My dear Letting Agents, what emotions run through your body when a two-word combination – property management – is mentioned to you? Does your stomach turn, your mouth gets dry and you think to yourself “oh, no, not another complaint”? Is this how you feel? Are these the emotions that run through your head?

You may not want to admit it but I can guarantee that in 99% of cases this is exactly how you feel about property management. I have dedicated 15 years of my career to property management, I have dealt with every possible maintenance issue under the sun, I have seen every possible dispute and dealt with every possible “difficult” landlord and tenant. I have interviewed hundreds of property manager wannabes and refused to believe every single one of those who told me that they “loved” property management.

You can’t love property management, why would you claim that you love dealing with problems? You may have a passion for “solving” problems, but don’t tell me that you love speaking to angry unreasonable people who can’t live in the property because the floorboards in the living room are squeaky!

So, the grand question – why do we do it? – why do we offer property management services if we hate it so much? Well, the answer is simple – if it is going to make you a million or two, you start to look at it differently. But property management should not be just about the money, in fact, nothing should be just about the money, it all should be about passion, freedom, happiness, call it whatever you like, but it should be about the driving force behind you needing that money.

This is how I see it, property management should be at the heart of every Letting Agency, it is the easiest money generator, it gives you a great reputation, IF done correctly, it creates loyal customers – both landlords and tenants, it makes you to be seen as an expert, IF you know your game!

But if there are so many positives why do Letting Agencies get it so wrong?

The answer is as simple as the question, people do not see the bigger picture, people lack patience, people are in it for the wrong reasons. It’s a fact, Letting Agencies are run by a Sales Person, someone who is passionate about selling, someone who gets adrenaline running through their veins when they make a deal. Property Management, on the other hand, is a long-term game, you need to have the patience, you need to have diplomacy skills similar to those of a Foreign Affairs Minister, you need to care and give a damn. Unfortunately, most Letting Agents are not in it for the right reasons, and this is the main reason why their property management departments “do not work” and our industry has such a bad reputation.

There are too many people out there who are in this game for a quick buck, too many agencies who offer property management because “this is what everyone else does”. But only those agencies who put in the time and resources will go on to dominate this industry, will go on to win!

In all honesty, do you know if you are 100% compliant? Do you know the regulations and legislation that you should be complying with? Do you really care about your client? When was the last time you had a formal training session or attended an industry conference? Are your property managers there to do the admin that your sales people hate or are they there to build relationships and reinstate your expert status? Be honest with yourself.

A property management department should be run by a professional who knows what they are doing, who has received some formal industry training and qualifications, but most importantly someone who has hands on, real life experience of, what I call, frontline property management. And if you are not in the position to employ a full-time employee then seek some freelance help, employ a consultant, employ Business Rock, employ whoever you like but do not do it out of your own accord. As only by recognising our weaknesses we can elevate our strengths!