The secret behind our flat management fee

Published 04 July 2019 by Team :Different

In our Landlord Pain Spotlights, we uncover the biggest issues landlords are facing right now. We deal with rental properties day in and day out and it’s our mission to create a world where landlords live in peace with their tenants AND property managers – yes, we believe such a world is possible!

How to save on $$$ but not on service

Like many things in life, traditional property management tends to follow the rule where the more you pay, the more you get. So goes the theory that if you are paying less than average for your property manager then you must be receiving below average service.

“How can you charge such a low, flat rate and yet still offer a comparable (if not, better) service?”

We get asked this a lot. And fair enough, at such a fair price we would be skeptical too. At :Different, our biggest priority is keeping our customers happy. Having a low, flat fee is just one of the many ways we achieve this.

For traditional agencies, property management is a very profitable, recurring revenue stream.

  • Property management fees make up ~50% of revenues for most agencies
  • Typical property managers earn around $60K and manage ~150 properties.
  • When real estate agents sell their companies, they are valued on the basis of their rent rolls.

Because they charge such high fees, traditional property managers can afford to be inefficient and hire property managers cheaply.

“For too long, traditional property managers have charged obscene amounts of money for very little support. The current model of charging a percentage fee is fundamentally flawed. Why should property managers earn more based on what a property is worth if they’re delivering the same service?”

Mina Radhakrishnan, Co-Founder of :Different

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The :Different model: people & technology working together

Our goal is to provide unparalleled service, at much lower property management fees. That’s how our customers save $1200/year on average with us (and love us!).

To do this, we started with a clean sheet of paper, and built a proprietary property management platform that automates a lot of the work that traditional agents need to do manually today. We have invested a lot of resources into our technology.

Our technology works 24×7, doesn’t need to take a vacation and doesn’t demand a paycheque. It also doesn’t forget to follow up on what needs to be done.

Currently, we have an owner app, online portal and tenant app, giving both our owners and their tenants access to their :Different property manager at the touch of a button. This means tenants feel heard and looked after while landlords can stay on top of any requests, payments and bills without needing to pick up the phone or send an email.

There is also the smart tech that's working silently behind the scenes, helping relieve our team of experts from a lot of the day-to-day admin tasks that generally take up a lot of a traditional property manager's time.

A team of experts powered by smart tech

Smart technology is great but we know it only goes so far. A truly great property manager needs amazing people to make the right decisions and provide care. That’s why we hire only the best, experienced property experts to take care of the important things such as leasing, maintenance and day-to-day requests.

We are more efficient in everything we do and we pass those savings back to you.

Our team-based approach to management means you have the right person taking care of the right issue – straight away. Thanks to our smart tech working hard behind the scenes, we can ensure everyone in our team (across the nation) can access all information to do with your property and your tenants and be there to help when they are needed.

A saying we like to use at :Different, let humans do what humans do best and let technology do the rest. We benefit from the efficiencies that our technology affords us, and so we can pass these efficiencies over to you, in the form of a lower, flat fee. 

Let humans do what humans do best and let technology do the rest.

At :Different we believe in offering our landlords a fair price, but we will never do this at the cost of good service. We are :Different because our customers love us and we want to keep it that way!

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Disclaimer: The views, information, or opinions expressed in this blog post are for general information purposes only and should not be relied upon. We have not taken into account specific situations, facts or circumstances, and no part of this blog post constitutes personal financial, legal, or tax advice to you. You should seek tax advice from your accountant, specific to your situation.

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