We understand there is no right or wrong – it’s really what suits your office. We went out and asked industry experts and current property managers how they find the two different systems – here is what they said.
We asked Lee – (Property Manager) Portfolio or Task Based
I have mostly worked on a Portfolio based role and have found that this is the best method for the landlord, tenant and trades person. The client can be confused when they are asking for various different people for different tasks. It is much less confusing if they ask for their personal Property Manager. That’s not to say that within the company some of the tasks performed may be allocated to Assistant PM or admin staff to take the pressure off of the PM. The admin member should always consult with the PM to ensure that tasks are carried out correctly and all actions put into the computer so that at any stage the PM knows what has been actioned and can be kept in the loop.
We asked Kevin – (Director) Portfolio or Task Based
Most offices I see are running a portfolio style Property Management department with some Task based systems. For instance, Business Development and Inspections are commonly tasks provided to a specialist employee to perform, as are often other tasks depending on the size of the rent roll.
My problem with a pure portfolio tasked Property Management department is burn out of the employee and time management of the most skilled and likely Senior employee. Of course, a lot will depend on the size of the rent roll.
As Property Managers, we need to ensure whilst our focus is on Service to our Landlords. We also need to ensure profitability. If we can do that maybe Property Managers wages can be improved.
Ultimately a Property Management department comprised of the right mix of Portfolio and Task is the likely best option, both in service and profitability. It will be the Systems and Structure though that will define its success.
We asked Sara – (Director ) Portfolio or Task Based
We transitioned from portfolio to task based as we grew and as once, the amendments to the RTRA came in about 5 years ago. These amendments created some incredibly complex workflow processes and almost doubled our workload, but of course, there was no corresponding raise in our fees nor salaries. For me, a task based office allows property managers to take on specialisms and be thoroughly expert at a smaller sector of residential tenancy. That being said, we have a dedicated operations manager who supervises the task based team, manages the trust account and is the first point of contact every time for a lessor with a query. Smart use of tech like owner portals, campaign performance reports and photo reporting make it easier to be proactive with landlord contact. Task based teams need string leadership and a cohesive team that support each other. I think you have to work to get it right, but once it’s working, it’s a more effective way to do business.
We asked Rebekah (Property Manager) Portfolio or Task Based
Portfolio based usually means the owner and tenant deal with one PM not a whole team, it gets frustrating for all involved. It works better in our office. I too worked in an office years ago who did task based and became confusing, especially if your PM’s are not so good on recording notes or go on holidays. We had procedures in place, but still was not fail proof. Definitely a big advocate for portfolios.
We asked Tina – (Property Manager) Portfolio or Task Based
We operate on a task base system, with a Senior PM and 2 Property managers. Works great for us, all being able to help each other when we need to. Communication is the key.
We asked Teresa – (Property Manager) Portfolio or Task Based
I worked in a task based office for 12 years. Making the transition to portfolio was daunting; however, looking back I don’t know how I functioned in that environment.
We asked Corrine – (Property Manager ) Portfolio or Task Based
When I first started as a property manager, our office was tasked based. I found that owners were getting upset as they were talking to multiple people and we have a number of staff come and go making my job harder as you do not know what was going on with their task for certain properties. Notes and diary-rising is a must but was not always done. I have now had my own portfolio for a few years now and it works so much better. You have a stronger relationship with owners and you get to go out and do different things. Doing routine inspections everyday was driving me crazy on task based.
We asked Tami – (Property Manager) Portfolio or Task Based
I personally think you can only choose task or portfolio based on the demographic of your office. In our company here on the Gold Coast, we are full Task and it works like a dream and that’s because of the area we cover far and wide. But our Vic office is full Portfolio as their properties are more condensed so you can do this. I think each office should consider what is right and go that way. BUT I must say I am a task lover.