Not all property managers are the same, and landlords can often not be achieving the maximum return on their properties if they are not being managed properly.
A case in point was the recent management and subsequent sale of 71-77 Miles Grove, Seaford, which comprises four small warehouses totalling about 800sqm on one title.
Nichols Crowder took over the management of the property about two years ago after the warehouses had fallen into disrepair, and two of the warehouses had been unleased. Rents were also in arrears, and the total rental return for the owner wasn’t reflecting the true value of the property.
Over the course of the next year and a half, Nichols Crowder’s property management team arranged for the many warehouse repairs to be made. This included painting, plumbing, roofing, electrical work, and general maintenance.
The leasing team also found good tenants for the vacant warehouses, and bought the rents up to market value.
“We added hundreds of thousands of dollars of extra value to the property via the repairs and new tenants,” says James Dodge, Sales and Leasing Executive. “When the owner then decided to sell, the property sold at auction for more than $100,000 above the reserve price. Needless to say, they were very happy with the result and their experiences with Nichols Crowder over the whole period.”
Today, the property is still managed by Nichols Crowder, with the new owners choosing to stay with the team that considers no job too big or too small.
We’re proud to lease and sell, through auction and private sale, hundreds of commercial and industrial properties annually. Beyond that, our property management services extend across Melbourne, into regional Victoria and interstate. Our quest for innovation, real experience, unmatched database and the fact that we’re the only commercial and industrial agents with offices that stretch from Bayside to Moorabbin, Braeside to Dandenong and Carrum Downs to Mornington Peninsula has made us the Leaders of the South East.