Management fees are always a hot topic for anyone in property management but at the moment, there is even more discussion happening (for obvious reasons). Like with most businesses, costs have increased dramatically and it’s getting pretty expensive to run a PM business. But so many agencies are hesitant to increase their fees. In this episode, Terri talks about what she believes stops business owners increasing their fees and some of the reasons she has heard over the years as to why now is not the time to do it. Terri also shares some simple tips that are not particularly difficult to d ..read more

If we asked 50 property management businesses to talk about their point of difference, we could reasonably expect all 50 would bang on about how great their communication is. But... if we asked 50 of their clients to share what frustrates them most about their property manager, the chances are, all of them would mention how hard they are to get hold of or receive a response from. Basically, their communication. So how do we fix this problem? Because property managers are under the pump, it's not like they don't work hard for their clients and that they don't recognise communication is importan ..read more

One of the things a property manager will often struggle with, is demonstrating their value to a client. So many in the industry work incredibly hard but are left feeling under-appreciated by their clients. They certainly don't feel like "the expert" in their field. Highlighting trends and how to navigate these is a simple way to connect with your clients show that you are the right person for the job. In this episode, Terri shares 5 emerging trends when it comes to renter behaviour and how to communicate these to your clients in a way that reinforces they made the right decision by selecting ..read more

There is nothing worse than being negatively targeted online and not having the opportunity to share your side of the story. Real Estate Agents and Property Managers often find themselves depicted in the media or social media in a negative fashion. We are fair game for those people who love sensationalising stories and situations to get more clicks. And there has definitely been an increase in the number of good agencies finding themselves being targeted in recent times. In today's episode, Terri shares some simple tips to help you deal with the unfairness of what is happening if you find your ..read more

It doesn't seem to matter where you are located at the moment, the rules for residential rental properties have either recently changed, are about to change or have been slated for change. This can mean some tricky conversations for property managers with those clients who perhaps don't think the rules necessarily apply to them or even some who are simply not able to afford to have the required works completed. In this episode, Terri shares a case study of an office in Melbourne who found themselves with over a third of their properties not compliant, with owners who had been avoiding having t ..read more

Regardless of your love language most people love to receive an unexpected gesture of appreciation for what they do. Some flowers, a box of chocolates or even a simple thank you can help fill our cup to the brim. Often property managers feel they go unnoticed by their clients.  That they are unappreciated and their work is undervalued.  Part of this is due to the busy world in which we live in - everyone has so much going on, they don't always notice the stuff we would like them to. Another reason is the increase in expectations from our clients - it seems the more we give/do, the mo ..read more

In this week's episode Terri shares why she thinks this way of thinking is not only outdated, but simply doesn't work. For too long, property managers have been trying "educate" their clients without success. Helping them understand what is required is a way better approach and results in stronger relationships with clients and way less drama in a PM's life (always the goal ..read more

There is so much chat in the industry at the moment about the profitability of property management businesses. It's the time of year, but also the steep increases in agency expenses recently has meant that businesses are now paying close attention to what they are charging, including recovering the cost of advertising. In this episode, Terri shares how a property management team is dealing with increasing their marketing fee by $100 and the approach the agency is taking to ensure they are recovering all the costs associated with advertising a property for lease. She also shares her thoughts ar ..read more

Without a doubt, "taking over" the management of a property with a tenant already in place, is often not as smooth or simple as a property manager would.  After all, owners generally switch agencies because there has generally been a problem of some sort. It this episode, Terri shares a story where someone she knows is the tenant in a takeover situation which has become quite nasty and where she feels the property manager could have avoided all the drama and stress she (and her clients) is now experiencing. As always, it comes back to communication and Terri shares a script the property m ..read more

Nobody likes having to deliver bad news. And Property Managers, well, we have to deliver more than the average person. Knowing that the client's reaction is probably not going to be the best, can make us feel really anxious affecting our delivery, which can then result in the situation escalating and the client losing trust in your abilities as their property manager. In this week's episode, Terri shares her simple 2-part formula for Breaking Bad News to an Owner. The steps involved help to give some structure and instil confidence in both parties. It is particularly useful for inexperienced P ..read more