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 achieve the best outcome of your lead source through dialogue
Q: My BDM seems to be avoiding prospecting. Initially locating leads and having access to data was the challenge (excuse) when not hitting prospecting targets, but now it seems she is struggling with dialogue. What do you recommend? A: When it comes to dialogue, keeping it simple makes it effective for the potential prospect and…
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Reboot for results
With the new year fast approaching, now is the perfect time to reboot your property management business. Here’s how you can reconnect, review, redevelop, redefine and readjust your business’s vision, targets and goals so that you can achieve even better results in 2020. RECONNECT WITH YOUR ‘WHY’ Reconnecting with your ‘why’ allows you to reignite…
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Nothing routine about this inspection
Property managers are often faced with the unenviable task of educating investors and owners on how a property will deteriorate with age and wear and tear. A property manager on a recent online forum summed it up perfectly with an analogy of getting a car serviced. Everyone gets their car serviced and invests money into…
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How to effectively switch software platforms without losing data
Q: We are about to integrate to a new trust platform. How do we make it as seamless as possible? A: Every week it seems that we are having discussions with property management teams who are trying to make key decisions around which software program they would like to move to. There are a lot…
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Predictable growth
Just when you thought you had all of the pieces of the puzzle together, another tech program is released, legislation changes and you are in a spin. Clients’ expectations continue to rise, and it can be hard to find time to grow your rent roll. This year I have spent time ensuring the predicable has…
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Standing out from the crowd
Being a property manager, leader or a business owner might seem overwhelming at times. There is so much competing information, content and choices to be made. It can be hard to know where to start and what to prioritise to get the best outcomes, stay relevant and keep our clients happy. There are five key…
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A step-by-step guide to natural disaster claims
It is hard to imagine the tragedy hundreds of Australians are facing as they slowly return to homes, businesses and communities ravaged by Mother Nature. For many, there will be nothing left but the heartbreaking task of cleaning up and starting over or moving on altogether. In these difficult circumstances, landlords and tenants will often…
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How to attract new landlords in 2020
The end of the year gives most of us a chance to wind down and really kick into holiday mode, but the same can’t be said for many Australian renters and landlords. January is consistently the busiest time on realestate.com.au for renters. In fact, in January 2019 we had over 20 million visits to our…
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NYE parties in rentals: What are the risks for PMs?
New Year’s Eve is traditionally when people reflect on the year past and what the next 12 months may hold. It’s also a time when people let their hair down and revel! Hosting NYE parties, and entertaining in general, can expose investment properties to a few risks. And while most would rather be a party-popper…
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Five big issues that affected the real estate industry in 2019
The real estate industry is never stagnant. It is impacted by regulation changes, the rise and fall of the economy, buying motivations and the generosity of banks. Heck! Mother Nature can even wreak havoc and play a part in the way we buy, rent and manage property. This year has been no different. There have…
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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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