Author Archive

What’s in it for me: Is your dialogue benefit-focused?

It is no longer just about what you say & how you say it, the Property Management Client of 2019 also needs to see the clear benefit of each of the outcomes we offer.

Whether you are negotiating a bond release between tenant and owner, closing the deal to sign a new management or negotiating a price adjustment to avoid further vacancy, the key to achieving an outcome of  value to the client (investor), the customer (tenant), the business and you as the industry professional, is all about your use of “benefit” focused dialogue.

Let’s discuss the price adjustment scenario.

Outcome Sought: Reduction in Price

Effective language: Adjustment in Pricing Strategy (Avoid word such as reduce, drop etc)

Benefit Based Dialogue : “Based on the current level of market competition, the feedback of the X number of inspections undertaken so far and the available date of the property, should we not have a suitable application by close of business today, I will be adjusting the price to $xxx per week – in order to ensure minimal vacancy and to allow us to attract a higher volume of quality tenants. Am I safe to assume you too would like to achieve minimal vacancy and a quality tenant?”

Note: The reason for the adjustment is market based – it is a result of volume, and tenant feedback – not your individual opinion. The aim is always to focus on facts and feedback, not personal opinion. Additionally, the final closing question as been used in such a way, that the only logical answer is yes.

At this point, it is time to close the conversation, and confirm firm agreement to your request – “Great, I will make the necessary changes, and be in touch Thursday with feedback from our next Open home!”

If you would like to take your own dialogue to the next level, why not join our Virtual Class.

We’re your property management training experts.

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Leasing is a sales role – do you treat it this way?

Whether you’re a dedicated leasing specialist or a BDM or PM, this aspect of PM is crucial in establishing trust with new and existing landlords and setting the tone for ongoing success.

After recently conducting some mystery shopping around leasing within Real Estate, it became clear that we all need to shift our mindset.

Leasing is effectively about getting the leasing “deal” done. It is a sales function, hidden within the PM department. Too often we slip into a passive approach to getting a property let.

Here are my top tips for improving your leasing results:

  1. You must have accurate marketing, preferably with a minimum of 5 photos.
  2. Returning enquiries is a non-negotiable, advertising an open home time is not enough (I am blown away with how many of my enquiries went unanswered)
  3. If you use software to manage your leasing enquiries, personalise the email and text responses. Auto responses should reflect your agency and assist in your communication, not be your only form of communication.
  4. All email and auto responses should be supplemented with phone follow up. The inspection rate increases dramatically once you establish a relationship with your prospective tenant base.
  5. Set a pricing plan in place with your landlord, before the property hits the market. Once a property hits the market following 72 hours live or the first Inspection – you should know whether your pricing and marketing has hot the mark.
  6. If enquiry and inspections are low, act early. Provide your landlord with quality advice and adjust your strategy
  7. Always take names and numbers of inspection attendees (another detail that I took for granted) gaining names and numbers allows for quality inspection follow up and future cross ‘selling’ of new properties. To take your inspections to the next level, why not join our Magic Marketing & Incredible Inspections virtual class.
  8. If you are not turning applications around in 48 hours, your process needs reviewing, there should not be any reason 95% of application can be done and dusted within 24 hours, so 48 is generous! Having trouble with speed and application turn around – join our April Awesome Applications virtual class
  9. We need to change our mindset, leasing is not just a process, it is not just a task – leasing a property and moving house is a huge life change for our tenant clients, if you can demonstrate understanding and empathy, the results you achieve will dramatically increase.
  10. Finally, urgency is key. Whether you are returning enquiries, turning around applications, getting the price adjusted or taking a deposit, you must act swiftly. Making sure your landlord client experiences the lowest possible rate of vacancy is a key management outcome. The best leasing specialists understand that minimal vacancy and achieving the best possible rent need to be evenly balanced with quality tenant selection.

Stay tuned….. It might be your office that gets mystery shopped next….. are you confident you would pass the test?

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Walking in the Shoes of your Client

One of the cornerstones of an efficient and effective Property Management Department has always been quality process and procedures. But all too often we focus solely on our business needs, and not on the needs of the client.

My own experience as a landlord, prospective tenant, vendor and prospective buyer over the past few months has further confirmed my suspicions – often we, as real estate professionals, miss the point when we focus on business improvement. We make is all about “us” and not enough about “The Client”.

If business growth and improvement is on the agenda in your business in 2019, its time to get back to basics and walk in the shoes of your client.

Consider the following ways to identify how to better serve your clients:

  • When was the last time you made a property enquiry through your own or a competitor’s office? How do you rate your response time and how knowledgeable your team are?
  • What are the current challenges investor buyers are facing in your current market place?
  • Have you conducted any customer calls or planned surveys in the past 12 months?
  • What feedback do your tenants receive following a routine inspection?
  • How simple is your application process?
  • Is your website easy to navigate?

These are just a few brief areas to get you started. If you want to get really clear on how to Walk in the Shoes of your Landlord & Tenant – register here for our March virtual class series.

REAL+ …for all your property management training needs

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Tips from Australia’s Best BDM

Recently Real+ were excited to invite Adam Freitas, BDM at Raine & Horne Newtown & 2018 REB Australian BDM of the Year into our Virtual Classroom.

During the session, here are some of the top take tips Adam shared with his Real+ Coach, Kate Benjamin:

  • Elevator pitch – You need to be able to clearly articulate “Why” a client would choose you and your brand to manage their property and this will differ based on client needs and previous experiences.
  • Lead Sources – Based on current market conditions, missed opportunities are the best source of New Business in a slowing market for Adam. In the early days of his career, he spent hours each day building his database with sales OFI attendees and current tenants -he continues to do this on a regular basis.
  • Prospecting targets – Aim high, 40 – 50 calls per day dependent on the source you are focusing on.
  • Accountability is imperative, know your numbers and involve your team, peers and a coach to hold you accountable to sticking to them.
  • Block out time – Prospecting needs to be in your calendar every day. You must love the phone.
  • Listing presentation – You must have a tool kit stocked with evidence, stats, comparable properties and case studies. You must understand in some presentations you may never use these tools, but you can never be too prepared.
  • Fees – at least 75% of Adam’s clients want to negotiate, and you have to be ready and willing to fight for your fees. Adam overcomes client objections by demonstrating a premium marketing plan and well documented market share across all property types in his core areas.
  • Marketing – Social media is where Adam experiences the most traction. Adams personal website and his use of video has allowed him to connect with his ever-expanding client base.
  • Key to success – Discipline, focus, structure. Sit down and work out, based on the number of properties you need to achieve, what activity to you need to undertake to achieve this. Consistency of prospecting and don’t me afraid to miss out on listings because the more you lose, the more you win.

Thanks, Adam, for sharing!

Adam has been working with Kate Benjamin, New Business Coach at Real+ for over 18 months. During December they will be focusing on Adam’s 2019 goals.

If you would like a copy of the Real+ goals template, click here to request a copy, and go into the draw for a free New Business Goals setting session.

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