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T R E AT N O N - C L I E N T S D I F F E R E N T L Y
UPSKILL OR LOOK INTO OTHER P R O F I TA B L E S I D E S E R V I C E S A N D REVENUE STREAMS
They say management rights is a “people business”, and it is. But sometimes this goes the wrong way. Some onsite letting agents have been known to treat non-clients a little differently – knowingly or unknowingly – especially when it comes to maintenance requests, handling complaints, or just saying ‘hello’. The best argument for treating everyone with the same priority is that the people who aren’t in your letting pool are your single biggest chance for building your rental management income: they’re your prospective clients, and you won’t win them over by giving them the cold shoulder.
If you’re not already licensed in real estate sales, think about doing the extra training. Just as you’re better placed than external agents for managing rentals, you’re also better placed for selling. You know all there is to know about the scheme (maintenance issues, potential future costs, rental yields, vacancy rates, etc), so it makes sense to use this knowledge. For mixed and short-term complexes, there’s also the possibility of extra income from offering side services, such cleaning, car hire, linen hire, tour bookings, and other affiliate/ commission-based partnerships you can run with nearby businesses. .
A SUCCESSFUL BUSINESS IS ONLY AS GOOD AS THE SUM OF ITS PARTS, SO TRY TO TICK AS MANY OF THE BOXES AS YOU CAN.
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B E T H E B O D Y C O R P O R AT E ’ S FINANCIAL ALLY
LOSE SIGHT OF THE BASICS
Your role is likely different to that of a strata or body corporate manager (i.e. you’re not responsible for administrative tasks) but, by understanding what the body corp needs, when it needs it and in what format, you’ll be growing your reputation – and, in the long run, your potential rent roll. It’s about adding value. If you can offer support where the body corp needs it, you’re making yourself indispensable. As an asset to the smooth running of the complex, you’ll not only improve your image in the eyes of the owners and tenants, you’ll also strengthen the ongoing value of your business.
It’s all very well trying earn bonus dollars, but it won’t matter if your business isn’t the well-oiled machine it should be. Focus on the basics first: know your duties and the legislation, keep accurate records, communicate regularly, report consistently, and help the committee and body corporate by giving them the information they need to make decisions. Play to your strengths – people skills or record keeping - and let that guide your management style. But, every now and again, remind yourself: a successful business is only as good as the sum of its parts, so try to tick as many of the boxes as you can. When it’s time to extend or sell your management rights, your future you will thank you. End //
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