Author Archive

Can you Get the Leasing Deal Done?

It’s a fascinating time in the rental sector as we are seeing some areas of the country inundated with rental demand as people look to move to a new location.

The feedback is that some are doing this for a tree change or sea change; some are altering their living arrangements as flatmates are moving in/out; and some are selling now and renting until they feel the time is right to buy again.

However, this isn’t the same story in all areas. When there are more people moving into one area they must be coming from somewhere! Therefore, somewhere there is a shortage of prospective tenants. Conveying this information to a landlord can be difficult, and this becomes our challenge to help a landlord to adjust quickly to a rapidly changing rental market. 

Many Property Managers will have clients with whom they have built up a level of trust in their relationship which will make this process easier to handle. If the market value of the property is less now than what it was 12, 6, or 3 months ago, you could tell them to adjust and they would accept this so that you can work quickly to minimise the vacancy. If only we had the privilege of time to be at this level with everyone, Property Management would be much easier.

When we need to help a more challenging client through the vacancy process there a number of elements we can focus on:

What is the feedback we are giving? How well does the landlord understand the current market, and how well have we conveyed this to them. If the property isn’t moving, it can usually come down to three elements which we call the three P’s: Property, Presentation, Price.

If the Property is good, and no work needs to be done we have a good product to sell. If the presentation online looks appealing to a broad audience, we will capture everyone looking to rent a property similar to what we have. If the property is presenting well in person, we enhance our chance of anyone viewing the property wanting to apply. If these first two P’s get a tick, you can only be left with needing to review the Price as any property is only worth what the market is willing to pay.


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Turn a Loss into a Gain

In any organisation it is natural to understand customers will enter the business, and inevitably exit the business if they no longer have a need for the services.

In many Property Management businesses we often find plenty of focus and effort in the process to make the onboarding experience a positive one, and the exiting experience can be a far lower priority even though this will provide the last impression the agency has.

By taking some time to focus on the process you have for a client exiting the business, it can help streamline a function which will naturally occur over time. Like any process you have in the business, be it new tenancy, vacating tenancy or new management as an example, a checklist and standard templates can be useful for your whole team to systemise the stages and ensure nothing is missed.

Within your business it can be healthy to regularly review the level of lost managements and break this up into what was avoidable and what was unavoidable from natural attrition. By monitoring these numbers over time, you will get an idea of a base line level for your business which will vary depending on your local demographic.

If you can improve the process a customer goes through when they exit the business, you will increase the likelihood of referrals, and positive commentary among your local community.


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The path to conflict resolution

As property managers we look after large assets for Landlords and the family home for tenants it’s no wonder emotions can be at play when a dispute arises.

It is important not to ignore the emotion of the situation, by carefully listening to the individual to understand their point of view and the pressures they are feeling you will connect with the customer and be able to act as a conduit as you navigate the path to resolution.

Try to view the issue from different points of view. The solution might appear simple to us, however for a tenant or landlord this might need a more detailed explanation to understand the legislation or perhaps further info around the contractual agreement.

I like to always question, what could we have done to stop the dispute from arising in the first place?
This will usually involve; greater communication, client education, our anticipation, and a level of empathy. From taking this approach we can try to not only solve the issue at hand, but stop the next one from arising.


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