Q: I want to make sure I am on top of my workload and my portfolio. What are the essential areas I should be looking at to help reduce my stress levels and increase my client service?
A: Having just entered the new financial year, now is a good time to take stock of the health of your portfolio and consider some of the following areas:
Rent reviews and lease renewals
Update in line with the current market and ensure tenants are on fixed-term leases.
Repairs and maintenance
How many outstanding work orders are sitting in your software? Are any of them older than 30 days or is the work still outstanding? Follow up with your tradies to get those accounts in and finalised.
Routine inspections
Ensure every property has an inspection date and schedule them. Include those that are overdue.
Arrears
What percentage of your tenants are in arrears? Can this be improved and what percentage of those arrears are invoices outstanding?
Vacant properties
Archive vacated tenants and past owners no longer under management. This will assist in reflecting accurate numbers on your rent roll.
Files audit
Check all of your files contain a correctly completed Management Agency Agreement, Tenancy Agreement, Application Forms and a Condition Report.
Software audit
Check that you utilise all the benefits and automation of your current software and contact providers for extra training where needed.
