Management fees are always a hot topic for anyone in property management but at the moment, there is even more discussion happening (for obvious reasons). Like with most businesses, costs have increased dramatically and it’s getting pretty expensive to run a PM business.

But so many agencies are hesitant to increase their fees.

In this episode, Terri talks about what she believes stops business owners increasing their fees and some of the reasons she has heard over the years as to why now is not the time to do it.

Terri also shares some simple tips that are not particularly difficult to do, to help move you in the right direction when it comes to increasing the income a property management department is producing.

If we asked 50 property management businesses to talk about their point of difference, we could reasonably expect all 50 would bang on about how great their communication is.

But... if we asked 50 of their clients to share what frustrates them most about their property manager, the chances are, all of them would mention how hard they are to get hold of or receive a response from. Basically, their communication. So how do we fix this problem? Because property managers are under the pump, it's not like they don't work hard for their clients and that they don't recognise communication is important.

In this episode Terri shares a simple, but incredibly effective tool that she believes every property manager should use to not only help them connect better with their clients, but one that will reduce interruptions and increase their own efficiency. And the bonus is, it doesn't cost much, if anything, to implement.

One of the things a property manager will often struggle with, is demonstrating their value to a client. So many in the industry work incredibly hard but are left feeling under-appreciated by their clients. They certainly don't feel like "the expert" in their field. Highlighting trends and how to navigate these is a simple way to connect with your clients show that you are the right person for the job. In this episode, Terri shares 5 emerging trends when it comes to renter behaviour and how to communicate these to your clients in a way that reinforces they made the right decision by selecting you to be their property manager.

We are at the start of a new financial year in Australia when this episode drops, and because this is often the time that the sale of rent rolls will have just settled, the timing is right to share some suggestions on what to focus on over the next few months, if you have purchased a new portfolio.

Whether you have negotiated 3 months or longer as your retention period, this condition of the sale is really key to ensuring that you are maximising your return on what is a considerable investment, regardless of the number of properties you have purchased.

And while many agency owners are good at recognising the benefits of adding a bulk number of properties to their property management department in one fell swoop, what they don't often do is pay attention to some crucial items during the retention period which will help not only reduce risk to the agency, but maximise the return on their investment.

In today's episode, Terri shares three things anyone who purchases a rent roll should be doing during the retention period to maximise the return on their investment.

There is nothing worse than being negatively targeted online and not having the opportunity to share your side of the story. Real Estate Agents and Property Managers often find themselves depicted in the media or social media in a negative fashion.

We are fair game for those people who love sensationalising stories and situations to get more clicks.

And there has definitely been an increase in the number of good agencies finding themselves being targeted in recent times.

In today's episode, Terri shares some simple tips to help you deal with the unfairness of what is happening if you find yourself in this situation.

It doesn't seem to matter where you are located at the moment, the rules for residential rental properties have either recently changed, are about to change or have been slated for change.

This can mean some tricky conversations for property managers with those clients who perhaps don't think the rules necessarily apply to them or even some who are simply not able to afford to have the required works completed.

In this episode, Terri shares a case study of an office in Melbourne who found themselves with over a third of their properties not compliant, with owners who had been avoiding having to conduct the all important safety checks and smoke alarm compliance.

She breaks down some of the communication touch points this agency used to quickly get their clients agreeing to having the required works completed - in record time.  And she also outlines one of the most surprising, in a good way, outcomes of the project.  

Regardless of your love language most people love to receive an unexpected gesture of appreciation for what they do. Some flowers, a box of chocolates or even a simple thank you can help fill our cup to the brim.

Often property managers feel they go unnoticed by their clients.  That they are unappreciated and their work is undervalued.  Part of this is due to the busy world in which we live in - everyone has so much going on, they don't always notice the stuff we would like them to. Another reason is the increase in expectations from our clients - it seems the more we give/do, the more they want/demand (it's not just us).  But mainly, it is because we are not very good at demonstrating our own value.  

In this episode, Terri shares a story about a property manager who seemingly has a constant stream of "appreciation gifts" arriving at the office from grateful clients and 3 simple things she does that have them going out of their way to recognise her efforts.

And it's not just the property manager concerned who benefits - her whole team also gets the warm and fuzzies from her being acknowledged in this way (and also a choccy or two).

In this week's episode Terri shares why she thinks this way of thinking is not only outdated, but simply doesn't work. For too long, property managers have been trying "educate" their clients without success. Helping them understand what is required is a way better approach and results in stronger relationships with clients and way less drama in a PM's life (always the goal).

There is so much chat in the industry at the moment about the profitability of property management businesses. It's the time of year, but also the steep increases in agency expenses recently has meant that businesses are now paying close attention to what they are charging, including recovering the cost of advertising. In this episode, Terri shares how a property management team is dealing with increasing their marketing fee by $100 and the approach the agency is taking to ensure they are recovering all the costs associated with advertising a property for lease. She also shares her thoughts around why every property management business should be doing this.

Without a doubt, "taking over" the management of a property with a tenant already in place, is often not as smooth or simple as a property manager would.  After all, owners generally switch agencies because there has generally been a problem of some sort.

It this episode, Terri shares a story where someone she knows is the tenant in a takeover situation which has become quite nasty and where she feels the property manager could have avoided all the drama and stress she (and her clients) is now experiencing.

As always, it comes back to communication and Terri shares a script the property manager perhaps could have used initially to start the tenant's relationship with the agency, off on the right foot.

Our new training session, Step into BDM kicks off on the 6th of June 2023, 2pm - 4pm.  Our Growth Coach Nat South is going to teach the 3 things every BDM needs to know when they are first starting out.  It's perfect for newbies and anyone thinking about becoming a BDM. Click here to find out more!