Case Study: Managing Multiple Investment Properties
Case Study: How To Effectively Manage Multiple Properties
Image Realty established a case study to answer the question: “How To Effectively Manage Multiple Properties.” Our goal was to highlight the cost savings landlords could make by streamlining their portfolio under a single agency, thereby maximising profit.
How We Manage Multiple Properties Effectively
John is a 52-year-old family man who had seven properties. Before signing a contract with Image Realty, John was using four different agencies to manage his portfolio of properties. He felt unheard as he had communication issues with several agents involved in managing his properties. From John’s perspective, he didn’t feel looked after, and he didn’t believe his properties were being managed well.
- This isn’t an uncommon issue. Many agencies cover specific areas and won’t take properties on if they are outside their catchment area. He didn’t have much choice but to enlist the services of multiple agencies.
- Dealing with four agencies meant dealing with a variety of agents, and it was difficult to get in touch with the right people at the right time.
- It was a stressful situation, but more than that, it was incredibly time-consuming. He had to repeat his wishes about his properties to various people. And it complicated a lot of issues.
- Property managers only last an average of two years. So, by dealing with four agencies across seven properties, he was seeing a high turnover of property managers.
- With several of his properties in desirable areas, John suspected he could increase the rent rates but couldn’t catch any of the relevant agents to sit down and have the conversation. He was also concerned about alienating tenants.
- With a history of working with subpar agencies, John was concerned about working with a new team.
Image Realty operates differently. We have three locations, and we were able to take John and all seven of his properties on by providing him with a single property manager.
- The first step in improving John’s situation was to assign him with a single property manager to manage all seven of his properties. Our agents understand the property market of South East Queensland. John needed to see how invested we are in his property journey. We want all of our clients to feel valued, and we understand how important good tenants are, too.
- With a long history of experience in rental properties in South East Queensland, our first step was to review the rent across John’s seven properties. We determined that a rent rise was appropriate for three of these properties using all of the available data. Due to their location, the state of the property, and local amenities, these rises were deemed fair.
- We walked the properties to address maintenance issues and project upcoming costs, including taxes, rates, and insurance. We highlighted to John how there had been an unfair deal on these specific properties. With the data to highlight the costs, John could see the rental increases on these properties were justified and overdue.
- Our property manager stepped in to take the lead in discussing these rent rises with the tenants. The manager showed the tenants why the increase was necessary and appropriate using the data we collated.
- We established an easy rapport with the tenants, ensuring they would reach out to Image Realty if they were experiencing issues. With our property manager behind the wheel, John’s stress levels eased knowing he had a reliable property manager looking after him. And if he had something to discuss, there was just one person to reach out to rather than chasing property managers across four agencies.
With rents raised on three of John’s properties, this secured an additional $120/week, resulting in an annual increase of $6,240.
We also discovered an insurance issue with two of John’s properties. The agent in charge had failed to renew the insurance policies and left John open to serious income loss.
Even more importantly, John is much happier with his setup and a lot less stressed than he used to be.
If you’re looking into property investment in South East Queensland or need a real estate agency who can handle all your properties, then Image Realty has your back. Not only are the people in our real estate agency South East Queensland specialists, Image Realty covers property investments, sales, purchases, off-market purchases, and property management. We have capable teams in Brisbane, Ipswich, and the Gold Coast.
The South East Queensland property market is ever-changing, and the only way to stay ahead of the curve is with a reliable property management company. Our property managers know their business and will manage your properties using the latest data and information. You don’t need to lose out on potential rental income or worry about lapsed insurance policies.
John’s case study is just one of our many success stories. We have worked with dozens of ‘Johns’ over the years and throughout the pandemic. We’re here to help you and are invested in your success. A simple phone call changed John’s life, and it can change yours, too. So, what are you waiting for?