Sign Up Now

Things you can do presale to increase value and ease transition

by

Things you can do pre-sale to increase value and ease transition

  • Tenancy Agreements in place throughout
  • Bonds lodged and in place throughout
  • All properties have keys
  • Assignment Clauses on all management authorities
  • Routine inspections up to date
  • Review and increase any owners on low fees
  • Increase rents where required. This will have a positive effect on the capital value
  • Introduce secondary incomes where possible. This will appeal to a buyer and aid with the business value also
  • Friends and family paying low fees need to be adjusted

Share this article

Subscribe to our monthly newsletter Be the first to receive the latest rent roll listings


Rent roll growth tip: How to be proactive with your tenants

by

Rent roll growth:
Be proactive with your tenants

  • Who attends vacant properties? Prospective tenants.
  • Who are prospective tenants? Future & current landlords.
  • Who helps tenants find homes for the first time? Parents.
  • Do all landlords rent to their own kids & friends?

Some questions that you can ask people when they’re attending a property that’s for lease are:

  • How does this property compare to other properties you have viewed? If it was possible for us to arrange that for this property would you apply?
  • Will you be applying for the property? If they say “no’, ask them why, and see if you can work with them to help find a suitable property or even as mentioned above, find out if you can make it happen for the property they’re looking at now.
  • How much do you think the property is worth to rent?
  • What experience have you had with real estate?

Have a list of your vacant properties with you, so if this property isn’t suitable, you can offshoot them to another property you manage.

Applications are a great source for finding potential landlords. The tenant who created a relationship with the previous owner and their details can be put in the form as a reference.

At this point, you can then call the owners and thank them for the reference check, but then offer to help find them a new tenant as it’s now come available…unless they’re selling or moving in themselves.

When a property is vacant, it’s one of the most stressful times for an owner so they are now at a point where they need your help and you can offer some help when you’re making that call. Having a system like InspectRealEstate (IRE) in place within your office is having a service for
your potential tenants that are above and beyond your rival agents. They, as tenants, recognise this when they’re looking for a property with you as you’re making life easier for them and they get impressed with the notifications. They (If they’re a landlord) start to question “why isn’t my agent using this service?”, or “wow I manage my own properties and can’t offer this to my own tenants when looking”.

You are now offering service above and beyond your rivals……a point of difference (POD). Send tenants a PDF of your vacancy list once per week. Create a top 10 prospective tenants list. Follow them up when they have said they will apply……chase the application ….especially if you know they’ll be a great tenant.

Read more articles

Be the first

Subscribe to our monthly newsletter and be the first to get updates on our rent rolls for sale and property management news.


Follow us

Facebook Linkedin Instagram Twitter

Proud Supporters Of

Victory Boxing Retro Logo Black background
property management business audit
  • 027 569 9991
  • hamish@hamishturner.co.nz

Consulting

Site

Latest Articles

Read more articles

Primary and secondary factors relating to rent roll value

by

Primary and secondary factors relating to rent roll value

When determining the value of a rent roll, there are many different factors that come into consideration. What are these factors? you may ask. Below we have broken down the primary and secondary factors when having your rent roll valuated.

Primary factors

  • average rent
  • average management fees
  • number of properties
  • location of rent roll
  • comparative sales

Secondary factors include

  • Owner to property ratio
  • Profitability
  • Secondary income such as let fees, inspections, admin, marketing, maintenance
  • Branding, social media, domains
  • Other assets
  • General spread of the portfolio
  • Staff in place – experience level, current salaries
  • Arrears rate
  • Vacancy rate
  • Cleanliness of book, keys, bonds, inspections up to date, the status of smoke alarms, insulation, general tenancy documentation, and management authorities

Share this article

Subscribe to our monthly newsletter Be the first to receive the latest rent roll listings


Simplifying conversions

by

Rent roll growth: Simplify conversions

Making the transition for clients is one of the most important things we can do as agents. Our job is to train them on how easy it is to transfer a management over to you, or even just at the initial sign up. Have a simple form set out as an agency agreement that isn’t too confusing for potential clients to read (you can have a one or two-page agreement). This then enables your potential clients to feel how simple it is; they’re not being bogged down with paperwork or CONTRACTS. We don’t want them thinking they are signing a contract…. People don’t like signing contracts, we feel as though we are being LOCKED into something.

Remember to keep it simple

You can even try something as simple as calling the agency agreement an “Authorisation Form”. This makes it a softer approach, helping clients feel as though they’re NOT signing a contract, but giving us the authorisation to collect the rent, do inspections for them, advertise the property, and carry out maintenance and so on, all on their behalf. When speaking with them at the sign-up, give them a guarantee at the same time….this will also comfort them when giving them a piece of paper to sign- you want to create an easy, not a “sign here” feeling.

So just to clarify and put this in points for you:

  • Keep it simple – one or two pages
  • Remember that people fear legalities
  • Don’t overcomplicate things
  • No FIXED contracts
  • 100% Money Back Guarantee

When you send an email confirming your conversation with them, be sure to email them a list of what you can do for them.

Transfer forms

It’s important that we train the potential landlords that we can help. We can arrange the transfer of management forms for them, and even deliver the notice on their behalf. Lots of people don’t like confrontation, and they’ll simply stay with an agent if they’re having a problem because:

  • A.) They feel it’s too hard to transfer over… just like we have a fear of changing banks…or
  • B.) They don’t want to receive a grumpy call from the agent that they’re upset they’re leaving.

Let your clients know that all they have to do is go through the authorisation forms with you, then you can take care of the rest on their behalf. You can even fill out the transfer form for them, and get them to sign it. Assist your clients to feel as though you are here to help them and make life easier for them. This is why they employ an agent in the first place so we can act on their behalf.

Make the transition simple

  • Have it on your website so anyone can download and use, with all details coming back to your office.
  • Ask for the business on your site, and have a link that also shows them where your transfer management forms are.
  • Match the fees as a courtesy if they are on cheaper fees.
  • Invoice previous agency for the termination period, so you then get the management faster for your client.
  • Take the previous agent out for coffee so you keep relationships open.
  • HANDLE EVERYTHING

Share this article

Subscribe to our monthly newsletter Be the first to receive the latest rent roll listings


Organic growth of a rent roll acquisition

by

Organic growth of a rent roll

Pros include:

– Cashflow injection
– Increased sales commission opportunity for sales side of the business if applicable
– Often it is easy to add value to a rent roll being purchased
– Profitability increase when merging outgoings of a business ie; administration, commercial lease, cost of software
– Increase in new business referrals from marketing in place if this part of the business is acquired ie; website, social media, etc.
– IP gained on acquisition is a pro that is often overlooked but a very real “Pro”
Cons include:

– Taking on a “dirty book” can be rather painful and costly in terms of time and energy to clean it up
– Attrition or loss risk of clients during acquisition as there are many factors that must be handled carefully during a rent roll acquisition
– Taking on staff that are not at the same level as your own in terms of knowledge and skill set. Also, bringing different teams together can be culturally challenging.
– Employing a BDM is often challenging.  A lot of time and expense is involved in employing BDM’s, sometimes without the necessary return on investment.

Kick off 2020 with a
Financial Health Check of your rent roll

Click here

About the author

Hamish has over 17 years of experience within the property management industry and has experience throughout New Zealand and Australia as a manager, principal and consultant. He utilised all of this experience to form a property management business that he expanded between 2009 and 2016 into 7 locations around New Zealand.

Share this article

Subscribe to our monthly newsletter Be the first to receive the latest news on property management and rent roll listings


property management business audit
  • 027 5699 991
  • hamish@hamishturner.co.nz
Facebook Linkedin Instagram Twitter

REAA Licence 10002029, Excalibre Real Estate Richmond Limited
Excalibre Real Estate Richmond Limited - Licensed Agent (REAA 2008)
257 Queen Street, Richmond, 7020

Articles

Read more articles

Rent Roll Growth- Cold Calling

by

Cold calling for growth

Cold calling is an essential part of business development. Your BDM team should be actively calling prospects on a daily basis. Below is a script that we have created for you to start your team in cold calling. Once you have practised a bit you can devise your own personalised cold calling system.

 

Cold Calling Script

“Hi George, my name is (agent name) from (office name) investor support service. I noticed that you put through an enquiry on 52 ABC street last night and you asked about the rental return. Returns on investments is my specialty. I can also help REGARDLESS of the agency you purchase from. I can also give advice on which property will help you attract a better quality tenant.”

When calling the client, we need them to email you a list of the properties they are looking at. Then we need to show the clients HOW we can help them:

– Give a rental opinion on them all

– Give a tenant attraction rating

– Provide recommendations to achieve a higher return

– Tell “George” what you can do for him (Form)

– START SELLING YOUR SERVICES (POD)

When you send an email confirming your conversation with them, be sure to email them a list of what you can do for them.

Never give up attitude

Regardless of what the outcome may be when dealing with potential landlords, your attitude towards them needs to be the same. If you are not successful at the presentation, it doesn’t mean….”Give up” or “I didn’t want them as a client anyway”.
 
Each client means, potentially, two or three more clients down the track – as each client could bring into your office a further two or three new leads. This we will cover in another tip, the point that we are trying to get across here is: “No” doesn’t mean NO……it’s just NOT YET.
 
A couple of factors could be that we never sold our services to them correctly; we may not be the best agency; or, simply, it’s just not what they were looking for in an agency. So stay positive, learn from what we may have done wrong or what the other agent offered that was better and look to implement and improve – then go to our next tip.

Kick off 2020 with a
Financial Health Check of your rent roll

Click here

About the author

Hamish has over 17 years of experience within the property management industry and has experience throughout New Zealand and Australia as a manager, principal and consultant. He utilised all of this experience to form a property management business that he expanded between 2009 and 2016 into 7 locations around New Zealand.

Share this article

Subscribe to our monthly newsletter Be the first to receive the latest news on property management and rent roll listings


property management business audit
  • 027 5699 991
  • hamish@hamishturner.co.nz
Facebook Linkedin Instagram Twitter

REAA Licence 10002029, Excalibre Real Estate Richmond Limited
Excalibre Real Estate Richmond Limited - Licensed Agent (REAA 2008)
257 Queen Street, Richmond, 7020

Articles

Read more articles