A focus on the operational processes behind running an agency is key to helping property managers grow, increase profit and create happy, long-term clients and staff, claims Real Estate Dynamics.
Real Estate Dynamics (RED), one of Australia’s leading property management consultancy businesses, has released a seven-point property management process that focuses less on winning new business, instead increasing client satisfaction, improving personal happiness and instigating more effective business processes.
Adopting a process-driven approach to property management
More than 420 real estate agency businesses were consulted across Australia to assess the changing expectations of landlords and tenants to produce the seven-point process-driven strategy, which covers the key areas of:
- Renting properties within 14 days, regardless of the market conditions;
- Positive tenancy experiences so that tenants pay rent on time and maintain the property;
- Planning and batching routine inspections 12 months in advance and completed 100% of the time;
- Achieving more than 82% of your bonds refunded in full to tenants within 48 hours of vacating and with no conflict;
- Ensuring 99% of tenants pay on time, every time;
- Completing repairs and maintenance within 7 days; and
- Lease renewal processes that maximise rents and rent roll value in any marketplace.
A changing industry, redefined
RED found that businesses were abolishing legacy and embracing new and innovative ways of delivering property management to please landlords and tenants, grow their rent rolls faster and make life easier for their property management teams.
The data also showed that property management has one of the highest employee turnovers of any profession, with some sources estimating the average lifespan of a property manager as being only nine months.
Winning in Property Management
As a result, RED has produced a two-day course to address these findings, with an emphasis on post-course mentoring, resources and action plans as its point of difference.
RED Director, Nathan Brett, said that a winning, process-driven formula had come from the past five years of testing, refining and re-testing processes in agencies across Australia and according to the measurable feedback collected from landlords, tenants, property managers and leaders.
“Attendees of our course will experience real case studies from award-winning property management businesses, meet other property management professionals and learn from them,” Nathan said.
“Implementing the processes we train will help agencies improve their Google Review rating as their landlords and tenants choose to post positive Google Reviews of their experience with the Agency.”
“We will even provide free access for 30 days after the course to online resources to support these processes so you can continue learning once you leave the course,” he concluded.
The Winning in Property Management course is suitable for business owners, aspiring business owners, business development management departments, operational managers, property managers, or anyone else interested in “winning” in property management.