This week we sat down with Joel Davis, Managing Director of Image Property, South Melbourne to talk all things property management and why it’s pivotal to choose the right property manager for your investment property.
Tell us about Image Property, what do you offer?
We’re passionate about property management and always have an investor mindset. We aim to make the process stress free and seamless to allow your investment journey to be an enjoyable one. We believe in a proactive approach with the long game in mind and are here to let you benefit from our knowledge and care for you and your property so you don’t have to.
What should people be looking for when choosing a property manager?
You need a modern agency with a very strong digital presence and up-to-date software programs that allow you to benefit from technology in the space. We know that over 90% of enquiry comes from the internet now and over 70% of communication is not verbal. This increases the need for things like an online portal for both your tenants and owners, that allows access to information 24/7. A balance of experience and modern practice is what I would be looking for when choosing my property manager.
Why did you choose to go into business?
I went into business because I believe that there was a lack of care factor in the industry for the investor. It has never been more important to have a good property manager who understands that investors aren’t necessarily rich (an assumption a lot of people jump to just because someone owns property). In fact, often the opposite is true. I believed that there was a need for a business that understood the importance of getting the rent paid on time, so that the mortgage repayments can be made on time, without putting strain on a landlords cashflow. The importance of getting the property back in the condition it was handed over in so that you can get the most out of it, before needing to make improvements, is also something I felt needed more attention and understanding.
What’s been a hard lesson that other business owners could learn from?
One of the hardest lessons that I hard to learn was that I could not have team members performing a role that I did not fundamentally understand and know myself. It put me in a position of having to trust without question. These days, I have a complete understanding of every process role and software program used in my office which allows me the ability to full comprehend what could go wrong and why. This allows me to be proactive about putting processes in place to prevent mistakes ever happening in the first place.
How have RBK helped you along the way?
RBK have been incredible ever since we engaged them, they have provided advice on matters we never even thought to ask about but certainly needed. They have been proactive at all times and have made what can feel complicated seem simple. They have asked more questions than any other accountant I have ever dealt with in order to get a clearer picture of our long-term vision, in order to ensure the advice is inline with achieving those goals.
Is team culture important to you and if so, how to do foster a great environment?
Team culture is massive for me and my business. We know that if we want long-term success we need a strong team that grows as the business does. We invest in weekly team training to always improve our skill set. We have a Friday family lunch every week which allows us a chance to stop and engage on a personal level. We take all staff away on a two day retreat in November each year where we have team building activities, goal setting and our annual awards night. We know no matter how good our systems and software are, it is our great people that make us successful and staff retention is and always will be our No1 KPI.
You can find out more about Image Property here.