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How to show true value as a property manager

Property managers need to do more than just return phone calls on time to show true value and secure more managements, a leading industry expert says.

Speaking as part of a Transform 2020 lesson, Coronis Now Director Jodie Stainton says property managers must actively think about ways to offer more than their rivals and stand out in the crowd.

โ€œI donโ€™t think showing value is being nice and returning a call,โ€ she says.

โ€œI think being valuable is actually increasing their (landlordโ€™s) return on investment because thatโ€™s why they got into investing.

โ€œYou donโ€™t go into a performance review with your employer saying you want a wage increase because youโ€™ve been there a long time, you need to show what youโ€™ve actually done.

โ€œHow have you increased the rentals coming in? How have you increased the asset value? How have you decreased costs?

โ€œThose are the sorts of things people will pay for.โ€

Jodie says one strategy to grow a rent roll is to keep a watch list with every rental property in your market on it and if a property has been vacant for two weeks or more, you should contact the landlord.

A landlord with a vacant property that normally rents for $500 per week has suffered a $2000 loss if itโ€™s empty for a month.

Jodie says property managers need to convey that in terms that are meaningful to the landlord.

โ€œThat $2,000 as a return on investment, is actually 7.6 per cent for the year,โ€ she says.

โ€œThen you can ask them โ€˜do you think your agency has a strategy in place to rent your property this week and start getting you your return backโ€™?โ€

Jodie says itโ€™s also crucial to monitor your Net Promoter Score and to act immediately if it starts to fall.

She says on a scale that runs from negative 100 to 100, Coronis property managers have an NPS of 64.5.

โ€œOur industry sits at negative six,โ€ Jodie says.

โ€œOur satisfaction is really high because we do the right things.โ€

One of those things is carefully selecting the language their property managers use with their landlords to show value.

โ€œWe donโ€™t just say โ€˜Iโ€™ve increased your rent $10 a weekโ€™, we say โ€˜Iโ€™ve increased your rental yield by two per cent this yearโ€™,โ€ Jodie says.

To watch Jodieโ€™s session, other top, exclusive content direct from Transform 2020 and secure access to all of Elite Agentโ€™s best actionable tips, strategies, news and views, subscribe to Elite Agent Pro here.

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Kylie Dulhunty

Former Elite Agent Editor Kylie Dulhunty is a freelance content producer for the Elite Agent audience, leveraging her extensive copywriting and real estate expertise.