Make a Meaningful Connection

There’s no denying that the Property Management landscape is changing at a frenetic pace. Some teams are concerned about what the future holds and how their roles might change.

The Property Manager of the future needs to be confident in their ability to communicate. They also need the capability to make meaningful connections with those whom they regularly interact. This allows them to make a difference to the customer experience, thus remaining relevant.

Now more than ever, it is imperative for Property Management professionals to remember that we are dealing with one of the four core elements of survival – shelter. From a psychological perspective, dealing with this core element can mean that when a human’s sense of the element is threatened, volatility in emotional response can replace reason.

Expertise in negotiation, managing conflict and, above all, emotional intelligence and awareness around communication are vital skills needed to make meaningful connections and gain the best possible outcomes.

This industry has always been about more than property.

Consider your current approach to the humans that you interact with daily.  Are they connections to build relationships?

If not, what are the next steps to gain those skills that will take you into the future? If you aren’t sure, give the Real+ team a call and connect about how we can help.

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REAL+ The Property Management Training Experts

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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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Fraud, are you Immune?

In the busy world of Real Estate, it can be easy to overlook certain things when you get busy. Couldn’t balance your trust account one day? Out by $50 here, $20 there. Or what if it isn’t that obvious – the accounts balance, but do they?

Having a two person check on your reconciliation, including your bond reconciliations, can often be the difference between right and wrong. Don’t just sign off, really look at the numbers! Even if it’s not malicious, sometimes mistakes happen that can cost you thousands, not to mention the compliance issues that accompany it.

Ask your team for an explanation when you see an ‘unknown’ deposit and ensure that the following day this item has been rectified. Check on all adjustments to uncover what they are and what actions are being taken to rectify them, and check again until they are cleared! All too often these items get put in the ‘too hard’ basket until the trust accounts could potentially be tens of thousands in the red! 

Another issue we see in this industry is identity fraud. Is this person really the owner of the property? Ensuring you identify the owner of a property correctly is essential for compliance when selling or leasing a property. Ask for a copy of the persons driver’s licence and a recent outgoings invoice, which will ensure the correct details are being recorded. When accounting to these clients, ensure that the bank account name matches the property owners name and verify the written instructions with either the acting parties solicitors or with the acting party themselves.

If you suspect fraud, stop any account actions on the property or account. Then contact the State or local Police and Fair Trading and seek instructions on how to manage the dealings going forward before alerting the offending party to your suspicions.

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Real+ The Property Management Training Experts

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Claim depreciation deductions this financial year

With tax time approaching, Property Managers should be encouraging their investor clients to claim all available deductions for their investment properties, including property depreciation.

Depreciation is considered a non-cash deduction, meaning an investor doesn’t need to spend any money to be eligible to make a claim. Therefore, it’s not unusual for these deductions to get missed.

The Australian Taxation Office (ATO) allows owners of income-producing properties to claim depreciation deductions for the natural wear and tear that occurs to a building and its assets over time.

Depreciation deductions relating to the building’s structure can be claimed as a capital works (division 43). As a general rule, owners of residential homes in which construction commenced after the 15th of September 1987 and commercial properties in which construction commenced after 20th July 1982 are eligible to claim capital works deductions.

Plant and equipment assets refer to the easily removable fixtures and fittings within the building such as hot water systems, carpets and blinds. Deductions for these assets are based on the condition, quality and individual effective life of each item as set by the ATO.

Investors should engage a specialist Quantity Surveyor such as BMT Tax Depreciation to discuss the depreciation potential of any investment property they own or are planning to purchase.

BMT can provide a comprehensive depreciation schedule outlining the deductions investors are eligible to claim when completing their annual income tax return.

A BMT Tax Depreciation Schedule has a one-off cost which lasts the life of the property (forty years) and will ensure the owner claims their depreciation entitlements correctly. A depreciation schedule is also 100 per cent tax deductible.

For more information on how depreciation deductions can help your clients, speak with one of the expert team at BMT Tax Depreciation on 1300 728 726.

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 www.bmtqs.com.au for an Australia wide service.

 

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