Posts Tagged ‘property management’

WHY YOUR BUSINESS NEEDS A VIRTUAL ASSISTANT

When it comes to an x-factor in business you have to be brave, you have to think outside the square and you have to take a risk. Virtual assistants have turned out to be that x-factor in our business. A Virtual Assistant is a multi-skilled, self-driven, who provides professional administrative, technical, or creative assistance to clients remotely or from a home office.If you’re not familiar with a virtual assistant in real estate they are basically, usually foreigners working from somewhere like India or the Philippines who assist your business with the administrative tasks. While there are savings in terms of wages, tax and super, probably the biggest saving though for a small business is the saving it takes in the time to train someone to complete various tasks. As we… Read More »

15 QUESTIONS EVERY LANDLORD SHOULD ASK THEIR PROPERTY MANAGER? AND THE ANSWERS EVERY PROPERTY MANAGER SHOULD HAVE

New agencies are popping up everywhere these days and it has never been easier for landlords to jump ship and try a new agency. In Queensland under the new legislation, it is only 30 days before a landlord can change to a new agency if the property is tenanted, but if the property is vacant the change can literally happen overnight. There are many reasons why landlord changes agencies and you can check out some of my previous blogs for more information on this topic like, Why Budget Agency Doesn’t Mean Best or The Three Strikes You’re Out, which addresses the top reasons landlords leave an agency. Researching for a new agency has also changed thanks to the internet and digital marketing. Once upon a time most landlords were either referred by somebody… Read More »

RENT ROLLS – HOW TO BUILD A RENT ROLL

Starting a rent roll, how hard could it be? Just because it might not be easy doesn’t mean you shouldn’t start one. A rent roll is typically the rental division of a real estate agency, which deals with collecting rent and managing landlord’s investment properties. In return for these services, a real estate agency collects a commission and other administrative fees from the weekly rent the tenants pay. Why would you want to start a rent roll you might ask? I asked myself the very same question when posed with the choice of commencing one over a decade ago. I won’t lie it has delivered some very high and very low moments, but once we overcame the initial hurdles like what the hell we were doing, we really haven’t looked… Read More »

SELECTING AND ONBOARDING NEW TEAM MEMBERS

Selecting and Onboarding New People in Your Business – How Hard Can It Be? It can be an exciting time when you have new people joining your business. In the early days of starting out it means you are expanding and growing and it is time to hand over some of your previous tasks to someone new, so you can focus on other things like the growth of the business. Once you are set up and established though, team turnover can be fraught with trepidation, are they going to last, will they be the right fit, there’s so much training involved are they going to stay or am I wasting valuable time and money, can I trust them, will I be let down like the previous person and the list… Read More »

HOW TO DEAL WITH RENT ARREARS AND NEGOTIATING A RENT REDUCTION IN COVID-19

Since the Australian Prime Minister Scott Morrison announced the Covid-19 moratorium on evictions, property managers and investors have had one single thought on their minds, what is this going to mean for rent arrears? Rent Arrears is probably the single biggest stress and cause for angst for property managers, business owners, and landlords, largely due to the spiraling effect the non-payment of rent means for everyone involved. For Queensland, our worries have been alleviated somewhat, with the Government announcing new temporary legislation concerning the boundaries for the rental properties and the pandemic. The good news is that a tenant now has to prove their financial hardship as a direct result of Covid-19 as the first criteria, the next criteria are that they have to show a 25% reduction in income… Read More »

DEALING WITH RENT ARREARS IN THE CORONAVIRUS

It’s the hottest topic in Property Management amidst the Coronavirus pandemic, how are we going to deal with Rent Arrears and financial hardship? It may seem overwhelming right now, but rest assured with some thought and planning there are solutions. The important thing is to not ignore the situation and start looking at your business or property management processes and see what needs to be addressed first. Spend some time and develop clear steps for dealing with the different scenarios that are likely to present themselves. Importantly make sure everyone from your team, landlords and tenants are all on the same page with the plan of attack and deal with each case that is presented on its own merits. The Government is still working on addressing issues with tenancies and… Read More »

ADVERTISING YOUR RENTAL PROPERTY

Advertising your investment property correctly and appropriately is absolutely vital when the property becomes vacant. Nowadays, renters have access to multiple online portals when hunting for the perfect rental property. Therefore, it is important to ensure your property is being seen! Here are some things you can do to ensure your property is reaching those who are on the hunt for a rental property. ONLINE PRESENCE Digital media tends to attract active buyers who are specifically looking in a certain area. With a large number of properties going live every day, you need to make sure your property is not missed. It is more important than ever to ensure your property appears on the first two pages of online portals such as realestate.com.au and domain. Here at iThink Property, we… Read More »

THREE STRIKES AND YOU ARE OUT

Why Landlord’s leave a Property Management Company Just like a baseball and softball game, the general rule of thumb with Landlord’s is three strikes and you are out and a new agency comes in. As an investor myself I’ve used this rule of thumb to move onto a new agency, in fact, anything to do with customer service is generally a three mistake rule. Everyone is entitled to make a mistake every now and then, we are all human of course, but as the errors build up what happens is we lose trust and without trust what do we have? Trust is especially essential in property management, mainly considering we are dealing with people’s largest assets; they need to be able to rely on and trust that we have their… Read More »

TOP 5 REASONS PROPERTY MANAGERS BURN OUT

If you had to make a list of the worst jobs you’d like to do, property management would have to be right up there. I mean it is really one of the most thankless jobs, no one ever calls up and says thank you for renting that house to me, thank you for collecting my rent and sorting out my maintenance. No, it is more likely a negative call that forces people to pick up the phone and speak to their property manager. My oven isn’t working, my rent can’t be paid this week, why wasn’t my rent paid this week, why did you fix that leak without my approval, and so the list goes on, day in and day out. Nine out of ten calls are troubleshooting issues, disputes,… Read More »

PORTFOLIO VERSES TASK BASED PROPERTY MANAGEMENT

Which is the best option for your business or your property if you’re a landlord? When you are thinking about setting up or purchasing a rent roll this is one of the biggest considerations you will have to undertake. There are many pros and cons to both options, but the decision must come down to your rent roll size, your goals, and your core values. This is also an important consideration if you are a landlord interviewing for your fist property management company or thinking of changing to a new one. If you only have a small portfolio and are content to just have a natural organic growth rate, then there is little point in even considering task-based, as you will be wasting valuable income on wages, however, if on… Read More »

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