Property Management

Can Sales and Property Management Departments Work in Harmony?


Unfortunately, Sales and Property Management often work as though that are polar opposites. Magnets resisting the push and pull of one another. It is sad that this is the case in many agencies across Australia. In my time within Property Management, the tension was so thick you could often cut it with a knife. And a good chef's knife at that, not just a small butter knife. In reality, these two departments should be working side-by-side, in complete cohesion. And for many reasons at that. It not only creates a more harmonious working environment for everyone, but also greater commissions. Who doesn't want that? So, all hope is not lost. It is achievable. We have listed our top 7 ways it can be done! How to Find Property Management and Sales Cohesion Conduct monthly meetings with both sales and property management together. Conducting team meetings with both departments will help to create a more unified front and have all members feeling a part of the team. This way, both departments have an insight into what the other ... read more >>

Can Sales and Property Management Departments Work in Harmony?2019-03-28T06:24:44+00:00

Creating Harmony Between Bookkeeping & Property Management


Trust Accounting and Bookkeeping are very different entities. Yet despite being in different worlds, it is important that bookkeeping and trust accounting operate in succinct harmony. Some agencies may have one staff member managing the trust account and reconciling the general account. This is completely acceptable. Other agencies may keep the roles completely separate. Also acceptable. What is important is the way they communicate with one another. The beauty of cloud-based trust accounting software is that they can talk to accounting packages such as Xero. They can quickly and easily report on the agencies income via an API key. This technology is not new. It has been around for some time. However, the key point is, if the data is not entered correctly on the trust accounting side, it will create havoc on the bookkeeping side. Enter chaos. Strive for Harmony Both the trust accounting and bookkeeping departments must work in harmony. Working in unison will ensure the staff members record transactions correctly on both sides and meet regulatory standards. As both trust accountants and bookkeepers, we ... read more >>

Creating Harmony Between Bookkeeping & Property Management2019-03-28T06:24:44+00:00

Rent Roll Purchase Tips to Avoid Buying a Lemon


The Appeal of Rent Rolls There’s no doubt rent rolls are hot property in Sydney at the moment. The Inner West and North Shore areas are leading the charge as favourites where we have heard reports of agents paying in excess of $4.50. Rent rolls are a stable source of income if managed correctly. They are highly sought after by agents looking to expand their Property Management departments. We have also seen lots of silent investors looking for alternative options to invest their money in a well running rent roll. Whilst we hear from our clients that many banks are tightening their reigns and making lending extremely difficult, we are seeing many smaller rent rolls come onto the market. Agents are consequently snapping them up with their existing available cash flow. So why smaller rent rolls? Some agents may be selling a portion of their portfolio where they have ‘out of area’ properties.  Other agents are simply looking to offload that part of their business and focus on other areas. Whatever the case, they are hitting the ... read more >>

Rent Roll Purchase Tips to Avoid Buying a Lemon2019-03-28T06:24:45+00:00

How to Maintain Good Tenant Retention Rates


Finding a good tenant is one thing. Tenant retention is another! Many would argue – "why should I care about the tenant?" Well, the truth is pretty simple. Tenants own properties too! They can, or may already be, landlords, purchasers and have a connection of friends and family with rental properties of their own. So in short, yes you should care about the tenants! Without tenants, we would be out of a job. Harsh, yet true!  So how can we keep them happy? Truth it is pretty simple really. I frequently look at reviews posted to Google regarding agents and property management agencies. Most of them are 1 star reviews. As we all know, people are more willing to post negative reviews than positive ones. Most are from disgruntled tenants whinging about the unfair treatment at the hands of their agent. Yes it is true - we cannot keep everyone happy. In a perfect world, yes. What is important is realising the small things that can go a long way in keeping the lines of communication open between ... read more >>

How to Maintain Good Tenant Retention Rates2019-03-28T06:24:47+00:00

First Class Trust Management for Landlords


With the ups and downs naturally associated with the real estate sales market, it is important to take care of your rental roll clients. Your rental roll clients are the ones that will (hopefully) be there through the thick and thin of the sales cycles. When sales times are low, the rental roll keeps clicking along. Just the same, when sales increase, your rent roll still needs to remain a priority. So this month we are focusing on providing exceptional trust management service to your landlords. When times are a bit tough, we have the chance to over-service our existing clients. Retention is just as (if not more) important than new business. And it helps to pay the bills! A key gripe of many landlords is when things go wrong with statements and payments. Lapses in data entry can quickly escalate, break your agency's reputation and send your landlords packing to another agent. So what can you do to ensure your rental roll holds strong for the long term? First Class Trust Management for Landlords Landlord Portals ... read more >>

First Class Trust Management for Landlords2019-03-28T06:24:47+00:00

When Landlords Change Bank Details


How to Ensure Your Money is going to the Right Place Landlords changing bank details is a common occurrence in property management. When the correct systems and protocols are in place to advise tenants of the new details and timings, things can usually go without a hitch. Unfortunately, criminals are on the lookout for any new ways to make a quick buck. The importance of ensuring your landlord's new bank details are indeed correct and legitimate is vital. Otherwise, how can you ensure you are communicating with the right person? What's to say you are not communicating with a criminal posing as your landlord? As far fetched as these things may seem, they do indeed happen. And they happen on a regular basis.  Top Tips for Managing when Landlords Change Bank Details Always get the instruction in writing. In writing does no include text, ensure it is via email, letter or fax. Only communicate with the email from the original agency agreement. If any variation to the email address occurs, it is a red flag to investigate ... read more >>

When Landlords Change Bank Details2019-03-28T06:24:51+00:00

How To Avoid Trust Accounting Mistakes of Epic Proportions


The day our Director transferred $100,000 instead of $1,000…and how you can avoid the same mistake. Before you think, no - that can’t be right! Think again. Yes these mistakes can, and do happen (even to the best of us). Major mistakes can happen in the blink of an eye – whether from a momentary lapse in concentration or simple administrative error. The good news is there are steps you can take to avoid such potentially costly and timely mistakes. So let’s backtrack to that fateful day and we can all learn a valuable lesson from an experience that Jane would rather forget! Setting the scene... Ever the worker bee, Jane set to processing mid month payments on the 15th April. Several BPAY creditors required payment, including a strata levy for $1,000. In a minor, (yet major) error, Jane entered $100,000 when processing the payment at the bank. With no limit on BPAY transfers and enough funds in the account, BPAY happily accepted the large transfer. As we all know, BPAY transfers are instant, so the moment ... read more >>

How To Avoid Trust Accounting Mistakes of Epic Proportions2019-03-28T06:24:53+00:00

5 Reasons Not to Outsource Your Trust Accounting Overseas


As a business owner, it is natural to look for ways to increase your bottom line and reduce costs. In our last blog on 8 Ways to Reduce Costs for Start-Up Real Estate Agencies we discussed various ways start-up agencies can minimise costs. This included shopping around on items like software, insurance and considering a virtual office as opposed to bricks and mortar. When it comes to minimising costs, the one place you don’t want to skimp is outsourcing your trust accounting. We’ve outlined our top 5 reasons why you should keep your trust accounting local as opposed to outsourcing overseas. REAL TIME COMMUNICATION WITHOUT TIME DIFFERENCES There will be times you need to contact your trust accountant on the spot. Outsourcing overseas means time differences that can play havoc with your deadlines. Working with a local agency means no delayed response. Any emergencies that arise can be dealt with on the spot rather than communicating via email. Information can be lost in translation and interpretations of instructions misunderstood. There may also be matters that cannot be relayed via email and require ... read more >>

5 Reasons Not to Outsource Your Trust Accounting Overseas2019-03-28T06:24:53+00:00

8 Ways to Reduce Costs for Start-Up Real Estate Agenices


Australia thrives on small business. It is what makes our country go round. So the reality of the number of small business that fail to succeed is definitely a cause for concern. According to the Australian Bureau of Statistics, more than 60% of small businesses cease operating within the first three years of opening their doors. How Can You Reduce Costs for Your Start-Up Real Estate? We see the answer to this question lies in planning. You can have the best business idea in the world, yet without a solid business, financial and marketing plan, you are setting yourself up to be a statistic. The reality is that running a real estate agency is an expensive business. There are a lot of upfront and ongoing costs to manage. We have seen many agencies cease to operate in their first year – and it came down to poor planning. We have outlined some high cost areas and suitable alternatives to consider when starting out. Remember, you can start small and grow big. Living within your means is a ... read more >>

8 Ways to Reduce Costs for Start-Up Real Estate Agenices2019-03-28T06:24:54+00:00

Sh*t In, Sh*t Out – Creating Policy on Data Entry for Trust Accounting


Data entry is one of the necessary evils of our job. No matter what way you look at it, it is the #1 priority on our daily agenda. Why do we continue to falter when it comes to keeping consistent, well-maintained data entry policies and procedures? Time. Creating effective data entry policies is a time intensive task. Implementing effective procedures for staff to follow will reduce the amount of headaches at reporting time. We have previously discussed the 10 trust accounting fails that will send your landlords packing that includes sloppy and inconsistent data entry. This blog discusses creating consistent data entry rules that will ensure your reports are clean and in an easily identifiable format every month for your clients. Good customer service means delivering reliable outputs every month – and it all starts with your data. SETTING THE SCENE – THE PROBLEM  Problem #1 – No standard formatting This tends to be a common feature amongst many agencies because there is no standard data entry formula across the board. Creating a procedures manual that forms part ... read more >>

Sh*t In, Sh*t Out – Creating Policy on Data Entry for Trust Accounting2019-03-28T06:24:55+00:00