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7 secrets all PMs must know

06 September 2016 Reporter

Property managers are busy people – we all know that – but what can you do to make your life easier, and improve your job performance at the same time?

Property management secrets

Property managers are busy people – we all know that – but what can you do to make your life easier, and improve your job performance at the same time?

RPM spoke to leading real estate trainer Debbie Palmer, managing director of PPM Group, about simple things PMs can do to get a property ready for relisting and how they can work with existing tenants in order to retain them.

Here are Debbie’s top tips.

Tips for getting a property ready for relisting
• List the property for rent within 24 hours. A property that is not advertised attracts no interest.
• Provide the owner with honest feedback on possible improvements. Many investors do not get the opportunity to inspect the property and rely solely on feedback.
• Allow two to three days’ turnaround to accommodate any cleaning, repairs or renovations. There can be a misconception in the industry that we need back-to-back tenancy changeovers so there is no vacancy period for the owner, but this can be a false economy.

Tips on how to work with an existing tenant in order to keep them
• Everyone you come into contact with should be treated as a client for life, and that includes tenants.
• Initiate contact two to three months prior to the agreement expiring. Find out if they are happy in the home – we call them ‘happy calls’. Don’t just send a letter. Instead, open up a communication opportunity. 
• If they say they are vacating, find out why. Depending on the response, work towards addressing any possible concerns you have control over.
• High tenancy turnovers lead to lost income for landlords, possible vacancy periods and additional advertising costs. If tenants are leaving because they are searching for cheaper rent, negotiate with the landlord and the tenants. Sometimes relocation costs and tenant turnover costs are far higher than a rental compromise.

 

7 secrets all PMs must know
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