Ep 105: The importance of selecting an experienced property manager, with Cassie Nancarrow

In this episode of the Geared for Growth podcast, Mike is joined by General Manager of DPN Property Management, Cassie Nancarrow, to discuss changes in Property Management since the start of the pandemic, and why now, more than ever, it’s crucial to select the right Property Manager to help you maximise your investment.

During the COVID-19 years, many faced hardships, but residential property managers endured particularly challenging roles. They navigated between Landlords striving to meet mortgage payments and tenants grappling to pay rent amid business shutdowns and job layoffs. Additionally, they had to stay abreast of swiftly evolving and complicated legislative amendments, adding to their demanding responsibilities.

In the years since, some 30% of Property Managers have left the industry, leaving a dearth of experienced operators and creating a void for newcomers to step into. Inevitably these new entrants have offered bargain basement pricing in an effort to attract business, but it begs the question, are investors really getting the service they need to maximise their asset?

In this practical and highly engaging conversation, Mike and Cassie dig into what makes an effective property manager, and why they are so much more than just rent collectors and property inspectors. Cassie gives insight into how some of these novice managers are operating and why you should be wary of heavily discounted management fees.

Cassie explains the benefits of maintaining a strong relationship with both Landlord and Tenants, and how a good Property Manager will strengthen tenant retention and minimise downtime between leases. Cassie also highlights why the true test of a Property Manager is when something goes wrong and you rely on them to advocate on your behalf.

As Property Investors, it’s important to optimise your investment, however Mike and Cassie consider why striving for the highest possible rent in this highly competitive market is not always the best long-term strategy for your portfolio. Finally Cassie rounds out this must-listen episode with some top tips on how to ensure you have a good Property Manager on your team, and provides some great questions to ask them before making the appointment.

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In this episode of the Geared for Growth podcast, Mike is joined by General Manager of DPN Property Management, Cassie Nancarrow, to discuss changes in Property Management since the start of the pandemic, and why now, more than ever, it’s crucial to select the right Property Manager to help you maximise your investment.

• Why 30% of Property Managers have left the industry and why you should care
• The difference between the Business Development Manager (BDM) and Property Manager
• You get what you pay for – what’s really happening with those bargain basement fees
• What a good Property Manager is really doing for you
• Cassie’s tips for good asset management
• Weighing up rental increases with good long-term tenants
• Questions to ask your PM before you appoint them

“There’s been a lot of legislative changes since the pandemic which has drastically increased the administration load on property managers and a number of states have changed their licencing requirements which is only a good thing for the industry but it’s also been onerous for people who have been a little bit burnt through the pandemic” 2:15

“The way that I would suggest that landlords protect themselves and make sure that they have a complete understanding of their business is ask to meet the property manager who will be looking after their investment” 4:23

“Unfortunately those landlords and investors that do try to go bargain basement shopping for services will probably find an extremely unsatisfactory and costly experience in the end” 12:35

“All of those things throughout the tenancy mean that you can review your rents and maximise your rental increases where appropriate which at the moment is happening quite significantly and it also means that if you have a vacating tenant you don’t have as much vacant time ’cause you don’t have to fix the property up between the tenancies” 14:25

“There’s a lot of really lovely investors out there that are really reasonable and looking to increase their rental income but also not at the complete expense of the tenant” 19:16

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