EPM
Elite Agent is a respected news, education and information source for real estate professionals throughout the world – because we work with the best in the business. We cover all aspects of real estate careers including property management (EPM), leadership, rent roll growth, sales techniques, listing, negotiation, technology, social media, digital marketing and more. More about Elite Agent.
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How to make Mission 2020 into Mission Possible
When people have asked me in recent months how I am, one of my go-to responses has been ‘excitedly exhausted’. While 2019 won’t go down in the books as the best year in my life, I am learning to find the gifts within it. That’s what you’re meant to say when things have been tough…
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Two things that grew rent rolls this year (and one that didn’t!)
The end of the year is the perfect time to examine what worked and what didn’t when it comes to growing rent rolls. I worked closely with owners in the start-up stage of growing their rent rolls (pre-200 properties), and it was clear two things made a significant difference in growth over the past 12…
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Protecting properties this festive season
For many people, the image of the festive season is one of joy. But sadly, once the last of the Pavlova has been eaten, many landlords and agents will face the harsh reality of what the season can bring for investment properties. Now, I don’t want to be a party-pooper, but things happen and you…
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How to know when to go
It’s a question most employees and many employers will consider at some stage in their careers. Change, as they say, is inevitable. Perhaps you have lost the passion for your job. Maybe you’re in a rut or find yourself heading in a different direction to the business. Then again, you may just want a new…
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6 tips for property managers to thrive in the customer experience economy
The CX economy is already here. Let’s begin by stating the obvious: the property management industry is in flux right now. Owners have more options than ever and expect more value from property management services as a result. Agencies can no longer compete realistically on price, with margins already wafer-thin across the industry. Add difficult…
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Win the cost war
When it comes to your property management business, there are good costs and bad costs. Good costs provide a return on investment (ROI), while bad costs negatively impact your profitability. Here are some of the most common costs and why they are good or bad expenses. GOOD COSTS TRAINING Training is a good cost and…
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The do’s and don’ts of landlord insurance
When you are in a highly-regulated industry such as real estate, things can change quickly and get complicated. Throw in the complexities of insurance, and we wouldn’t blame you if you started pulling your hair out. START AT THE BEGINNINGTo keep your locks intact, it is a good idea to know your rights and responsibilities…
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Whose goal is it anyway?
What do dresses, my parenting skills and real estate have in common? You’ll never guess, so I’ll tell you – goal setting. More to the point, collaborative goal setting and the ability to know when to take over and when to co-operate. I came to the sudden realisation recently that collaborative goal setting may not…
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How to stay productive in the lead up to the silly season
Q: It’s almost the end of the year and I am feeling overwhelmed. I don’t know where the year has gone. Help! Ain a society where consistent connection into the matrix has become the new normal, it can be easy to become overwhelmed. As we head towards the end of the year, it is wise…
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Incentive structures for BDMs and how to calculate packages
Q: What incentive structures do you recommend for a BDM? A: There are many incentive structure options. However, my preference is to incentivise on both volume of results and revenue generated. Of course, consideration also needs to be given to the base package and allowances in place for the individual. The structure must also motivate…
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Top 5 areas to monitor in property management
In all areas of business, what gets measured gets done, and of course Property Management is no exception. But with so many areas, it can be difficult to know what to measure. Whether you love or hate numbers, knowing the position of your business and the metrics for success is imperative. Of course, these numbers…
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7 tips for property managers to decrease stress and increase productivity
Having just entered the new financial year, now is a good a time to take stock of the health of your portfolio and consider some of the following areas: Rent reviews and lease renewalsUpdate in line with the current market and ensure tenants are on fixed-term leases. Repairs and maintenanceHow many outstanding work orders are…
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The value of choice
As I continued my crusade in the industry, shouting about the arrival of choice and the departure of disruption, I realised recently that I have started making different choices. Choices I never thought I would make. You see, I love grocery shopping. Yes, I know you may think I am strange, but cooking is my…
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From property manager to trusted adviser
Traditionally the role of a property manager has been administrative and task focused, which often results in clients perceiving them as low value. There are several reasons why, and it’s an important part of the conversation. We need to understand what we need to change to become more relationship focussed, with an emphasis on trust…
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Are your landlords the right fit for your business?
I spoke at the PPM National Property Management Conference on the Gold Coast in June and posed the question “who is the real boss”? If you’ve read my recent articles, you will know I strongly believe an agent is a negotiator and not the decision maker. What became clear while attending the conference was that…
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10 things every principal should know about property management
From what I’ve seen, most principals have taken a similar journey en route to taking the reigns at their agency. You were a successful salesperson who embraced the natural progression of opening or buying your agency. You knew property management played a vital role in the future success of the agency, but it was an…
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What to do about that bad review
Today I want to focus on rating websites, which is an area we all love. There are so many to choose from, and you need to work out which ones will get you the most leverage and best position online, so you’re visible to the consumer. The problem is how do we get the consumer…
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Life begins at 40
Rockend will mark 40 years in business in September. This is an impressive milestone for any technology company, especially when you consider the internet only became widely available to Australians and New Zealanders in the mid-90s. Reaching this milestone lends itself to looking back on how much the real estate industry has changed over the…
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Responding to changes in domestic violence laws
The changes to family and domestic violence laws are a welcomed change for Australians who believe in a strong and resilient justice system. While the amendments are designed to better respond to those suffering abuse, they also affect landlords and property professionals who own and manage rental properties. Previously, rental laws have restricted tenants affected…
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Don’t be a fire risk: Preparing rentals for bushfire season
With bushfire season starting earlier, and lasting longer, landlords and property professionals need to make sure investments and incomes are better protected should disaster strike, says insurance leader Sharon Fox-Slater. This comment comes on the back of the New South Wales Rural Fire Service being forced to bring forward the start of its bushfire danger…
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Show me now: Sophie Lyon’s winning inspection idea
An innovative idea for an app that gives tenants the chance to view more rentals – and property managers more time in their day – has taken out a top new real estate award.
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Ask the coach – How to encourage the sales team to send more PM leads
Sales referrals into our PM team have really slowed over the past few months. How do I encourage the sales team to send me more leads? The great news is that after winter, the spring selling season provides increased opportunity in property management and sales. Firstly, you need to get back on the sales team…
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What matters most
Why is there the need for more innovation in property management in Australia? It’s because renting a property is such a difficult experience in this country,filled with administrative tasks – from communicating with stakeholders, filing paperwork, meeting legal requirements or dealing with maintenance issues. This rings true for everyone involved in the process. Also, today’s…
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Know your numbers
It can be hard knowing which financial figures you should measure, monitor and manage in your property management business. As the business owner, you have a responsibility to know your agency’s numbers so you can keep everything on track. Here are five financial figures you should know in your property management business: 1. AVERAGE WEEKLY…
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Are you working to live or living to work?
More and more Australians are going above and beyond in the workplace, and the real estate industry is far from immune. Kate Strickland ponders the big question of inner guilt and fostering the work/life balance. I recently read a stat about how Aussies aren’t taking leave anymore and it had me thinking about the reasons…
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Ask the coach: How to stay on top of the repairs and maintenance process
Q. My repairs and maintenance always seem to be out of control. How do I get on top of this process? In terms of property management, it can sometimes be what feels like a never-ending mountain. Having a sound process in place to handle maintenance can really save you time and stress down the track.…
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Recruiting for performance
If you’re a manager or leader you will likely have come across the age-old challenge of balancing values with results. It’s a tough question; how do you create a sustainable culture that balances and upholds set values and is equally performance driven? In any team, there are usually four types of performers. Jack Welch, Chairman…
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Make the most of your meetings
The modern day workplace meeting is vastly different from days gone by. Forget serious, clinical boardroom events, today we have walking meetings, town hall gatherings and zoom coffee catch-ups. The intention is that a relaxed environment will make participants feel more relaxed and comfortable to share. The less formal and intimidating the meeting, the more…
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Business auditor reveals the 7 most frequent failures by Australian organisations
A leading global risk management provider has revealed the most common reasons why organisations fail to meet the goals they set. SAI Global is a trusted global leader in risk management solutions through its standards, assurance and training offerings across more than 130 countries. Over the years they've audited thousands of organisations – from the…
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Business game plan
Firstly, yes: a business plan is important and can help greatly, but a business plan has no hope without belief and action. Having the belief and intention of mind is what creates success, writing it down is just a reminder. So giving yourself a clear reminder of what you want to achieve in the form…
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18 things that will make you a better leader: Chris Hanley
Don’t ask successful people what they do now; ask them what they did back then to go from there to here. What did they change and what did they implement? I have found most people know what they need to do to be a better leader or salesperson or musician. When tested on what they…
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Is your workflow just a checklist in disguise?
At conferences I’ve been hearing words like “workflows”, “automation” and “AI” being thrown around. Understanding the nuances is key to making the right decisions for the future of your business. For this reason, let’s further investigate the use of the word “workflow”. Great technology is the difference between a simple digital checklist and automated workflows.…
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Now is the time for that annual insurance review: Sharon Fox-Slater
A new financial year has dawned and chances are you're busy setting some fresh business goals while gathering all your paperwork for your tax agent. While reviewing the insurances on your RE business might not be at the top of your list, now just might be the best time to do so. Many small business…
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Should you buy or build your rent roll?
To buy or to build? That’s one of the age-old questions on many a principal’s mind when it comes to property management. Should they build their property management division from scratch, or will purchasing a rent roll offer the potential of sales and income stability that’s worth the investment? If you’re considering acquiring a portfolio,…
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Photoelectric smoke alarms: A clearer picture
How can you tell the difference between smoke alarms? They don’t seem different when they are on the ceiling. Recent changes in the Queensland legislation state that all rental properties in Queensland are required to have smoke alarms that meet the new standard upgraded before 1 January 2022. In Queensland, photoelectric alarms must be used…
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