ELITE PM Issue 15 Dec Jan 2018

2018

YOUR BEST YEAR

LEARN FROM THE BEST #15 DEC 2017 – JAN 2018

MARKETING BEYOND THE DISCOUNT

INSURANCE AND THE SHARE ECONOMY

THE EXECUTIVE PROPERTY MANAGER

BRIDGING THE SKILLS GAP

LIFE BY DESIGN

MASTERING LEADERSHIP MARCEL DYBNER

CUSTOMER SATISFACTION VS CUSTOMER LOYALTY

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Contents Regulars 006 EDITOR’S NOTE Sarah Bell 010 READER PROFILE Tennille Mugridge 012 WATERCOOLER Catch up on what you may have missed

20

018 BD MASTERY Tara Bradbury 020 REALITY BYTES Alister Maple-Brown 022 PROPERTY MANAGEMENT MENTOR Natalie Hastings 036 PM Q+A Katherine Kyriakou 040 THE LAST WORD Fiona Blayney

First Person 014 2018: YOUR BEST YEAR Kasey McDonald 016 BRIDGING THE SKILLS GAP Vasilli Hadzellis 017 INSURANCE AND THE SHARE ECONOMY Sharon Fox-Slater

24

Cover Story 024 MARCEL DYBNER Mastering Leadership

Features 028 TRANSFORM MASTERS 2017: THE FINALE 030 THE EXECUTIVE PROPERTY MANAGER Sarah Bell 032 THE PROOF IS IN THE PUDDING Michelle Williams 034 C USTOMER SATISFACTION VS CUSTOMER LOYALTY Rowena Samaweera 038 OPEN FOR (BETTER) BUSINESS Michael Momdjian

28

OUTSOURCE THE MANAGEMENT OF YOUR TRUST ACCOUNT

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END OF MONTH

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02 8355 4999 | outsourced@realplus.com.au | realplus.com.au

ISSUE 15 DEC 2017 – JAN 2018 | eliteagent.com.au/epm SARAH BELL EPM Editor sarah@eliteagent.com.au SAMANTHA MCLEAN Managing Editor samantha@eliteagent.com.au

MARK EDWARDS Publisher | Commercial Partnerships mark@eliteagent.com.au

SHANTELLE ISAAKS Marketing Assistant | Producer shantelle@eliteagent.com.au

FEATURE WRITERS Sarah Bell, Shantelle Isaaks

JILL BONIFACE Sub-Editor jill@eliteagent.com.au TIM DUNK Videographer | Editor tim@eliteagent.com.au

CHORUS DESIGN Art Direction | Design marc@chorusdesign.com COVER PHOTOGRAPHY Jason Malouin | The Portrait Store

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(a subsidiary of A Bit of This Publishing Pty Ltd) ACN 169 805 921 Postal Address: Suite 904, 121 Walker Street North Sydney NSW 2060 Telephone +61 2 8854 6123 Registered by Australia Post/Print Post 100020180 EDITORIAL SUBMISSIONS The publisher welcomes editorial submissions from individuals and organisations within the real estate profession. The publisher reserves the right to edit, modify, reject or contribute to the content of the material provided.

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6 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

EDITOR’S NOTE SARAH BELL

W WELCOME TO the marketing and goalsetting edition of EPM. This year I have had some real lessons; some I asked for, some I didn’t but got anyway because I needed them. The universe has a way of working like that sometimes – and also of repeating itself until you get those lessons into your thick skull.

Now that isn’t to say that 2017 wasn’t ‘good’. I look back at some of the things I accomplished, alone or in collaboration with the fine people I call friends and colleagues, and I am justifiably proud of that fruit. I am extremely proud of the transformation of our #DirtyDozen; getting to know each of them and watching them turn into business butterflies has been an honour and a testimony to all the coaches who generously gave of their time.

2017 will go down in

my life as the year I was blessed to have a couple of incredible women help me with my thick-skull problem.

Specifically, Transform head coach Fiona Blayney and Wonder Woman, Elite Agent Managing Editor Samantha McLean.

Firstly, the enigmatic Ms Blayney. Her session at ARPM about recycling and upcycling in your business got me thinking about my waste. I am guilty of some seriously wasteful habits. I am every rushing woman, and that doesn’t make me special – in fact, that makes me like most of you. The things that we commit to and are expected to tolerate in the work-lifefamily balancing act are things not faced by the generations before us; I hope we will work it out before my kids are old enough to burden themselves with adulting.

Which leads me to the other critical brain slap I picked up from Fiona along the way: “You can have it all, but not all at once”. Someone give this woman a peace prize!

Fiona’s goal-setting with the #SuperSix from Transform was so powerful that I begged her to share her 'Life by Design' principles in this issue. It takes some serious courage to write down everything you hope for, and then be honest about what is possible and what you truly want, shaking off what other people might expect

you to choose and turning up authentically in each area of your life. Fiona shares how to design your life on page 40. It’s a good one.

But… I’m also feeling a little bit meh. Meh. What a perfectly concise summation for all of the unstimulating things we do that use time and energy and provide us with zero inspiration and zero return.

I could have done so much more, been so much more, if I hadn’t wasted so much of my time on trying to have it all and instead designed a year that would make me love it (and not list it?).

And yet this year I have watched someone else manage to be everything to everyone (National), and that is Samantha McLean. She is my boss. For those of you who don’t know her, she is also The Boss – and not just for putting up with me, and my aforementioned thickness of skull at times.

I am blessed to have seen this woman work her face off to deliver the quality publication that you have in your hands right now, as well as getting #TheBrief to your inbox six out of seven days a week now. (If you aren’t getting the Saturday Podcast 'Elevate', you need to get onto that before you regret it.)

What Samantha has helped me get through the thick-skull barrier this year is that going outside of our comfort zones

because we think we should is false logic. We spend our best time and do our best work smack bang in the middle of our comfort zones. (I shudder at the word ‘flow’, so it is deliberately omitted.)

A comfort zone is achieved when we understand and can play to our strengths.

Stretching should be about achieving more within that zone – not wasting all our energy working outside of it, against ourselves and out of sync with our passion and preferences. I think if we can all do what we are good at, we will enjoy it… and then we don’t need motivation, we don’t need a why. The best part about Sam’s philosophy is that we all have strengths and there are plenty of people around to counter your lessstrong strengths. (Note no weaknesses, just less-strong strengths – positivity is also important.)

Here is the one thing I know for sure after the metaphorical skull fracture from Mesdames Blayney and McLean: We all have the life we want. Let me repeat that. We live exactly the life we want.

We have heard that if we don’t like something, we can change it. What about ‘If we don’t change, it is because we don’t want to’? There is a glass and a half of accountability in there that blew what was left of my thick skull apart. So in looking at what I was going to

WE HAVE HEARD THAT IF WE DON’T LIKE SOMETHING, WE CAN CHANGE IT. WHAT ABOUT ‘IF WE DON’T CHANGE, IT IS BECAUSE WE DON’T WANT TO’? change, I wanted to come up with a framework for decision making that would allow me to remain a free spirit but also ensure that I was true to the life I really want.

I discovered Mark Manson’s philosophy “(Expletive) yes...or no”. For the sake of remaining a lady in the street, I am going to rephrase his law to ‘Totes yes... or no’. Manson, who describes himself as a Life Enthusiast, something we all want to be, ties together the two abovementioned epiphanies into one simple rule: To spend

energy, time or money on a thing, you need to ask: ‘Totes yes...or no?’ Because if it isn’t an unbridled ‘yes’, it is really either a meh or a no. Life is too short for meh. Money is too hard to make for meh. Energy is lost on meh.

Don’t be meh.

Enjoy this issue and, when you sit down at the end to design your life, be totes yes on everything. ■

epm.eliteagent.com.au 7

INSPIRED GOALS 2018

Once again, Elite Agent would like to thank all of our readers, commercial partners and contributors for their support in 2017. As the year draws to a close we asked some familiar faces about their goals for 2018; here are some snippets to inspire you over the break.

BROCK FISHER NATIONAL MANAGER, OPERATIONAL EXCELLENCE, LITTLE REAL ESTATE My top goal in 2018 will be continuing to create the world’s best culture. For us, this is more important than anything. We’ve got some ambitious plans that we want to achieve, doing things that have never been done before, so we know we need a superengaged, agile and customer-centric team for us to do it all. My tip for 2018: Focus on the important things, and not just the urgent things.

SANDRA LARKIN BUSINESS COACH AND MENTOR My goal is to grow my mentoring business by awakening the lives of more people to lead a life of purpose, freedom and fulfilment.

LISA JEMMESON SENIOR ASSOCIATE, JEMMESON & FISHER Growing our existing team of talent at Jemmeson & Fisher. We have done a lot of work on our culture this year, and we are looking forward to the top talent wanting to be part of the ‘Jemfish’ team in 2018. Most of our clients are real estate agents; it is paramount that our team understand the real estate industry through educating themselves.

Attracting and keeping the right mix of people at our firm is very important.

We work hard, but we also have a lot of fun.

DAVE SKOW DIRECTOR, WAGGA PROPERTY MANAGEMENT For me it’s exploring growth opportunities via acquisition as well as the healthy organic growth we continue to experience (we are on track to list 200 new managements again this calendar year, which will make it 200-plus per year four years in a row). We have reached the point in our business where growth equals profit; we are set up and highly systemised, our fixed costs will remain steady, so the only real expense associated with growth is labour related.

The rest goes straight to our bottom line.

We are in a regional market so growth opportunities by way of acquisition are limited, so while I wait for the right opportunity to come along, I will continue to implement our organic growth plans which are very structured, high touch and low tech.

8 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

JOHN RIGBY DIRECTOR, SELL A BUSINESS The business-selling market is challenging, so the 2018 goal will be appeasing nervous buyers, unsure sellers and getting more deals over the line. My goal is to embrace the technological changes that are available to connect buyers and sellers to transact – and to see Richmond winning back-toback flags in the AFL!

KALY SMITH KS PROPERTY SOLUTIONS My main area of focus is to continue our business growth and expand on our innovativeness when it comes to the service levels of both our tenants and landlords. As our industry moves into the automated world of technology, we see the need to adapt this change into our business, in order to provide a streamlined level of service that our clients need and want and to continue to be the innovative agency, who isn't afraid to step outside the box.

On my to-do list: Continue to read, research, trial and error. It takes time for new items or systems to be implemented into a business. Maintaining and continuing our business growth will be about providing the consistent level of service we have maintained over the last 12 months, being the personalised agency who are there to influence, nurture and create a relationship of being more than just a business transaction.

SARAH DAWSON HEAD OF GROWTH, REAL+ My main area of focus in 2018 will be customer and business growth. We measure our success on our customers’ success – feedback that we are making a difference is celebrated and helps us plan our internal growth initiatives.

LAUREN KROPP DIRECTOR REAL STRATEGIX We have an expansion goal for 2018 for our recruitment sector; planning on entering two additional states of Australia. I actually need one more staff member to assist in the transition and possible growth opportunity.

(Anyone up for it!?)

TARA BRADBURY DIRECTOR AND COACH, BDM ACADEMY Ensuring I’m using the latest technology available and not being afraid to have a go. I feel this will not only enhance my business and how I interact with my clients, it will also allow me to connect with more people.

SHARON FOX-SLATER MANAGING DIRECTOR, EBM RENTCOVER Having recently reset our strategic direction and plan, I will be focusing on improving our education to our staff; people need to understand how their roles connect to the business and clients. Plus I love working with people!

JESS KINDT RENTAL DEPARTMENT MANAGER, HARCOURTS MARKETPLACE I want us to grow by 150 properties in 2018 and be the first point of call in property management for Oxley.

I believe that if you’re going to do something, there’s no point unless you’re going to do it exceptionally well – number two won’t do!

MICHELLE WILLIAMS MANAGING DIRECTOR, @HOME PROPERTY MANAGEMENT I have two main focus areas for 2018.

Following the recent event ‘How to Lead a Winning Team’, I realised that I need to spend more time mentoring my team rather than doing the hard tasks for them. The second focus is on the business itself, maintaining consistency in the delivery of our service promise and also how we can add that extra one per cent to every single process and each communication touch point. We understand that our growth is highly dependent on referral so we must continue to delight our existing clients and customers.

NOTHING FAKE ABOUT OUR NEWS Our new podcast “Elevate” takes you behind the scenes at Elite Agent with additional news analysis, exclusive interviews, extended Transform coaching and more.

DELIVERED STRAIGHT TO YOUR MOBILE VIA OUR WEBSITE, ITUNES AND STITCHER BE THE ELITE ELITEAGENT.COM.AU/SUBSCRIBE

epm.eliteagent.com.au 9

READER PROFILE evolve and change a lot over the past 19 years.

FLYING HIGH Tennille Mugridge started out in real estate as a ‘Girl Friday’. Nineteen years later she runs her own agency on the Central Coast, Home Specialist Property Management. As well as managing a small portfolio, Tennille is a mum and says she loves to keep busy – which is just as well.

Tell us a bit about yourself and your role at Home Specialist Property Management.

My role at HSPM is Licensee and Managing Director, but I also have a small portfolio of properties that I still manage.

It keeps me hands-on, but the plan is to slowly move away from being involved so much in the portfolio management and move more into leading my staff and taking our business to the next level.

We are really excited to be implementing some new marketing strategies for our clients and my focus over the next 12 months will be on marketing and growth. I have been in the industry for nearly 19 years and in business myself for 11 years. I’m a working mum, juggling work commitments, school drop-off and the attempt to balance family and work life, but I love it and wouldn’t change a thing. I love to be busy and enjoy working in a fast-paced environment.

departments. It became pretty clear that my interest lay in property management.

I loved helping people and fixing the problems they came to us with. I’m still as passionate as ever about the industry and have seen it

What is the market like in your area right now?

Our market is fairly steady. It has slowed down a little and the ‘good times’ are gone for now, but investment on the Coast is still strong.

We don’t see 17 parties attending an open home any more, but properties are still leasing.

Who or what inspires you?

I get inspiration from so many people, books and words. Richard Branson has always been an inspiration. I love what he has done with the Virgin brand and always aspire to have my team look as polished as his team does in some of their marketing.

My team laugh a lot at me for wanting us to look like a bunch of air hostesses!

But in all seriousness, I also get such inspiration from those around me and our local business owners.

Richard Branson has always been an inspiration... My team laugh at me for wanting us to look like a bunch of air hostesses!

What motivated you to get into real estate/property management?

I started my career as a ‘Girl Friday’ in an office on the Central Coast and had the luxury of working in all

10 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

In your ‘briefcase’ right now is…

I don’t have a briefcase, but I have a box that I take home. It’s a wicker box from Kmart that has my laptop and charger, a notebook for notes and ideas, plus those items that you carry everywhere with you in case you find time to do them – the ones that aren’t urgent, but you hope and pray you will find time to just get them done. Now if you look in my handbag that’s a different story... it’s full of lipsticks, pens and business cards.

Something (or someone) you couldn’t live without?

Hands down, my seven year old daughter. She is my everything. Becoming a mum was not an easy path for me, so every day I am grateful for her.

What do you enjoy most about Elite Agent?

I love the lightness of the magazine – it’s such an easy read. I love that it’s always interesting and relevant. I’m always left feeling motivated and inspired.

What apps do you use most at the moment on your iPhone or iPad? Gmail, Maintenance Manager, PropertyMe, IRE Mobile and probably my Bank West app!

I couldn’t get through a day without using each of these.

What advice would you give someone starting out in property management?

Don’t just get your Certificate of Registration but take the time, do the study and complete your license.

You will be so much more knowledgeable about legislation in the end. Find a good mentor who can help, inspire, motivate and guide you along the way. Remember you have two ears and one mouth.

Property management is not about managing properties; it’s about managing people.

Any words to live by?

If it is to be – it’s up to me! ■

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I'm an Account Trainer for our Real Estate team. I create and deliver training for new team members, up-skill existing team members, and maintain training manuals and processes.

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THE WATER COOLER

D

Our daily newsletter #THEBRIEF brings you the latest real estate news, tech and marketing tips straight up every day.

In case you’ve missed anything, here are some of this month’s trending stories. Subscribe to #THEBRIEF eliteagent.com.au/subscribe.

BDM ACADEMY LAUNCHES NATIONAL TOUR If you need a lift for 2018, the BDM Academy Refresh.Renew.Refocus tour kicks off in February. Brought to you by the Real Estate Training Group, this event will empower you to refresh your skills so you can be known and seen as the industry expert across property management and business development, renew your mind so you can stop drowning in the detail and start achieving success, and refocus on your goals.

The conference is designed to challenge your thinking, accelerate your discovery and create real and authentic connections. You will leave recharged, reconnected and ready for new possibilities. For more information and to book tickets head to retgevents.com.au.

@REALTY MOVES TO RENTAL SPACE Popular agent brand @realty have recently launched a property management structure that enables its 450 sales associates to effectively build and own their own rent roll.

The structure is designed to eliminate the burden of time-consuming and repetitive tasks associated with property management, and provides the sales associate with all the tools and services they need. @realty’s online tools enable regular rent reviews, prompt action should arrears occur, electronic funds transfer mid and end month to landlords, and regular income and expenditure reports.

James (JJ) Taylor, Director of @realty, said, “The @realty Rentals structure is effectively a joint venture between the sales associate and @realty, whereby the sales associate is able to maintain and build a residual and perpetual asset over time, for little or no capital investment.”

The joint venture is based upon a 50/50 split of the management fee; all other fees, including the letting fee, are retained by the agent. @realty currently offer the PM structure in Vic, Qld and WA, and plan to expand to SA and NSW. Visit atrealtycareers.com.au/rentals for more information.

12 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

NEW RENT GM AT REALESTATE.COM.AU With a renewed focus on Rent, REA Group has appointed Kul Singh to the role of Executive Manager, Rent at REA Group.

Kul will be responsible for leading all aspects of realestate. com.au’s rental services offering, from product development through to marketing and sales.

Kul has been key part of the REA team for the past two and a half years leading residential customer marketing, customer research, through to sponsorship and events teams. He’s also no stranger to Elite Agent, having also been a coach in the 2017 Transform Masters Program.

The team are initially focusing on improving efficiencies for property managers by enhancing current products. REA will also build on previous Rent Masterclasses and webinars

and focus on how REA and the industry can deliver an exceptional service for tenants and landlords.

“We are excited to partner even more closely with the industry and find solutions that make the rental experience easier and more enjoyable for tenants, property managers and landlords,” says Kul. For more information visit agent.realestate.com.au/rent.

Kul Singh

This year’s ‘one thing’ If you feel you’ve lost a connection to your property management business, hiring a trained specialist to help you reassess your business goals can help. It’s called an Operational Prognosis and it may help you to uncover areas or issues you may not have thought of for a while.

“Every strategic business plan needs detailed information relating to operations, systems, customer service, income drivers and critical factors, and flags for current risks and vulnerabilities,” says Jo-Anne Oliveri, founder of ireviloution intelligence.

“An Operational Prognosis (OP) is what we like to think of as an X-ray of your business. It scans your internal operations by analysing and cross-referencing reports, processes and policies. And, just like an X-ray, it goes beneath the surface to find underlying causes of risks and vulnerabilities."

If you are interested in a full report on your business you can contact Jo at jo@ireviloution.com.

FIRST PERSON

Kasey MacDonald

2018: Your best year

TIMES ARE CHANGING and every year property management

brings new challenges. Kasey MacDonald offers some practical suggestions to make 2018 your best year yet.

WITH ALMOST two decades’ experience at the coalface, I will admit that I didn’t always do things right. There have been a lot of learning curves along the way.

On my very first day on the job, I was given an empty desk and a phone, and that was it.

I didn’t know the first thing about managing a property, and boy, didn’t I learn fast!

There was nothing traditional about my induction to property management, and although it was tough, it ended up being a bit of a blessing. Not only did I have to learn fast, but it also showed me a lot of things not to do. From that, I established processes and procedures that I have finetuned over the years.

The single biggest mistake I think I made in the early days was being in reactive mode. I felt like I was always chasing my tail. This was due to many things, including a lack of training and a severe absence of procedures in place.

I ENCOURAGE EVERYONE TO PICK UP THE PHONE AND TO STOP HIDING BEHIND THEIR EMAILS.

That aside, I’m confident that I have gained a lot of wisdom to pass on so that you can head into 2018 full of confidence, inspiration and a mindset to achieve big things. Here’s my advice to make 2018 your year to shine and be better than you’ve ever been.

FIND THE TIME AND THE TIMING These days, the most common questions I get asked are around time management and how to find more time in the day. But it’s not about that. In property management, you could sometimes work around the clock and not feel like you’re getting ahead if you’re not utilising your time properly.

Effective time management comes down to prioritising and good planning.

PLAN TO PLAN AND THEN PLAN SOME MORE Some days in property management can be rather ad-hoc in nature, so it’s imperative that you plan and prioritise so you’re superorganised. That includes your mindset, your workspace and, of course, your daily and weekly schedule!

Organising your time helps you approach tasks more efficiently and with a positive perspective to allow you to be more open to opportunities. Luckily,

14 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

some of the duties a property manager undertakes are repetitive and scheduled which means they can be really well planned out.

FREE YOUR MIND I find it’s really important to shift your approach and

• Can you prevent them by planning ahead and developing alternative processes?

• Can you automate any of your tasks to make them more effective and less timeconsuming?

REMEMBER WHO YOUR CLIENT IS As part of this schedule make sure you leave time for those interruptions and disruptions.

Always remember who the client is and place their importance at the very top.

I often see property managers avoid the owner if he or she drops into the office. They see them as a distraction, but I see them as a goldmine. They are your client, and they deserve

I OFTEN SEE PROPERTY MANAGERS AVOID THE OWNER IF HE OR SHE DROPS INTO THE OFFICE. THEY SEE THEM AS A DISTRACTION, BUT I SEE THEM AS A GOLDMINE. mindset from being reactive (dealing with what comes up) to being proactive. The by-product of being reactive is lack of control, excessive workload and high stress.

To be (and stay) in control of your workload in property management is all about creating a regular schedule to deal with the repetitive tasks, so you’re on the front foot when the unexpected stuff comes. And it will come!

Analyse your current day-today responsibilities, splitting them into repetitive tasks and ad-hoc tasks, then ask yourself: • What are the priorities around the tasks?

• What can be consolidated, eliminated or shortened?

• What can you do to stay ahead of less-urgent tasks?

your time and attention.

Remember, it’s always easier to retain clients than it is to win new ones.

Set arrears, maintenance, lease renewals, invoicing, receipting and inspections as recurring tasks and appointments. When it’s time to do those tasks, do not deviate or procrastinate; make sure they’re crossed off the list.

GET GOAL-SETTING It’s such a cliché, but goalsetting is a huge thing for me so I can’t stress it enough. With your daily tasks more organised it’s time to set realistic and timely goals, broken down into daily, weekly and monthly categories all set to levels of priority.

COMMUNICATE LIKE A PRO There is one common trait I see in every successful property manager and BDM, and that is great communication skills. Be a really smart communicator.

Remember that your landlord has entrusted you with a huge responsibility in their eyes – managing their expensive asset. Get to know what they like and what they don’t like.

Years ago I once rang

my landlord at 9 am, not realising she was a nurse who had just come off a huge night shift. She wasn’t impressed with my phone call as she’d just got to sleep. I really should have known how she wanted me to communicate with her; a text message or email would have been more suitable.

I always talk to my owners about how they want to be communicated with,

and you’ll be surprised at the mixed responses. Don’t assume; ask!

My advice around communication is to be very clear and friendly in your approach. Remember, written messages can be interpreted in various tones, and if it’s ineffectively received it can cause a whole lot of unnecessary drama.

I'd encourage everyone to continue to pick up the phone

and to stop hiding behind their emails. Emails play an important role, but we can avoid the back and forth and risk of misunderstanding by having the conversation verbally. The technology platforms available have fantastic communication tools, with reporting that can be automated; just don’t forget to talk to your clients.

TECHNOLOGY My advice here is to embrace it where you can. I find some offices have a real mix of apps and cool tech programs to help make their department run more smoothly. However, they usually only use a quarter or half of the app’s features.

Take the time to research the systems you have in place and use what you can to streamline your workflow.

Learn about the software to use it to its full potential.

Property management is a very exciting and dynamic industry to be involved in, but it will take over your life if you let it. It can be very demanding. Take the initiative, control the things you can control like recurring tasks and remember to be proactive, not reactive.

Take a look at how you performed over 2017 and assess what you can do moving forward to ensure 2018 is a killer year.

The property management industry has ended up being a very lucrative and enjoyable career choice for me, and there are plenty of opportunities there for those who want to work hard, work smart, and reach out and grab it. Make 2018 your best year yet. ■ KASEY MACDONALD is the Business Development Manager for Vystal Property Group and is the Co-Founder of Real Estate Training Group (RETG).

epm.eliteagent.com.au 15

FIRST PERSON

Vasili Hadzellis

Bridging the skills gap REFLECTING ON YOUR own professional experience and

performance over the last 12 months can help you develop the right actions and create the right type of change. But first you need to work out where your own gaps are. Vasili Hadzellis explains.

ONE OF MY favourite songs of all time is ‘Man in the Mirror’ by the King, Michael Jackson. He speaks to looking at yourself, to wanting to make things better, with the notion of self-reflection.

A great way of tackling this process is to grab a piece of paper and draw a dividing line vertically and horizontally, so you have essentially four rectangles on the page. Then, fill them in using these four headings as a guide.

1. WINS This is where you outline all your advantages and key points of difference that you think have led to your success over the year. You would also include all the great events and ‘high five’ moments that have happened during the last 12 months, both professionally and personally.

As an example, if you are a leasing consultant, it could be that you have had a lower days-on-market rate as a result of you now professionally photographing your properties or including floorplans in your ‘for lease’ advertisements.

2. CHALLENGES This is where you would list what hasn’t worked so well this past year. Being honest about your mistakes and shortcomings is the only surefire way to correct them.

For example, if you are a property manager it could be that you may have lost managements because you weren’t able to get on top of all of those emails. Be honest about whether that is personal time management or whether there is a business issue with capacity.

3. OPPORTUNITIES There is always an opportunity to learn, no matter where you are in your career journey.

Here is an exciting challenge: write down ways in which you could improve your performance, or identify

BE HONEST ABOUT WHAT SKILLS, KNOWLEDGE, EQ AND PERSONAL DEVELOPMENT COULD BE LACKING IN YOUR ARSENAL. where a little more attention and focus could have led to you being more innovative or efficient in how you deliver your property management experience.

As an example, property managers might look at their processes to ensure that

16 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

they are communicating with landlords and tenants in a positive way. For landlords, it is essential that their property investment experience with you is more than reactive calls and emails about ‘problems’.

Change up your reasons to call so that it isn’t just repairs and arrears. Maybe 2018 is your year to increase your investment literacy and become a knowledgeable and trusted advisor who provides professional recommendations based on how the rental market or sales market is performing.

As a further example, BDMs might look now at creating a marketing and prospecting calendar for 2018, so that before the year starts they have committed to the activities needed to

move towards those growth goals. A realised plan, ahead of time, turns wishes into goals and removes the obstacle of procrastination.

2018 could be the year that you consistently go about executing these activities month by month for sustainable growth across the year.

4. LEARNINGS Looking at your challenges and opportunities lists, be honest about what skills, knowledge, EQ and personal development could be lacking in your arsenal. Then set about finding the right training and committing to it to bridge those gaps.

There are some fantastic property management conferences coming up over the course of the year. I love attending this type of event as you are always learning from different industry leaders. By networking and sharing your experience with property management practitioners from around Australia, you may find that they are facing the same challenges as you.

Sometimes frontline solutionsharing can be the most important learning you can do.

LOOKING FOR A NEW YEAR’S RESOLUTION? Become a bookworm! Two of my favourites and recommend reading for all property managers are Useful Belief by Chris Helder and Leaders Eat Last by Simon Sinek. ■ VASILI HADZELLIS is on a mission to revolutionise and innovate the experience that property managers, leasing consultants and BDMs deliver to their landlords and tenants. He consults and trains in property management business all across Australia. For more information visit corepmc. com.au.

Sharon Fox-Slater

Insurance and the 'share economy'

WITH THE LURE OF EASY cash for little effort, more and more

Australians are jumping on the short-stay accommodation band-wagon and becoming instant landlords. But many are neglecting to make sure they are properly insured, says EBM RentCover’s Sharon Fox-Slater.

THE NUMBER of people offering their homes on sites like Airbnb, HomeAway and VacationRentals is snowballing. There are now more than 115,000 Australian properties listed on Airbnb alone.

What started out as an opportunity to rent a room for a couple of days and earn a few dollars has turned into a business for many homeowners.

In fact, the money they can make from renting out their homes short-term has led to a new breed of landlord.

Beyond requirements like council approval, laws and tax obligations, insurance is an aspect many are neglecting.

By not recognising that they are in fact landlords, many are exposed and unaware they can access protection from insurance products designed specifically for landlords.

Although accommodation platforms like Airbnb usually offer some form of protection for hosts in terms of damage, many property owners rely on their home and contents insurance to back this up.

I would urge those renting their property short-term to check their home and contents

insurance policies, as many insurers won’t cover claims if the property is being used as a business – that is, being used to generate income.

If an owner is renting out their property short-term, they should look at specific landlord policies which offer protection

not all insurers offer cover for short-term rentals, or they may specifically exclude Airbnb.

The short-stay accommodation market is also popular with landlords who usually lease out their investment properties on fixed terms.

BY NOT RECOGNISING THAT THEY ARE IN FACT LANDLORDS, MANY ARE EXPOSED AND UNAWARE THEY CAN ACCESS PROTECTION DESIGNED SPECIFICALLY FOR LANDLORDS. against a range of risks not covered by standard home insurance.

As an example, a landlord policy like RentCover 'ShortTerm' offers comprehensive contents cover for items including game consoles, entertainment equipment, linen, crockery and cookware.

It also covers damage caused by tenants or their guests, whether the damage is accidental or malicious.

I would caution owners and property managers to do their homework before selecting a landlord policy as

The money that an owner can make from tapping into the short-stay market can be very tempting. For example, one comparison website found that the average weekly Airbnb rent for a two-bedroom unit in a major city was almost triple what the owner would make on a traditional rental basis. It’s easy to see why many landlords, particularly those with property in innercity areas or popular holiday locations, are seriously looking at these options.

If a landlord is looking to switch their property from fixed-term to short-stay,

FIRST PERSON they need to make sure they switch their landlord insurance policy too. There are different landlord policies for different types of letting because each type of tenancy agreement has its own unique risks, and having the wrong policy could prove costly.

That brings us to the issue of tenants subletting the rental property through Airbnb or similar.

Most landlord insurance policies are very clear about cover and subletting. If the property is being sublet by the tenant and the landlord has approved this, then the cover may be void.

Of course, there will be tenants who ignore the fact they can’t sublet the property and will do it anyway without ever informing the landlord or property manager. In this case, the landlord is generally still covered – so long as they and their PM were not aware of the subletting – as any claim would be considered an unforeseen event.

Whether the property owner is a new breed of landlord or an experienced investor tapping into the short-term market, having the right landlord insurance in place is a must.

The short-term accommodation market holds many opportunities but also risks. Astute property owners assess and mitigate those risks.

Property is a big investment; it’s worth making sure it is properly protected. ■

SHARON FOX-SLATER is the Executive General Manager of EBM’s RentCover. For more information, visit rentcover.com.au.

Advice about insurance is provided for general information and does not take into account individual needs. It is important to read the Product Disclosure Statement and Policy Wording prior to making a decision; these can be obtained directly from EBM.

epm.eliteagent.com.au 17

Business Development Mastery

Tara Bradbury

GREAT EXPECTATIONS Nothing creates a feeling of defeat as much as setting unrealistic expectations for ourselves does. Few BDMs are aware of how they often set themselves up to fail by developing unattainable goals; losing themselves in a cycle of disappointment and negative self-talk. But fortunately, there is another way, says Tara Bradbury.

W

HAT IS fascinating about the phenomenon of unrealistic goal setting is how much it affects the high achievers and those who have a strong desire to reach their goals.

Ambition tempts us to set high standards for ourselves and there is a pervasive belief that almost any goal is attainable with enough ‘hustle’. Those of us who have ambition strive to move our real estate careers forward, take on more responsibility, don’t take no for an answer and are prepared to do whatever it takes.

What happens when we set unrealistic goals and targets for ourselves?

There’s an important difference between a stretch goal and an unrealistic one, especially when we tend to be our harshest critic for never reaching our objectives. We lose the momentum pushing us towards our goals as negative self-talk and mindset ‘ruts’ distract us from the very activities that will help us achieve them.

Most of the goals we set for ourselves are perfect; in most cases what I find unrealistic is the time frame.

I am often asked, ‘How many properties do your top-performing BDMs sign in one month?’ A great question, but the answer can encourage unrealistic goal

expectations. If I look at my BDM career my best month was 30 managements, and during that year I signed 268 properties in a 12-month period. This, however, was not my first year as a BDM; in fact, I was heading into my third year, and if I had set this type of benchmark the first year I know I would have been very disappointed.

Key performance indicators (KPIs) foster accountability and are critical to the success of BDMs who are focused on growth. For example, a BDM must monitor the number of leads, their origin, listing presentations completed and new managements secured.

However, effective KPIs must

THERE IS A PERVASIVE BELIEF THAT ALMOST ANY GOAL IS ATTAINABLE WITH ENOUGH ‘HUSTLE’. be measurable and aligned with the growth agenda for the agency. The targets must be stated in clear terms and able to be validated by software, where possible.

A time frame must also be established for all KPIs, with key checkpoints along the way to ensure that the BDM is

18 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

SAMPLE BDM/DEPARTMENT KPIS

(MONTH) RESULTS

(MONTH) TARGETS

New managements secured (signed agreements) New managements secured and leased (generating income for the business) Contacts added to your database (keep a record of the contact details you collect) Department net growth for the month (total number of managements for the current month vs the total number of managements for the previous month) Department income growth for the month (the overall amount the department income has increased for the last month) Number of networking events attended in one month Number of call connects completed each month Number of appraisals from call connects each month Number of new managements secured from call connects each month Average days on market (vacant properties across PM department) Current vacancy rate for your agency (total number of properties managed vs current vacant properties)

on track. This table might help get you started in the right direction for 2018.

Take the time to look at your career path and the direction you want to be heading in.

Make sure you set goals that are challenging but attainable and that you have a personal passion for achieving. ■

TARA BRADBURY is the Director of the BDM Academy, sharing her business development ideas and strategies with property management BDMs and principals. For more information visit bdmacademy.com.au.

Insurance for Airbnb and other short term letting properties need not be difficult.

Many insurance policies are not designed for properties let for short periods such as holiday letting or corporate leasing.

EBM’s RentCoverShortTerm has been specifically designed for these types of properties including online platforms such as Airbnb, Stayz, Homeaway and similar.

 Contents are automatically covered for up to $65,000.  Insured contents include game consoles and crockery.  Covered for lost rent up to $50,000 if your property can’t be let due to an insured event.  Legal liability is covered up to $20 million.  Covered against both accidental damage and malicious damage by your tenants or their guests.  As long as reasonable security measures are in place, like working locks, it covers your property.  If buildings are insured, your building is covered for ‘new for old’ replacement regardless of age.  Legal expenses are covered up to $5,000 when incurred by you in minimising a loss.  Costs in regard to professional fees of up to $1,000 are covered if incurred due to a tax audit in respect of income from your property.

Apply for

online at

www.rentcover.com.au

or call

1800 661 662

1800 661 662 | F: 1300 794 773 | enquiries@rentcover.com.au | www.rentcover.com.au Elkington Bishop Molineaux Insurance Brokers Pty Ltd | ABN 31 009 179 640 | AFSLN 246986 | Est 1975

RESTCU003-171117

Elkington Bishop Molineaux Insurance Brokers Pty Ltd (EBM) issue the product on behalf of QBE Insurance (Australia) Limited. This brochure contains general advice only so please refer to the Product Disclosure Statement when deciding whether the insurance suits your needs – a copy can be found on our website (www.rentcover.com.au) or by contacting 1800 661 662.

Realty Bytes

Alister Maple-Brown, CEO, Rockend

UNPLUGGED AND PLUGGED IN While you can’t lean on the latest app to set your goals for you, it's possible to use some clever tech to track your progress. Alister Maple-Brown from Rockend offers five steps you can follow to keep motivated and on track in the New Year.

W

HILE technology isn’t a wand you can wave to magically achieve your goals, it can help you stay motivated, track your progress and measure your results.

1

UNPLUG YOUR MIND Setting goals is all about capturing your vision, and while tech sometimes helps it can’t do the hard thinking for you.

Take some uninterrupted time; early in the morning over coffee, later in the afternoon while taking a walk, or perhaps during the evening when you’re enjoying a much-deserved soak in the tub. Sitting at your desk is not necessarily the most conducive environment for brainstorming, so pick a time and place when you can do your best thinking.

And don’t forget to talk to others. Conversation can help you clarify your ‘why’.

2

WRITE IT DOWN Seems like a no-brainer, right? Wrong. We can all benefit from writing down our goals, though all too often we don’t. Writing your goals down is the first step to making them a reality. Yes, it takes time.

But there’s a major difference between what’s going on in your head and ideas you’ve taken the time to write down.

Put pen to paper, scribble on

a whiteboard or tap it out on your iPad. Use the tools that you’re most comfortable with to record your goals.

Once you’ve written them down, it’s time to break them down. Break each of your goals into smaller, more attainable milestones and tasks to plot your path and help you build momentum.

3

KEEP IT VISUAL To achieve a goal, you need to find ways to keep it fresh in your mind.

20 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

That’s how you’ll find the motivation to stay on target.

We all have a friend who’s made a New Year’s ‘get fit’ resolution. Or maybe you know someone who keeps a photo of their dream car in their wallet. There’s a definite method to this madness.

Use visual tools to keep your goals consistently in front of you. Print them out and pin them on the wall next to your computer. Add them to your computer’s desktop wallpaper. You might even

consider using a simple online reminder tool, like 'Memo To Me', to send yourself an email every Monday morning setting out your goals, so you start the week with them top of mind.

The most important thing is that your goals are never far from your thoughts.

4

BE ACCOUNTABLE When I think about how to use technology for typically nontechnological things (which is kind of how I see goal-setting),

I like to remind myself about what technology can and can’t do.

In and of itself, technology can’t achieve your goals for you. But what it can do is help you to automate routine functions, share information and schedule tasks – three things that you can leverage to help you work on your goals.

AUTOMATE Ask yourself if there are routine functions involved in reaching your goals that you can automate.

Then use technology to your advantage. Let’s say one of your goals is to make better use of the data you collect to inform your decisions. You can automate a weekly report of the relevant data and when that report pops up in your inbox it will remind you to make use of the information.

SHARE Some people are more motivated to reach their goals when they tell others about them. If this

advantage of the tools and apps you already use. Put tasks into your calendar in Outlook, Google or on your smartphone. But if a paper diary is most effective for you, use it. It’s also not a bad idea to schedule monthly appointments that simply read ‘Review goals’.

5

METRICS MATTER To achieve your goals, you need to work backwards to define your metrics. Metrics will help gauge your progress toward your end goal, but it’s essential that they’re readily accessible and easy to understand.

Here’s where technology can help. Enter dashboards.

The purpose of a business dashboard is to aggregate and extract value from all the data you collect and simplify this into more manageable chunks of visual information.

training

support

outsourced accounting

YOU MIGHT EVEN CONSIDER USING A SIMPLE ONLINE REMINDER TOOL, LIKE 'MEMO TO ME', TO SEND YOURSELF AN EMAIL EVERY MONDAY MORNING TO REMIND YOU OF YOUR GOALS. sounds like you, then use technology to share your goals with others. Share on social media, via email or use your agency’s intranet.

Telling others will help keep you accountable.

SCHEDULE What steps do you need to take to reach your goal and when should each one occur to keep you on target? You could use fullblown project management software for scheduling (like Basecamp, Trello or Asana), but it’s not a must. Take

This means you can see what you’re doing right, where you need to improve and whether you’re on track to achieve your goals.

Remember, setting and achieving your goals isn’t always about shiny new technology or the latest app.

Sometimes the best tech is low tech or no tech at all. ■

ALISTER MAPLE-BROWN is the CEO of Rockend.

For more information visit rockend.com.au.

epm.eliteagent.com.au 21

Property Management Mentor

Natalie Hastings

BEYOND THE DISCOUNT WHEN IT COMES TO INCREASING income into property management departments, the

industry can be its own worst enemy. Often sales-focused principals apply a volume mentality to their rent roll asset, chasing relentless growth because they believe bigger rent rolls are the only way of increasing their overall bottom line. But a focus on valueadding could be a better way to amplify revenue, explains Natalie Hastings.

A

CROSS AUSTRALIA, I’ve spent time mentoring principals, BDMs and property managers to capitalise upon the asset they’ve already got, rather than becoming fixated on volume growth alone. As any property manager who has experienced a stint in a low-fee, highvolume agency will attest, the costs of staff turnover, stress and potential legal skirmishes far outweigh the value of any additional listings.

Some principals make the mistake of offering ridiculously low management fees, or even ‘three months free’ promotions in their wild pursuit of revenue. If you drive down any high street across the nation, you’ll see property management marketing with one message only: cheap fees, list here.

As a profession, we’ve got to change the discussion within our agencies about the value of expert property management, so that our external marketing reflects the quality and import of our specialist skills. Next time you’re asked to focus on bringing more revenue into your department, think more holistically about revenue and consider these four simple ways to enhance your income – no discounts about it!

DATABASE TUNE-UP So many real estate businesses lose money because their database is out of date, or their team are poorly acquainted with their property management software. A database tuneup is a great way to bring more money into your real estate agency immediately: it’s just a matter of carefully ensuring that all fees (even the teeny tiny ones like statement fees) are being charged to all landlords. If you’ve bought rent rolls or switched databases, fees and charges can fall victim to data transfers. Across a rent roll of 700 properties, an additional $2.00 per landlord per month adds substantial revenue to your business.

SOCIAL MEDIA MARKETING Whilst social media marketing is slowly making its way onto vendor-paid marketing schedules, it is still relatively under-utilised for property management listings. Developing a social media marketing strategy unique to landlords serves two purposes.

Firstly, it allows you to prospect the market with a genuinely innovative offering.

Instead of ‘three months free’ posters, you’ll be able to show your ingenuity with

22 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

THE COSTS OF STAFF TURNOVER, STRESS AND POTENTIAL LEGAL SKIRMISHES FAR OUTWEIGH THE VALUE OF ANY ADDITIONAL LISTINGS.

social media marketing packages, attracting the right tenant to your landlord’s property. Even the most curmudgeonly landlord will acknowledge the value tailored marketing will bring to securing a great tenant for their investment, reducing their days on market.

Secondly, social media marketing is a skilled service offering you will be able to charge an additional fee for.

Of course, your property managers or administrators will need to be upskilled to provide this tailored social

off multiple documents for a landlord’s tax agent or sourcing appliances for a property, and perhaps even institute new services, such as an annual property management portfolio audit for landlords. The better you can clarify your services and expertise, the more easily you can differentiate your property management business in listing presentations and marketing drives.

WHAT ELSE CAN YOU OFFER? Beyond sheer volume, there are many ways to enhance

THERE ARE ACTIVITIES ACROSS EACH PROPERTY MANAGER’S WEEK WHICH ARE EITHER UNDERVALUED OR COMPLETELY IGNORED AS A CHARGEABLE SERVICE. media marketing solution – but once a plan is in place, you’ll enjoy better outcomes for your landlords and better monthly bottom lines.

Win-win!

WHERE ARE YOU UNDERVALUING YOUR TIME? In my experience, there are activities across each property manager’s week which are either undervalued monetarily or completely ignored as a chargeable service. Identify where these potential ‘value-adding’ items lie by inviting your property managers to share activities across their week which are costly in time, yet minimally (or totally!) uncharged to the client.

This process will help you better charge for timecostly activities, like printing

the revenue earned by your property management department. You might consider paid education evenings for landlords on Airbnb best practice.

You could extend this into an Airbnb management offering, inviting a whole new demographic of potential landlords (and revenue streams) into your business.

Perhaps you could offer mini-makeovers project management for bathrooms and kitchens in collaboration with your favourite trades.

Think big, and don’t be afraid to look beyond the parameters of traditional property management! ■

DON’T MISS WHAT EVERYONE IS TALKING ABOUT #THEBRIEF brings you the latest real estate news, tech and marketing tips, how-tos, and inspiration. Make sure you are on the only list that matters and be ahead of the game before you reach the office.

DELIVERED EVERY MORNING STRAIGHT UP – NO DECAF! BE THE ELITE ELITEAGENT.COM.AU/SUBSCRIBE

NATALIE HASTINGS is the Managing Director of hastings + co. For more information, visit hastingsandco.com.au.

epm.eliteagent.com.au 23

COVER STORY

24 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

Marcel Dybner MASTERING LEADERSHIP

MARCEL DYBNER IS THE Head of Property

Management at Boutique Agency Besser & Co in St Kilda, Victoria. With the business in a rapid growth phase, he applied for Transform Masters to ‘take a step back’ and look at how he could grow the company by growing as a leader. Taking in all the lessons, the transformative idea he put forward in our 'Shark Tank' challenge was impressive enough to win the day. Here are some of the highlights of what he learned during the 12 weeks.

F

irstly, tell us why you applied for Transform Masters.

I’ve wanted to apply for Elite Agent’s Transform program for a while now, but previously it was only ever salespeople who could apply. So when the opportunity for PMs and directors opened up, I didn’t hesitate.

We’re currently in a rapid growth phase in our business and I’ve spent the last three years with my head buried in the day to days of the business. I saw Transform as an opportunity to step back and take a look at how we could grow as a company and individually.

It was also an opportunity to meet and be coached by some of the biggest names in our industry.

How did you feel after that first day of intensive coaching, including goal setting, understanding business data, strengths profiling and capturing your image?

Day 1 was extremely overwhelming.

The one-on-one sessions with Fiona, Sam and Sarah were quite eye-opening and really cemented that I had a lot of work ahead of me to get to where I wanted to be as a leader and a businessman.

It was also great to spend time with the other ‘Transformers’ and learn more about the similar challenges they were facing within their businesses and markets.

As challenging as Day 1 was, as I boarded the flight back to Melbourne I felt quite comfortable knowing we were in great hands and had a solid group that I’d learn a lot from.

You completed a Character Strengths profile as part of coaching on selfawareness; what did your profile say was your top strength and why do you think that came up?

My top strengths on the Character Strength profile were humour and forgiveness, both

traits which I believe are core to who I am as a person and a leader.

Charlie Chaplin famously said that ‘A day without laughter is a day wasted’, but he didn’t work in property management. A day without laughter in property management can feel like a month!

I want to enjoy my day and I want my team to enjoy coming to work. There’s no better way than to have a good laugh together to make the day better and bring the team closer together.

I also think forgiveness is vital when you lead a team. There are always going to be problems and most managers will dwell on them or judge their employee for making bad choices. I believe we should forgive and look at ways to make sure it’s handled better the next time.

AS CHALLENGING AS DAY 1 WAS, AS I BOARDED THE FLIGHT BACK TO MELBOURNE I FELT COMFORTABLE KNOWING WE WERE IN GREAT HANDS. What does leadership mean to you now and has that changed?

I was a victim of poor management for most of my working life, with managers who were great at selling or leasing property but weren’t given the tools or training to lead effectively. The benefit of this was that I worked out very quickly the type of leader I didn’t want to be.

I always wanted to be the leader who motivated and inspired his team to work hard, but after some great coaching through the Transform program I’ve picked up some great strategies on how to do this more effectively.

epm.eliteagent.com.au 25

COVER STORY Which coaching session has stood out to you so far and why was that lesson important for where you are now in your leadership journey?

It’s hard to just pick one stand-out because these coaches have really opened up to us about their businesses and sharing their experiences.

If I had to pick one, it would have to be Matt Lahood. From the very start of his coaching session, it was clear that Matt was a true leader who really cared about the people in his business. I instantly added Matt on LinkedIn and started seeing him share and comment on his employees’ posts, showing his support and appreciation for their hard work. It was really great to see that he walked the walk after talking the talk.

Matt Lahood talked about the importance of visioneering, and a culture and values that support people to achieve their potential. What vision do you have as a leader of your organisation and how is that manifest in the culture and the values of your business?

We all hear of those ‘cool’ places to work, where the managers care about their teams and the culture is built around achieving results and celebrating them. That’s the business I want.

I want my team to know that I care about each one of them as a person – not just a number on a spreadsheet.

Matt Lahood was very inspirational, and I have witnessed by what I can see through his social media that he supports and cares about his staff. These are the people we should really be celebrating in our industry.

What other leaders inspire you, and why?

I’m inspired by people who have achieved actual results – rather than those who simply theorise about it.

I spend a bit of time each week listening to podcasts and YouTube videos, and one of the best leaders I’ve come across is Jack Welch, the former Chairman of GE. Spending over 20 years at GE, he transformed the company into one of the most profitable businesses in the world, raising the company value by 4,000 per cent.

Although he was known as quite a tough leader and had very high expectations, he

knew how to motivate his key people and enable them to motivate their teams.

Is there anything you have stopped doing, or let go of, as a result of Transform?

One of the first tasks I did after starting the Transform program was split a whiteboard through the middle and list all the tasks on one side that I was currently doing, and on the other side all the tasks I should be doing.

I identified a few tasks which I could delegate to focus on more dollar-productive tasks like prospecting, which would help us

I’m also committed to making myself available to my team, whenever they need me. This can be difficult and often requires me to stay back and finish off my work later, but I want them to know that I always have time for them.

What are your specific goals now, personally and for your organisation?

My goal is to continue growing our rental department. We’re currently managing just shy of 400 properties, and by the end of the financial year I want to have 500 properties under management.

CHARLIE CHAPLIN FAMOUSLY SAID THAT ‘A DAY WITHOUT LAUGHTER IS A DAY WASTED’, BUT HE DIDN’T WORK IN PROPERTY MANAGEMENT. meet our business goals.

We’re now also looking at outsourcing certain tasks to free up a bit of time for our PM team, so they can start prospecting a little more too.

Leaving the Transform classroom, what do you see as the biggest challenge for leaders of real estate businesses in the future?

I think the biggest challenges for leaders in our industry won’t change – it’ll always be about attracting and keeping good talent.

Unfortunately we see too many people ‘try’ real estate and then leave.

I see a big shift in how we do our jobs; with automation and technology knocking on our door, we’ll see a massive shift in how our teams operate and what tasks will be done by technology, outsourced or in the office.

Reflecting back on your journey from where you started, how far do you feel you have come and what specifically is different now?

My focus has completely shifted from being full time ‘in’ the business to making time to work ‘on’ the business.

My first challenge was becoming more familiar with the business’ financial numbers. This is a work in progress, but understanding where we are has made it much clearer to structure how to get to where we want to be.

Transform Masters 2017 was brought to you by:

26 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

What has been the best part of Transform?

The best part of Transform has been the brilliant people I’ve met. The other 'Transformers' have been a great springboard for ideas and a wealth of knowledge when it comes to sharing ideas and support.

What have you learned about balancing leadership with your other roles in the business and the time you need to give to clients?

My team comes first; that’s a non-negotiable for me. Even if that means I spend my morning working through their problems, I know that the time I spend with them now will help them be better tomorrow.

This means that I’m spending more time in the office getting through my work, or opening the laptop on a Sunday to get a head start on the week ahead. But that’s the price you pay for being a leader.

Based on everything you have learned, what advice would you give to anyone thinking about making the leap to leadership?

“Before you’re a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” This quote by Jack Welch really sums it up perfectly. Being a leader means putting your team first and yourself last.

If you can’t do that, you have no place in a leadership position. ■

TRANSFORM MASTERS 2017 / SHARK TANK

TRANSFORM MASTERS 2017: The Finale MASTERY BY NUMBERS THERE WERE HUNDREDS OF lessons during Transform Masters 2017 (with

many more to still come online over the next few weeks). Subjects covered included culture, marketing, growth, risk, people management, technology and more – but it all pretty much came down to the numbers. Visit eliteagent.com.au/transform to catch the highlights of the 'Masters' series.

Here are the top takeaways from our eight Transform 2017 Masters Finalists.

KYLIE MAXWELL, LJ HOOKER QUEANBEYAN (TRANSFORM MASTERS 2017 WINNER) My number one learning was to get out of the way of my team. I mainly worked with our property management team; I was putting out a lot of their bush fires and doing a lot of their hard tasks. I didn't want them to be stressed. Now I get them to come to me with solutions. I put my trust in them to do that hard task, because they need to do these things to grow. Over the last 12 weeks we've had some outstanding results; it's actually empowered our property management team to learn from their mistakes. So I say to my team now, I’m here to support you, but I'm not going to do the hard yards for you. I now stand back as a support person, and not a doer.

MARCEL DYBNER, BESSER AND CO, VIC (SHARK TANK CHALLENGE WINNER) For me, it was all about learning my numbers, getting a bit of handle and grasp across what's actually happening in the business. As

28 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

a leader, that was something I had been lacking in the past.

ASHLEIGH GOODCHILD, SOCO REALTY, WA For me, it was the need for only one decisionmaker in our business.

Previously, we had two decision-makers and we just weren't getting things done. We had some truthful conversations about what we wanted to achieve as a partnership, who would be best to drive the goals and the decisions that need to be made. When we decided that was going to be me, that’s when things started moving.

ALICIA WILLIAMS, LOCATIONS ESTATE AGENTS GLADSTONE, QLD The number one takeaway for me is that, in business, it can be a little bit of a lonely place. You don't know what you don't know; often you'll be in a community, you might have really good advisors around you, but they don't often have the context around real estate to help you make the best decisions possible for you. The industry coaches, such as Fiona Blayney, really helped me with that.

It is all about numbers; but it’s also about making sure you know how to read those numbers. There is actually a science behind it. I have an accounting background; I've done a lot of finance before, but even I did not understand the importance of numbers, how that impacts my business and how to identify problems earlier on. If I can be more proactive then I’m not always needing to put out those spot fires.

JOSH HART, ONE AGENCY LAUNCESTON, TAS I learned that I was a horrible leader, and that I really need to change my strategy! I was running a bit of a dictatorship.

I would tell my staff to go and do things; they’d go and do it and I'd be like, ‘Great job. Here's the next thing’. I learned that really I owe my staff everything; I have to empower them. So it's not what they can do for me, but how I can serve them better to be amazing in their roles and how to be amazing in the greater community as well.

NICK PAPAS, CENTURY 21 MAROUBRA, NSW I wasn’t much of a numbers person, and now I love numbers.

Dissecting the numbers gave me vision as to where I want to be with my business, and my exit strategy if I ever want to get out. The big thing that Fiona said to me was, "How much would you walk out for?" I didn't know the answer, because I didn't know the value of my business. All I knew was just work, work, work.

MEGAN GREEN, WISEBERRY HERITAGE, NSW For me, it was just about being uncomfortable; forcing myself to step out of my comfort zone and be okay with that.

Be uncomfortable, and actually enjoy it.

That’s where you make progress.

KALY SMITH, KS PROPERTY ALBURY, NSW The biggest thing for me, and I think for small business owners, is you need to stop working in your business. You need to take a step back, and you need to start working on your business. So having your budgets in place, knowing your numbers, projecting growth, your staff, and to have a plan for the future.

I'm a doer, I'm an implementer, and I have to implement everything; so from week one, everything we've learned, I've implemented as much as I can – but the biggest thing was Fiona's session, budgets. That's something I need as a small business, moving into the next second year.

L to R: Fiona Blayney (Real+) Kul Singh (Head of Rent for REA), Leanne Druery (Winner of Sales Transform 2017), Chris Gray (Your Property Empire), Alister Maple-Brown (CEO Rockend/ Property Tree) and Aimee Engelmann (Beepo CEO).

ENTER THE SHARK TANK

Our top eight of the original 12 Masters participants were invited to present to a panel of "Sharks" chaired by Fiona Blayney (Real+).

Each participant had 10 minutes to pitch to the Sharks what they would do with a $5k investment in their business, plus five minutes’ question time. The Sharks were asked to score them based on creativity of their investment idea, return on that investment, mitigation of risks and their presentation skills, as well as the long-term potential of their business.

DETERMINING THE WINNER On the day, Marcel was deemed the winner of the challenge, impressing the judges with an incredibly innovative idea (which he has asked us not to disclose!). The overall Transform Masters winner was determined by adding the Shark Tank scores to the scores from the 12-week program, and Kylie Maxwell from LJ Hooker Queanbeyan was announced as the overall winner for 2017. Congratulations to them both!

epm.eliteagent.com.au 29

PERSONAL DEVELOPMENT

THE EXECUTIVE PROPERTY MANAGER IN THE SALES ARENA, we have seen the emergence of

Agent 2.0 and 3.0 (are we up to 4.0?) as the value of a sales agent has changed with technology and evolving customer expectations. The new breed of agents are true professionals, unrecognisable from the stereotypes which placed real estate among the least trusted of all professions. So where does that leave property managers?

T

HE EXECUTIVE sales agent is respected for their sales craft; they are community leaders, remunerated for their learning, effort and results.

This begs the question: is there a similar pathway available for aspirational property managers? I think there is, but it looks nothing like the property manager of the past. I want to introduce you to the archetype of the Executive Property Manager.

1

THEY UNDERSTAND THEIR VALUE PIECE The Executive Property Manager understands that if they expect valuable remuneration for their time, then their time needs to be valuable. Value isn’t an esoteric concept. Value, in this context,

isn’t a reflection on a person’s worth or humanity. Value means fee-earning, and is inextricably linked to profitability.

High-end rentals and high-end fees in a high-end brand means high-end service at the customer interface. High-end service should mean high satisfaction, high retention, high referral and high growth.

The augmentation of a capital asset in the rent roll and the creation of a positive brand experience is the value piece of the Executive Property Manager.

2

THEY CAN MANAGE OTHERS TO PERFORM ‘TASKS’ There is no escaping that there is work to do in property management: tactile, physical, the recurring toil of arrears, maintenance, routine inspections, lease renewals and so on. At seven or eight per cent commission,

30 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

this work is not going to post the profit margin needed to sustain executive talent at the income level they deserve.

The Executive Property Manager’s time is better spent in the management of others to do these tasks, whether that is managing other property managers inhouse, managing remote teams or finding new ways to get the job done in a way that allows them to focus on growth and customer experience.

3

THEY CAN LEVERAGE TECHNOLOGY Technology for technology’s sake can destroy time, not create it. Despite all of the advancements in technology, the ratio of properties to property manager hasn’t changed or improved for most.

The Executive Property Manager knows that tech must have a deliberate reason for adoption and the benefit to revenue, time or brand must outweigh the cost and implementation burden that attaches to all new and shiny things.

4

THEY KNOW HOW TO LEAD Leading is a different skill to understanding how to manage. Leading is about raising self-development and self-management to a level where others naturally follow and where you are in a position to share your knowledge and serve.

Whether that is your team, your clients or

your community, leadership is the organic process of the Executive Property Manager using their experience and knowledge to add value to those around them.

5

THEY HAVE A PERSONAL BRAND The best sales agents understand the power of personal branding, specifically the trust and credibility it can build through awareness and consistency. Whether property managers know it or not, and whether they like it or not, they are also selling. Selling the dream of financial freedom through property investment.

Selling the benefits of completing repairs and maintenance on their asset. Selling a rent increase to tenants in a bear market.

All of this ‘selling’ is executed when there is an awareness and trust around the advice and recommendations of a professional.

The Executive Property Manager has a personal brand and a profile that investors can depend upon.

6

THEY DON’T COMPROMISE ON QUALITY The Executive Property Manager knows the difference between good business and bad business. In offering a high-value

service to clients, they understand that a compromise on standards of the properties or clients they work for will compromise the service that they can deliver across the board. If one property (or property owner) cannibalises the time of the Executive Property Manager, it comes at a cost – the cost being the opportunity for other clients to access their service or time. Firm

WHETHER PROPERTY MANAGERS KNOW IT OR NOT, AND WHETHER THEY LIKE IT OR NOT, THEY ARE ALSO SELLING. standards and expectations of clients and their properties create good relationships and a calm portfolio.

7

THEY DO SOMETHING EXCEPTIONAL As we automate and offshore, being ‘effective’ is no longer the threshold for customer service. Customers expect the mechanics of asset management to be performed with

due care and skill. Indeed, the professional fees paid by landlords require this to be of a standard higher than mere competence. For customer advocacy, referrals and growth, the Executive Property Manager creates after-sales service that is exceptional. An owner cares nothing for the demands of the portfolio; they care about their problems and their hopes and dreams for the eventual liquidation of the asset. Communication with a care factor is essential; but to go above and beyond there must be a wow factor. That could be flowers and gifts, but it could also be the gift of time and attention. To deliver proactive, researched, detailed and sound advice about their long-term investment strategy and options… wow!

For a lot of talented people, the option of being a career property manager or a career BDM is not available because of the remuneration. Ambitious property managers often ‘upcycle’ to sales, where they are rewarded financially for their product knowledge – because there isn’t currently much of a paycheck in passion when your passion is property management.

The Executive Property Manager could be set to change all of that. It’s a new world.  SARAH BELL

epm.eliteagent.com.au 31

BEST PRACTICE

THE PROOF IS IN THE PUDDING

WITH MOST POTENTIAL NEW clients starting their

search for an agent online, recommendations and feedback from current and previous clients are what makes property professionals stand out from the crowd. Michelle Williams takes a look at how you can build social proof for your business.

D

O YOU EVER consider that, in the eyes of our potential clients, we all look the same?

From the consumer’s lens, they can’t see any difference between us until we can prove them wrong.

If you haven’t already noticed, our new potential clients start with social proof.

They no longer do the ring-around and attend back to back meetings to interview agents; they are time poor and socially rich. They won’t waste an hour listening to us rant about how amazing we are. Ask yourself this: if the shoe were on the other foot, where would you start?

I would start my research by seeking out personal recommendations, either directly with someone I know and trust or by putting the question to my social network.

The new consumer will do the shortlisting from the comfort of their homes. It is

now as easy as a post using the word ‘recommendations’ on Facebook; it will pop up in the news feed for people to make direct referrals and tag the business or person. You just sit back and wait for the live feedback, which generally happens instantly.

This is when we get to see the good, the bad and the ugly; the ‘proof in the pudding’.

You can no longer hide behind a website and well-scripted listing presentation. If your product or service is not first class, you won’t get a look-in.

Interestingly enough, most of the people who comment and give opinions are not close friends, yet somehow they influence the decision like a trusted expert. Here is some more good news: it is no longer good enough to have just one recommendation to make you stand out; you need multiple recommendations and, most importantly, you need more than your competition.

When that post goes out, you want to

32 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

hope you have some raving fans rather than the opposite. If your reputation is positive, your fans will sell your service for you, making your job so much easier.

We all know the proverb, ‘The proof is in the pudding’. According to thefreedictionary.com, this means “the real value of something can be judged only from practical experience or results and not from appearance or theory”.

In order to build trust, there is no substitute for face to face interaction. But how do we get to this point?

We need social proof. It is what people say about you or your organisation when you are not in the room. It comes in the form of ratings, testimonials, awards and proven results.

How do you get social proof? We must deliver exceptional service to everyone we interact with; good service is no longer good enough.

When do you start? Now! There is no better time and it’s never too late to rebuild your reputation and brand. It will take time, focus and planning but you can turn it around with the right mindset and a shared vision. When I say shared, I mean that the team must be on the journey with you. Any big changes you make in the business need to be inclusive rather than directive.

Here are a few focus points.

1

BUILD TRUST Sounds simple, right? Interestingly enough, most businesses don’t have a focus on the consumer’s needs. The trust in our profession is so poor that news.com.au reported that as an industry we are still in the bottom three of the most trusted professions

HOW DO WE GET SOCIAL PROOF? WE MUST DELIVER EXCEPTIONAL SERVICE TO EVERYONE WE INTERACT WITH; GOOD SERVICE IS NO LONGER GOOD ENOUGH. list. According to the report, only one in 10 consumers believe that real estate agents are honest and ethical.

Building trust is all about communication, care and knowledge. In order for your client to trust you, you need to convince them that you are an expert in your field, that you offer solutions and never excuses.

They need to feel like they are number one,

not just a number.

Speed is also a great way to build trust. Our clients and customers now expect us to communicate quickly, even if we don’t have all of the answers at the time. When you master quick response times, people will rave about it.

Finally and most importantly, replace email with ‘me-mail’.

Pick up the phone and have a conversation, because you will fail to build trust behind a keyboard.

2

ENCOURAGE RATINGS AND TESTIMONIALS In order to get feedback, you must do more than provide good service. People will not break away from their busy lives to rate your service unless they have an extraordinary experience.

As a team, with a collaborative vision and goal, you should talk about how you can create these extraordinary experiences within your processes; this makes a great meeting agenda item each week. If you really want to know where you currently rate in the eyes of your customers, it is time to ask them. Send out that survey you have been too scared to send and focus on how you can be better. It is also worth doing a regular Google search of your business; if the news is not so good, it’s time to do something about it!

3

DO WHAT YOU SAY YOU WILL DO AND DO IT EXCEPTIONALLY WELL Get the service right and hire people who believe in what you are trying to achieve. I know, I can hear you mumble ‘You can’t get good people these days’.

While it is true that there is a skills shortage in our industry, there are good people out there who have the right attitude and emotional intelligence to become exceptional; you just need to invest in their development and commit to building a team of winners.

When you get the team

REPLACE EMAIL WITH ‘ME-MAIL’.

PICK UP THE PHONE AND HAVE A CONVERSATION, BECAUSE YOU WILL FAIL TO BUILD TRUST BEHIND A KEYBOARD. right, the next step is to create consistency with the right systems and technology – and also to build customer service touch points into each process.

Consistency is key.

4

NEVER BECOME COMPLACENT The industry leaders are constantly evolving and they never become complacent.

Winners take action. They plan how they will reach their goals with a clear vision and they work tirelessly to keep up with the demands of consumers.

I challenge you to take a look at your business through the eyes of your consumer. If you identify that you have become complacent in your business and you really don’t know where to start, start today.

Seek out those who are doing it well and ask them how they do it. You will be surprised at how many people will be willing to support you and share ideas.

Nothing changes unless something changes.  MICHELLE WILLIAMS is the Managing Director of @home Property Management Solutions. She also regularly shares her knowledge and experience as a guest speaker at conferences throughout Australia and New Zealand. For more info, visit athomerentals.com.au.

CONTENT MARKETING IS THE NEW BLACK One blog post might be all it takes to attract your next listing. If you are stuck for ideas or lack resources to get consistent in your digital marketing, hire a team that is always full of fresh ideas, and always on time.

TO FIND OUT HOW YOU CAN HAVE ELITE AGENT MAGAZINE’S AWARDWINNING CREATIVE TEAM AS YOUR OWN, CONTACT MARK@ELITEAGENT.COM.AU

epm.eliteagent.com.au 33

SERVICE

CUSTOMER SATISFACTION VS CUSTOMER LOYALTY NOT THE SAME THING MOST SUCCESSFUL BUSINESSES will tell you that the

key to their growth is healthy client relationships because it can be the thing that differentiates one business from another. Ask the same companies what they’re doing to track their customer loyalty, experience or satisfaction and they might give you a blank stare, or explain how a survey that tracks their Net Promoter Score (NPS) is what tells them that their customers are ‘happy’.

T

HERE’S ACTUALLY quite a bit of research that shows very little connection between traditional customer satisfaction and customer loyalty1. In fact, it’s typical that around 80 per cent of consumers who scored ‘satisfied’ or ‘very satisfied’ on survey do so right before they jump ship.

Your market share will give a more realistic understanding of customer behaviour and loyalty because it’s right there in the numbers. However, like other measurement tools, the analysis of market share looks back at results rather than forward to the future of your business. It won’t inform you about what you can do to grow and thrive in a highly competitive market like property management.

It isn’t just our industry wondering why there’s a gap between their satisfaction data and customer turnover, churn or loyalty. A Bain & Company study surveyed 362 organisations and found that a staggering 80 per cent were under the impression they were delivering a ‘superior

AROUND 80 PER CENT OF CONSUMERS WHO SCORED ‘SATISFIED’ OR ‘VERY SATISFIED’ ON SURVEY DO SO RIGHT BEFORE THEY JUMP SHIP.

34 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

experience’ to their customers. In fact, when the same customers were polled only eight per cent gave high marks.

FOCUS ON CUSTOMER LOYALTY AND ADVOCACY RATHER THAN SATISFACTION As a consumer of any product or service, are you likely to recommend a company to your friends or family if you have had a great experience? Most of the time the answer is ‘Yes’. This is called advocacy, and it’s one of the most powerful metrics that businesses can use to measure the future success of their company. The more likely customers are to recommend your business to their friends, family or colleagues, the more likely it is that your customers are 1.

Happy 2. Loyal and 3. Advocates for your business.

The best thing about advocacy is that it’s free for you. Give one person a good experience and they’ll not only come back but tell others too.

Research has shown that the most useful way to measure customer loyalty is through one simple question: ‘How likely are you to recommend this product or service to a friend or colleague?’ 2 . Broken down, the results can be divided into promoters, passives and detractors, and the measurement of both the rational and emotional aspects of a person’s response can inform whether businesses are offering the right combination of price, performance and features or benefits.

At Console, we know there are more and more agencies understanding that they need to measure and focus on NPS surveys.

Don’t be afraid to start small; recording any measurement is better than nothing.

There is a range of tools out there, and

most are simple and easy to use and set up.

The hardest part is getting started, and getting the feedback you might not want to hear. But it’s better you hear it from them now, rather than just as they walk out your door to another agency.

INCREASE YOUR NPS AND GROW YOUR BUSINESS OK, so you have set up a Net Promoter Score Survey and eek! – it’s not looking good. Now what? Don’t panic: there are a few key things businesses or brands can do to lift their NPS, increase customer loyalty and ultimately stimulate growth, and they can be broken down into five simple steps3.

1

DELIVER ON WHAT’S PROMISED Simple, right? Not so simple. Sitting down with a potential new landlord can be both daunting and exciting. Of course you want a new management, but add it to the list of over 100 other managements and you’re thinking, ‘How on earth am I going to do all this?’ Don’t over-promise; be honest about your capacity, then when you start overdelivering (because we know you will), they’ll be delighted.

2

WORK WITH YOUR AGENCY TO CREATE A GOOD SERVICE EXPERIENCE, NOT JUST A GOOD SERVICE Technology has allowed us to develop and deliver customised experiences in both face-to-face and virtual interactions.

The difference lies in understanding your customer’s pain points in interacting with you. You might offer great service (once they get you on the phone) during your office hours. But think about the modernday pain points of being uber-busy, two full-time jobs, the relentless pressure at work or not having access to a desktop computer during the day.

Giving your owners or tenants the opportunity to connect with you through technology from the comfort of their home and without having to mute the television for a phone call provides a simple but incredibly efficient service. Property owners are busy too, so if you give them the opportunity and means to organise a maintenance request with you while sitting in the monthly team meeting, that’s a good service experience.

3

ADDRESS ISSUES THAT ARE IMPACTING YOUR PASSIVES AND DETRACTORS Negative emotions usually result from a poor or unfavourable service experience,

NOT SURE HOW TO BETTER ENGAGE YOUR STAFF? TRY THIS: Improve transparency: Building trust builds worth in your teams, which are then driven to succeed.

Appreciate your rock stars: Make sure the staff who get praise from customers are known and celebrated.

Inspire your staff: Remind staff why they do what they do. They’re collectively managing Australia’s largest asset class; that’s impressive!

Implementing new systems and processes can often be a daunting task, especially if there is potential for some honest customer feedback. Even so, it’s important for all businesses, big and small, to understand the driving forces behind their customers, and pivot where necessary to make sure their wants and needs are being met.

Start small with incremental change; after all, you have to start somewhere, and measuring something is better than nothing.

which results in complaint behaviour.

Unfortunately for us as service providers, we are usually better informed about what our customers don’t like than getting a positive update about what they are happy with. On the bright side, this means we don’t have to work hard at finding out what’s wrong. Get on and fix the problem, and turn passives and detractors into advocates.

Don’t ignore your complaints; jump on top of them quickly, accept them, and switch up your processes to avoid repetition. You’ll find that the more honest you are about admitting to and accepting your flaws, the more advocates you’ll have. After all, nobody’s perfect!

A lot of service issues can be resolved through reviewing your processes and improving staff training; it’s all about getting the basics right.

4

CUSTOMISE YOUR OFFERING TO MEET THE NEEDS OF YOUR VARIOUS CUSTOMER SEGMENTS Potentially one of the most important factors in increasing your NPS and growing your customer loyalty is customisation. To break it down, property agencies need to cater for a variety of people; tenants, tradies, suppliers, owners, colleagues, and so on. Unfortunately, the customer experience in our industry isn’t simply ‘one size fits all’, and it’s imperative

that we’re offering our customers the type of service that they want, even though it might be different to the next owner, tradie or tenant. Make sure the experience you’re offering is the one that your customer wants. Regardless of whether you think that what you’re offering is better, if it’s not what they’re asking, they won’t give you the score you’re hoping for.

5

DON’T FORGET YOUR INTERNAL NPS TOO When talking about satisfaction, loyalty and business growth, we’re

IT’S BETTER YOU HEAR IT FROM THEM NOW, RATHER THAN JUST AS THEY WALK OUT YOUR DOOR TO ANOTHER AGENCY.

quick to jump to customer-focused thinking. Motivation and engagement of employees, unfortunately, isn’t always a core concern of business operations or the marketing function, but it should be. Research has shown that there is a positive correlation between staff engagement and business profitability 4 , which isn’t surprising when your staff are at the front line of your customer interactions. ■

ROWENA SAMARAWEERA has worked in marketing since the pre-email era and leads the Marketing team at Console. Follow her on LinkedIn at www.linkedin.com/in/ rowenaConsole.

1. Blasberg, J., Vishwanath, V., & Allen, J. (2008). Tools for converting consumers into advocates. Strategy & Leadership, 36(2), 16-23. doi:10.1108/10878570810858176.

2. Sahin, S., & Baloglu, S. (2014). City branding: Investigating a brand advocacy model for distinct segments. Journal of Hospitality Marketing and Management, 23(3), 239-265. doi:10.1080/19368623.2 013.779562 3. Blasberg, J., Vishwanath, V., & Allen, J. (2008). Tools for converting consumers into advocates. Strategy & Leadership, 36(2), 16-23. doi:10.1108/10878570810858176.

4. Stewart, H. (2010). Do happy staff make for happy customers and profitable companies? Journal of Direct, Data and Digital Marketing Practice, 11(4), 275-280. doi:http://dx.doi.org.ezp01.library.qut.edu.au/10.1057/ dddmp.2010.9

epm.eliteagent.com.au 35

PM Q&A

Katherine Kyriakou

McGrath Blackburn & Box Hill

Former VCE teacher Katherine Kyriakou followed her husband into real estate almost by accident after filling in as temporary office cover. Over twenty years later, she’s now Principal of Property Management, McGrath Blackburn & Box Hill, with a rent roll of over 1,000 properties.

Tell us a bit about yourself.

I was born in Swan Hill, but we moved to Melbourne in the 1970s. I attained a Bachelor in Education and worked in the private sector as a VCE teacher for eight years before starting in real estate, my husband Harry’s first passion.

After 23 years of trading as an independent under the brand of Allens, in December 2016 we rebranded to McGrath which has catapulted us to the next level in our business. I work with a wonderful team of 15 people in property management, headed up by my General Manager, Maria Scholes. We have worked together for 19 years and now manage a rent roll in excess of 1,100 properties, which we have grown organically.

What motivated you to get into real estate and property management?

I fell into real estate by default.

My husband has been in real estate since the age of 18 and in 1994 we bought the estate agency he was working for.

Whilst I was on maternity leave with our second child in 1996, both our property managers went on annual leave and Harry asked me to come in. He told me he needed a condition report.

What are you working on at the moment?

I’m working on the content for our annual planning and goal-setting meeting, and Maria and I look forward to presenting it to our dedicated team. This meeting is intended to lay the foundations for our company, and individual staff goals and KPIs for 2018.

What is the market like in your area?

Competition in our market has never been this intense. In the last 12 months we have seen ‘What’s that?’ I asked. Harry’s response was, ‘Look. I have a 12-noon appointment. I’ll be back later.’ The rest is history.

I’ve now been in property management full time for 21 years; in that time we have organically grown our business ten-fold. I’m proud and passionate about what I do and wouldn’t have it any other way.

What is your favourite part of the job?

There is nothing more gratifying and humbling than the feeling you get when a landlord hands you the key to their investment, a property that they will potentially work to pay off for the next 20 years, and you place it in your pocket.

Today my role has changed; I now spend a lot of time working ‘on’ the business, rather than ‘in’ it. I’m involved in training and continuously enhancing our processes and procedures.

Witnessing first hand the growth of a team member whom we have trained organically and seeing their development is gratifying.

For me, this is my legacy.

36 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

HARRY TOLD ME HE NEEDED A CONDITION REPORT. ‘WHAT’S THAT?’ I ASKED. 14 new agencies open in our business development area.

There is increased pressure on fee cutting, but our view on this is you get what you pay for and we are reluctant to compromise on our fee because we believe in our service.

Consumer demand for rentals in our area is very high at the moment; demand exceeds supply for quality housing. We are tracking to do our best ever month and currently are leasing 1.6 properties per day. Whilst there is a surplus supply of apartments, there is a great need for freestanding fourbedroom, two-bathroom family homes. Interestingly, tenant quality can be unpredictable and in this market, as with any, it is crucial that tenants are carefully vetted.

Who or what inspires you?

As cliché as this may sound to some, my father. He came to this country at the age of 13, sent by his parents for a better life and to help support his six siblings. He came with no English and built his own brand in the takeaway food industry on respect, work ethic and reputation.

He was illiterate but possibly one of the most prudent people I know.

He instilled in me the importance of hard work, that the customer is always right, a ‘do no harm’ attitude and he encouraged me to take risks, albeit calculated.

His mantra was, ‘Life wasn’t meant to be easy’.

We lost my father two years ago, but in business and in my personal life I still think, ‘What would Dad do here? What would Dad say about this?’.

Something or someone you couldn’t live without?

My family. My husband Harry is the most optimistic person I know. He has instilled in me a belief that I can do anything and has given me the freedom to ‘run with it’. When I make a mistake, and believe me in the early days there were a few, he would merely ask, ‘What have you learned?’ Together we have raised two sons, both of whom are independent, fine young men.

What apps do you use the most on your smartphone?

The millennials in our office will tell you that Katherine and technology are an interesting combination! Whilst it is true that it’s not my forte, I embrace technology and our processes are always open

to review to incorporate the latest apps.

On my phone, I couldn’t do without WhatsApp as it is used as an internal communication device across all of our staff. I love it when it

rings and I know it’s another result coming through, whether it be listing, sale or just leased. It’s our good news device. We are also avid users of WeChat, Facebook, Instagram and REST Mobile.

KATHERINE’S TOP TEN FOR NEW STARTERS IN PM

1. Read You, Inc by John McGrath. It will help build your brand!

2. Establish your ‘Why’ and set your goals to meet it.

3. Set meaningful goals and write them down: where you are, where you want to be and create a road map.

4. Back yourself: self-belief. Have a can-do attitude: If you think you can then you can.

5. Dress for success. How and what you feel and look will project onto others.

6. Keep a work journal detailing the processes that need tweaking within you. This will lead to mastery.

7. Find a mentor in business, someone you respect and aspire to be like.

8. Be consistent, committed and communicative – nothing worthwhile comes without discipline.

9. Read. Be it a business journal, blog or something for pleasure – knowledge is power. By doing this, you will become an authority in your field.

10. Deliver six-star service to create a raving fan base. Don’t hide behind email, call the customer.

Your life motto?

I have three, actually: “The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has been.”

“Success is a journey and not a destination.”

“Out of adversity comes strength of character.”

What are your goals for the future?

Our focus in the business is on further enhancing office culture, growth of the business, training and delivering the McGrath six-star service. We’re only as good as our most

inexperienced staff member and that is my yardstick. So continued training is crucial and we are elated to be partnered with McGrath, who offer optimum training and support. I would like to grow our business with a net gain of 200 properties in 2018. It is achievable. It is my BHAG – Big Hairy Audacious Goal.

Personally, I’m a work in progress. In 2018 I am working towards a better work/ life balance, taking steps towards a healthier lifestyle plan, to continue personal and professional training and finally I’m working on a community project as a part of a ‘give back’ campaign. ■

IN BUSINESS AND IN MY PERSONAL LIFE I STILL THINK, ‘WHAT WOULD DAD DO HERE? WHAT WOULD DAD SAY ABOUT THIS?’

MUSCLE UP AND RAISE THE BAR IN REAL ESTATE [ insights into real estate businesses beyond the numbers ]

REAL INDUSTRY KNOW HOW There’s a good a chance our real estate accountants have done it before so lean on us to help you reach your potential.

STARTUP, GROWTH OR SUCCESSION We can help at all stages of the business lifecycle. Love helping out individuals with their tax returns and personal planning too.

YOU DON’T KNOW WHAT YOU DON’T KNOW We are specialists in Real Estate Industry. We are specialists in accounting, tax, superannuation, bookkeeping, business, etc. Lets collaborate for a better outcome that allows you to focus on what you are good at.

[07] 3193 3000

Level 1, 27 James St, Fortitude Valley Qld 4006

info@businessdepot.com.au

businessDEPOT.com.au/realestate

[DEPOT[ business

epm.eliteagent.com.au 37

TECHNOLOGY

OPEN FOR (BETTER) BUSINESS TECHNOLOGY INTEGRATION

provides the opportunity to connect different devices and applications with one another, allowing a path to transfer data to transfer back and forth seamlessly. While most PMs have their inspections process down pat, PropertyTree’s four new partnerships with best in class providers will take inspection efficiency to the next level.

38 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

T

HE TEAM behind Rockend’s PropertyTree product are on a mission to make property management simpler, easier and faster for property managers, landlords, tenants and ultimately anyone connected to the property. This is why they chose to pave the road that has never been travelled to provide their customers with choice.

Instead of building a native inspections feature into PropertyTree, they have partnered with not one but four of the industry’s leading inspections application providers: Inspection Manager, HappyCo, Rentfind Inspector and Property Inspections Manager.

So why integrate instead of building an inspections component into the platform?

It all came down to learning from the issues experienced by other software providers’ customers, sticking to what they know and do well, and providing customers with choices that offer both value and variety. Partnering with established experts with a proven track record in providing feature-rich inspection products ticked all the boxes.

“We have taken the time to understand the needs of our customers – and this can vary on the size of their business, teams and processes – to help us create a solution that is flexible and meets their specific needs,” explains Michael Momdjian, the product owner behind PropertyTree’s Inspection Application Integration.

OPEN FOR INTEGRATION To create the Inspection App Integration, PropertyTree’s Product team have been working closely with their Inspections partners and hundreds of their mutual customers for the better part of this year.

With over 38 years’ experience in property software, Rockend is committed to continuing to provide the industry with premium quality products and features that save their customers time while providing them with maximum security and value.

“Here at PropertyTree and Rockend, we believe that it is our responsibility to build a quality and robust API. We take data security and integrity very seriously, and as a result we ensured that each of our partners completed the same rigorous endto-end testing that we complete routinely in-house,” explains Momdjian.

From there, the integration was opened up to beta clients, all different in size and business needs, to make sure everything was working prior to becoming available to all users.

BEST IN CLASS PARTNERSHIPS Do you ever feel overwhelmed by your daily to-do list? Feel like you’re spread too thin and have too many tabs open in your brain? You are not alone. Depending on size, number of people, and services offered, real estate agencies today are using up to 30 different tools in their daily operations, with the larger ones using more. By providing the ability for data to be transferred between applications, PropertyTree’s integrations will streamline your business processes and boost your team’s efficiency.

Research conducted by PropertyTree indicated that property professionals want to see a change in the way they manage their business, and often feel restricted by the tools that are available to them due

THE FUTURE OF INTEGRATIONS First Xero, then MailChimp and now HappyCo, Inspection Manager, Property Inspections Manager and Rentfind Inspector… what’s next?

“The Inspections API is the first of many exciting and innovative integrations we are exploring as we look to extend the capabilities of our current platform. Our goal is to continue looking for opportunities to make our customers’ lives easier by delivering outstanding product and integrations with industryleading service providers,” continues Momdjian.

“We will be unveiling some more partnerships from different areas of the industry in the near future, so stay tuned as there are some exciting things

"THE INSPECTIONS API IS THE FIRST OF MANY EXCITING AND INNOVATIVE INTEGRATIONS WE ARE EXPLORING AS WE LOOK TO EXTEND THE CAPABILITIES OF OUR CURRENT PLATFORM." coming up! We welcome feedback from our customers on integrations they feel would assist the success of their business,” says Momdjian.

Existing PropertyTree customers are already able to register their interest directly in PropertyTree through UserVoice – a place in the software where users can vote on requests made by other users, directly telling the team at Rockend’s PropertyTree what you and your business need.

to a lack of integration. PropertyTree’s partnerships debunk just this as they offer agents the ability to choose which additional components they want to integrate with, improve their business processes and run their business more effectively – both in and out of the office – in ways they have not had the opportunity to do before.

When it came to selecting inspection apps to partner with, it all came down to purpose and alignment. “They are the ‘best in market’ in terms of what they provide and share the same values as Rockend: they are committed to producing comprehensive, quality products while providing an outstanding service to make property managers’ lives easier,” says Momdjian. “Because of this there is a solid foundation in place on which to build a long-standing partnership.”

READY, SET, SYNC! As of today, PropertyTree’s Inspection App Integration is live and ready for you! Start syncing now to experience the ease of performing end-to-end inspections using the app provider of your choice, with your inspection reports being filed safely in PropertyTree. Connecting your app takes only minutes, leaving you to schedule inspections, upload reports and send them out from anywhere at any time. Simple!

Best of all, there will be no change to PropertyTree subscriptions for this service.

Simply get in touch with your favourite inspections provider to find out more about their service and any conditions and associated fees.  For more information visit propertytree.com.

epm.eliteagent.com.au 39

The Last Word

Fiona Blayney

LIFE BY DESIGN Setting family goals is pretty much the same as setting business goals. But you have to know what you really, really, want before you dive in.

I

SPENT A significant portion of my time over the weekend doing one of my favourite things: packing bags for our upcoming family holiday. Now don’t get me wrong; I am not so sadistic that I rate the physical act of packing exhilarating (although I must admit after being on the road for 15 years I do get a kick out of my self-imposed competition of ‘how little can I pack’). The reason why this is one of my favourite things is the anticipation of what is to come – our family getaway.

The packing becomes a metaphor for the adventure that is about to occur, the fun, the memories, the relaxation, the learning, the development of our relationships as

week, rather than the burden to get everything done. I instantly felt lighter, and nothing seemed too difficult.

The gift I speak of is not simply the holiday; it’s a gift that we give ourselves regularly, a gift that is more than the ticking of a box on our annual life planner. The gift is the incredible satisfaction that comes with creating the life that we desire.

You’d be forgiven for having a mental image of my husband sitting at our family dining table, being subjected to a keynote and powerpoint presentation, when I tell you that each year we sit down and plan out our desires and goals for the forthcoming year. Breathe easy: there is no

YOU’D BE FORGIVEN FOR HAVING A MENTAL IMAGE OF MY HUSBAND SITTING AT OUR FAMILY DINING TABLE, BEING SUBJECTED TO A KEYNOTE AND POWERPOINT PRESENTATION. individuals, pairs, trios and an awesome foursome. The kids are equally excited, and together we are all counting the sleeps.

As I drove to work today, with a load of things to get through in half the normal allocated hours (we all do it), I decided to channel the excitement for the gift I’ll receive at the end of this

powerpoint. However, there is some formality; achieving what you want, in business and in pleasure, does not come without a goal and a plan to get there. We divide our lives into eight core areas, identify what we want to achieve in each one, balance them individually and as a family, and then set about working out how we can

40 ELITE PROPERTY MANAGER • DEC 2017 – JAN 2018

make it happen.

Relationships, Health, Financial, Fun, Giving, Learning, Travel and Career all feature in our discussion, and whilst initially it’s a solo process we know it’s no coincidence that working together as a team brings us more ‘luck’.

The first time we embarked on this together it was a challenge. Sure, there were things we instantly agreed upon, but it became clear that compromise wasn’t exactly going to be easy, nor perhaps effective overall. Our goal sheets start off resembling enough to fill two years rather than one, and knowing ‘we won’t be able to have it all at the same time’ we undertook a ‘goals play-off’. (Cue music: “Tell me what you want, what you really, really want”.)

As funny as it sounds, Professor Ginger Spice was quite simply right; we have to work out what we really, really want. Arriving at the answer is a little more strategic than paper, scissors, rock. We quite

literally ‘play off’ one goal against the other, to get them into an order of importance for the year ahead.

At my dining table each year we can find ourselves surprised by what makes it to the top of the list. More often than not, it’s not what we had originally anticipated.

That’s the great thing about designing your life. You may just surprise yourself with what’s really important, but once you work it out, get ready for the best gift you’ll ever receive. Your Life by Design.

PS: Business by design has the same principles; just replace the eight core life segments with Finances, Growth, Reporting, Culture, Training, Systems, Technology and Marketing, and you’re ready to get creating. ■

FIONA BLAYNEY is the Founder and Director of Real+, an industry-first property management learning platform.

For more information visit realplus.com.au.

ELITE AGENT AC A DEM Y

CPD ONLINE

Ready when you are!

Elite Agent delivers distance CPD and other short courses online for NSW Agents in association with MRT (RTO 41529).

Standard online courses from $89 including assessment and certificate (or contact us about having our team put together a bespoke CPD course for your office)

Visit eliteagent.academy for more information

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