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How is the residential real estate market tracking?

May 24, 2020Emma Ryan

New research has shed light on the current state of the residential real estate market, noting the worst is likely behind us as restrictions begin to ease and onsite property inspections open up. ...

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top 10 agents

1

Alexander Phillips

Year of Experience: 20

Support Staff: 3

Residential Properties Sold: 215

Total Value of Residential Properties Sold:

$ 522,477,791

VIEW COMPLETE REPORT

Have you experienced sexual harassment or bullying in the workplace?

Yes, I've been the victim of sexual harassment (15.8%)
Yes, I've been the victim of workplace bullying (21.1%)
No (63.2%)

Total votes: 19
The voting for this poll has ended on: April 30, 2020
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EVENTS
REBAWARDS Listready
Real Estate Business Awards 2020

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

Read more
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How tough is your arrears process?

06 May 2016 Heidi Walkinshaw

Arrears is often an area that can raise stress levels, as the rental market becomes tighter in terms of finding tenants and vacancies rise.

You can sometimes find that, as a property manager, you are reluctant to issue a termination notice to a tenant. You may even find the owner objecting to evicting a tenant, albeit a bad one, for fear that the property may be vacant for a lengthy period of time.

While it is tempting to stick with the devil you know, it is important to ensure that you maintain a strict arrears process to cover yourself should something go awry, and maintain regular owner contact throughout.

Let’s take a look at some tips to ensure your process is on track:

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  • Prepare an arrears list. How often you produce this list will depend on the payment frequencies of your tenants, the type of payment system you have and how challenging your market is in relation to late payers.
  • Adopt a zero-tolerance policy. It is guaranteed that when it comes to late payments, while there are those that will be genuine, you will hear every excuse imaginable. These sometimes become extra-colourful with your habitual late payers. Explain your arrears policy at the lease signing to begin on the right foot.
  • Don’t forget to communicate throughout the arrears process. Keep in contact with your owners to advise them when the tenant falls into arrears and ensure that they don’t receive a nasty surprise on their monthly statement. It’s also great to give them a call when the rent has been paid up to date.
  • A phone call or even an SMS to a late payer is more likely to receive a response than a letter. You can even talk with your tenants about payment plans if they are really struggling.
  • Always record notes – even phone conversations – in your software, which can then be printed out should you need to go down the tribunal path. Following up the conversation with an email can assist your records.
  • Check your state’s legislative requirements and issue notices on the dates required. If you have an owner who is determined not to allow you to issue these notices, then follow it up in an email, just to cover your office.

Having strict arrears processes in place will save you time and reduce your stress levels in the long run.

How tough is your arrears process?
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Heidi Walkinshaw

Heidi Walkinshaw

Heidi has been immersed in property management for over 14 years’ dealing in all aspects from leasing, property management, business development and team management. Adding to the mix with 5 years as a Trainer and Consultant, Heidi has worked with small and medium-sized rent rolls in implementing systems and procedures to increase efficiency, growth and profitability within agencies. 

Heidi brings enthusiasm and energy to Real Plus and is passionate about system implementation; procedures and staff training that can assist in reducing stress and saving time while helping clients have a more profitable property management business. 

 

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Listen to other installment of the Real Estate Business Podcast

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

Read more
Do you have an industry update?
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