Don't just expect the unexpected... Plan for it!

I recently heard a trainer use the phrase “property management is a series of predictable surprises.” True, isn’t it? In property management, new business, leasing and life in general for that matter, we can often sense when things are going to go wrong, or can recognise the warning signs of issues you’ve seen before. Do you take the necessary steps to prepare or prevent the occurrence? Or do you simple hope it won’t get to that ‘dreaded point.'

When there’s a fire at hand, we put it out and rush on to the next problem without taking the time out to look at our internal processes and what we can learn and put in place to ensure the same issue doesn’t recur over and over. Taking the time out to review what went wrong and how to avoid it happening again is essential for business success as it ensures we minimise errors and conflict, whilst staying as efficient and productive as possible, and importantly, that our service to our clients is constantly improving.

When I am coaching and consulting with clients across the country, part of my role is help clients to review their systems and look for the tell tale signs of potential issues such as higher arrears, prolonged bond refunds, escalated complaints over lagging repairs, vacancy levels creeping up, loss of managements and more. So based on what I’ve learnt, what can you do within your business to ensure the same recurring issues don’t keep happening?

• Seek feedback – if you aren’t already surveying your clients, it is essential to ask them for both positive and negative feedback to work out how to improve what you do and avoid issues recurring.
• Complaint/Issue Log – Keep a complaint log detailing actions taken, errors paid out, if review of process is required (free template available here)
• Review – create a review process where your procedures (and complaints) are reviewed periodically (can be a team effort). Remember what worked 10 years ago may not work today.
• Scenario Planning & Contingency Training – from the above results decide what additional training can be provided to the team either internally or from a training provider to cover not just the hard skills but soft skills such as communication and conflict resolution.

As I’ve said before, always remember (as spoken by Catherine Devrye), the most “expensive words in business are, we’ve always done it that way”. 

Want to know your best marketing weapon?

Beyond the latest designer website, past the shiny DL cards, afar from the perfectly designed brochures, away from the beautiful window display is one very important marketing tool that is often forgotten and overlooked - yet it is the easiest to manage, the lowest cost, and the most effective tool......

Have you guessed it yet?

It’s YOU.

You are the most powerful marketing tool you have at your disposal right now. The way you speak to people, the way you present yourself, the way you appear in the market place, can be ten times as effective as a marketing tool compared to some of the latest and innovative ideas in the industry.

It’s been very interesting for me being on the other side of the property management transaction recently as a prospective tenant looking for a rental property in my local area. I’ve been able to review how fast enquiries are responded to, the conduct of the leasing consultant at the open, the manner of the property manager processing the applications, right through to the sign up process and moving in.... There have been some very impressive dealings, and also some left a lot to be desired. I’m pleased to say I’m lucky enough I’ve ended up with one of the best.

I would imagine that many of these agencies with the less than desirable service to prospective tenants are at the same time probably trying to grow their businesses through marketing, prospecting and new business tactics, without looking at what is actually happening on the front line. From this experience I know which agencies I will be recommending to friends and family and which agencies I won’t.

We need to remember that prospective tenants may not only one day be our future clients, but they also currently know our future clients (their friends, families, colleagues, circles) and of course we want them to be speaking positively about us and our service across their networks!

This got me to thinking if we only realised that the best opportunity we have to market our service, is actually how we conduct our service and ourselves, how much easier it would be to grow our businesses?! Instead of spending thousands on marketing campaigns, what if we spent that time and money investing in improving, training and developing our own skills.

Remembering that YOU are the most important marketing tool that you have at your disposal and that the way you conduct yourself, present yourself, and treat your clients will ultimately provide endless positive marketing, referrals and business for years to come. 

Don't miss our webinar next Wednesday where we'll give you fresh ideas to help you generate buzz around your brand and put the 'marvellous' back into your marketing.

Who is wearing your t-shirt?

Who out there is raving about you? Who is singing your praises? Who is recommending people to you when you’re not there to sell yourself or your service? Who is wearing your t-shirt proudly and being an advocate for your business?

Do you have any t-shirt wearers? Do you have raving fans who would happily spread the good word of your business without being prompted to do so? Word of mouth is the most valued means of advertising and a cost efficient way to boost your business and referrals.

For myself, I know when I find a new product or service that I love, I immerse myself in it and find ways to drop it into every possible conversation. I like to share my knowledge and help other people see all of the benefits of said product/service (possibly somewhat annoyingly so). So much so that sometimes I feel I should be on commission for the latest service, app or product I am pushing.

This got me thinking what it is about those products or services that gets me wearing the t-shirt for that brand. Most people think that word of mouth is just about good customer service. But it’s much more than that. Good customer service is of course important for the success of any business, but if you expect customers who are ‘averagely happy’ to talk a lot about you, think again.

The sad reality of business is that people are more likely to talk about you when they are unhappy, than when they are happy or satisfied. We also need to remember the face of “word of mouth” advertising has changed a lot in the last 10 years with the added share-factor of social media and the internet. It’s easier for people to complain about something and for more people to hear it, than ever before. Therefore good customer service generally just reduces the possibility of negative word of mouth.

We need to take extra steps beyond good customer service to get our customers raving about us and singing our praises. So how do you get people to wear your t-shirt and become brand advocates for you? I believe it comes down to one or more of these three areas:

1. Your product or service makes their lives easier, simpler and faster – Your service makes dealings with you easier, having their property managed by your makes their life simpler, receiving information from you makes their life faster. They don’t have to worry about a thing because of your product/service.

2. You make them feel important and valued – you and your company take extra care to ensure your client is taken care of, respected, involved and listened to.  They are made to feel like their opinion matters.

3. Your perks and benefits are worth writing home about – the cool features and bonuses they receive as being a part of your business are worth telling others about, what do you offer that others don’t?
Remember though that the above is futile if you do not do the basics right. No matter how easy you make it, how special you make them feel, or what perks you offer – if you don’t provide the basics required of a service, you may as well not bother as they will not erase bad service.

Take some time out to have a planning session to work out what you can do to turn your customers into raving t-shirt wears and advocates for your business. Put yourself in their shoes and think what it is that would actually make you rave about your service.

Join our webinar on Wednesday – Gaining Referrals in New Business for more great tips on building your business through referrals. 

Are you switched on?

Are you switched on?

by Hermione Gardiner

Our team was switched on this week along with 3000 of Australia’s best agents at AREC 2014. Inspirational speakers from around the world graced the stage with big concepts motivating us to ‘Switch On’, ‘Own it’, ‘Cut to the Chase’, ‘Overcome fears’, ‘ Improve Productivity’, ‘Get Passionate’ and  ‘Get Accountable’. Despite being a sales conference, we found these concepts completely relevant to our property management world where “complacency can kill” (as one speaker aptly described).  

Within the new business space (like sales), we have to be able to switch on and quickly demonstrate our passion and enthusiasm. If we can show the client we are excited about their business we will be better placed to build the relationship and stand out from the competition.

There are always going to be those days when we aren’t feeling so enthusiastic, and we can’t all go to a conference and get switched on every weekend.  So how can we “Switch On” daily and create an energetic experience for every client?  How do we quickly get into that headspace?

One of the conference speakers, Chip Eichelberger, helped us to consider what actions we are taking to bring that desired energy – what are we doing to “switch on and own it”. His simple physical techniques had 3000 people on their feet, energised and fist pumping the air and cheering “YES!” before 10am! Everyone could feel the energy in the room.

So how do you get yourself on your feet and cheering before 10am? How do you get into a passionate and enthusiastic head space? What do you do to fire up ahead of your listing presentation? Are you listening to ‘Eye of the Tiger’ in your car? Are you visualising the smile on your face as you leave a successful meeting? Are you fist pumping the air with a big “YES” to get yourself energised and excited?

It’s important to know your own “ON” switch so that you can walk into every listing presentation fired up and ready to go. If you can master that attitude and energy, we’ll help out with the rest.  

 What’s your “ON” Switch?

If you are Real+ member, click here to visit Real TV where you can watch New Business Bootcamp 9 - Listing Presentations part 2

So you think you can grow your rent roll?

We see one very common goal amongst many property management businesses across Australia and New Zealand.... Rent roll growth! And why not?

There are many different reasons a business will choose to grow - growth, asset value, profit, sales farming, ego and more... Whatever your reason it’s importantly to firstly be sure of that reason – to establish your WHY before setting your goals, as this will affect the strategies and plans you put into place to get there.

Once you’re sure of your WHY and have set your goals –you will either go down the path of organic growth or potentially look at the acquisition of a rent roll – or perhaps a combination of the two. Which is the better option for you? Well again this will depend on your WHY but it is also vital to weigh up the pros and cons of each strategy.

Organic growth – where a BDM is put in place to prospect, appraise and grow is the most common way of growing your rent roll. The great thing about this option is that you can control quality, location & fees of properties, potentially avoid bad landlords and problem properties – however this option can be a slow way of growing due to the time taken in building landlord relationships and placing a new person on board the rent roll may not be profitable until numbers start to grow.

However more and more agencies are looking to purchase a rent roll as a fast way to grow. According to Harcourts the benefits of buying a Rent Roll include:

Pros
·         Increased size gives business momentum
·         Increases cash flow
·         Irons out fluctuations of a sales department
·         Eliminates a competitor from your local area
·         Increases networks and database
·         More opportunities for sales department
However they advise we must also consider the cons:
·         Landlord rejection
·         Buying existing issues
·         Potentially poorly run portfolio
·         Integration/transition issues

If purchasing a rent roll is something you have considered at some stage this is not something to rush into. There are many factors which need to be considered and it is strongly advisable to have an expert guide you through the process.

Lucky for you, we will have expert Matt Ciallella joining us from MC Rent Roll Broking for our next webinar. He will be on board to take us through all the considerations and variables you will need to consider when purchasing (and selling) rent rolls. Register for the live session here – or Real+ Members can watch the recorded webinar on their Real+ Platform at anytime. 

If you are Real+ member, click here to visit Real+TV where you can watch our webinar 7 Secrets to Buying & Selling a Rent Roll with our special guest presenter Matt Ciallella from MC Rent Roll Broking.

Are you and your team up for some role play?

Don’t worry nothing too sinister here, but after our recent Scripts and Dialogues webinar we’ve had some request from our Directors and Department managers for advice on Role Playing.  Role Play is not just valuable in the new business arena but can be a great way to build up the confidence and dialogue skills of your team.

Role Playing provides your staff a chance to act out, rather than merely talk about ways to solve problems effectively – the benefits are endless. It also gives you the opportunity to provide them with supervised practice, feedback and support in dealing with “real life” problem situations.

As a manager this kind of teaching technique will come naturally to some, however for those who haven’t dabbled much in Role Play for your team, or are looking to improve we have some tips here for you:

• Try to give advance warning of a role play. Some will need time to mentally prepare for this (or time to find an excuse not to attend, which of course they won’t be able to get passed you...)
• It is helpful for you to take the lead and act the situation out first to get things off to a good start.
• Be sure to clearly define the situation and roles to be played (some may wish to write the situation and role down first)
• The staff should be encouraged to be realistic in role plays – but should also to understand that it will usually feel a little awkward and unnatural. (The point is that skills will translate naturally in a real life situation.)
• Gentle encouragement may be needed for some staff where as some staff will take at it like a fish to water (those will be your initial volunteers).
• It is fine for you to coach them to portray their roles during the action as it provides feedback and support. Always try to swap the roles to allow both parties to have a go at each role.
• Praise all role play efforts, there is no wrong, just room for improvement.
• If there is a group situation, always encourage the group to be the one to provide the feedback on what they did well, what they could improve on and their own suggestions for the situation.

For more ideas, assistance Role Plays (new business or property management) don’t hesitate to contact Hermione at Real Plus here

Winning New Business in Property Management Through Practising Scripts & Dialogue

What are the most successful rising New Business stars in Australian property management doing to improve their results? How do they manage to sign so many new clients and deal with any objections with ease, even if they don’t have the strongest communication skills?

Well there is no other way about it, these people are undergoing regular, ongoing coaching or training, including practicing their “Scripts & Dialogue” and role plays.

Ongoing training and practicing prepares you for any conversational situation that may arise in property management or new business, and ensures that you are prepared and poised with whatever is thrown at you (which is getting tricker the more educated our clients become).

Continual practice allows you to fine tune your conversational and practical skills before taking it out on the road. It is vital to the success of not only new players in the new business world, but even the most experienced professionals, to be constantly re-training and continually developing their skills in this ever-changing property market.

If you’ve been to any of Fiona Blayney’s training sessions you’ll know she doesn’t believe in “scripts” but likes the concept of dialogue, that is, knowing what to say, but putting it into your own words or dialogue.

Often one person’s method of selling something will not feel natural to another. You need to find what works for you. Through undergoing training, coaching and role plays you are given the opportunity to develop your dialogue and turn the “scripts” into your own words in a way that not only conveys the service you are selling, but highlights your belief and passion in it.

If you are Real+ member, click here to visit Real+TV where you can watch our webinar New Business Bootcamp Breakout: Scripts & Dialogues

What is the Key to Appraisal Success?

Preparation is KEY!

Preparation in any area of property management is the key to success, none more important than the appraisal of new business. Many a time, an appraisal is rushed from a precious appointment without allocating the proper time required for research and preparation - people aren't well trained to deal with and adapt to varying clients needs.

You can only get so far flying by the seat of your pants but you will be far better prepared to win a new client over if you've put in the time and effort to prepare personalised and relevant data and knowledge, and undergo regular training to prepare yourself to respond to their personal situation.

Pre-appraisal this may mean spending some more time on the initial call finding out a little bit more about the property, what their expectations are and perhaps their intentions, so that you can be best prepared to sell the information and service that they need, not necessarily what you assume they want.

Ongoing preparation means undergoing training on a regular basis, this will ensure your new business success and essentially, that you remain prepared for any situation that crops up.
 

The most successful new business people in the industry are both well prepared before the actual meeting and well trained, so they are adaptable to different clients needs and expectations.

Why not attend our webinar next week on Wednesday 12.30 where Fiona will guide you through essential preparation for the listing appraisal itself. As part of our New Business Bootcamp training series, we'll cover how you can be ready and prepared leading up to and the day of appraisal. 

If you are Real+ member, click here to visit Real+TV where you can watch our webinar: New Business Bootcamp - Preparing to List.