Generational leadership

The current landscape of the workforce is an interesting one.

We have several generations of employees working together in an ever-evolving environment and each of those humans have different needs, wants and drivers.

Steering a course in this landscape can prove to be challenging, however it can also be greatly rewarding as there is a multitude of talent out there, we just need to harness that talent.

Each employee within your workspace is likely to have motivators and key areas that drive their motivation that is unique to their style of learning and interacting with others around them. Identifying those drivers and motivators early on in their employment as part of the induction process can be a guiding element in their longevity and success in your business. Once these are identified, we can have a greater understanding of what will help them to find job satisfaction and rewards as well as promote loyalty toward your brand.

Discover what each individual thrives on and explore if they are in the right role. You may find that some conflict that arises between personalities is due to unsuitability for a role or even underlying frustrations which need to be talked through.

Creating an environment that fosters mentoring among employees can also assist in bridging any divides and help drive your team forward on the path to success.

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Prepare your PM Department for the year ahead

A new year often brings goals that we would like to achieve for both ourselves and our business. In making these goals, we look at the bigger picture and then break it down into bite size chunks to help us along the way to reaching those milestones.

In setting goals, especially when it comes to your property management department and even more so, if it relates to growth, it is imperative to ensure that all of your checks and balances are in place to safeguard current business during that growth period.

In considering this, when was the last time that you gave your property management department a check-up?

Some of the areas that you might like to look at when analysing how in tune your department might be:

  1. Rent Arrears – what is your current arrears rate? Is it under or over that golden 5% mark? If not, what steps need to be implemented to get this under control?
  2. Routine Inspections – are they currently up to date and is there a schedule set out for the year? Or, are they behind and in need of an action plan and attention.
  3. Rent Reviews– is there a system in place for reviewing rents? When reviewing rents, it is important to also ensure that you have some comparables of the current market to support your evidence to either maintain the rent at its current level or implement an increase.
  4. Lease Expiries – many insurance policies that Owners may have over their properties may include a requirement that there must be a fixed term tenancy agreement in place at all times otherwise the Owner may not be covered should any mishaps occur at the property.
  5. Repairs and maintenance – are all maintenances completed that need to be and up to date? Is there a process in place to ensure that work is completed in a reasonable amount of time, to an acceptable standard by the tradesperson and the invoice received and payment made promptly? Don’t forget a trades audit to ensure that they are up to date with relevant insurances and licences.
  6.  Compliance – with changes to legislation around compliance occurring regularly it is imperative to ensure that your teams are trained in the latest requirements to provide the best possible service and more importantly reduce the liability to your agency. Are your systems up to date with areas such as smoke alarm and pool compliance? What about window locks and blind cords? Are insurances up to date and are all legal documents such as your Management Agency Agreements, Residential Tenancy Agreements and Condition Reports completed correctly and in line with legislative requirements?

These are just a few of the areas that we take a look at when we are assisting departments in achieving goals for their business. If you would like to see how we can help, give the team a call and we can find a solution to help you achieve those 2020 goals.

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Real+ the Property Management Training Experts

02 8355 4999

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What will you learn in 2020?

No matter what stage at life you are at, it’s a great idea to enrich your mind and enhance your knowledge through learning.

You possibly don’t realise it, but there will usually be something new that you may learn every day. It could be something as simple as how to use an appliance, complete a task or something more complex.

Property Management is a constantly evolving space and one of the things that I love about this industry is that no two days are the same. You are constantly learning, whether it is something that may be rewarding or something that may be a lesson on what not to do next time. Such is the nature of the industry that we live and breath as we interact with other humans daily. Sometimes we also learn by falling down, picking ourselves back up, dusting off and going again.

Learning isn’t always easy and can provide some challenges along the way, however it can be incredibly fulfilling. Never stop at an opportunity to learn, read all that you can, stretch that brain to its capacity and fill it with knowledge, even if it is something completely random.

If you would like some help on where to start, why not give the team at Real+ a call and we can get you started on that growth journey.

And if you would like, drop me a line, I would love to hear what you would like to aspire to and learn and change in your world this year.

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Real+ the Property Management Training Experts

02 8355 4999

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Leading from the front

When leading a team, there can be some challenges along the way as we negotiate through the different personalities and ensure that they are all on board the same ship.

Effective communication from key stakeholders within the team is conducive to ultimately empower the team in achieving common goals for the business and themselves. 

Transparency is key in the delivery of messages and can have positive reinforcement for the team to understand the direction and size of the goal posts that they are aiming for. This also allows for all parties to have the potential to understand the expectations of the business in addition to managing their own expectations.

Accountability for individuals can be as simple as adding a daily wrap into their day with a requirement for them to send through a summary of daily achievements. This can also assist leaders in understanding the metrics of the playing field on a daily basis and manage any potential challenges.

Remember that we all make mistakes and it is part of the learning journey. Encourage the team to share mistakes and manage them as soon as they happen so that it becomes a collaborative learning experience and an opportunity to weed out potential issues.

Availability and approachability in leaders is imperative in building trust and rapport within a team, especially if they have any concerns that need to be managed. Setting boundaries around availability is however important and standing or walking meetings can help in cutting down meeting times to achieve deadlines and goals.
Lead from the front and your troops will follow you on the course you have set.

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BD’s – do you leverage your existing client base?

Many times, one of the greatest mental challenges faced by a BD (Business Developer) is the courage to commence prospecting for database growth. This should be followed by the commitment to this daily prospecting habit to extend and grow the volume of investors that may be converted into loyal clients today, tomorrow and into the future.

Something I have noticed with several of my great prospectors lately, is that solid “database growth prospecting” – searching for new investors to add to your future pipeline – must be effectively balanced with a well-executed communication plan with existing contacts.

Ask yourself – how regularly are you contacting, marketing to and communicating with, all the potential investors you already know. This includes:

  • Current clients
  • Past clients
  • Missed Business
  • Past Appraisals
  • Investors who were previously or are currently looking to purchase
  • Self-managed landlords

I recommend that as a BD, you design your time, and clearly articulate during what times during the week you will prospect for “New Leads” and what time and energy will be spent on further extending your relationship and traction with “Existing Leads”. After all, our existing leads have one unique benefit – we already know them and potentially their intentions when it comes to current or future investment in property.

Don’t be caught in the trap of gaining an investor lead, sticking them into your CRM database, and expecting that they will contact you when the time comes. The best BD’s understand that the longer the relationship, the more trust gained, the better the chances of converting from  future to current client.

If you would like to better leverage your exiting client base – click here to join me in October for our Virtual class on all aspects of .Working your Pipeline’.

 

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