction, but then down the way as they proceed with that manager, we can be in constant contact with the property investor. We will obviously contact them to make sure their experience is as expected, is great, and if they do have any questions – whether it be legislation questions or any questions in relation to the management of their property – we’re always available for them. We’ll also check in with the property manager periodically, just to check that everything is running smoothly for the investor.
Again, this is all a completely free service for the investor. It’s really just about having someone independent and away from the agency look over their property and make sure that everything is running smoothly and as intended.
Kevin: Tim, all the best with the venture. The website is PropertyManagementConcierge.com.au
My guest has been Tim Godden. Tim, thanks for your time.
Tim: No problems. Thanks very much, Kevin.