Make your Advertising Standout

What makes your advertising stand out.

Standardised advertising enables consistency for your brand.  Signboards, letterbox drops all have consistency, and brand awareness across the team.

On-brand advertising can also assist any staff, including new staff that may need assistance to make their advertising stand out.  Having strong templates can avoid procrastination, and having brand awareness consistency can assist across the team.  Using on-brand font and colors across all methods of exposure. Every property that you advertise is personalized to your brand.  Consistency in photos also emphasizes your brand.

Set up guidelines for all staff. Look over your templates, there are some not negotiables for all advertising. Be as detailed as possible.

  • Icons
  • Street address
  • Price avoid price ranges – always show price
  • Available date – ensure it is available from now
  • View
  • Contact

Ensure your heading is punchy and to the point. This may include the lifestyle benefits, point out the local icons and benefits of living in this location – Avoid Over Capitalise, and avoid FULL CAPS

The first paragraph needs to be consistent and point out the areas less obvious features of the property, area or local icons. Think about most common enquiries to property, staring including this information, to minimize time-wasting enquiries, ie school zones, cafes, local icons.

Include 4 – 10 bullet points

No exclamation marks! Avoid abbreviations, dlug – there is no reason these days to abbreviate, we are not using space-sensitive advertising anymore.

Use professional photography.  Cost is always a factor, and your Landlord can expect that the leasing can be done without professional photos.  You need to ensure your Landlord understands that we can get a better price, a better quality tenant, make their property stand out from the rest. Reduce the days on the market. Increase the rent, the loss of rent, and the quality of the tenant. Photos can be used for future advertising, so this can cut down on lost time for the next tenancy if you are advertising while a tenant is still in the property. 

Flyers and marketing material, professional photos, and these can then be used to prepare high-quality marketing material.

Take time to label photos including ‘Actual Views, Potential View and Lifestyle shot or Common area. Add labels to your photos to highlight benefits. Monthly gardening included, fully furnished, gas fireplace, school locations, these tags added to photos can be punchier than including all information in just the text.

Virtual furniture, these additions to photos can improve the look and emotional aspect.

Floor plans – videos, walk-through via phone, with a link in the advertisement. Floor plans again can be used moving forward with future advertising.

Review the copy every time, to ensure that there are no changes, is the furniture still the same, and available. Storage is this all available for the tenant to use.

Use the tools available to you, with all of the online platforms that the advertising can be shared. The technology and reach that is available to us in this age is tremendous and at your fingertips.

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Minimising EOFY Stress – Trust account housekeeping

As your are preparing for the close of the financial year, its time to run through your checklists to ensure that you have your preparation complete ready for the next week.

Preparation is the key:

  • Reconcile
  • Review and reduce work orders outstanding
  • Enter all invoices
  • Rent reviews
  • Overpaid rents – ensure action has been taken to remove all funds
  • Tenant withheld funds – allocate to rent or invoices to reduce as much as possible
  • Clear unknown funds and adjustments to ensure all tenants have had the correct funds allocated to them
  • Archive contacts – vacated tenants, empty properties, and old owners
  • Review and reduce tasks and diary items outstanding
  • Reconcile unclaimed bonds and notify tenants
  • Ensure all fees have been charged
  • Preview your statements prior to processing
  • Audit and ensure you charge all outstanding fees
  • Charge EOFY statement fees
  • Ensure you have paid all creditors
  • Release all withheld funds

Process:

  • Ensure that all trust accounting software has closed off the financial year and all Owners have been accounted to and for
  • Collate and review all required audit documents required to prepare for your external audit
  • Close off any financial accounts as required for the end of year

If you would like some help or would like a full checklist for the End of the Financial year, contact us over at Real+. We are here to support you to train and grow.

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Fraud in Property Management

When the topic of fraud in Property Management comes up, I am instantly reminded of the times I have seen this occur in an agency and feel the pain that is caused by these events. It doesn’t matter if these examples are recent or from well over a decade ago, they are fresh in my mind as if they happened yesterday. Mainly because of the severity and possible repercussions these could have. Fraud is normally premeditated and malicious, therefore highly illegal. I am mainly reminded of these scenarios so clearly because of the hurt the individuals in the agency have felt when they become aware someone they trusted has misplaced this trust and purposely harmed a client and put all of the business stakeholders at risk. Clients put a lot of trust in a Property Management business to act in an appropriate way with their money, and what could be their largest financial asset and the business has a responsibility to have robust systems in place to ensure fraud can not happen and protect their client’s interests.

In this week’s webinar we went through a range of areas fraud can occur in the Property Management business. Below are 10 steps you can easily take to minimise the risk of this occurring in your Property Management business.

  1. All change of bank account details (Creditors, tenants, landlords, Vendors, and Buyers) to be issued in writing and recorded.
  2. Establish a second point of contact for confirming the request. (i.e. phone & email)
  3. Have trust account sensitive change alerts setup, but this isn’t enough.
  4. Check all bank account changes monthly by someone else.
  5. Record a monitor bond refunds.
  6. Ensure unclaimed bonds are returned.
  7. Adjustments need to be audited regularly and sent to the unclaimed trust fund if required.
  8. Record written requests for allocation requests.
  9. Review your suppliers. The LIC to check each creditor as they are being entered.
  10. When doing disbursements, make sure you have a second person checking the payments file/report.

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Reduce Lost Managements

As we visit many Real Estate offices something we regularly review, especially in the Property Management side of the business are hundreds of systems and processes. Businesses establish these to improve their service offering and improve efficiency by making the process crystal clear for their internal team. Everyone can see exactly where their part of the process is and what they need to do. They can also see what happens before/after their part of the process to understand why their part is important in achieving the clients outcome.

Team’s will establish processes for just about every part of the Property Management business from moving a tenant in, to moving a tenant out. One particular area I often find businesses don’t have a procedure for is when a client is at risk of leaving the business which could be avoided. We might find a process for once a client has issued their required notice they will be taking up someone else’s service, but not before.

Setting up a system for an escalation process can help the Property Management team understand what action will be taken by the business once a client is identified as at risk. This will likely start with a senior member of the team becoming aware of the issue and then putting an action plan in place. This can start with more communication to the client to let them know the business is aware of the issue and would like more information to better understand the issue so you can work towards adequately addressing the issues.

By helping the Property Management team know there is a process to follow once a client is at risk you have a better chance of first being made aware of the issue at an earlier stage. This will give the business a better opportunity to try to put more support around the client and reduce the amount of avoidably lost managements.

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Walking in the shoes of your tenants

Walking in the shoes of your tenants

When was the last time you took a look at your process from a tenants point of view? We find many agencies will look for areas within their Property Management system to streamline to improve efficiency, but over time as this occurs more the clients end service might be overlooked in certain arears. Here are three quick arears as an example to be reviewed;

1. Arrears automation

Automating arrears messages with standard language for all might be written with a regular oftener in mind and therefore the wording of the message could possibly be stronger than what is required for a tenant who has recently moved in and they could form an opinion of the business which isn’t correct. Could you take a moment to review any automated messages you have setup to go to tenants about arrears and see if these could be altered for tenants under a certain amount of days, and tenants in arrears over your preferred criteria receive a different message?

2. Move in day

If you haven’t moved in a while, you might forget it can be a rollercoaster of excitement and stress with a different turn each minute. As this is something we can anticipate it can a good place to start to review what the experience is like from a tenants point of view. If there is any opportunity for a less than great experience, we could be starting the relationship off on the wrong foot as the individuals might have just had a curveball thrown at them of removalists losing a box, realising their fridge doesn’t fit, or meeting a less than polite new neighbour! If we then have a slightly poor experience all of the troubles from the move could be taken out on the agency.

3. Rental reviews

You have completed your rental review, and all is well! The market is still in the same position as before. You have discussed the recent property inspections with the owner and they are happy to follow your advice to keep things as they are. Update your records, task complete and move on… Well, have we taken a moment to let the tenant know this has taken place? This is great opportunity to have a positive touch point with your tenant who could be a vocal figure in the local community. If we skip this, then the tenant might assume we haven’t completed any review at all and aren’t on top of things. By quickly communicating the rent review with the tenant also gives you an opportunity to encourage the positive actions of; paying rent on time, looking after the property, being polite to deal with.

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