What Landlords Want

By Mike Gill

Landlords are key to a property manager's business, so what makes them tick? A Market Research Manager at REA Group, Mike Gill shares an in-depth analysis into the latest insights on landlords. With different qualities, landlords are looking for different things when it comes to a property manager, Mike's findings will help you understand them better and set you up for success.

Mike Gill’s has three key messages for property management professionals:

Communication

Over 50% of Landlords expected monthly communications from their Property Manager. Many were underwhelmed with the current level of communication and wanted a more personalized experience.

Key things for Property Managers to consider:

  • Property Managers should think about how often they are communicating with Landlords and the relevancy of the content they are providing. Are you currently meeting their expectations?
  • How can technology be leveraged to overcome the perception that Property Managers “set & forget”. What platforms does your agency employ to facilitate these personalized communications?

Investors

Property Investors dedicated very little time when selecting a Property Manager. On average they spent less than two weeks.

Key things for Property Managers to consider:

  • Given the small window of opportunity, it’s imperative to engage new landlords the right way. Landlords were most interested in local area knowledge and the processes agencies use to manage the tenant
  • How are you standing out with prospective Landlords? Are you addressing the issues that are most important to Landlords?

Private Landlords

24% of Private Landlords were considering engaging an agent, however they wanted more control over the services that they paid for.

Key things for Property Managers to consider:

  • 74% of these Private Landlords wanted the ability to choose the services that they would pay for
  • How is your agency catering for Private landlords who aren’t willing to pay for full-service management? Is there an opportunity to engage them with a new flexible approach?
Mike Gill

About Mike Gill

Market Research Manager at REA Group, Mike has dedicated his career to exploring the property needs of consumers. He has advised property professionals across Australia on how to optimise their operations and communications through a greater understanding of consumer trends.

A regular presenter at industry events, Mike also sits on the Interactive Advertising Bureau (IAB) Measurement Council.

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