Posts Tagged ‘Property Management’

Know Your Portfolio Numbers

As we head into the final quarter of 2020, now is as good a time as any to take a look at the health of  your portfolio and ensure that every box is checked where it can be so that you can be on track to achieving your 2020 goals.

Some areas that you might like to take a look at when it comes to your portfolio could include:

  • Rent Reviews and Lease renewals – are they all in line with the current market and tenants on fixed term leases? Especially those where their Landlord Insurance have this as a requirement of coverage.
  • Repairs and maintenance – how many outstanding work orders are currently sitting in your software? Are any of them older than 30 days or is the work still outstanding? This may need to be followed up with the tradesperson for either completion or payment of the account.
  • Routine Inspections – are there any currently outstanding and what needs to be done to get any of these up to date and inspected? Its also a good idea to check if any properties on the rent roll do not have a date attached to them for an inspection and pre-plan dates into the months ahead.
  • Arrears – what percentage of your tenants are in arrears? Can this be improved and what percentage of those arrears are invoices outstanding?
  • Vacant properties – can any of these be marked inactive, there may also be vacated tenants and previous Owner’s that also need to be marked inactive which will assist in reflecting accurate numbers on your rent roll.
  • Files audit – do all of your files contain a correctly completed Management Agency Agreement, Tenancy Agreement, Application Forms and a Condition Report, just to name a few.

As an extra point, you may also like to carry out a keys audit to check that we have all of those keys on file for properties managed.

Checking your portfolios can assist in ensuring that you have all the necessary checks and balances in place and can assist with a smoother running rent roll reducing stress and maximising efficiency.

If you would like any assistance in your quest to achieve a clean rent roll, the team at Real+ can help with solutions to get you on track.

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Your Property Management training experts

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Can you Get the Leasing Deal Done?

It’s a fascinating time in the rental sector as we are seeing some areas of the country inundated with rental demand as people look to move to a new location.

The feedback is that some are doing this for a tree change or sea change; some are altering their living arrangements as flatmates are moving in/out; and some are selling now and renting until they feel the time is right to buy again.

However, this isn’t the same story in all areas. When there are more people moving into one area they must be coming from somewhere! Therefore, somewhere there is a shortage of prospective tenants. Conveying this information to a landlord can be difficult, and this becomes our challenge to help a landlord to adjust quickly to a rapidly changing rental market. 

Many Property Managers will have clients with whom they have built up a level of trust in their relationship which will make this process easier to handle. If the market value of the property is less now than what it was 12, 6, or 3 months ago, you could tell them to adjust and they would accept this so that you can work quickly to minimise the vacancy. If only we had the privilege of time to be at this level with everyone, Property Management would be much easier.

When we need to help a more challenging client through the vacancy process there a number of elements we can focus on:

What is the feedback we are giving? How well does the landlord understand the current market, and how well have we conveyed this to them. If the property isn’t moving, it can usually come down to three elements which we call the three P’s: Property, Presentation, Price.

If the Property is good, and no work needs to be done we have a good product to sell. If the presentation online looks appealing to a broad audience, we will capture everyone looking to rent a property similar to what we have. If the property is presenting well in person, we enhance our chance of anyone viewing the property wanting to apply. If these first two P’s get a tick, you can only be left with needing to review the Price as any property is only worth what the market is willing to pay.

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Your Property Management training experts

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Turn a Loss into a Gain

In any organisation it is natural to understand customers will enter the business, and inevitably exit the business if they no longer have a need for the services.

In many Property Management businesses we often find plenty of focus and effort in the process to make the onboarding experience a positive one, and the exiting experience can be a far lower priority even though this will provide the last impression the agency has.

By taking some time to focus on the process you have for a client exiting the business, it can help streamline a function which will naturally occur over time. Like any process you have in the business, be it new tenancy, vacating tenancy or new management as an example, a checklist and standard templates can be useful for your whole team to systemise the stages and ensure nothing is missed.

Within your business it can be healthy to regularly review the level of lost managements and break this up into what was avoidable and what was unavoidable from natural attrition. By monitoring these numbers over time, you will get an idea of a base line level for your business which will vary depending on your local demographic.

If you can improve the process a customer goes through when they exit the business, you will increase the likelihood of referrals, and positive commentary among your local community.

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Your Property Management training experts

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