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Fully Furnished Fury

With the amount of time and effort that goes into a fully furnished property; the inventory lists, the often short-term tenants and the noise complaints of those holiday lets, are you charging the right amount to cover all the extra hours of work?

 When taking on new business, weighing up the time and admin costs versus the income stream they produce can be the difference between a tidy profit and digging into profits from other parts of your business.

Ensuring you have streamlined procedures for check in and check out, efficient and reliable trades including cleaners and have the landlords in line with your repairs and maintenance policies can all factor into your bottom line.

Detailed inventory lists with quantities, brand, serial numbers, condition,  age and colour as well as supporting photos of each item, can save huge headaches at the end of the lease and ensure a quick vacate procedure with less argument with the tenant about what’s missing and who is responsible for items which are lost or broken.   

On the other hand, having the landlord understand different items shelf life for fair wear and tear can also be of benefit to your service level and your landlords expectations, where linen and sheets may only have a shelf life of 12 months, items such as cutlery may have a shelf life of 7 years.

Remember: not all business is good for business, so ensuring you have the procedures and the staff in place with the ability to take on this type of business could make or break your profit lines.  

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Tradies: Help or Hinder?

After a recent trade nightmare of my own, I started thinking about the tradespeople we use in our property management businesses. More specifically, I thought about how often we receive calls from screaming tenants when tradies don’t call, don’t turn up or leave because they don’t have the right equipment for the job!

Do you experience first hand what your tenants experience and, if not, do you ask your tenants about their experiences?

In property management, we rely heavily on the expertise of people to help maintain the properties we have under management, so why don’t we check for reliability, cleanliness, affordability and quality of work?

Nothing beats a trade who turns up on time, takes off their shoes at the door, does the work for a quoted or agreed price limit and asks the tenant if they have an other minor issues relating to that trade while they are at the property to save any future call outs!

So how do we ensure this is how our trades conduct their business while working with your properties?

Set up a trade contract, outlining all the expectations for their work, insurances, timeline, cost limitations and reporting, as well as your commitment to payment timelines and frequencies. Then have each of your trades sign these contracts before they commence working with you.

A great tradie is worth their weight in gold and setting expectations early can be the start of a beautiful working relationship, resulting in a more streamline process for you, more work for them and happier tenants!

REAL+: Property Management Training and Consultants

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I’m Dreaming of a Stress-free Christmas!

As the end of the year draws near, we all seem to be a little more busy, a little more impatient and a lot more stressed.

Relationships Australia conducted a 3 year study and found that Christmas rates in the top 6 most stressful life events between Divorce and Moving house.

With office closure dates looming, financial pressures of gift giving and the commodity of time slipping away from us, time that is needed to prepare all those last minute errands, gift buying, baking and constant events, it is little wonder we become overwhelmed with the world around us and down right Grinchy!

According to the world famous Mayo Clinic, planning ahead and taking quick breathers for yourself to clear the mind and restore your calm are the 2 most important strategies to combat Christmas Stress. Reach out to colleagues, family or friends and let them know if you are feeling overwhelmed and welcome those who offer to give you a helping hand when you need it.

Most of all remember Christmas is about family, friends and the spirit of giving, so slow down, remove some events from your agenda, turn on some silly Christmas music and enjoy what is most important in your life this holiday season. 

Click here for some Christmas Colouring to help restore your Christmas calm!

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How to Avoid the Cold Turkey – The benefits of being proactive not reactive

As a Property Manager, there’s nothing worse than getting a call on Christmas Eve from a tenant with a broken oven and who has 30 people coming for a hot Christmas lunch!

To try and avoid these dreaded calls over the summer break, we recommend a thorough audit of repairs and maintenance items including outstanding repairs, appliance services and a pool, gutter and garden maintenance check.

We also recommend you:

  • Speak with your preferred trades and ensure they will be available over the break to help out any tenants with emergency repairs
  • Let them know your closure dates and who to contact if they need to carry out any extensive repairs and give them a limit on small repairs to be done without your authority
  • When sending tenants your end of year closure email, have clear instructions on your preferred tradesmen including, plumbers, electricians, pool companies and locksmiths and ask the tenants to contact you with any new repair issues no later than 2 weeks prior to your Christmas closure date
  • Call any tenants who have outstanding repairs and arrange these to be done before Christmas
  • Speak to your Landlords about any seasonal maintenance required, such as air conditioning services, smoke alarm services, pool pump services or gutter cleans.

With summer set to be a scorcher, keep your cool by being proactive in your repair and maintenance schedules, take the hassle out of the Christmas break and keep your tenants in a merry mindset.

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