Property Management a billion dollar business
Property Managers and business owners from across the country who met in Sydney this week heard that property management is the unsung hero of the property industry.
“We had 140 property managers in the room and between them we estimated the market value of the properties under management to be more than $2.6 billion dollars,” said First National Board member and Tasmanian State Chair Deanne Lamprey.
“Each of our property managers are looking after millions of dollars worth of assets, they play a very important role in the real estate industry, economy and the community”.
First National Real Estate CEO, Ray Ellis, agreed.
“All the data and analysis focus on the sales side of the property industry,” Mr Ellis said.
“When people work hard to put away money for an investment, they want to make sure that asset is looked after so they earn good returns and the value of their investment will continue to grow in the future.
“In real estate, the people who look after those assets are property managers.
“With our housing stock in such short supply and vacancy rates tight across the country, effective property management is a vital part of our economy.
“Without good property management, the value of Australia’s housing stock would deteriorate in condition and then in value.”
Mark Millington, Principal from First National Real Estate Lakeshores said they were surprised by the value of assets under management.
“It is very easy in a real estate business to focus on sales, but that side of the business is often very short term and easily affected by changes in interest rates, market sentiment and local developments,” Mark said.
“Property Management is the business that tends to remain steady regardless of whether sales are up or down. Looking after the assets of the community is important work that is often under valued.”