We sat down with the Macgregor Management team to discuss why they founded the business, the changing nature of the real estate industry and how Re-Leased aligns so well with their core offering.
My father and myself partnered up with our two friends who are agents to set up the company quite recently. We partnered together to create this company with the goal of selling our services to owners as people who know both sides of the property management coin. Our two agent friends, my father and myself are the directors of the business. Essentially, we own properties and we were using an agent for a long time who was not performing well and wasn't very responsive. We started self managing as landlord-property managers. We decided to join forces with our partners to launch Macgregor Management, and that’s what separates us – we manage our own properties as well. In terms of how owners think and how property managers think, we understand how to operate with that in mind.
Online and cloud-based software systems have certainly come a long way and have made big inroads. We have just started using Xero to manage our accounting – there is a lot of technology that has become a lot more sophisticated. Re-Leased is a perfect example of one of those growing cloud-based technologies.
The system-mobility factor is important – we spend so much time out on site and on the road, meeting tenants and owners. The ability to pull your phone out and access key information is extremely important. The fact that you can work on the phone is a massive factor – you don't even need a laptop. And in terms of setting up a new business like ours, we structured our business around Re-Leased, and we grew quickly and a lot faster than expected and we moved up to the next subscription tier really quickly. It lets you get everything up and off the ground really fast. The ability to just scale up like that and to get that data in there is extremely powerful.
The tiered structure for us meant that we started low cost and low entry, and we didn't have to pour in a lot of startup capital to get the business running. Any type of custom system is costly, but the training we got on Re-Leased from Joanne was fantastic and helpful, so we got up and running very, very quickly. Our initial plan was to put our own properties into the system, and then work out how to use the system. What ended up happening was we took on clients immediately and we had to get straight into using the system. That is the testament to how well thought out Re-Leased is as a property management platform – we essentially went live immediately.
Brad, one of our directors, is extremely impressed with Re-Leased and he was formerly using a legacy system, which was a lot more difficult to use than Re-Leased. He felt that Re-Leased certainly made things simpler.
From my point of view, we went straight into Re-Leased. It was the first and only software we used. The system is evolving and we see the changes as new versions and releases roll out. Certainly from our perspective, it was 100% workable from day 1 for us.
It is very straightforward and easy. I come in every morning and fire it up, do my bank reconciliation, check arrears and do all the day-to-day stuff. We are finding that it works extremely well and is easy to get around.
In terms of mobility and ease of access when you're out on the road having a cloud based service is fantastic. You can get external access to server-based systems, but there is a lot more of a cost involved – being a cloud based product it is extremely straightforward. And everything else, say in terms of backups, you don't have to worry about it, because it is all up in the cloud. It is priced very well, too. And for us Re-Leased is the backbone of setting up our business.