What does local expertise for Property Management actually mean?
American politician Tip O’Neill once said “all politics is local” and so you could say for real estate agents and property managers. Nearly everyone touts their local market expertise as their main selling point. And local market knowledge is important – to understand prices, the types of tenants that go to particular areas and housing types, good local trades for maintenance work.
But in the last 20 years, the internet has also fundamentally changed the amount of information we can get and the way we communicate and deliver services. As a consequence, the need to have your office physically close to a property has declined and the benefits of having a larger scale operation that can make full use of the internet has dramatically increased. That’s why LongView has taken a “multi-local” approach – to get the benefits of both.
Why you don’t need to rely on Local Knowledge anymore
Once you needed to be local to know the prices that prevail in a neighbourhood, which types of tenants preferred which types of properties in which pockets and so on. Now all that information – in fact many times more information – is available immediately on the internet – what is more valuable is the ability to use all that data in an analytically rigorous way to ensure you get the correct meaning from it. That doesn’t stop you needing to physically know the property and it’s neighbourhood – our team are in the field all the time – there is no substitute for seeing a property “in the flesh” and from a tenants’ eye view and an owners’ eye view. You just don’t need your office there to do that – you need a team that is constantly in that neighbourhood, has the local expertise and can visit the property, tenants and owners whenever required.
Because members of our team live all over Melbourne and serve target locations intensively, we can do both – and yet back them with the best data and analytics that small local office firms cannot match. And because of our scale, we often manage more properties in each of these local neighbourhoods than the local agents do.
Why this helps Multiple property Owners
For our clients that own multiple properties this conveys a special benefit – being able to get local expertise for each property, while having a single point of contact, a consistent set of reports and accounts and access to complete data and analytics to drive better property marketing, better rental pricing decisions, better tenant screening and better maintenance cost management and innovative offerings like our Guaranteed Rent service.
If you’d like to understand more about how we can service multi-locally, or wish to bring additional properties under the LongView umbrella, call Cath Stubbings on 0411 101 999