property manager

February 27, 2013

Letting agents revenue

I recently got a call from a Rentview subscriber who was hoping to maximize her letting agency revenue opportunities from her current portfolio.

When we got chatting, we went through what percentage of her landlords had taken the letting agencies full property management package against the let-only service The response was standard enough with approx 1 in every 4 landlords choosing the full property management package. So that meant that the remaining 75% were choosing the let only service.

letting agents revenue

Letting agents revenue can be restricted by lack of communication

The problem here is that letting agents will not typically contact a let-only landlord during the lease cycle. The majority of letting agents using letting agency software or an organised filing system will only contact the landlord and tenant in the last month of the lease. The result of this can be rewarding for a letting agency, but what if there was greater communication throughout the lease period? The rewards could be even greater.

In a typical letting and management agent’s portfolio, they have let-only landlords who are midway through a lease period and others that have gone by the initial lease period signed. So for each type of landlord there could be a different approach used.

Methods to increase letting agents revenue

Mid-lease landlord– a landlord who you helped to find tenants but who is not receiving your management services.

One way to deal with this potential repeat customer could be a quick check-up call with the landlord to see how everything is going with the tenancy. Is there anything that you can help the landlord with? Is there any rent outstanding? Is the tenant maintaining the property? Does the landlord need any advice on new regulations?

Being a landlord isn’t easy, and as you are the experienced professional, you can offer your assistance. It is a great reminder of your services and shows the landlord that you are an agency focused on customer service and increasing your letting agency revenue

Expired lease period landlord– a landlord who had been contacted at the end of the lease term and wanted to renew the lease himself or let the lease roll.

Here you could use a similar approach to the above but it can also be used as a direct revenue opportunity for your letting agency. Why not offer something for free to this landlord, like a quick midterm inspection? A midterm inspection is a quick drop into the property to see how everything is going. This typically won’t take more than 5 minutes inside the rental property with the tenants, followed up with a call to the landlord.

Better still why not offer the landlord a detailed midterm inspection report? This typically would involve pictures along with notes on the property condition, items which may need attention and give the landlord a feel for how is property is being maintained.

increase letting agency revenue

What you can charge will depend on how you deliver the inspection. I know that letting agents using the Digital Inventory reports are charging somewhere around £80 for this service. A digital inventory report includes detailed date-stamped and geo-tagged photos, detailed condition reports and is all accessible on the cloud. Check out how to use the Rental Property Inventory App.

Your portfolio and your clients are your letting agency’s assets and if you don’t take good care of them they will depreciate. Letting agencies that want a better way to manage their property management portfolio may be interested in our Letting Agency Software.

Letting agents’ revenue on let-only clients should not be restricted to an annual letting or renewal fee. By offering additional services and communicating with landlords, letting agents can increase revenue!

by Andreas Riha

August 2, 2012

Rental property inventories and why agents should provide them

A property inventory is a crucial tool in the property manager’s tool belt for all let and manage residential units. Its also a great way to create an additional revenue stream for your let-only clients.

Why a property manager should provide rental inventories from Rentview on Vimeo.

Historically, the inventories provided by the majority of agents were written reports, they were time-consuming to compile and really only protected against the theft of an item.

If a dispute arose at the end of a tenancy about the condition of a said item, it normally would result in one of the agent’s clients being unhappy. As both landlords and tenants are clients of the agent, it is essential to protect both parties against disputes.

Now, through the Rentview Inventory App, you can provide that transparent inventory easily. This is proven to be a great way to improve customer service and reduce end of tenancy disputes.

As always we would love to hear your feedback.

Please feel free to Tweet, Share, Like and everything else that makes us social 😉

by Andreas Riha

July 23, 2012

Property Management Blog: Pest Control – How to avoid Rats and Mice

Today im going to blog about one of the most common pests that landlords, tenants and property managers have to deal with in rented accommodation. That is rats and mice, there are many other rodents and insects a property manager may encounter and the best way to handle these will be covered over the next few weeks. Our friends at Owlspestcontrol have been kind enough to provided us with some great information on such problems and how to deal with them.

No 1 – Mus Domesticus and Rattus Norvegicus (AKA Mice and Rats)

Mice/Rats breed quickly so these are some of the top guys you don’t want to see on your property. They are attracted to properties due to obvious reasons such as food/water as they are the ultimate scavengers.

To deal with mice and rats you can take the following simple steps in your rental accommodation:

Remove the food!!, no bin bags left on the ground, lids off the bin etc
Minimise harbourage opportunities,no junk around the property, trim hedgesregularly with specific attention to areas close to walls.
Proof the property against potential rodent access, a thorough inspection of the perimeter is needed!(Mice need a 6mm gap to enter your home!)
Eliminate water sources! Rats are attracted to water taps,water pipes, drains etc

A frequent sighting of rats or mice may not necessarily mean you have an infestation but simply didn’t take the four prevention steps detailed above. If you are worried there is an infestation you must be as detailed and specific as possible when calling pest control. Include details such as number of rodents exact location and how often you have seen the rodents. Thats it for today guys I hope this blog was useful and please share with others in the industry too, you can follow me at @rentview_ and please check out Owl Pest Control.

June 26, 2012

Information Systems Planning for Letting Agents Part Two

Continuing on from last weeks post where we discussed the placement that software programs may have in an agencies overall strategy today we begin to look at the five steps of the IS (Information Systems) plan which is adapted from Gabrielle Piccoli book on Information Systems for Managers.

Step One: Know who you are, strategic business planning.

Always ensure there is a long term plan for the overall direction of the agency before developing your IS plan. Software is an enabler of such plans, for example as an agency you may want to grow the business to a stage where you will require more offices/branches. In this case you may pursue a software package that is going to help catch tenants and landlords attention and improve the value you provide to your customer. On the flip side your costs may be badly affecting profits so you may be in pursuit of a system which will significantly reduce administration costs such as printing and accounts management. So you have an idea of why you need the software now its time for step two.

Step two: Know where you start: Information Systems Assessment

Once the agency has a clear grasp on the role of software in the organisation we must assess the current situation your letting agent is in. So there is a few key things we do here, firstly note the different types of software or hardware you use to manage data. Is Microsoft excel your one stop shop for accounts? Is all written communication with landlords done via you E-mail account etc? How are sales calls and service calls recorded and managed? Where are invoices stored and managed and so on? Basically you want to access the role systems even as basic as Microsoft word are working for your agency and especially to access if they’re effective in terms of the business strategy.

Thats the technical side of the assessment but don’t forget the people. Planning for the use of IS or software programs always involves four things people,technology,process and structure, each interlinked for ensuring efficient use of IS or software programs. Question your staff members or in the case of an individual running an agency on the use of such systems and what they may lack or require to help you. For example you may have the latest accounts management system for dealing with all your inbound and outbound payments but if the staff are struggling to use the system then it may not be effective for the business. I have often heard of payments being missed by an agent or landlord due to basic mismanagement of information where the software didn’t ensure payments are received etc, there is numerous other things you may notice at this point. All of this then leads to the main step which is creating the vision for IS in the agency, that will be discussed in the next blog 🙂 Please comment with your thoughts and share if you found this useful or interesting.

Information systems planning for letting agents part one

by Rentview

June 19, 2012

Information Systems Planning for Letting Agents Part One

Back again to discuss the process of software adaption for Letting agents and planning its incorporation into the organisation. Some clients I have dealt with over the previous months have found it difficult in getting up and running with the use of Rentview property management software and this series of blogs will look to guide agencies on there planning and integration of software solutions such as the cloud based property management system we offer. Firstly i want to point out the illustration below which shows different levels of IT focus and planning in organisations, these survey results are taken from Gabriele Piccoli.

What this illustration shows is that a strong focus on the use of IT and software programs and long term planning is essential to achieving a competitive differentiation in your market, whether you are a Letting Agent or a large Multi national company, the opportunity is there. They have classified IT into three stages supplier, aligned with business and competitive differentiation. If you think about some of the most successful companies in Ireland such as Tesco or closer to the property industry Daft.ie we can see how their use of IT and software has allowed them to differentiate themselves. Who is to say that you cant allow software to take a pivotal role in your agencies strategy and long term goals.

Before I get into the planning process (the next blog) which will help you understand and establish the role you want IT or software to play in your organisation its important to note some of the main reasons or benefits of creating the plan.

#1- Unity of Purpose, businesses achieve their best results through planning with a clear strategy/goals in place. The deployment of software can allow people to take responsibility with different roles specified to staff members. Using Rentview as the example you may request different property managers to partake in different tasks, one may be responsible for managing the schedule and statements to mark money coming in and out while someone else may be responsible for uploading all let only clients onto the software to market your management package etc

#2 Simplifying decision over time, without a plan in place on the use of software in the company there is no context then for future decision making. Any potential project selections being made as part of a yearly budget process will then have little sense of overall direction or meaning.

Information systems planning for letting agents part two

by Rentview

January 18, 2012

Property Viewing – Top 3 Tips

Property Viewing

In social interactions, whether it is a job interview or just meeting new people, we have a desire to give a good first impression. The reasons for this are many, but quite often lead to engaging in some sort of impression management to influence perceptions. The same can be applied to running a successful property viewing. Influencing a situation (in this case, the appearance/functioning of the property) in the right way can be enough to ensure a deal and a new tenant. Follow these guidelines and that important good first impression will be made at your property viewing!

property-showing

Image Credit – Nosha

#1 Get the basics right

Fixing and cleaning: the bread and butter of managing the property. Property agents can be a good source of information on problems. Are there any major structural issues? Broken roof slates, draughts from windows and doors? Get them fixed, as not only will they improve the appearance of the property, they could also help with the heating bills. Are all fixtures, fittings and appliances in good condition? This means no leaking taps, showers, no burnt-out light bulbs, fully functioning smoke alarm, strong locks and security measures etc. If the walls are looking a bit dull, re-paint them to make them look new.

#2 Cleaning the property

Next, clean the property inside and out. It may seem obvious, but the emphasis here is on thoroughness. Set aside enough time to do a proper job. A couple of hours running around with a vacuum-cleaner and some bathroom sprays are not enough. Take each room in turn and dust, vacuum, sweep and spray everything. Carpets should be washed, as should windows to prevent/remove mould. All appliances need to be cleaned and be free from unpleasant odours. If the property has a garden; cut the grass, de-weed it and plant some low maintenance flowers if possible. A small bit of detail can turn a property into a home!

property-viewing-clean

Image Credit Maartin Takens

#3 Take It to the Next Level

Set the right tone for the showing. Remove all clutter. The lived-in look may emphasise the homely aspect of a property, but it is not appropriate for a showing. For a longer and more relaxed showing have some lit, scented candles or incense in a couple of rooms. Not only will this help everyone involved relax, but it can remove any last minute or unexpected odours. A little soft music can also play with perceptions, but keep it appropriate. Finally, ensure there’s enough lighting. Even if the showing is during the day, increase the lighting levels.

Andreas Riha