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Shrewd PMs can thrive in tough market

22 May 2015 Elyse Perrau

Property managers warned against short cuts in a high-vacancy market have been urged instead to implement high-quality systems

Property managers warned against short cuts in a high-vacancy market have been urged instead to implement high-quality systems

Metro Property Management director Leah Calnan told Residential Property Manager that PMs may be tempted to take short cuts processing application forms when there is a shortage of tenants.

“I don’t believe there is ever an excuse for not fully processing an application 100 per cent,” Ms Calnan said.

“Property managers should never rely on written references. Take the time to ring the previous property manager, be specific with the questions you ask and avoid yes and no answers.”

To combat the tough Perth market, M Residential head of property management Laura Levisohn said her agency uses video tours of properties to make viewings easier for prospective tenants.

“Initiating video tours of all our vacant properties means, in effect, the property is open for viewing 24/7 from the comfort of a [prospective] tenant’s couch,” Ms Levisohn told Residential Property Manager.

She said the introduction of an online booking system has allowed tenants to book an appointment online outside business hours. The system also allows M Residential to capture the contact information of prospective tenants who view a property but don’t register for a follow-up call.

Ms Levisohn said it is imperative PMs manage time effectively to make sure no enquiring tenant slips through the cracks.

“We have a dedicated leasing consultant whose only job is to get prospective tenants through our vacant properties. 

“We have had some cases where a property has been shown twice in a day and definitely more than once a week.”

PM incentives can also be a great way to encourage the proactive renewal of leases in a challenging market, Ms Levisohn added.

“We have a system in place where PMs are paid a commission on the lease renewals they sign each month.

“This ensures PMs are constantly following up to get tenants renewed into leases before their current lease expires, which results in less movements with tenants vacating.” 

[Related: 5 million tenants tap into booking opens online]

 

Shrewd PMs can thrive in tough market
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