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A Sydney-based director and head of property management has revealed his business’s philosophy and the motivations behind the recent expansion of its rent roll.
Effective 1 September, Century 21 The Paramount Group has acquired the Sydney Metro rent roll, Propper – bolstering the business’s rent roll by approximately 1,000 properties, and lifting the total number of properties under management to 2,000-plus.
For director, licensee and head of property management at The Paramount Group, Domenic Bonfiglio, the incorporation of the new properties under management is a win-win for both his business and the new clients they have onboarded as a result.
He is firmly of the belief that by having himself, an owner of the business, visibly in control of the property management division, it gives “reassurance and comfort to the [investment property] owners”.
“I think it gives them reassurance that they know it’s in my best interest to have good tenants in properties and to have clients that are happy as well,” he professed, stating it of utmost importance that clients know “we’re looking after their best interest”.
After all, “the more they make, the more I make,” he explained, adding that “it’s in our best interest to all work together and have a good flow”.
Where he also aims to value-add for his new clients, is to provide them the opportunity to access sales services from the same agency that provides their property management services, given “Propper didn’t do sales”.
And in order to cater to the increased burden an extra 1,000 properties will entail, Mr Bonfiglio has already acquired a new office space.
As well as shopfronts across Gregory Hills and Camden, the business has now kicked off a new property management base in Pyrmont – although the director is quick to point out that it’s not a branded office.
Instead of a standard agency outfit, “it’s basically an admin processing room”.
“We won’t be trading out of there as per normal, but we have a base in Pyrmont that we’ll be using to service that portion of the rent roll; that whole Inner West, Sydney CBD, Northern Beaches area.”
He acknowledges that many of those areas are “very much inundated with real estate offices and agencies”, adding that he “just wanted a place where we could service our clients that are based there and grow a portfolio”.
It’s all in pursual of an extremely high standard of service for both tenants and landlords.
“And there’s no limit to the extent I’ll go to,” he exclaimed.
“I’m even taking on another expense of another office ... You know what I mean?
“There’s no limit because service is key over finance for me, because if you do everything right, everything else will come … That’s the philosophy,” Mr Bonfiglio shared.
It’s an ethos made possible by the head of property management’s acknowledgement that he does things a little bit differently.
“I don’t have senior property managers; I’ve got assistants that work with me in property management, but they’re all qualified property managers with five-years-plus experience.”
And even with the explosion in size, Mr Bonfiglio is keen to keep the property management business model as is, in order to continue to offer a high level of service.
It’s definitely not taking the easy way out, given his desire to be directly involved with every single property in the rent roll.
“If there’s a leaking tap at a property, I know about it, and that’s [the same for] every property across our portfolio.”
“I’m just adding more staff and more assistive hands, because for me it’s more about service than anything,” he again stressed, advising that he’d “rather be overstaffed and provide a higher level of service than be understaffed and struggle and not be able to provide the service to the clients”.
And it’s made easier by the “pedantic” level of care he takes in his pursual of growth and potential future acquisitions, stating he “would rather be a small organisation with a good and solid rent roll and solid business, rather than have a nightmare and an inherited nightmare”.
What it all boils down to, is the fact that he knows the value a good rent roll can provide business owners.
He stressed to REB: “When your sales are low, it’s your property management that gets you out of trouble.”
“[You need to] be involved as much as you can to make sure that your asset’s protected.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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