EPM
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Should you buy or build your rent roll?
To buy or to build? That’s one of the age-old questions on many a principal’s mind when it comes to property management. Should they build their property management division from scratch, or will purchasing a rent roll offer the potential of sales and income stability that’s worth the investment? If you’re considering acquiring a portfolio, there are many factors you’ll…
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Photoelectric smoke alarms: A clearer picture
How can you tell the difference between smoke alarms? They don’t seem different when they are on the ceiling. Recent changes in the Queensland legislation state that all rental properties in Queensland are required to have smoke alarms that meet the new standard upgraded before 1 January 2022. In Queensland, photoelectric alarms must be used for compliance under the new…
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The road less travelled
Mark Taylor has lived and breathed real estate his entire life. A third-generation agent, his family have been stalwarts of the industry since his grandfather first opened an agency in Sydney’s Inner West in 1926. Along the way, they have witnessed all the market highs and lows of the past century – The Great Depression, World War II, a ’60s…
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Ask the coach – Supporting new leaders
Q: I’m a Principal used to managing the PM team, and I’ve just employed a new team leader. How do I step back and allow them to be successful? A: Stepping back and handing the reins over to someone new is a challenge, especially if that person is new to the leadership space. If they are an existing team member,…
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Seven steps to maximise energy in your team
As I step into my 16th year of property management, I am blown away by the development we have seen in the system and support space. We are in an era where PM efficiencies are a hot topic and communication isn’t just important, it is expected of every team member across the rent roll. However, I am just as surprised…
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Ask the coach: How to manage landlord and tenant expectations more effectively
Q. I’m receiving an increase in complaints about communication. How can I help my team manage landlord and tenant expectations more effectively? Communication and expectations: Two words that, in the property management world, affect everything we do. Unfortunately, there is not a checklist to follow to simplify and streamline this part of a property manager’s role. First, set communication standards for…
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Trust in your team
For most people the trouble with delegating begins with relinquishing control. It requires you to transfer some of your workload to someone else, trusting they will do it well and on time, all the while knowing accountability remains with the delegator – that’s you. Most of the world’s esteemed leaders are experts at delegating. Entrepreneur Richard Branson says it best:…
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Is there a quick fix?
It’s a delightful concept, the idea of the ‘quick fix’. Yet when it comes to property management life is rarely a romantic comedy. We work with people, with real estate, and unfortunately there’s no magic spell to make your property managers thrive or your business fizz with productivity and good vibes. However, there are a handful of key values and…
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Seeking the truth
From the moment we are born we strive to communicate. Babies cry to let their parents know they are hungry, tired or need a cuddle, while parents wait patiently for their first word. More often than not, patience quickly turns to impatience as they decide the most incoherent babble is actually a word, albeit one only they understand. In jest…
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Be the leader you were meant to be
The process of becoming the leader you were meant to be starts with inspiring your co-workers. Every morning you should bounce into the office ready to take on whatever comes your way. To inspire your team, you need to demonstrate a passion for your career. You should greet each member of the team and encourage them to have a successful…
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It’s time to change
The 2018 Voice of Australian Property Management Report revealed the best property management businesses are well led, have great career structures in place and encourage their teams to be more than just property administrators. Yet only one in four property managers feel this way about their business; 28 per cent of property managers talk the industry down and 12 per…
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Corey Rotunno-Grant: Customers come first
What was your first job, and what did it teach you? McDonald’s Bondi Junction where I learnt that customers always come first as without customers we don’t have a business. While we need to set boundaries with our clients, they need to be treated as if they are our only client, whether that be a landlord, tenant or contractor. What…
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5 ways to be a better leader
When it comes to leaders I’ve seen the good, the bad and the downright ugly. In every instance, the leader’s style heavily impacts the culture of the team and its success. Harvard Business Review refers to six types of leaders: The coercive leader This ‘do what I tell you’ style of leadership may have worked in the past but it…
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Smoke alarms: What you need to know
A smoke alarm provides the best opportunity to detect fire, protect investments and save lives. Regular smoke alarm maintenance is required to make sure all alarms are functioning optimally. SMOKE ALARM TYPES There are many types of smoke alarms, and the basic terminology you need to know is photoelectric or ionisation, hard-wired, radio frequency or battery operated. Most Fire Services…
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Having a ball: 60 years of life, love and real estate
Luton grew up on a cattle and sheep farm near Adaminaby in New South Wales, where he learned the true meaning of hard work. Working on the farm before and after school every day, plus all weekend, taught him solid values around work and money. “My parents were the average Snowy Mountains sheep farmers,” says Luton. “What they gave me…
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Good tenants: The key to landlord satisfaction
With one in three Australians now renting, creating a great experience for tenants is more important than ever. Renting is often the start of someone’s property journey, so it’s a great opportunity to build and nurture a relationship for the future, where they will buy, sell and buy again. Finding the best tenant isn’t always easy, but with a clear…
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Tara Bradbury: Back in the game
I’ve got some news. It may the industry’s worst kept secret, but I can finally, officially, say I’m heading back to the coalface. The decision to come back into the property management industry isn’t one I’ve taken lightly, or quickly, but something I’ve been contemplating over the past 12 to 18 months. There’s a host of reasons why I have…
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The real cost of discounting: Nick Brown
Recently I put forward a proposal to an owner who was looking at changing managing agents, only to find out they thought our fees were too high for the socio-demographics of the property’s postcode.
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ATO to double the number of audits for rental deductions
Rental property owners are being urged to make sure their claims are correct, as the Australian Taxation Office (ATO) announces it will double the number of audits scrutinising rental deductions. In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions. Assistant Commissioner Gavin Siebert said this year the ATO have made rental deductions a…
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Mi casa es su casa: The insurance perils of sub-letting
Increasing costs of living and high prices for rentals in desirable areas mean the idea of sub-letting is appealing for many tenants. And while many think this is just a matter between landlord and tenant, it’s important to consider the landlord’s insurer – as generally sub-letting is not covered. Sub-letting is where a tenant privately organises for someone to pay…
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Diamondz are forever
It was 2008 when Jack Fontana experienced a critical epiphany in his career and personal life. He’d been in real estate since 1999, first in property management and then sales, but without listings on the books and with a baby on the way things were looking dire. “I was at a point where I had a daughter due in about…
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Changing a company’s ways: 12 months inside Console HQ
It has been a year since my appointment as CEO of Console, a year of change and significant improvements. I love working with companies that embrace change and are open to new ideas. Due to the commitment and attitude of our team, we’ve made some huge strides towards our goals. I believe our customers, current and future, are starting to…
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Don’t let your insurance become a disaster
What advice would you give to property investors, landlords and property managers impacted by a natural disaster? Natural disasters like bushfires, floods, storms and cyclones can not only cause widespread devastation, but also confusion. When a rental is caught up in a disaster, there can be a lot of uncertainty about how owners, tenants and agents should respond. This is…
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In too deep: How to manage property through natural disaster
Cassandra Charlesworth spoke to principals in Townsville and the Whitsundays to find out what that experience is like, and to understand the most effective strategies they implemented when dealing with these defining moments. Townsville Flooding: Ben Kingsberry, Harcourts As the rain continued to fall in Townsville on 31 January, Harcourts Kingsberry Principal Ben Kingsberry knew this would be a weather…
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Ask the coach: How to maintain a sense of urgency in the letting process
Q. My team seems to get busy with ‘PM life’ and forget the importance of urgency during the letting process. I think sometimes enquiries are missed. How can we improve in this area? The first thing I would suggest is that you ensure you have a clear set of minimum standards when it comes to the leasing process; namely, that…
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‘Taylor-made’ service
Overlooking the azure blue of the Coral Sea and encompassing residential, rural and island communities, the Whitsundays is one of those laid-back lifestyle destinations where time tends to march at its own pace. Here the property market ebbs and flows in step with tourism highs and lows, construction ups and downs, and the on-again, off-again influx of investors brought in…
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Property Management Performer: Maria Page
Real estate may seem a world away from amateur theatre, but not for Maria Page, Director of Property Management at Barry Plant Mitchell Sunbury. Here she explains to Elite PM how the confidence she gained during her time on stage stands her in good stead as a property manager. After 15 years as a property manager, Maria has certainly seen…
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Ask the PM Coach: Strike rate
Increasingly, our market is seeing out of area investors, many of whom I never get the chance to meet before they select a managing agent. How can I increase my strike rate? Great question. First up, be the area expert. Consistently provide value, add information and ensure you have secured multiple contact methods for keeping in touch. Once it comes…
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Training Day: Melinda Cotton
Property management can be a complex role. The property manager’s primary role is to manage the tenancy of rental properties, but it comes with a multitude of areas of responsibility – including the maintenance, security and functionality of a given property. Then one must factor in the human component, including the needs and desires of the property owner, the tenant…
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Ask the PM coach: How to increase your strike rate with out of area investors
Q. Increasingly, our market is seeing out of area investors, many of whom I never get the chance to meet before they select a managing agent. How can I increase my strike rate? Great question. First up, be the area expert. Consistently provide value, add information and ensure you have secured multiple contact methods for keeping in touch. Once it…
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In the moment: Shaye Wallis
As an award-winning property manager at Wiseberry Heritage on the NSW Central Coast, Shaye Wallis has learnt how important it is to celebrate the wins and live in the moment. What was your first job? My first job was at McDonald’s, which taught me that everyone begins at the same starting line. What has been the best thing to happen…
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The Little things: Ellayne Lim
Little Real Estate’s Ellayne Lim is a rare gem who has mastered the art of organisation, fairness and communication to a point where her Net Promoter Scores® for both owners and tenants are on par with some of the world’s most admired companies. Ellayne Lim has been in property management now for seven and a half years – all of…
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9 tips for becoming a stronger BDM: Tara Bradbury
If I could narrow it down to one simple formula that would show you how to be a successful BDM, would you follow the steps? It comes down to three simple words: ‘be seriously interested’ in what you can do for others. I guarantee that reviewing these nine key areas will change the way you approach your BDM role in…
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If it’s not dinner, then what’s cooking? Sharon Fox-Slater
Australia’s expanding illicit drug problem is having an ever-increasing impact on investment property owners, with a growing number of rentals being contaminated by meth. Along with contamination come accusations – squarely levelled at the agent – about how it was allowed to happen. There’s a new headline every day, it seems, about the problem of meth in rental properties. Also…
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5 lessons in leadership: Michelle Williams
My leadership journey started around 17 years ago when I was given the responsibility to lead a team of six in an agency managing over 700 residential properties. I was only 26 at the time and most of the employees had years on me, both in experience and age. To be completely honest, while I had a strong work ethic…
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