How do you become a strata manager in NSW and Victoria so you can add strata management to your real estate business?
For motivated and proactive real estate agency owners, the addition of property management as a service makes sense. Taking on responsibility for landlords and tenants creates a ‘bread and butter’ income stream, delivering more predictability and more financial stability.
Thinking of selling your real estate business? It is important to understand its value first. Take a look at the benefit of having an independent valuation.
Thinking of exiting your business and considering an internal buyer? This can be a win/win as the person already understands your business and the way it works. You can also negotiate a gradual withdrawal from your responsibilities, depending on your preferences.
When growing your rent roll, dividing the salespeople and those who are more operations focused can be a winning formula.
Building your business can often be a chicken/egg situation. You would love more clients but the ones you have are taking up almost every waking hour for your property managers. If only they could forget about answering landlord and tenant phone calls to focus on building your rent roll!
How does managing a strata roll differ from managing a rent roll and should your real estate agency go down this road?
Strata is becoming more popular as medium and high-density housing takes over the suburban landscape. For real estate agents, this presents an opportunity to expand into strata roll management as well as traditional property management.
Does the way people feel about your rent roll contribute to its value? Find out the answer, and how you can improve goodwill towards your agency.
When preparing to buy or sell a rent roll, the number of clients in the database, the value they bring and the length of time they have been with the business all come into play. These are all tangible and can be measured.
As a real estate agent, you may receive a call from a landlord client who has put money into a retail outlet or office and wants you to manage it. This is an excellent chance to grow your rent roll, however there are different rules and regulations around the letting of this type of property which you must comply with.
While some of Australia’s regional towns are thriving thanks to local industry, others haven’t had a heydey since gold-rush times. With no tourism drawcards and a landscape ravaged by drought, population numbers in these areas continue to dwindle.
Real estate agency owners in regional Australia are suffering from a drought of their own. Not only is there are lack of property being exchanged, agents who are ready to sell their own businesses are set back by a lack of interest.
When you sell or buy a rent roll, often property managers and administrative staff are included as part of the deal. If they’re not happy about the change, your customers, your reputation and your relationships can be at risk of ending up in the wrong hands.
Avoid the loss of valuable information and clients by planning ahead and structuring a plan to manage staff during a rent roll transition.
Having handled the sale of dozens of rent rolls over the last few years, I’ve come to recognise the precursors of a smooth and successful sale process.
For example, agency owners who stay on top of bookkeeping find it much easier to prepare their rent roll for sale. They have all the information of the past three to five years to hand and they’re able to present it clearly. This helps quantify the value more easily to the buyer.
During an upswing in the property market, new real estate agents flock to the business, excited to take home their piece of the pie. However, reality inevitably bites! Being able to survive the hard times requires persistence, planning and strategy.
When the property market takes a breather and homeowners become reluctant to sell, here are some ways to ensure your business doesn’t go down the plughole.
Both property and small business are two areas of the economy feeling the heat as a result of the 2018 Banking Royal Commission. If you own a real estate agency, this can be troubling news!
During commission hearings, it was found lenders including ANZ and Westpac financed small business loans which the Financial Ombudsman later ruled should not have been approved. In one case raised as part of the enquiry, it was reported borrowers were given in excess of $200,000 despite providing unrealistic financial forecasts.
Often the purchase of a rent roll can mean a real estate business has acquired another location and office. Part of the success of a rent roll transition in a situation like this, is what happens after the ink has dried on the contracts.Not only does the agency have to integrate the new rent roll, landlords and staff into their existing business, there is the issue of branding. Most established agencies understand the value of a consistent brand across multiple offices, however the one place we consistently see brand degradation is on social media and on Facebook in particular.
A dense population doesn’t always mean a strong sense of community. Here’s how to increase connections within your building.
While some people shun the idea of apartment living because they don’t want to be in such close proximity to others, the reality is many apartment dwellers report they never even see the majority of their neighbours.
Should you go down the path of retrofitting soundproofing to your strata complex?
At one time or other during our property journeys, most of us have lived underneath a floor-board owning, high-heel wearing professional, adjacent to a kid learning the trumpet or directly above the party-house from hell. Without good soundproofing, these can make living very uncomfortable.