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Save money on property inspections

December 2016

For those agents that have been in business for a while and have built up their rent roll, you would have invariably taken properties in locations that are not always convenient to your office. Over time, these properties become a problem, especially now with higher travel costs and wages for staff. The more time staff are away from the office the less productive and expensive the management becomes.

Think about it, you are not only paying for your staff member or yourself to travel and show the property or do an inspection but, while you are out of the office work that could be done is not being done, so it is a double whammy!

Our rationalisation plan is just a matter of going through your property list identifying the areas where you have properties that are away from your office, and looking at the viability of selling off those properties, or swapping with an agent in that area for some properties that they may have in your area.

Another option is to build up the properties in that fringe area and then sell them off. This can provide cash flow to either market for new business, or purchase a small portfolio in your area of influence. Small rent roll portfolios can be difficult to sell, they have less fee volume and higher risk of management losses, but if you get a group of 30 plus then it could be worth considering.

Don’t just bundle up your bad landlords or properties and hope to make some money out of them. Your competition will be awake up to this and once bitten that buyer will make sure all the other agents know about it. If you have very difficult landlords or properties that are not up to rentable standards, for your own benefit retire them off immediately. Tell the landlord unless the property is brought up to standard or certain things change you can no longer manage their property and please pick up the keys. Remember not all business is good business. Listen to this months video "Save money on inspections"


Does the cost of all this latest technology genuinely provide move efficiency and savings within your agency? After all what we purchase today can be obsolete in a few years time.

Some business owners are technology junkies while others are reluctant to incorporate technology, seeing it as an unnecessary evil, costing more money and placing more pressure on staff to change the way they are use to doing business and learning how to use and operate it.

So, is all this new technology worth investing in or is it better to stick to doing things the way we are use to and comfortable with?

Here are several key questions I believe we need to ask and answer before investing in new technology.

First we need to ask the question, is the product relevant to our organization and task that it is designed to apply to? 

Then, is the product going to provide us with efficiencies and cost savings that will offset the investment we are going to make?

Investing in the right products that enable staff to become more efficient and productive is a no brainer.  Remember, you have a one-time investment, which doesn’t incur overtime, holiday pay or super costs, so if it enables your staff to become more efficient and generate more company income per person each year then it becomes a wise investment.

One of the biggest negatives I see all the time is that business owners are willing to invest in technology but then become reluctant to spend time and money training their staff to use that technology in a way that extracts the maximum benefits from their investment.

Take your smart phone as an example, we can go out and buy the biggest and best, only to utilize around 40% of the features that are available on it!

We may have that phone for several years and never learn to appropriately use all the features to their maximum. This is a huge under use of the benefits as well as a lack of maximising a return on our investment.

We invariably see the same pattern with companies that are doing the right thing and investing in great technology, but then dropping the ball by not training their staff to use that technology to it’s maximum potential.  Many staff members are only using a fraction of the technologies potential that they use every day. This lack of understanding and training is costing huge amounts of money and productivity, because not only are you under-utilizing your initial investment, but the underuse of the resources that technology provides, negates the efficiencies and saving that come from making your staff so much more cost effective. 

So, it is important to look at what software and products your staff are using, and make sure that they are getting the maximum out of them by providing regular training.
 
Just as technology is changing and developing, so the training of your staff to use these products to their maximum benefit within your agency needs to be ongoing and regular, so you can be sure that your staff are operating efficiently and maintaining maximum productivity within your agency.

FROM THE BLOG

What is your biggest Asset?

Two company executives were discussing the considerable cost of training and developing people within their organisation. The chief financial officer asked the CEO, "What happens if we invest in people ...