DAMAGE CAUSED BY ENVIRONMENTAL FACTORS CAN WREAK HAVOC TO YOUR BLOCK.
Even if you aren’t convinced by all the evidence of climate change, the fact is the environment is one of the biggest threats to your strata building.
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.
IT MAKES SENSE TO UPGRADE AN OLDER BUILDING TO IMPROVE THE VALUE FOR RESIDENTS. THESE FIVE TIPS WILL HAVE A COMPLEX LOOKING MORE 2020 THAN 1990.
With so many new developments being flung up around our capital cities (and beyond), it can be difficult for older strata complexes to compete when it comes to attracting buyers and tenants.
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.
When you own a real estate agency, your rent roll makes up a huge part of the value. You put a lot of blood, sweat and tears into building it up and maintaining it. Despite all the hard work which goes into building a rent roll, one of the threats it faces is from the people who come into contact with it every day. An example I came to hear about involved a disgruntled property manager defecting to the competition after a rent roll changed hands. Once they had established themselves at the new business, they began ringing landlords and convincing them to jump ship.
When you think of artificial intelligence you may picture robots and self driving cars. The reality is this technology is already all around us. Your bank, your voice assistant (Siri, Google, Alexa) and even your flight bookings are already managed through AI. Big data systems gather information each time you interact with them, relying on your purchasing habits and your requests and those of others to predict what your next move will be. Every industry is set to be disrupted by artificial intelligence, including real estate.
What if landlords and tenants were able to rate each other? In this new world of the sharing economy, leaving a rating is common. We do it for our Uber drivers and for our AIRbnb hosts. We leave reviews when we go out to eat, when we receive exceptional service or when we buy a shonky product. Rent sites like DontRentMe and Bad Landlord call out property owners who do constant drivebys or have unrealistic expectations. Reviews share horror stories of apartments “not fit for human habitation” and of “water pouring in through windows”.
The life of a property manager is not easy! Your daily task list is a mile long and you are fielding constant queries from both tenants and landlords. There are new clients to onboard and a stream of requests and repairs to attend to. When it comes to dealing with tenants, it can feel like a losing battle. Recent changes to tenancy laws in Victoria have fallen in the favour of renters, meaning there is a whole new raft of legislations to catch up with.
AirBnB is one of the world’s greatest disruptors, having shaken up the real estate, travel and hotel industries. The idea came from two San Francisco-based former schoolmates who were struggling to pay their rent. To make some extra money, the two offered an airbed in their living room to visiting conference delegates. ‘AirBedandBreakfast’ soon evolved into Airbnb and those young men never had to worry about paying rent again. But did they create a monster?
New wave technologies like artificial intelligence, cloud based software and ‘everything online’ transactions are changing the way we live our lives. For the real estate industry, this means lots of opportunities to do things better. However, it can also present a threat to businesses unwilling to adapt with the times.
A major tragedy in the UK this year saw 71 people perish in the Grenfell Tower apartment block fire. Because of this dreadful event, building safety standards have been under the microscope around the world. If you are a strata member or property manager, it is important to understand the responsibilities of a strata when it comes to multi-dwelling buildings. Fire safety in Australian buildings The fire in London prompted wide reviews of fire safety in Australia.
Nestled in the heart of Melbourne, a vertical community known as ‘The Commons’ is redefining the idea of apartment living. Several years ago, the developers behind The Commons had noticed how urban Melbourne was evolving from a village feel to streets of overpriced, sterile apartment blocks. Residents were crammed into tiny quarters designed with only the developers’ profit margins in mind. Despite living on top of other people, interaction was at a minimum. To counter this stark way of living, The Commons was created.
If you attend any marketing seminar, workshop or webinar you will hear the same message - to define your target audience, create a niche. Focus on delivering your message to this group and you will have success.
In the competitive world of real estate, there is often an approach of taking what you can get, however this doesn’t mean the rules of marketing don’t apply.
A new form of leasing agency is on the rise, proving to be a potential threat to the traditional model of managed properties. Known as leasing rights agencies, these can be found in large scale apartment complexes managed by companies like Meriton. With dozens or even hundreds of apartments, it makes sense to have a permanent on-site building manager, or even two or three. As well as looking after the building and grounds, these managers are able to act as leasing and selling agents. Because they are on site, they make it easy for owners and tenants to sign up.