2019 in review part 3

2019 was the year we realised self management is not for the faint-hearted. ⁠ This year we’ve taken the decision to bring the management of our units in-house because of two reasons:⁠ ⁠ ✔️We’ve grown to a scale where it makes sense financially⁠ ⁠ ✔️We wanted to control the quality of the service we provide to our tenants and hence reduce turnover which ultimately has a positive impact on the bottom line.⁠ ⁠ This has been a major challenge as it is completely different to wearing the investor hat, being hands off and watching the cashflow come in every month. It meant hiring internal roles and training the staff to bring them up to speed with all the regs and responsibilities as a management company. It also uncovered all the issues the old management company wasn’t taking care off!⁠ ⁠ This decision means we are more agile, our customers’ needs are being met more efficiently and quickly, we understand what they need and ultimately we are also in a better position to understand what it means to hold and manage a long term portfolio. Based on the direct customer feedback we get now, we are also able to adjust the conversions in the next projects to better suit tenant needs.