Interesting thing happened last weekend - I got a text from my hairdresser to advise that due to costs - the cost of haircuts are going up
What has this got to do with Property Management I hear you say…
Well - lots really
When was the last time you increased your fees in Property Management? Do you know how much it costs to manage each property - ie your break-even point?
Why are we so scared in Property Management to raise our fees? What would happen if as an industry as a whole - we all started to raise our fees? They would become the new norm I think.
And just a last say on the haircut - as a woman - the cost to maintain my locks in a year probably equals what is costs to manage an average investment property a year - and with the current prices in Australia - most investment properties are worth $500k or more - and what I am thinking is it takes a lot more skills to manage an investment than to cut and colour someone’s hair
Food for thought
As an industry - lets start and raise our fees to meet the value of tasks required to manage an investment