How top property investors manage their expansive property portfolios
For property owners with multiple assets, the complexity of overseeing each property’s maintenance, tenant relations, and financial management can quickly become overwhelming.
Repairs that cost upwards of $1 million? Tackling the logistical challenge of moving tenants in 80 units into furnished temporary apartments only to move them back into their units after their kitchens have been fully renovated?
This is where property managers experienced in large portfolio management come into play, offering invaluable services that save landlords time, money, and stress.
The Agency Senior Portfolio Partner Gae Bergin is one of the most respected and experienced staff members in the company, having served clients in Sydney for over 40 years. Her client’s property portfolios range from 12 blocks of units, with anywhere up to 80 units; to several unit blocks with 12 apartments, to blocks of nine or four spanning the Eastern Suburbs and Manly.
Over her decades in the industry, Gae says she has built trusting relationships with her landlords and seen the way in which property managers can become indispensable partners for investors with extensive property portfolios.
Now managing numerous residential and industrial unit blocks for some of the largest property owning clients in Sydney’s eastern suburbs, Gae is well-versed in what it takes to effectively manage hundreds of properties and the nuances that come with it.
One of the most significant benefits of partnering with a property manager is the efficiency they bring to the table. They can effectively handle maintenance and repairs using their established networks of reliable contractors and service providers, making sure that issues are addressed promptly and cost-effectively.
For portfolio investors with significant holdings, maintenance and repairs can be a mammoth job. Gae is currently overseeing the replacement of windows and renovations in an apartment block for one of her landlord clients – a task that has required moving tenants from 80 apartments into furnished apartments. It will take 12 months and cost over $1 million. Gae is regularly on-site as a trusted proxy of the owner to project manage the works.
Managing whole unit blocks is an acquired skill akin to an art, says Gae, requiring the careful management of multiple tenants and relationships.
“When looking at whole blocks you are the proxy strata manager, you have the responsibility of looking after common property, not just the cubic air space as in a normal strata plan. You’re looking after the parking, common property and maintenance, as well as looking after the financial aspects of a building such insurance, maintenance issues and other issues that pop up.
“You might have someone with blocked drain, that would normally be a strata managers job so that adds into responsbilities. If there is conflict between tenants, they tend to contact me. You try and dissolve it and become a mediator.”
A key benefit of working with a property manager is the close relationship they form with landlords. Property managers often become trusted advisors, providing personalised attention and tailored advice based on their deep understanding of each property and the overall portfolio.
Gae’s clients often defer to her for strategic advice on property improvements, rental pricing, and market trends, helping them make informed decisions that align with their investment goals.
“Over the years you become a trusted advisor and intertwined in their lives. I have good relationships with the families and the children of my clients, as they are the ones who will one day have ownership over these property holdings.”
A big part of Gae’s job is making herself available for her clients, many of which are the largest residential property owners in New South Wales.
"You build a relationship based on value and service."
"If they ring you up, you make yourself free for them have a coffee and speak to them. I would go and see them and we would discuss how we can further improve yields for example."
"Recently I spoke with my clients and told them we need to think about renovating the kitchens in the apartments. They took my advice on board and now we have embarked on a program of renoavting dozens of units within a particular block, to improve the experience for tenants."
While a big part of the job is risk management and compliance, it’s the care factor which drives Gae.
“The secret to managing these sort of properties is building a strong relationship. As a good property manager, you have to be prepared to give them that high level of service they expect. If you see them ringing you at 7pm you always answer the phone out of courtesty and loyalty.”
Did you know The Agency manages over 10,000 properties nationwide with a value of $9 billion? Our property management team has the experience and expertise to assist with asset management and maximise your returns and rental yield. Contact us today to find out more.