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.
Blockchain is the latest technology buzzword. While many associate it with Bitcoin and cryptocurrency, the potential of the blockchain and smart contracts is being realised across many different industries from finance to the food-chain. For the real estate industry, the concept of a smart-contract, could be revolutionary, and for those opposed to change, not in a good way. Smart Contracts 101 The majority of contracts are paper based and filled in by hand or on a computer.
Managing strata rolls can be a great strategy to generate revenue and improve the value of your real estate business. Where a rent roll covers the leased apartments or homes you manage, your strata roll covers the management of entire apartment blocks, i.e. a Strata Plan. Your strata roll may include a mix of bijou buildings with only 12 units, medium size blocks and larger complexes with up to 200 apartments and car spaces. Managing a strata plan is a lot of work. The role includes organising garden maintenance, external cleaning and repairs in common areas.
With property values soaring (some Australian suburbs have risen by 50 percent in the last five years), many prospective homebuyers are finding themselves priced completely out of the market. Property has the potential to be an incredible financial stabiliser and is seen as a smart investment, however those who can’t get their foot in the door have no chance of joining the party. Or do they? A new ‘disruptor’ has recently been launched, which claims to put buyers on the ladder to home ownership with a starting price of just $100.
No matter what industry you are in, one of the secrets to running a profitable small business (i.e. real estate agency) is to have efficient systems and processes. By standardising the way you do things, you can allow your business to run without you and free up the time of your staff. Along with the importance of systems is the need for time-saving tools. Combine the right management software with the correct systems and you will reduce dozens of the pain points which can slow down your business.
In 1950s Australia, the message ‘Populate or Perish’ was received with gusto by Australian families, many of whom produced several children to boost the foundations of the nation. As we near the year 2020, this ‘Baby Boomer’ generation is reaching their twilight years. Their children are grown and have flown the nest, work is winding down and their housing needs are changing from spacious family blocks to practical apartments. Unlike previous generations, the Baby Boomers are not letting retirement slow them down.