GOOD MORNING FROM ELITE AGENT

The kids at HomeHug, a Thai orphanage supported by the Australian real estate industry and the final stop for February's Digital Live Bike Ride, have very little. A hundred children share clothes and just six showers. Thanks to Taskforce, though, they’ll soon have 60 brand-new towels, donated by the riders.

Today’s read time: 4 minutes, 6 seconds.

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PROPERTY MANAGEMENT

PM’s are finally stepping into the spotlight, earning long-overdue recognition

Property managers are finally getting their due, according to the 2024 Voice of the Property Manager (VOPM) Survey by MRI Software’s Dr Sarah Bell.

Once seen as the “poor cousins” of sales, these professionals are now recognised as the backbone of real estate businesses, handling complex, high-stakes roles that bring in nearly as much revenue as sales teams.

Of course there are challenges (like dealing with tricky tenants and stressed landlords), but fresh training programs and a clearer focus on what really matters are turning the tide.

The evolution of property managers: from overlooked to essential

Property managers have emerged as key contributors in real estate businesses, with their revenue generation nearly matching that of sales, accounting for 48% of total income. This marks a shift from past perceptions of property managers as inexperienced or overwhelmed.

Aggression and retention concerns

While satisfaction with role flexibility and company care remains high (74% and 73%, respectively), challenges persist. Incidents of aggression from landlords and tenants remain a significant concern, often driven by financial stressors like rising interest rates and cost-of-living pressures.

Retention rates also show mixed results, with a growing percentage of property managers considering leaving the industry (29%, up from 23% in 2021).

Strategies to support property managers

Companies like Leah Jay are addressing challenges by reshaping the property management role. By offloading administrative burdens, employees can focus on relationship-building with clients, enhancing satisfaction for both investors and renters.

Training in human skills such as conflict resolution and communication is complemented by real-time support through advisory teams and team leaders. Additionally, fostering work-life boundaries, like encouraging mental "switch-off" habits, helps employees manage stress, contributing to a healthier, more sustainable work environment.

ICYMI, yesterday we discussed how you might be addicted to being busy

TOGETHER WITH VIEW.COM.AU

Chisholm & Gamon’s Torsten Kasper and Carolyn Clarke designed a standout campaign to sell a Spanish Mission home, which had been transformed into a stunning five-bedroom masterpiece. They knew that a property this special required a marketing campaign that was equally as impressive and Torsten says that while other agencies thought the property would sell for about $4.5 million to $4.6 million, he knew that with the right campaign, the home could fetch much more.

Their strategy combined high-end photography and drone footage with digital marketing through Focus (powered by view.resi’s Acquire) extending the campaign’s reach across social media, display ads, and property portals. Torsten says the marketing campaign worked, with more than 100 people going through the property during its 28-day campaign and more than 140 at the auction itself. The property successfully sold for several hundred thousand above where others had placed it.

Read more about this unique sales campaign here

SMART SNIPPETS

Mass exodus to regional areas
A staggering 40% of city residents are now considering moving to regional Australia, double the number from 18 months ago. This is creating unprecedented pressure on regional infrastructure, with rental vacancy rates plummeting to 1.3% and building approvals down 9.4%.

Mum and Dad investors could help affordability
Traditional 'Mum and Dad' investors dominate Australia's property market, controlling 90% of rental properties. These small-scale landlords often invest based on sentiment rather than strategy, making them ideal partners for affordable housing schemes. Up to 60% are willing to participate if given the opportunity.

UK rents to rise by almost a fifth over the next five years
Rents across the UK are forecast to rise by 17.6% over the next five years, outpacing the predicted 15% growth in average incomes, according to Savills. In London, tenants are already spending nearly half their monthly income on rent. The rise is driven by a persistent supply-demand imbalance, as fewer landlords are entering the market.

SOUND WAVES

Behind the $100m deal

What does it take to close a $100 million property sale, you ask? For top agents like Ryan Serhant and Jill Hertzberg, it’s far more than simply showcasing luxury homes. Today’s curated listen takes you behind the scenes of high-stakes negotiations and the extraordinary rewards of these elite transactions.

Dive straight into the listen below or the deeper dive here.

Read the article from The Wall Street Journal here

AGENTS ON SOCIAL

Real estate agents, once masters of closing deals, are now reluctantly starring in social media musicals. Remember when selling homes meant a firm handshake and a stack of flyers? Now, it’s choreographed dances in the living room while singing about square metres. 🎶🪩

Seen an Agent On Social we should include? Let us know here (email link)

Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, Giverny Pringle, Charmagne Arrubio and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

Stories marked with * are sponsored, including 'Together With' and the weekday 'Movers & Shakers' sections. Interested in promoting your brand to Elite Agent’s audience? Learn more at eliteagent.com/advertise.

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