Blog / Property Management
Denise Stanley, Who is looking after the rent roll?
I have been delivering training for Property Managers for over 15 years and I have listened to more than 95% of agents at one time or another complain about the ongoing struggle to perform the required duties in a normal 9-5 day. In many instances some duties do not get done at the scheduled time or are put off indefinitely due to time restraints and unexpected circumstances.
So it’s not surprising that most property managers don’t have the time or experience to nurture and grow the rent roll while performing their normal daily duties.
What does it really mean to a Property Manager to increase the rent roll?
Work, work and more work.
I have spoken with many property managers who have confided in me that they have not delivered the service or attention that they would like to deliver, simply because they physically couldn’t handle the workload. In these instances, the business owners are failing to realise that no-one is looking after the wellbeing of the current asset which can result in loss of managements or staff.
There have been many studies conducted on how many rental properties an agent can manage and some even go as far as to set an average number of properties per property manager. It is not as clear cut as this and in all the studies I have read, not one study has taken into consideration the level of knowledge or skills base of the agent.
If we review the duties a property manager performs on a daily basis we would identify the use of the following skills necessary to confidently perform their duties:
- Excellent communicator, negotiator and dispute mediator
- Understanding of buildings to assess repairs and maintenance needs
- Organiser of quotes and supervision of repairs
- Accounts manager
- Debt collector
- Assessor and validation of tenancy information
- Data entry, clerical duties, reception and phone experience
We would also have to add to this the knowledge and understanding of the State and Federal Legislative requirements for Real Estate, Residential, Privacy, Anti- Discrimination, Competition and Consumer Acts.
As a trainer of Real Estate agents it is not possible for any one person to acquire all these learning outcomes from another property manager or agent. From my experience I can tell you that most agents are currently performing real estate duties on ‘Chinese whispers’ and are shocked when they find out they are not acting compliantly with the legislative requirements.
Before I ascertain agents’ knowledge for training purposes, I always ask what training they have undertaken to perform their duties. This is usually answered with ‘another agent taught me’. How can we expect our agents to deliver a compliant professional service if the agents teaching them are not qualified to deliver the duties themselves? I can hear some agents arguing that they have over 10 years of experience and are very good agents, but how long did it take you to acquire all the skills you now possess? If the agency doesn’t provide compliant quality training to property managers then one cannot expect the agent to understand the importance of maintaining and growing the rent roll.
I am impressed with the training options available to sales agents to maximise their knowledge and expertise to excel, but am equally disappointed for the property manager who struggles to find time to attend a training session to learn the basic fundamentals.
The rental portfolio is a saleable asset that a real estate business can liquidate when times get tough and must be closely monitored to ensure its security. Not only does it deliver a regular income from commissions and fees but it delivers a quality database of prospective buyers and sellers with a ready made agency relationship. If we don’t deliver the service to these clients you could lose more than just a commission.
Some property managers are given opportunities to undertake training but because of time restraints and other pressures they just don’t find the time.
There are now other learning alternatives available such as ‘The Complete Property Manager’, an audio training program developed for busy agents who want to learn the fundamentals of performing property management duties without taking time out of their day.
This program provides training in areas where even experienced properties fail to deliver. The audio program provides information on the skills necessary for listing, leasing, repairs, disputes and depreciation and includes live role-plays and guest speakers. The audio program is aligned to the current National Training Package Certificate IV in Real Estate.
It’s time to take control and provide property managers with the knowledge and training to maintain and grow the asset, the RENT ROLL.
Denise Stanley Real Estate Consulting Solutions www.realestateconsultingsolutions.com
The Complete Property Manager, audio program. Featuring Denise Stanley. This Audio Program baudiou progiramlds professional Property Managers, with all the scripts, dialogues and technical information to become a valuable asset in your business.
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