Wednesday, January 25, 2017

Knowledge is power… the latest trend to hit investors.

We are now in 2017 and a new trend is emerging in the property management space. Landlords across the country are starting to see a new wave of tenant - the savvy Gen-Y! These tenants are well-versed in the tenancy legislation and are becoming more so by the day. They are not afraid to question or challenge their rights if they feel they have been imposed upon.

As a Gen Y myself, this trend is not surprising. We have grown up with the internet, Google and smart phones. Seeking knowledge through the 'world wide web' has been available and at our fingertips since we can remember. Whilst the dial-up modem has been replaced with Wi-Fi, the availability of information has only increased... 10-fold.

It is becoming increasingly difficult for investors around Australia to bury their head in the sand about the rights and responsibilities imposed by tenancy legislation.

What does this mean for investors? It means knowledge is power, and understanding the lay of the land is extremely essential. Why? Because chances are you will be challenged 
on it... by your tenant.

At Toop&Toop, we see a large part of our role is to advise our clients on any situation at hand and to provide them with options and recommendations. We believe that we wouldn't be doing our part if we didn't do so. After all, that's what we get paid for.

That's not to be confused with the fact that as a landlord, you are the boss. We act on your instructions and in your best interest at all times. It is ensuring you have the right knowledge to make an informed decision that is critical - often that is the missing link.

So what are we doing about this trend? Our property management team are trained regularly throughout the year by the Real Estate Institute of South Australia's Head Trainer, 
to ensure we are well-versed on the law and how to best advise our clients.

As we head into 2017 we can see two distinct camps forming - those property management businesses that tell clients 'what they want to hear' and those who advise. Despite the former being a larger bunch of agencies, we are proud to be in the latter. The era of just telling consumers what they want to hear is behind us, and we are seeing this in all industries from professions such as accounting and legal to the retail sector.

We believe those investors who recognise the importance of knowledge will see the benefit of improved returns as this trend grows. With affordability as our biggest strength, coupled with strong demand for rental properties, we see an exciting 12 months ahead for property investment in South Australia.

Suzannah Toop

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