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Know Your Portfolio Numbers

As we head into the final quarter of 2020, now is as good a time as any to take a look at the health of  your portfolio and ensure that every box is checked where it can be so that you can be on track to achieving your 2020 goals.

Some areas that you might like to take a look at when it comes to your portfolio could include:

  • Rent Reviews and Lease renewals – are they all in line with the current market and tenants on fixed term leases? Especially those where their Landlord Insurance have this as a requirement of coverage.
  • Repairs and maintenance – how many outstanding work orders are currently sitting in your software? Are any of them older than 30 days or is the work still outstanding? This may need to be followed up with the tradesperson for either completion or payment of the account.
  • Routine Inspections – are there any currently outstanding and what needs to be done to get any of these up to date and inspected? Its also a good idea to check if any properties on the rent roll do not have a date attached to them for an inspection and pre-plan dates into the months ahead.
  • Arrears – what percentage of your tenants are in arrears? Can this be improved and what percentage of those arrears are invoices outstanding?
  • Vacant properties – can any of these be marked inactive, there may also be vacated tenants and previous Owner’s that also need to be marked inactive which will assist in reflecting accurate numbers on your rent roll.
  • Files audit – do all of your files contain a correctly completed Management Agency Agreement, Tenancy Agreement, Application Forms and a Condition Report, just to name a few.

As an extra point, you may also like to carry out a keys audit to check that we have all of those keys on file for properties managed.

Checking your portfolios can assist in ensuring that you have all the necessary checks and balances in place and can assist with a smoother running rent roll reducing stress and maximising efficiency.

If you would like any assistance in your quest to achieve a clean rent roll, the team at Real+ can help with solutions to get you on track.

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Your Property Management training experts

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Minimise Arrears Stress

A challenging rental market can often lead to extra stress when it comes to the arrears process and you will sometimes find that as a Property Manager, you are reluctant to issue a termination notice to a tenant or you may even find the Owner objecting to evicting a Tenant albeit a bad one for fear the property may be vacant for a lengthy period of time. While it is tempting to stick with the devil that you know, it is important to ensure that you maintain a strict arrears process to cover yourself should something go awry and maintain regular Owner contact throughout.

Let’s take a look at some tips to ensure your process is on track.

  • Reporting – your software should allow you to bring up an arrears list either daily, weekly or fortnightly. The frequency of how often and when you produce this will depend on payment frequencies of your tenants and how challenging your market may be in relation to late payers.

  • Communication is key – throughout the arrears process, make sure that you are keeping in contact with your Owners to advise them of the progress. When the tenant falls into arrears, make sure that you let them know so that they don’t receive a nasty surprise on their monthly statement. It’s also great to give them a call when the rent has been paid up to date and you may even like to offer them a one-off payment, especially if they have been financially strapped.

  • The importance of the induction – the lease signing with a new Tenant’s is the perfect opportunity to lay down the ground rules at the commencement of the tenancy. Let them know your arrears process and also request that they advise you if they feel that they may be late for any reason, as we all know that sometimes life can get in the way.
  • Follow up in writing – even phone conversations, you can make notes in your software and follow up in email.

  • Issue notices on time, every time – check your state’s legislative requirements and issue notices on the dates required. If you have Owners who are determined not to allow you to issue those notices, then follow it up in an email, just to cover your office.

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Tribunal Preparation for Success

When it comes to the task of tribunal, effective preparation is a key element in ensuring that you are well equipped before the hearing. Preparation can also support the presentation of your case while in front of the member.

While Tribunal can be daunting at times, thorough preparation at the commencement of your case can assist with achieving more positive outcomes for all parties involved including reducing the potential for conflict around the negotiation puzzle.

When preparing your case, it is essential that you are familiar with all aspects of the claim, whether you are representing as an applicant or a respondent. This will also help you to prepare the necessary documentation representative of the facts of the case.

Familiarising yourself with key legislation relevant to the case will also assist you with presentation in front of the member, as well as help with answering any questions that come your way and as part of the negotiation process.

Ensuring that you are aware of what the best possible outcome is for the Owner prior to entering hearing or conciliation rooms will also assist with finding a resolution on the day.

Above all, it is also imperative that you remain calm under the pressure, so that you can present the best possible case for your client. Preparation can assist in reducing those stress levels and ensure you are putting forward the best possible case.

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Your Property Management training experts

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Generational leadership

The current landscape of the workforce is an interesting one.

We have several generations of employees working together in an ever-evolving environment and each of those humans have different needs, wants and drivers.

Steering a course in this landscape can prove to be challenging, however it can also be greatly rewarding as there is a multitude of talent out there, we just need to harness that talent.

Each employee within your workspace is likely to have motivators and key areas that drive their motivation that is unique to their style of learning and interacting with others around them. Identifying those drivers and motivators early on in their employment as part of the induction process can be a guiding element in their longevity and success in your business. Once these are identified, we can have a greater understanding of what will help them to find job satisfaction and rewards as well as promote loyalty toward your brand.

Discover what each individual thrives on and explore if they are in the right role. You may find that some conflict that arises between personalities is due to unsuitability for a role or even underlying frustrations which need to be talked through.

Creating an environment that fosters mentoring among employees can also assist in bridging any divides and help drive your team forward on the path to success.

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Prepare your PM Department for the year ahead

A new year often brings goals that we would like to achieve for both ourselves and our business. In making these goals, we look at the bigger picture and then break it down into bite size chunks to help us along the way to reaching those milestones.

In setting goals, especially when it comes to your property management department and even more so, if it relates to growth, it is imperative to ensure that all of your checks and balances are in place to safeguard current business during that growth period.

In considering this, when was the last time that you gave your property management department a check-up?

Some of the areas that you might like to look at when analysing how in tune your department might be:

  1. Rent Arrears – what is your current arrears rate? Is it under or over that golden 5% mark? If not, what steps need to be implemented to get this under control?
  2. Routine Inspections – are they currently up to date and is there a schedule set out for the year? Or, are they behind and in need of an action plan and attention.
  3. Rent Reviews– is there a system in place for reviewing rents? When reviewing rents, it is important to also ensure that you have some comparables of the current market to support your evidence to either maintain the rent at its current level or implement an increase.
  4. Lease Expiries – many insurance policies that Owners may have over their properties may include a requirement that there must be a fixed term tenancy agreement in place at all times otherwise the Owner may not be covered should any mishaps occur at the property.
  5. Repairs and maintenance – are all maintenances completed that need to be and up to date? Is there a process in place to ensure that work is completed in a reasonable amount of time, to an acceptable standard by the tradesperson and the invoice received and payment made promptly? Don’t forget a trades audit to ensure that they are up to date with relevant insurances and licences.
  6.  Compliance – with changes to legislation around compliance occurring regularly it is imperative to ensure that your teams are trained in the latest requirements to provide the best possible service and more importantly reduce the liability to your agency. Are your systems up to date with areas such as smoke alarm and pool compliance? What about window locks and blind cords? Are insurances up to date and are all legal documents such as your Management Agency Agreements, Residential Tenancy Agreements and Condition Reports completed correctly and in line with legislative requirements?

These are just a few of the areas that we take a look at when we are assisting departments in achieving goals for their business. If you would like to see how we can help, give the team a call and we can find a solution to help you achieve those 2020 goals.

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Real+ the Property Management Training Experts

02 8355 4999

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