PM MEN­TOR

A prop­erty man­age­ment team not per­form­ing at its peak might be in need of a trip to the Emer­gency De­part­ment. Natalie Hast­ings looks at the symp­toms of infection to watch out for and how to treat them.

Elite Property Manager - - Contents -

Natalie Hast­ings

Cough, cough. Splut­ter and sneeze. It's not only your prop­erty man­agers who need to up their dose of Vi­ta­min C and en­sure they get their flu jab this sea­son.

Un­be­knownst to you, your prop­erty man­age­ment de­part­ment may be in less than tip-top shape. A sickly rent roll may be un­der­per­form­ing for many rea­sons, po­ten­tially los­ing you money each month, caus­ing you to bleed clients and even putting your busi­ness in a toxic po­si­tion of non-com­pli­ance.

My busi­ness reg­u­larly per­forms Busi­ness Health Checks on prop­erty man­age­ment de­part­ments Aus­tralia-wide. We take the tem­per­a­ture of real es­tate busi­nesses to see if their sys­tems and pro­cesses can be im­proved to help es­tate agen­cies thrive, whilst keep­ing their prom­ises to all key stake­hold­ers. If you think your busi­ness is a lit­tle un­der the weather in­stead of fight­ing fit, here are four key in­di­ca­tors that your rent roll and prop­erty man­age­ment de­part­ment are deal­ing with a se­ri­ous case of the flu. Sickly Symp­tom 1 You're let­ting hun­dreds or thou­sands of dol­lars per month slip through your fin­gers be­cause you're ne­glect­ing to col­lect in­ter­nal fees ef­fi­ciently. This rather ex­pen­sive symp­tom is the re­sult of poor sys­tems and ir­reg­u­lar use of your prop­erty man­age­ment data­base. Fees you should au­to­mat­i­cally be charg­ing in­clude let­ting fees, VCAT ap­pear­ances and prepa­ra­tion, ad­ver­tis­ing, NTD checks and postage. Th­ese small amounts should never be over­looked – they add up to im­por­tant in­come for your real es­tate agency. If your team do not know how to use your CRM, take steps to rem­edy the sit­u­a­tion – train­ing is needed, stat! Sickly Symp­tom 2 Rent roll am­ne­sia. Prin­ci­pals reg­u­larly think they have more prop­er­ties un­der man­age­ment

than they ac­tu­ally do. This dis­tress­ing (and some­times em­bar­rass­ing) symp­tom is caused by prop­erty man­agers fail­ing to ar­chive lost prop­er­ties within their CRM. You'd be sur­prised how of­ten this oc­curs – it's only re­ally noted when a prin­ci­pal is gear­ing up to sell their rent roll. This nasty case of rent roll am­ne­sia can be avoided with the clever use of your data­base. Ex­port out your port­fo­lio re­port into Ex­cel, fil­ter by in­come and check ledgers for trans­ac­tions to en­sure you re­ally are still re­spon­si­ble for all the prop­er­ties you as­sume are un­der man­age­ment. Sickly Symp­tom 3 The bad bout of mis­un­der­stood man­age­ment au­thor­i­ties! This ram­pant virus af­fects both res­i­den­tial and com­mer­cial port­fo­lios na­tion­wide, leav­ing agen­cies all the poorer for it. Most au­thor­i­ties will say that your agency is en­ti­tled to col­lect man­age­ment fees on all monies col­lected – yet many busi­nesses will only col­lect fees on rent. Don't short­change your busi­ness – take steps to charge on all in­voices and out­go­ings, too! Sickly Symp­tom 4 Rou­tine in­spec­tion con­fu­sion. Make sure that your team pri­ori­tise data­base hy­giene and close off rou­tine in­spec­tions once they're com­plete. A day in prop­erty man­age­ment is busy enough with­out su­per­flu­ous com­pleted tasks tak­ing up your fo­cus. Make sure that all in­spec­tion dates are di­arised so that miss­ing a rou­tine sim­ply isn't an op­tion.

Have one or two of th­ese symp­toms ap­peared in your prop­erty man­age­ment de­part­ment? Whilst they may sound dire at first, with a lit­tle care and the right sup­port your rent roll and team will soon be heartily list­ing and leas­ing for your best spring yet!

PRIN­CI­PALS REG­U­LARLY THINK THEY HAVE MORE PROP­ER­TIES UN­DER MAN­AGE­MENT THAN THEY AC­TU­ALLY DO.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.