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Key considerations when selling a rent roll

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Key considerations when selling a rent roll

When selling your rent roll, you might want to take a few things into consideration

  • Financials. Often overlooked and generally required during due diligence by bank or accountant
  • Health Check. It is ideal to complete a health check prior to selling
  • NDA’s or confidentiality agreements signed as information on acquisition is sensitive and should be treated so
  • Ensuring all properties have management agreements and there are assignment clauses in place
  • Having a strong team around you i.e.; bank on board with finance, legal and accounting support/advice
  • Due diligence on rent roll acquisition
  • Special clauses including restraint of trade, retention, finance and due diligence
  • Ensuring all properties have management agreements and assignment clauses
  • Retaining staff where possible, minimising change and therefore attrition

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What should your business listing kit have?

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What should your business listing kit have?

Your business listing kit is a list of items that you need to include when you are selling a property or business. Below is the list that we suggest.

  • Your Special offer: could be a three-month money back guarantee
  • Points of Difference form
  • Overview – Member of a particular training organisation brochure i.e. LPMA or REINZ
  • Owner Payment Schedules: show your clients the dates they will be paid
  • Owner Monthly Statement: show them an example to ensure they understand it
  • Owner End of Financial Year (EOFY) statement: show them an example to ensure they understand it
  • Management Agreement
  • Owner Frequently Asked Question (FAQ) brochure
  • Landlord Insurance Overview i.e. Real Landlord Insurance
  • Tenancy Application Form
  • Change of Property Manager Transfer Form
  • Unique Selling Points – Competitor Comparison
  • Trademe Activity Report or realestate.co.nz
  • Example of Condition Report
  • TINZ Flyer or TPS flyer

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What other fees could you be charging

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What other fees could you be charging?

Here are some fees that you can charge:

  • Management fee %
  • Letting fees
  • Rent statement charge
  • Tenancy agreement fee
  • Marketing Fee
  • Tribunal representation
  • Repairs and maintenance
  • Arranging renovations
  • Financial year statement​
  • Property photos
  • Virtual tour
  • Floor plan
  • Website listings
  • Signboards
  • Media advertising
  • Tenancy database checks
  • Lease renewals
  • Inspections
  • Additional periodic inspections
  • Insurance claims
  • Non-standard consulting
  • Payment of invoices
  • Out of pocket expenses
  • Exit fee
  • Bond of final inspection
  • Creating furnished or chattels list

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Rent Roll Growth: Information Nights

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A proven successful strategy for growing your rent roll is to hold investor information nights. Below is a checklist for running an information night.

Check List

  • Make your list of people you want to invite to the event. Include any acquaintances and friends who are interested in property investment.
  • Set a date and create a Facebook event. Invite people manually from your Facebook friend list and boost the event to target people of the ideal demographic in your town. If you don’t know much about social media perhaps check our blog about the Top 10 Social Media tips for property managers.
  • Enter the names of any important leads into a contact management system. There are a number of free options such as Trello and paid options such as  Pipedrive.
  • Send an email to them all and then follow that up with a call to them. The key to direct selling is getting an answer either a YES or a NO. Do not be happy with a maybe.
  • Once you have locked the minimum number of attendees, then reach out to some speakers. I suggest a) one property developer, b) one real estate agent, c) one property manager (YOU). Between the three speakers, you should be able to put together a compelling presentation for attendees.
  • Book a great venue. Co-sharing spaces such as 7Iwa are great.
  • Invite some sponsors to cover costs and donate prizes for a gift hamper.
  • When people arrive require them to sign in and register for the prize draw.
  • Serve wine and snacks.
  • Have a Twitter hashtag and get people to interact via Twitter.
  • Live stream via Facebook and save video on your Facebook page.
  • The next day, email everyone with a link to your website and follow up with a call.

Rent roll growth tip – Tenancy application

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Tenancy Application

As a property manager, one of your roles is to screen tenants. This include having the tenant complete a tenancy application form. Below are 4 things you can do during the tenancy application process.

  • Highlight what we do differently when processing applications and what private owners can’t do if they manage themselves.
  • It’s quite important at this point to ensure you can show your clients that you’re very strict on your application process as this can be the key area that you can educate an owner to use an agent against them doing it themselves. E.g. Collecting information from two previous tenancies, two current referees, and the last two year’s employment.
  • Remind them that you have tenancy “blacklist” companies you can use.
  • Give them a copy. If you have any rival agent applications (and they aren’t as detailed as yours), show the client the comparison, but block out the company names.

Featured photo from Business vector created by freepik - www.freepik.com

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property management business audit
  • +64 275 699 991
  • hamish@hamishturner.co.nz
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REAA Licence 10002029, Excalibre Real Estate Richmond Limited
Excalibre Real Estate Richmond Limited - Licensed Agent (REAA 2008)
257 Queen Street, Richmond, 7020

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Writing Job Advertisements That Work

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Writing job advertisements that work

One of the key components of ensuring your recruitment activities are effective is how well your job advertisements work to attract the type of talent you are looking for.

  • Remember, all advertising is about AIDA (Attention, Interest, Desire, Action)
  • Ensure your job description is accurate and up to date with only relevant information
  • Remember you are trying to grab the attention of the most suitable candidates. Your language needs to talk to those people as intimately as possible, so they think you are talking directly to them.
  • Start your ad with a sentence such as “You are a mature and self-reliant Property Manager looking for a fresh start with a highly regarded and well-established office that can provide you with the inclusive culture, support and future growth you are looking for to elevate your career to the next level.”
  • The specifics of this sentence are important (in red). Exactly what are you looking for? Is it a BDM? Do you need an ambitious BDM or are you more in the market for a stable one? Are you looking for a hunter or a farmer? Be specific and emotive.
  • What sort of business are you and what would attract this person to you? If you are looking for an ambitious or hungry BDM, then you might be offering a startup role or a new challenge of some sort. If you are looking for a farmer type, it could be because you don’t need to grow a lot and you are a landmark brand.
  • What are you offering this ambitious BDM in your startup role that is going to appeal to them? If they are truly ambitious and are attracted to a startup then they will probably be attracted to a role that they can get paid well for results or have the autonomy to do the things they know will work.
  • The next paragraph or two should expand on the opportunity and increase the interest in the job. What are you offering that sets you apart and why should that appeal to them? Talk about what they will love about the role and the company.
  • Similarly, then desire. We want them to want the job. Talk about the rewards, whether they be monetary or career, flexibility, recognition. Different things will appeal to different types of applicants but again you should know this from the job description.
  • If you know your ad will bring in a lot of responses, qualify your ad with some requirements to reduce the amount of work at the vetting stage. Ensure these qualifiers are real and separate the must-haves from the nice to have.
  • Tell them what they have to do. If you want a covering letter, tell them. Ask for Action today to create urgency. Remember you are competing for their talent so you want to get them first.

Featured photo from Business vector created by freepik - www.freepik.com

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property management business audit
  • 027 5699991
  • hamish@hamishturner.co.nz
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REAA Licence 10002029, Excalibre Real Estate Richmond Limited
Excalibre Real Estate Richmond Limited - Licensed Agent (REAA 2008)
257 Queen Street, Richmond, 7020

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