Preparing for annual leave

Team leave is an inevitable element of leading a team and leave prep can assist in allowing all team members to stay on track during this period.    

Here are a few steps you may like to implement to prepare for leave periods, to help both your stress levels and ensure that the wheels continue to turn in your absence.

  1. Set out-of-office reminders that include details of the leave and who can be contacted for what whilst you’re away.
  2. When planning your routine inspection and review schedules, consider public holidays and potential leave so that these tasks don’t fall on other team members to complete.
  3. Where possible plan out and complete any ingoings, outgoings and bond finalisations before going on leave.
  4. Ensure that your systems are prepared and that your Owners and Tenants are informed of when you are taking annual leave and who they can discuss their properties with in your absence.
  5. If you have access to portals, updates or even an email out to all tenants to educate them on the process of reporting repairs is handy to keep everyone up to date and avoid confusion.
  6. Prepare notes of outstanding items and have a debrief with other team members who will be managing your portfolio in your absence.
  7. Try to relax! You are on leave, so take the time to unplug, unwind and relax so that you come back recharged and ready to tackle the months ahead.

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Real+ – the property management training experts.

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What would you like to be?

A property manager or an account manager – does the skill set of a property manager naturally equate to those of an account manager? What are the differences and how do I become the best version of either to maintain my role and add value? 

There’s a lot of talk in the industry about disruption, evolution and a general feel that we ‘need to change’. One thing we can be sure of is that nobody has a definitive answer and when we think of the characteristics we need to evolve, it can be a little overwhelming.

Really, we just need to get back to basics, build relationships, value interactions and make sure we are providing extraordinary customer service. Review the data that is available to you to make you look super intelligent, super quick!

Identify your key relationships – the owner, the tenant, your regular tradespeople, your suppliers – this is account management, and will ensure you are focusing on dollar productive activity whilst being supported operationally by the wider community.

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Increase your deductions sooner using the low-value pool

When it comes to claiming depreciation deductions for qualifying plant and equipment assets*, property owners should be aware of certain tactics which can increase their deductions sooner.

This will increase their annual cash flow and allow them to realise the benefits from their investment property sooner.

One of the simplest ways to do this is to claim immediate write-off or to place low-value or low-cost assets into a low-value pool.

Certain assets may qualify for either an immediate write-off or the low-value pool, depending on the value of the asset at purchase.

For example, if an asset is valued at $300 or less, the owner will be entitled to write-off the full amount in the first year.

If the asset is valued at $1,000 or less, increased rates of depreciation can be applied through the low-value pool.

Low-value pooling                                                                    

Low-value pooling legislation allows owners to group qualifying depreciable assets in a pool which will depreciate at an accelerated rate. Assets normally depreciate at a pre-determined rate set by the ATO, which varies between assets. Property investors who acquire low cost assets and choose to place them in the low-value pool can claim them at a rate of 18.75 per cent in the year of purchase, regardless of how long the property has been owned and rented. From the second year onwards the remaining balance of the item can be claimed at a rate of 37.5 per cent per year.

Low-cost assets

A low-cost asset is a depreciable asset that has an opening value of less than $1,000 in the year of acquisition. This can include things like cooktops, range-hoods, exhaust fans and blinds.

Low-value assets

A low-value asset is a depreciable asset that has a written down value of less than $1,000. That is, the value of the asset is greater than $1,000 in the year of acquisition. However, the residual value after previous years’ depreciation is less than $1,000. Assets meeting this classification are placed in an itemised, low-value pool. An example could include a hot water system acquired with a value of $1,100. In the second financial year of ownership, the asset would have depreciated to a written down value less than $1,000, which would make it eligible to be placed in the low-value pool.

* Under new legislation outlined in the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 passed by Parliament on 15th November 2017, investors who exchange contracts on a second-hand residential property after 7:30pm on 9th May 2017 will no longer be able to claim depreciation on previously used plant and equipment assets. Investors can claim deductions on plant and equipment assets they purchase and directly incur the expense for. Investors who purchased prior to this date and those who purchase a brand-new property will still be able to claim depreciation as they were previously. To learn more visit www.bmtqs.com.au/budget-2017 or read BMT’s comprehensive White Paper document at www.bmtqs.com.au/2017-budget-whitepaper.

 

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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4 ways attending a conference can benefit your property management career

Being a property manager is hard work – you’re always juggling a dozen different tasks on a hectic schedule. Sometimes it’s so easy to get caught up in day-to-day commitments that you forget to focus on the bigger picture -where your career or business is headed. Attending a conference is the perfect excuse to get away from the office. They keep you informed about current trends and emerging technologies within the property management field.  

Nothing beats face to face communication  

Reading online articles and blogs alone is not enough to give you a full understanding of what’s happening within your field. Nothing beats immersing yourself in an environment that is designed for the sharing of expertise from industry leaders. Being in such a social environment is much more engaging compared to reading something off a screen. Conferences also offer interactive displays and product demonstrations that can’t be found elsewhere. This hands-on experience allows you to make informed decisions on what new tools you want to incorporate into your work.  

Knowing the right people gets you places  

Most of us will have realised by now that it’s not always what you know that gets you up the career ladder but who you know. Conferences are the ideal place to meet a range of people who specialise in different areas within property management – investors, contractors, software developers, commercial developers, consultants and thought-leaders. Sharing ideas, knowledge (and business cards) with fellow attendees can be immensely beneficial to your career and business. Sparking a conversation could lead to a long-term partnership.  

Put yourself in front of potential clients  

Conferences are a powerful vehicle for marketing if you know how to put your best foot forward. Practice your one minute “elevator pitch” – the purpose is to communicate your goals and interests in an engaging way. Do some research beforehand on who will be attending the conference. Connect with the people who will be interested in what you have to offer, hand them your business card. By impressing the right people, you’ll be able to attract more clients through referrals and word of mouth. If you’re new to the networking scene, start by talking to the people next to you before or after presentations and during breaks.  

Get inspired by new perspectives

Finally, keep in mind that it doesn’t always have to be about work – go enjoy yourself! By simply exposing yourself to new ideas, you’ll feel inspired to take on a fresh approach that can revitalize your business. Some time away from the office can also save you from burnout. So next time a conference invite comes around, don’t turn it down.  

Speaking of which, the RETG Conference Tour is happening right now across Australia. Learn and network with some of the country’s most esteemed players in the Property Management space including Alan Hashem, the founder of Inspection Manager. Get real insights into their expertise across a range of topics such as emerging technologies, lead generation, efficiency, profile building and how to rapidly grow your business. Click here to find out more about dates and locations. Don’t forget to come visit the Inspection Manager stand when you attend! 

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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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