pmXcite - 'The Podcast‪'‬ Terri Handy

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.