It’s 5.15pm on a cold winter’s night and Pam the Property Manager is caught in peak hour traffic. She’s tired after a long day, and frustrated that despite the fact that the property has been leased earlier that day, she still has to attend the scheduled open and let the other prospective tenants know. They’re not going to be happy! But that’s not her problem, and it doesn’t really matter because there’s always a good number of tenants for every property she lists. She’s got other more important things to worry about…
The pressure for her and the Agency at the moment is getting more listings for property management and for sales. They need to build their rent roll and increase their commission income, otherwise she could lose her job. The boss has been spending quite a bit on advertising but it doesn’t seem to be bringing in much actual business. She can’t help thinking it would be more productive for her to spend time working on marketing, rather than rushing off to do this open inspection for no reason!
Meanwhile, half a dozen people are waiting on the doorstep …
Theresa the prospective tenant is a Lawyer and finds it hard to get time off. She had three properties to look at this evening. She’s already rushed to get here on time after leaving one open house, and the third property overlapped with this one, so she couldn’t view both. The property manager for the other house had previously been ‘dismissal’ of her when she’d attended another open – perhaps because she’s been in her well-worn gym outfit that time – so she decided to miss that one. Not a logical choice, but no-one likes to feel dis-respected.
Also waiting is Ian the Investor. He left his office early to get here in time. He’s frustrated that the property manager is late and now there’s only 10 minutes to view the property. He’s done some analysis and decided it makes sense for him to rent a property to live in locally, and buy another investment property in a lower value location.
Sue the sticky-beak neighbour is waiting to view the property too. She’s just curious to have a look inside. Her sister Betty is with her. Betty is thinking about moving closer to Sue. Betty would be a buyer rather than a renter. She has a property that she’d either sell or rent out. This viewing will give her an idea of what’s involved. Betty is planning to speak to the property manager to see if agency can help her with selling or renting her current home. It would save time if these guys are good, she won’t have to shop around.
Chloe is being coached to become a property investor. She’s considering investing in the area to buy and hold long term. She’s already done some research to check the average rents in the area, but her coach suggested she physically attends a few open homes of current rental properties to get a better idea of the local market and also to vet a few property managers to see how they actually perform for their clients. She’ll be looking for a house to buy and for a great property manager, so she’s open minded to see if this agency will be good for either or both.
Wayne wants to live in this area and is a prospective tenant. He’s moved a few times in the past few years, and is a bit vague about why, but he certainly looks good! He’s a great salesman, and understands that presentation is the key, so he happily spends a lot on his appearance. Wayne has a great income, but watch out, because he spends more than he makes. He’s in a hurry to move too – perhaps to beat the bailiffs.
Pam the property manager arrives at 5.20pm. She’s only five minutes late but everyone has been waiting for 15 minutes. She is very apologetic as she walks towards them saying, ‘Sorry to keep you waiting everyone, but the Landlord has accepted a lease on this property earlier today so it’s no longer available. Sorry, that’s it, we’re not open after all.’
Wayne is the only one who follows up Pam to ask about other rental opportunities. All the other people leave disappointed but without comment or follow up.
End of story? It shouldn’t be…
(Read the next installment to see how Pam the proactive property manager works!)
By Rachel Barnes