Does your Property Manager understand the differences between Commonwealth and State legislation.
Updated: Feb 8, 2021
Commercial property management is a specialised field requiring specialised knowledge and experience.
Exceptional commercial property management practices aim to enhance the return on investment and minimise potential risks for the property owner.
Property personnel working in this specialised area must keep up to date with current industry trends and systems along with legislative and relevant legal case precedents.
Residential property management has reference to solutions for challenges with a legislative framework with access directly to VCAT. These are relatively simple to access if you are experienced in this area.
Commercial property management requires a much wider knowledge to deal with challenges – much more investigation and problem solving with access to numerous areas of legislation or the law to achieve successful outcomes for property owners.
Does your Property Manager know and understand the differences between Commonwealth and State legislation, Acts and Regulations, keep up to date with determinations made by a Minister, understand precedents at law and follow industry practices and trends? These all effect the performance of your commercial investment property, with lack of knowledge or “not knowing what they don’t know”, lack of training and/or upskilling potentially impacting on your investment return, capital growth and risk exposure. Does your Property Manager attend training and professional development to ensure they remain up to date?
So why would you engage a Residential Property Manager or an inexperienced Commercial Property Manager to manage your valuable Commercial Investment Property?
© Wendy Thomson 2018