Marketing for Managements – Key questions to consider before parting with your dollars

We often get asked what marketing is most effective in generating more investor clients and securing more managements.

If this is something that is on your mind, I have a few questions for you first:

  • Are you nurturing the leads already within your office, has your BD spoken to every landlord, tenant, purchaser, vendor, creditor & supplier both past and present to uncover their investment needs and generate referrals? Question: If you answered no to the above, why do you want to pay to bring in more leads, when you aren’t using those you already have within your office?
  • In this day and age, when your marketing does appeal to someone, they then google you or your office – This being the case, have you recently reviewed exactly what your client will find? And can they in fact find you? Is your location correctly mapped on google, do you have images that represent your brand and company and does the social proof (google reviews) make you look like someone worth doing business with?
  • When a potential client heads to your website, can they find valuable information consistent with your brand? Do they get a true understanding of who you are and what you offer and does your website answer the question……Why Us? – Why would an investor client pick you over the competition, and what is the BENEFIT of using your services?

Only once you are clear on the above, is it worth investing in bringing new leads into the office?

There are numerous ways to market your business across both digital and traditional formats, but whichever way you are headed, make sure you can answer the above points first.

Considering re-vamping your marketing strategy: Register here for a free Marketing for Managements Power-up discovery session

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Website Security

Read the weekly blog from our friends at Chill IT…..

As of Wednesday July 25th 2018, Google has begun rolling out Chrome 68, which flags all sites not served over the HTTPS scheme as being “not secure”.

This means that, without SSL, you are likely to lose customers from your website in an environment where hacking & digital fraud is a concern. To ensure your website is not negatively affected you will need an SSL certificate associated with your domain so it can be HTTPS secure and have the pad lock symbol ) to show it is a trusted website.

HTTPS means your website has a secure way for transmitting data. A SSL from a trusted certificate authority is encrypted end-to-end, ensuring the data communicated is always protected, while standard HTTP sites just send plain text during transmission.

A SSL certificate is extremely important both to protect you customer’s data, and your image; it guarantees content integrity and the ability to detect tampering. Google ratings already favour sites with https protocol in place.

Google is implementing harsher measures in the near future: Google Chrome version 70 is due for release worldwide in mid-October additional policy changes to SSL certificates.

The changes will mean some current SSL certificates will no longer be trusted in Chrome’s latest version; an error page will appear before the website can be viewed if no action is taken. Given the large number of sites affected we strongly suggest you contact your IT provider to ensure you site is not affected.

For those of a more technical nature here is more information of SSL Certificates:

What is a SSL certificate, and how does it work?
SSL (Secure Socket Layer) is a way to confirm your site is secure. Basically it is a digital passports providing authentication to protect the confidentiality and integrity of website communication with browsers.

The authentication process follows this steps:

  • A browser or server attempts to connect to a website (i.e. a web server) secured with SSL. The browser/server requests that the web server identify itself.
  • The web server sends the browser/server a copy of its SSL certificate.
  • The browser/server checks to see whether or not it trusts the SSL certificate. If so, it sends a message to the web server.
  • The web server sends back a digitally signed acknowledgement to start an SSL encrypted session.
  • Encrypted data is shared between the browser/server and the web server.

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Are you chasing butterflies?

Have a think about your style of work and how it effects both you and others around you. Would you say you’re focused and driven? Or do you chase butterflies, which can distract you and those around you from carrying out tasks?

Procrastination is that wonderful thing that can cause us to lose track of precious hours. We can all be guilty of this. It can often occur when we are distracted, our brains are overwhelmed or when we would rather avoid an awkward situation.

If you find that your brain space strays to thoughts like, “I can always do it tomorrow (or next week, next month, next year)”, “the deadline is kind of flexible,” “I’ll do it soon,” or “the due date isn’t for ages…”, then it may be a sign that you are also falling into the procrastination void.

In avoiding getting bogged down with procrastination, implementing methods like tracking your activity can help with understanding where you time goes.

Finding some quiet space or blocking out time can help to get on top of things or even taking a ten-minute break, getting some fresh air and then refocusing can help avoid those butterflies.

When working with a team, it is also important to keep in mind that not everyone will work in the same way you will.

As humans we are wired differently and don’t always march to the beat of the same drum, which can also mean that we need to be respectful of both our time and the time of others in the office, especially if we are the Head Butterfly Catcher.

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New to Rent: Innovative service for Property Managers

Of all the tax deductions available to property investors, depreciation is the most often missed. According to Bradley Beer, the Chief Executive Officer of BMT Tax Depreciation, a staggering 80 per cent of property investors fail to take advantage of property depreciation.

“On average, most property investors can claim between $5,000 and $10,000 in deductions in the first year for a residential investment property, said Mr Beer.

Depreciation is a non-cash deduction that the Australian Taxation Office (ATO) allows any owner of an investment property to claim due to the wear and tear of a building over time.

BMT’s latest value-adding tool for property professionals, New to Rent, provides Property Managers with complimentary depreciation estimates tailored for each rental property their agency lists.The estimates highlight the difference depreciation can make to an investor’s cash flow and ultimately help industry professionals establish a point of difference in today’s competitive property management industry. For investor clients, being advised of the potential depreciation deductions they could be claiming is a valuable source of information, helping them to determine their after-tax cash position. The New to Rent process is simple:

  1. Our depreciation experts will identify each rental property listed online
  2. The depreciation estimates for these properties will be emailed to the Property Manager
  3. The Property Manager can forward the estimate through to the owner, showing them the deductions they could be entitled to claimTake advantage of this free service today.

Sign up at bmtqs.com.au/new-to-rent-sign-up or call 1300 268 277. This feature is also available through MyBMT. 

To register simply visit mybmt.bmtqs.com.au. Article provided by BMT Tax Depreciation. Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. Please contact 1300 728 726 or visit bmtqs.com.au for an Australia wide service.

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Fee Auditing

With the downturn of the Real Estate market we look for ways to tighten the purse strings and cut costs with some agents looking at software and staff options.

But have we considered fees we should be receiving?

While all our fees have been set up in our trust system at point of receiving the Management Agency Agreement, are they ever checked again? What should we be checking for?

As we are moving away from paper/hardcopy files to soft files this is an opportune time while scanning in MAAs to check the fee set up in your trust account software.

Where to start? Pull out or open a Managing Agency Agreement?

Work your way down checking that the fees are correct in your trust account system.

GST

Ensure you know if the fees included on the MAA are GST inclusive or exclusive and if it is shown as GST inclusive or exclusive in your trust system.

Fees

Check all fees listed on the MAA are entered correctly in your trust account system. If there are some missing check if they need to be entered somewhere or just in the notes for when they are charged.

Automation

Is there a way to automate any of the fees you are currently charging manually? Can you set up recurring invoices or is there a new field for they fee that wasn’t there when the management was entered.

What to do if the fees are incorrect

This will need to be a decision made with your licensee and managing director. Should you back charge the fee or notify the owner of the incorrect charge from this month and amend.

Be sure to include any changes of fees on your forecasted budget for the financial year.

If you would like any more information on what to check and where to check for missing fees, feel free to call Real+ on 02 8355 4999.

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