When do I get my bond back?

When do I get my bond back?

At Real+ we often like to take a moment to think about things from the tenants perspective. This allows us to not only improve the property management process to make things as streamlined and easy for us as possible, but also gain a greater perspective of understanding when communicating and dealing with tenants.

This week I took a moment to think about things from the tenants perspective at the time of vacate, final inspection and bond refund.  I took a moment to think back to the times I have myself vacated from a property, what my expectations were compared to what happened, and then put that into perspective as to how I had handled vacating tenants as a property manager. This vacate stage seems to be one property management function that is handled quite differently from agent to agent.

Some questions I felt went unanswered as a tenant (despite my own property management knowledge, and the receipt of a generic vacate letter) were around when they planned to show prospective tenants through the property, whether I was supposed to drop the keys to their office, when I would be meeting them for the vacate inspection, and most importantly (the most common frustration of tenants and hardest things for a property manager to guarantee):

• How long would it be until my bond was refunded?

Most tenants are relying on and budgeting on that money for some purpose so understandably they get frustrated when it’s not as easy as keys back, bond back. As a property manager, I know I couldn’t guarantee a time frame for the tenant as to when they would get their bond back, it depended on whether they’d returned the property in good condition, if it was clean, if extra work was required, if all the keys were returned, how quickly the landlord confirmed it wass okay to release the bond etc. So many variables.

If we can’t 100% guarantee the time frame, what can we control? How can we avoid an angry tenant at the vacate inspection? Well not only can we control how we communicate the process, but also how we provide expectations to the tenant across the vacate process. This will help alleviate some frustrations. Often we know what the process is and what the tenant can do to ensure they have the best chance of a speedy bond refund, however we are not communicating this to them each time.

Next time instead of sending out the generic vacate letter, why not provide the tenant with an outline of the process and what steps they can take to ensure their bond is refunded as quickly as possible! We have created a handy checklist you can provide to your tenants when they are vacating called the “How to ensure a Speedy Bond Refund Tenant Checklist,” click here for your copy.

If you are Real+ member, click here to visit Real TV where you can watch our webinar on Condition Reports!

Happy Easter from the Real+ Team

With most of you hard working property managers enjoying a hard earned extra few days off this Easter long weekend, we’ve decided to place your regular weekly property management blog on hold, and instead, we have a more personal approach for you this week.  

This week, we’d like to remind you about balance. It’s easy to get caught up in the chaos that is Easter, what with chocolate egg hunts, kids running around and preparing family feasts. Make sure you are making the most of the break by taking time out to relax, rest and revitalise.

Take advantage of having no appointments and splurge on a sleep in, enjoy a cuppa and breakfast in bed, go for a walk or bike ride through the park (to balance out the chocolate), and most importantly, slow down! Focus on being present in the moment and enjoying the time off with your family and friends close by, so that come Tuesday morning, you are energised and excited to be returning to work!

Enjoy your break and Happy Easter from the Real+ team.

Leadership – When the Leader is Finding it Hard to Lead

As you may know, I work with many leaders around the country as a coach and mentor; I am very humbled to be able to provide assistance and guidance to some amazing people. I often learn from them during my sessions or receive reminders of the importance of various leadership activities and traits and at times my own short comings.

In today’s session, I was reminded of one of the biggest challenges that a great positive leader faces, is the challenge of actually leading in the right direction all the time. Being a leader can be relatively simple when things are going well, but what happens during difficult times, times when our teams are frustrated and negative? What happens when the leader shares the frustrations of their team? Today we discussed how to lead a team during this time.

Let me share a few of our findings;

• Be real with the team, let them know you too are frustrated, but convey this in a realistic emotionless manner
• Ensure the team understand you are choosing to see the glass half full, however difficult it may be
• Constantly refer back to the core values of the business, are we or how can we embrace these in the current circumstances
• Empower the team to identify what they can influence to improve, even slightly, the situation.
• Provide the team with the task of formulating solutions, several of them, and if appropriate and differing expenditure levels

In times of challenge, your team are watching your every action; they look to you for not only guidance but confirmation that “things will get better”. Your first step…. Believe it yourself!

- Fiona Blayney

Property Investment Tips to Assist Your Landlords

There is a common perception that in order to own an investment property, you must be a wealthy investor with money to burn. The reality is that the opposite is more likely to be true, with many landlords overwhelmed by the actual cost of owning an investment property, which leaves many property managers wondering why the landlord was un-obliging over agreeing to a $100 repair.

As a property manager, it is essential to fully understand how much it costs an owner to own an investment property, and the type of investor they are in order to meet their needs, expectations and build the relationship (and of course provide better understanding and advice when convincing them to agree to the $100 repair).

There is fantastic 60 minute webinar within the Real+ membership called “Walking in the shoes of your investor” (presented by Fiona Blayney) to assist in training yourself and your property management teams on this important subject.

In this Real+ training webinar Fiona Blayney refers to the property management concept of Intentional landlords vs Accidental landlords.

• An intentional landlord made a decision to invest in property and has likely worked hard to own property, therefore has purpose and a plan.
• An accidental landlord may be one that has inherited property, has influence from parents, was unable to sell, someone who may be combining a household, or couldn’t afford mortgage.

Can you see that not only the needs of that landlord, but the financial motivations and challenges of the two will be very different? One group will understand the costs of investment much better, whereas the latter will not like or understand a lot of expenses.

We get amazing feedback from property managers on this training webinar – helping them to finally understand what it costs a landlord and see things from their perspective, making their lives easier not only in day to day dealings but also boosting their long term relationships with the client.

As a property manager it is important to understand what it actually costs the landlord to maintain an investment property, and the type of investor you are dealing with in order to build the relationship and have them trust in your service. But don’t try to figure it out on your own, next week, Real+ presents another property management live webinar on the topic. 

If you are Real+ member, click here to visit Real+TV where you can watch our webinar with special guest expert Chris Gray: Wealth Creation for Your Landlords.

The 7 Don'ts of Creating Strong Client Relationships with your Landlords

Working in property management means we have to wear many hats and play many different roles for our clients. It can be a demanding yet rewarding job. There are several minor mistakes than can happen on a daily basis but generally these mistakes can be rectified without damaging the client relationship.

Sadly there are a few more significant relationship mistakes that we can all easily make that will potentially damage a bond with a client. Once a relationship with a client is damaged or doubted it can make even the simplest tasks moving forward, difficult to deal with, let alone keeping that client on board for life.

To ensure you keep your client relationships strong from the start (and not to mention make your life easier,) here are 7 tips from the experts of what not to do.

1.       Don’t think it’s just a job – Passion is palpable, if you don’t care about your job it shows. Not feeling passionate? Take a moment to make a connection between what you do and the bigger picture. Constantly seek out ways to grow, learn and develop. Would you prefer to have an agent who is passionate about what they do? Or doesn’t care? What breeds more trust?

2.       Don’t be too sure of yourself – Keep a healthy perspective of yourself, remember it’s not about you and stay client focused. Clients do not like someone who comes across as patronising, knows it all, or constantly sings their own praises. Show me how good you are, don’t tell me.

3.       Don’t tell ‘white lies’ – This includes exaggerating. We can usually tell when others are doing this so why wouldn’t clients be able to pick up on it?  “When you create a reputation for honesty, for laying out all your cards even when it doesn’t benefit you, for telling the whole truth – you’ll gain customer loyalty that money can’t buy. Clients will trust, respect and refer you and your own life will become easier” - Joseph Callaway

4.       Don’t be too professional – Remember to stay human and be real to your clients, being too robotic and professional will give off the impression to the client that they are just another number. Don’t be afraid to make a personal connection - give a little something about yourself, find out more about your client and see them as more than an ATM machine.

5.       Don’t think you’re always right – Being the expert in the relationship it’s easy to automatically think you are right, but that doesn’t mean their opinion doesn’t matter. Try to put yourself in the clients shoes and see things from their perspective, you might find a new way of looking at things or at least a better viewpoint and attitude to exhibit in those tough conversations.

6.       Don’t be tight with your time – We all know our time is valuable and so do your clients. Wrapping up that conversation to get to the next one is noticeable and will not show that their relationship is important to you. Sharing your time, taking that extra minute to explain, educate, re-clarify or seek input, can become the most valuable relationship maker. “Imagine everyone you meet is wearing a sign around their neck which says - make me feel important” – Mary Kay.

7.       Don’t fail to express gratitude –We all want to feel valued, there are many ways to say thank you other than the usual verbal way.  It’s easy to take clients for granted or make them feel as though they aren’t valued. “Find ways in your everyday discussions to make them feel valued through getting to know them personally, forgiving occasional bad behaviour, and staying up-to-date in your field so you can give them the highest level of service," Joseph Callaway says.

If you are Real+ member, click here to visit Real+TV where you can watch our webinar with special guest expert Kirsty Spraggon: How to Create a Client for Life.

Need Advice on Landlord Relationship Management?

Don't just woo them - win them over long term!

The first stages of the landlord relationship are kind of like a new romance. We are trying our best to woo the client during our first date with them (the appraisal), showing them all our best features and tricks (during the leasing process) and securing them as yours (negotiating the tenancy).

But what happens once this honeymoon period is over? Does the ongoing relationship burn strong with confidence that they have made the right choice in you?

Or is this the part where attention to that client quickly fades as other tasks take priority, and the client is left wondering why they made the decision to go with you in the first place? Are they thinking “None of those amazing promises they first made are being met!”

Perhaps the problem doesn’t lie in there being other tasks to do (there will always be other tasks to do) but potentially, in the rush to woo the client over: 

1. The needs of those clients hasn’t been effectively listened to, recorded, or passed onto the property management team. How are they best contactable? What level of involvement do they wish to have in the ongoing management? At what stage do they need to be advised about certain issues?

Or 2. That we haven’t done a thorough job in educating our new clients as to exactly how the ongoing management process will move forwards after the initial honeymoon period. Do they know what the property management service includes? How we communicate with them, how is best to contact us, expected response times, how unforeseen issues will be dealt with, when they receive their funds and more.

Of course first impressions are important to establish the relationship with the client - the initial impression can set the tone for the entire customer experience! However it is increasingly more important to spend more time in discussing the needs and requirements of the ongoing relationship, to ensure that you’re passing over the baton smoothly beyond the initial stages of leasing. 

If you are Real+ member, click here to visit Real+TV where you can watch our webinar: Starting the Landlord Relationship Right.