2019, The Year to Just do it or Just Don’t

Many years ago I worked with a large and well known commercial real estate firm.

Three weeks in i had decided it just wasn’t for me and not one to leave things in the air I resigned that day when all of the staff were out of the office and the receptionist was ordered to walk me off the premises. She didn’t though and we spent a few hours chatting.

One of many stories I’ve gathered in my years in Property Management.

So only a few months ago when a client with residential properties that I manage for them threw me the keys of their vacant office suites and asked if I’d try to lease them, I was so very tempted to say no and could have easily. I thought it was beyond me and the thought of not being able to deliver for them was always at the forefront of my mind.

I was completely honest in telling them that I had no idea what I was doing but they still insisted that I give it a go and use their property for experience.

Absolute dream clients, I don’t know if I’d be as trusting or generous!

But armed with some sage advice from friends in the industry, a great advertising budget and several inspections it is now leased and being managed by me.

Despite my initial hesitation I am really happy that my clients are thrilled with the result, Ultimately I really wanted to get it occupied for them and to be able to continue working with these clients. They maintain that they gave me the opportunity because if I translated the effort I put in with Residential that i’d get a quick result, i’ll always suspect that they did it to help my very new business get off the ground. What a good learning experience though.

The point though is that once I’ve decided it was happening it all happened and fast.

This experience I think comes from my working motto “just do it” (unfortunately shared with Nike). For years the words just do it was plastered to my computer screen but simply put my motto is to not procrastinate and just get on with the job. It’s really helpful to rip the band aid though and “Just do It” when you have to make a tough phone call and have the less than ideal conversation.

Just doing it though, combined with my email Inbox O.C.D comes across to my clients as good customer service and that’s good enough for me.

Working this way can get you through volumes of tasks quickly and that’s very important in property management, so 2019 more than ever will be a year of not procrastinating and just getting on with the job at hand.

Not a resolution, but a renewed push to JUST DO IT when you decide to do something.

At the other end of the spectrum, saying No to things that don’t make you happy, are not rewarding or worthwhile is a whole other topic and one I feel strongly about as well. Maybe needs it’s own blog entry as more people could be helped by just saying no from time to time.

Oh and Happy New Year!

Feels like that short break never happened already 🙂

Antonio

Established in Winter with remarkable growth and results

The Management Agency springs to life in Winter!
28/8/2018
Cold and dry pretty much sums up this past winter with colder days then ever before and little of that much needed rain. Throughout this season though I’ve felt that The Management Agency has already grown and hit some major goals.
Winter saw inner Sydney vacancy rates rising by 0.4% to 2.8% while outer Sydney areas experienced even higher vacancy rates.
In the Industry there’s been nothing but talk amongst Property Managers of reduced enquiry levels, open home inspections with no prospective tenants turning up and agencies doing up to 40 open homes of a weekend! I’m sure some have fared worse.
Here at The Management Agency and just two months since having established we’ve had little share of the vacancy but tough times have a way of making agents more resourceful. Well speaking for ourselves anyway.
I find I’ve been more inclined to go that extra step to securing tenants, Inspections outside of working hours and additional inspections outside of normal open home times.
Updating our owners as the inspection finishes and much to the surprise of other agents – my calls to them seeking advise on pricing, advertising and seeing how they’re travelling. Nothing wrong with some networking surely.
Some of our properties have still managed to lease on their first showing having been updated and presenting nicely along with being competitively and realistically priced from the outset. Most valuable to me has been meeting prospective tenants first hand and getting some great feedback about what they’re seeing in the Sydney rental market. It’s been an ongoing education and invaluable meeting future tenants first hand for myself.
Tenants have by far been inspecting more properties on a Saturday than most agents would be and they seem genuinely happy that they their fair pick of properties.
So it’s been a busy winter really ensuring that all bases have been covered in leasing and managing properties that are new to The Management Agency.
We’ve listed properties from new investors, enjoyed some great referral business and taken over managements from other agencies. We’ve therefore been busy inspecting them all and ensuring our new clients are seeing a difference for themselves.
The Management Agency is growing organically and at a great pace, so far the feedback from our tenants and owners has been nothing but encouraging.
I am very excited to see what Spring holds for us, no doubt some new challenges and projects and as always an interesting rental market.

Research suggests Private Rental Growth is not all positive

3/8/2018

With an Increase in Private Rentals, why employ or rent via a Property Manager?

According to a recent report carried out by the Australian Housing and Urban Research Institute the private rental sector between 2006 to 2016 has grown by 38%, meaning that more than 2 million Australian households are rented/managed privately.

It is predicted that this rapid growth is set to continue with the increasing number of Owners and Tenants using online platforms to either secure tenants or to rent a property. Portals such as Facebook are making it easier for people to line up these informal arrangements.

The report also finds that this is having an effect on the market by inflating prices on the “room rental market” where the private rental market was traditionally seen as a more affordable option.

Owners and Tenants should be aware that these portals and apps do not do a lot for the protection of user’s rights as they appear to be, for the most part unregulated.

Real Estate Agents are bound by the Residential Tenancies Act that sets out regulatory protection for all parties involved, whereas the alternatives such as Rental Bidding App’s allow for increased competition in the Private rental market which leads to people being priced out of the market.

So why should Owners and Tenants use a Property Manager?

Tenants:

  • You have a legally binding Tenancy Agreement governed by the Residential Tenancies Act in place providing you protection of your rights
  • You are issued with a condition report documenting the state of the property you are moving into and are given an opportunity to document any discrepancies
  • Your rental payment history is recorded with receipts and ledgers
  • Ensures that your bond monies are appropriately lodged and safe guarded
  • Be issued with a rental reference at the end of your tenancy from a reputable agency which will come in handy down the track and particularly when looking for a new home as a reference from an agent carries more weight than one from a private landlord
  • Ensure that you have avenues to have urgent repairs dealt with and that any other issues are addressed promptly, professionally and in accordance with the Tenancies Act

Owners:

  • You have a legally binding Lease Agreement governed by the Residential Tenancies Act in place providing you with protection of your rights and awareness of your responsibilities
  • Your properties condition is thoroughly documented before, during and at the end of each tenancy
  • Your financials are recorded, documented and reported therefore making financial tracking and end of financial year tax assessments seamless
  • An agent ensures that you are compliant in all of your obligations under the Tenancies Act and further ensures that the tenant is fulfilling their responsibilities – An agent should be educating their Owners and Tenants as to their respective obligations
  • Outsourcing the day to day management to a Property Manager eliminates lost time and much stress to Owners

There is much more involved in the renting process beyond these points listed and a lot of what Property Managers do cannot all be listed here.

Regulations are constantly reviewed and changes are regularly implemented. A licensed and experienced property manager is required to keep up to date with all ongoing changes to legislation.

A Private Owner, or Tenant for that matter, can find this all difficult to navigate and in unregulated territory Owners and Tenants do leave themselves vulnerable.

 

I suspect that in the Private rental market, a lot of what is Best Practice to most Property Managers’ may be missing. Having a Property Manager in place ensures that Owners and Tenants clearly know where they stand and acts as a mutual point of contact for all parties.

For Owners and Tenants there is a lot of risk and uncertainty  that is eliminated when you employ a Property Manager, well a good one!

Does your Property Manager know it all?

9/7/2018

If you called your property manager to ask a question, would they have the answer on hand?

Well we can’t know it all really, but at the same time, it’s kind of our “angle”.

I’m sure I’ve written about this on the website but I feel it’s an important advantage that The Management Agency offers.

How many other agencies can say that it all starts and ends with one person and that this person has to know it all, know the tenants, know the landlords and is across all communication.

So, what do I know that can make a real difference to both owners and tenants.

-Who’s paid rent and who hasn’t

-What’s pending and what’s completed

-Who viewed what property

-Who’s moving in and out

-Status on repairs, financials

There’s no confusion as to who to call, no being passed around or passing blame.

Of course, on a small scale this is achievable but I’ve named the business as an Agency as who knows what the future holds – I’ll always plan ahead and keep the scales firmly balanced in our client’s favour.