Start the year on the right foot

The start of a new year is the ideal time to take stock of where you are at (and we don’t mean any New Year’s gym resolutions if that’s what you are thinking).

No, we are talking about your Trust Account and Property Management Health Check.

Ha! Bet you’ve never heard of that one before now.

Well, it’s a thing.

And if you don’t currently undertake a yearly Trust Account and PM Health Check, we are starting now. So add it to your diary along with your next dental appointment.

Implementing a Trust Account and PM Health Check means you enter the New Year with clean accounts, updated completed paperwork and policies & procedures in place.

Let’s start with your Property Management checklist.

Annual Property Management Health Check

  1. Reforms

    2020/21 was a hectic year for reforms. Did you keep up? NSW saw huge changes with Licensing reforms.

    If you need a refresher, grab a coffee and settle in for some reading on either the NSW reforms or the QLD and VIC changes.

  2. Yearly Planning

    Now is the ideal time to get your team together, catch up and organise your plan for the year ahead. Review your office policies and procedures. Discuss your marketing and business development opportunities. How can you work together to grow the business? To retain clients and secure new ones? Bring your team together and conduct an agency think tank on how you can move forward through 2022 as a united team.

    Put a plan in place to make 2022 the best ever (COVID be damned!).

  3. Staff reviews

    Take the time to sit back and review your staff. Do you have the right people in the right positions? Are there any gaps? Is there a clear path for those looking for career progression? Is anyone sitting idle or not working to expectations?

    Setting clear guidelines, roles and responsibilities for your staff will help them to work more efficiently. It is also very handy when the time comes to review performance and KPIs.

  4. Office resources

    What is the status of your office expenditure last year? Chances are, with a lot of working from home, pretty low.

    COVID showed us how we can pull back in areas we had never considered before. Could you save on electricity and office costs if everyone worked from home a day a week? Can you eliminate paper in your office? It means less printing and paper/printer costs. Can staff job share for more flexible working hours?

  5. Make change

    COVID has taught us to think outside the box. Some saw working from home as a hindrance yet others thrived. Businesses pivoted to find alternate business models which in some cases, opened up a completely new way of doing business and revenue streams. So don’t let coming back to the office deter you from implementing new changes. You just never know what you might discover.

Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 24 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.