ELITE PM Issue 16 Feb Mar 2018

HOW TO BUILD A TRIBE OF REFERRAL PARTNERS THE WISDOM OF HINDSIGHT LEARN FROM THE BEST #16 FEB-MAR 2018

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TRENDS IN PROPERTY MANAGEMENT

NBN: TIME TO CONNECT IS YOUR CUSTOMER IN CONTROL?

HAYLEY MITCHELL

HOW TO ACHIEVE A

100% RETENTION RATE

INNOVATION AHEAD

Innovation. Growth. Trust.

We’re now in sync with your favourite inspection app.

Make time for the things that matter with PropertyTree PropertyTree keeps adding new ways to help make property management simpler, easier and faster for you. One of its latest time-saving features is seamless integration with inspection apps, including Inspection Manager, Property Inspection Manager (PIM), Rentfind Inspector and HappyCo. Connecting your app only takes a matter of minutes, then you can schedule and book inspections, upload reports and send them out with ease, from anywhere. A quick sync with PropertyTree ensures all the information and photos are filed automatically and stored securely for future reference.

Launch Your Future Today.

Visit propertytree.com/integrations AUS 1300 778 733

NZ 09 909 7093

sales@propertytree.com

Extend your brand and service with We take care of your clients and you get all the rewards.

We provide the ‘best in class’ service for you and your clients.

Your own group of Account Managers.

A dedicated Partner Support team.

Quality service.

Connection guarantees for your clients.

Access to energy deals for your business and home.

Our rebates, bonuses and incentives take the cake.

Transparent reporting.

Single point resolution.

Call connectnow today at 1300 554 323 or email partnersupport@connectnow.com.au to find out more

connectnow.com.au

Contents Regulars 008 READER PROFILE Rachael Ioannou 010 WATERCOOLER Catch up on what you may have missed 020 GAMECHANGER Jo-Anne Oliveri

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022 PROPERTY MANAGEMENT MENTOR Natalie Hastings 023 BD MASTERY Tara Bradbury 024 REALTY BYTES Alister Maple-Brown 036 PM PROFILE Peggy Willcox 040 ASK THE COACHES Lauren Kirk, Kate Benjamin & Heidi Walkinshaw

Everyone’s talking about 012 NBN: TIME TO CONNECT with Direct Connect & Southern Phone 014 FULL STEAM AHEAD PropertyTree major releases

First Person 016 SHOW YOUR STRENGTH Fiona Blayney

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018 IS YOUR CUSTOMER IN CONTROL? Lauren Kirk

Cover Story 026 INNOVATION AHEAD Hayley Mitchell

Features 030 HOLDING YOUR BUSINESS TO RANSOM Sharon-Fox Slater 032 HOW TO ACHIEVE A 100 PER CENT CUSTOMER RETENTION RATE Danelle Hunter 034 THE WISDOM OF HINDSIGHT Kylie Maxwell 038 WONDERING AT THE SHAPE OF CLOUDS Tim Molloy

34 6 ELITE PROPERTY MANAGER • FEB – MAR 2018

OUTSOURCE THE MANAGEMENT OF YOUR TRUST ACCOUNT

...so your team can focus on relationships

DAILY RECONCILIATIONS

RECEIPTING

SYSTEM AUDITING

INVOICE PROCESSING

& lots more

CREDITOR DISBURSEMENTS

END OF MONTH

Enquire now & place YOUR TRUST IN HANDS YOU CAN TRUST

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

ALISTER MAPLE-BROWN CEO, ROCKEND Where are you from originally and where do you call home now?

Born in Sydney. Home is Sydney!

Who or what inspires you at the moment?

Obama, because of his ability to be so authentic.

What’s the most important project you are working on right now?

There are many. The most important project is building a next-generation property services platform for our customers.

Trend to watch in the industry or in business?

Open systems designed to integrate to create fantastic end-user experiences.

Favourite quote or words to live by?

“It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.” Henry Ford.

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CONTRIBUTORS KYLIE MAXWELL DIRECTOR AND FRANCHISE OWNER, LJ HOOKER QUEANBEYAN Where are you from originally and where do you call home now?

I grew up in Canberra, but I’ve called Queanbeyan home for the past 25 years.

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Who or what inspires you at the moment?

Fellow industry professionals who work every day with a positive attitude, trying to shift mindset and share their knowledge to help others with no agenda.

What’s the most important project you are working on right now?

Growth in our property management department. I am excited to have a BDM start on 1 February and be on board with the BDM Academy. We are aiming to be No 1 in our area.

Trend to watch in the industry or in business?

New ways to continue to improve customer service experience. Go above and beyond to build lasting relationships and a pipeline of referrals with the help of apps, offshore assistants and robots.

Favourite quote or words to live by?

“The standard you walk past is the standard you accept.” This applies to all aspects of your life if you really think about it. You have the power to make the change.

8 ELITE PROPERTY MANAGER • FEB – MAR 2018

DANELLE HUNTER MANAGING DIRECTOR, BIGGIN & SCOTT KNOX Where are you from originally and where do you call home now?

I’m originally from Wandin North, which is up in the Yarra Valley. It’s a small country town where everyone knows everyone! I live in The Basin currently, which I really enjoy.

Who or what inspires you at the moment?

Real estate inspires me. The industry is constantly changing and new challenges arise every day, especially as a business owner.

What’s the most important project you are working on right now?

The launch of the fifth Biggin & Scott Knox office, which is very exciting! I’ve now devised a system to streamline the process for any future office openings, which saves a great deal of time and energy.

Trend to watch in the industry or in business?

I don’t really believe in trends. I believe that if you focus on your clients, keep them happy and pre-empt their needs you will always have a successful business, regardless of what’s happening in the industry.

Favourite quote or words to live by?

“People who are crazy enough to think they can change the world are the ones who do.” Steve Jobs.

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18 LAUREN KIRK GENERAL MANAGER, REAL+ Where are you from originally and where do you call home now?

I grew up in Newcastle, and Sydney is home now.

What’s the most important project you are working on right now?

The REAL+ Loop. After launching REAL+ Outsourced last year, we’ve been looking closely at how we can help through the many different paths a real estate business takes – from new start-ups, consulting, strategising, recruiting, coaching, training, outsourcing and of course business growth. As a result, we’re realigning our property management, new business and leadership products to assist our clients at every stage.

Trend to watch in the industry or in business?

Technology is always an interesting space in property management, but right now I think virtual reality will assist not just property managers but the industry as a whole in improving levels of service for our clients.

Favourite quote or words to live by?

“The secret of change is to focus all your energy not on fighting the old but on building the new.” Socrates.

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

HUMAN RESOURCEFULNESS New Business Manager Rachael Ioannou was studying HR at university when she spotted an opportunity at a local property management agency.

After submitting a business proposal to the directors, she was hired – by her mother! The rest, as they say, is history.

Tell us a bit about yourself and your role at Eastside Property Centre.

I’m the New Business and Leasing Manager, responsible for the health and growth of the rent roll and relationships with our clients across the department (both tenants and investors). We expanded enough over the last 12 months that we have now brought on a full-time leasing specialist – so I have stepped back from leasing and now lead our new specialist, who is achieving great results in just two months!

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

I have a HR background, but while studying at uni I was also organically doing BDM work for our other family business at the time. I saw a gap in the agency, which was for growth of the rent roll, so I put together a business proposal to our two directors (one being my mum) and started a few months later!

What is the market like in your area right now?

We have expanded to cover all areas of Brisbane and

surrounds, so the markets tend to vary throughout the year. Being January, though, all areas are at their peak for the year and we are renting homes either off-market or within the first few days of listing – we love this time of year!

What apps do you use most at the moment on your iPhone or iPad? Snapchat, email, Google Maps.

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

Align yourself with a buddy or mentor in the industry – someone you can catch up with for coffee to bounce ideas and questions off. I remember starting out and feeling like I had no real clue where to start as a BDM, so I aligned myself with a coach (Tara Bradbury) and a few other BDMs doing well in the industry.

They were very

supportive and helped me set clear goals and a vision.

Words to live by?

Your energy is infectious, so whenever you enter a room or answer a call think about the energy you want to bring to that conversation or space. How you make people feel is what lasts. ■

Who or what inspires you?

Daily exercise and meditation are my non-negotiables – I start my day with both and find they put me in my most positive and inspired state.

The real estate industry can be fickle which can affect motivation, so I rely on these practices to keep my head in the game.

In your ‘briefcase’ right now is…

A mango, purse, water bottle, application forms, pen, and iPhone.

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

My fiancé, family and friends – I live for moments spent with them.

What do you enjoy most about EPM Magazine?

The resources and knowledge shared are brilliant!

10 ELITE PROPERTY MANAGER • FEB – MAR 2018

"How you make people feel is what lasts."

VISIT ELITEAGENT.COM.AU/CATCHUP FOR FULL VERSIONS OF THESE WATERCOOLER STORIES

THE WATER COOLER

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.

APP DESIGNED TO HELP SAVE ON FUEL

With all the time PMs can spend on the road, the NSW Government’s new FuelCheck app may help you find fuel savings that can really add up. The free tool gives motorists a bird’s-eye view of realtime petrol prices across the state and is now available to download.

The app will search for fuel by price, location, fuel type and even brand, making it quicker and easier than ever to find the best deal on fuel wherever you are in NSW. You can compare real-time petrol prices in your area without leaving your home or office.

Visit the NSW Fair Trading website for more information, or download the free FuelCheck app from the App Store or Google Play.

NEW STRATA REQUIREMENTS IN NSW

The new strata building bond and inspections scheme came into effect on 1 January 2018. Under the scheme, developers must lodge a building bond with NSW Fair Trading equal to two per cent of the contract price for residential and mixed-use high-rise strata buildings before an occupation certificate is issued. The building bond can then be used to pay the costs of rectifying any defective building work identified in a final inspection report. If there are no defects, the bond is released in full to the developer.

The scheme applies to construction contracts signed (or where there is no contract and building work commences) from 1 January 2018.

Investors in NSW who own a townhouse or unit block will be required to comply with the strata requirement to have applicable window safety devices installed by 13 March 2018. This applies to openable windows where the internal floor is more than two metres above the surface outside and within a child's reach (less than 1.7m above the inside floor). More information at eliteagent.com.au/nswftfeb.

12 ELITE PROPERTY MANAGER • FEB – MAR 2018

PM LEADERSHIP SUMMIT 2018 Powered by ireviloution and businessDEPOT, the Property Management Leadership Summit is for Australian property management leaders, including principals, heads of department and BDMs, who want to take their business to the top.

Taking place on 7-8 March on the Gold Coast, this year the summit will focus on inspiration, leadership skills and real-life

business examples to help leaders step up, better lead teams and profitably grow in 2018.

Don't miss 20 national and international property management thought leaders and business experts as they share their leading tools, technologies and strategies that can help you #ReachThePinnacle.

Register now at pmleadershipsummit.com.au.

NATIONAL RENTS ON THE RISE: CORELOGIC Property investors will welcome news from CoreLogic that, although rental yields are reasonably flat, rental rates are on the rise. According to the latest CoreLogic Rental Report, over the December quarter all capital cities, excluding Canberra, achieved a stronger annual change in rents over the past year compared to the same period in 2016. Simultaneously, regional markets also earned a rental increase. Nationally, rents rose by 0.3 per cent over the quarter; greater than the 0.1 per cent over the previous quarter but the weakest fourth quarter for rental growth since 2014.

Combined capital city rents remained unchanged, while combined regional markets recorded growth of 1.2 per cent. For the capital cities it was a moderate slowdown from the 0.1 per cent growth in the third quarter, as well as being slower than the 0.3 per cent increase in the fourth quarter of 2016.

More at eliteagent.com.au/rentalreport.

EVERYONE'S TALKING ABOUT…

NBN: TIME TO CONNECT

AS REAL ESTATE PROFESSIONALS, you spend much of your day dealing with landlords,

tenants or prospective buyers wanting to know everything there is to know about a property. Today, the availability of Internet, specifically the National Broadband Network (NBN), is something more and more tenants are asking about. Here is an explainer on all things NBN courtesy of Direct Connect.

YOU ALREADY KNOW Direct Connect helps to make moving easy. What you may not know is that we can make knowing a property easy too. In this article our partner, Australian community-owned and -operated Southern Phone, helps us remove the complexity from the NBN. Southern Phone are passionate about taking the hassle out of connecting internet and, like us, making the customer experience as smooth as possible.

WHAT IS THE NBN? The NBN is the National Broadband Network being built to connect homes and businesses with high-speed internet. The build is due to be completed by 2021, with over half of Australian properties already connected. That’s the simple part.

Where things start to get more complex is understanding the mix of technologies in use.

Knowing the basics and where to go to get more information will enable you to know almost everything there is to know about a property.

14 ELITE PROPERTY MANAGER • FEB – MAR 2018

WHAT ARE THE DIFFERENT TYPES OF NBN CONNECTIONS? There are three main types of connections to the NBN, with plans for more than 90 per cent of properties to be connected using these technologies: • Fibre to the Premises (FTTP) is where a home or business is directly connected to the NBN through the use of fibre optic cables right to the property.

• Fibre to the Node/Curb (FTTN/FTTC) is where fibre is run to a central cabinet (a node) or pit in a street that services

EVERYONE'S TALKING ABOUT… a specific neighbourhood. Homes and businesses in that neighbourhood then connect to that cabinet over the same copper wire currently used for ADSL broadband.

• Hybrid Fibre Coaxial (HFC) is where fibre is run to the existing ‘cable’ network technology commonly used to deliver digital pay TV like Foxtel, which is being repurposed as part of NBN. This technology has been placed on hold for nine to 12 months by NBN due to network upgrades required.

NBN will use a combination of wireless and satellite solutions for properties that cannot access any of the main connection types.

HOW DO I KNOW WHAT EACH PROPERTY HAS ACCESS TO? Understanding which technology is used for each of the properties you manage is as easy as going to www.nbnco.com.au and typing in the property address. The much-improved NBN website now not only details the technology used but also the expected connection date. This is useful information as it enables you to be able to talk to prospective tenants or buyers about a property’s internet connectivity – especially if the property is already connected or is connecting soon, as this can be a point of differentiation for many.

One of the challenges placed on new connections by NBN is the requirement to provide details of the previous landline. similar speed to what ‘cable’ internet was achieving before NBN. • 12Mbps is suitable for households with basic phone or internet usage and is similar to speeds achieved using ADSL2.

WHAT NEEDS TO HAPPEN TO CONNECT A PROPERTY TO NBN? There is a schedule that NBN are working towards to ensure that all properties in Australia are connected to the network by 2021. Getting access to the NBN, on the other hand, is a different thing.

Getting access to NBN is done through a telco provider. As we all know, there are many telcos advertising NBN offers everywhere you look. The key with NBN

plans, like most things in life, is if it looks too good to be true it probably is.

HOW CAN I MAKE CONNECTING TO NBN EASIER FOR MY TENANTS? One of the challenges placed on new connections by NBN is the requirement to provide details of the previous landline.

Without this information new connections may be charged hundreds of dollars in additional installation fees. By providing this information to your tenants, you could help save them time and money.

Direct Connect has partnered with Southern Phone because, as winners of the Roy Morgan Home Phone Service Provider Award four years straight, they know a thing or two about delivering a superior customer experience.

Southern Phone offer a range of NBN broadband plans that compete on price, and do so with award-winning service.

They take the time to understand their customer’s usage requirements, so they can match and deliver the right plan for data limits and speeds – making NBN with Southern Phone a well-priced, easy and seamless experience. ■

Contact Direct Connect or Southern Phone to make NBN easy.

Visit agents.directconnect.com.au or call 1300 664 185 or southernphone.com.au or call 13 14 64.

HOW FAST IS THE NBN? The NBN will be faster than what is generally available now. It is expected that NBN Co. will deliver peak wholesale download data rates of 50mbps to 90 per cent of properties, which in the real world is fast enough to download a movie in minutes rather than hours.

Understanding what speeds can be delivered is important for customers to understand. NBN offers four wholesale speeds to telcos, who then package these up for sale to customers: • 100Mbps is the fastest speed available and is designed for usage by lots of people at the same time. It’s also great for Ultra High Definition or 4K streaming, multi-user streaming and downloading large files.

• 50Mbps is great for multiple-user properties whose residents like to stream videos, play online games, work from home or download movies. This speed has not generally been available for homes using older technologies.

• 25Mbps is perfect for households that use the internet for everyday browsing and for single-user streaming. This is a

epm.eliteagent.com.au 15

EVERYONE'S TALKING ABOUT… WITH OVER 38 YEARS’ EXPERIENCE

and market-leadership in the property software game, and mid transformation to becoming an even more customer-centric organisation, PropertyTree’s plans for this year are set to make it their biggest to date.

“Our plan for PropertyTree this year is to continue building our ecosystem whilst delivering the features and functionality that will make the lives of our customers easier,” says Andrew Turner, Rockend’s Chief Technology Officer.

Here are three things you will see released by PropertyTree this year:

1. TENANT DOWNLOAD The team at PropertyTree recognise that manually receipting tenant funds can be laborious and mundane for their customers, which is why they are going to eliminate this with the introduction of Tenant Download functionality.

“The introduction of Tenant Download functionality is just the beginning of the innovation that users can expect to see in the payments space within PropertyTree in 2018,” explains Product Owner Daniel Edinburg. Designed specifically for funds directly deposited into the agency’s trust account, the Tenant Download feature will automatically match transactions with a tenancy, receipt and allocate the funds, then reconcile the receipts.

If you’ve got 1,000 properties and it takes you or a member of your team approximately a minute to manually create each receipt, and then a further five to 10 seconds per transaction for reconciliation, you stand to get nearly a quarter of your working day back! This time can then be spent on activity that adds value to or grows your business.

“The goal that we have is to take the tasks that are time consuming, tedious or mundane and automate them. Tenant Download is just one of the steps that we are taking in the payments area to significantly reduce the amount of time our customers spend creating the receipt

ON THE BACK of releasing three major features –

Invoice Genius, Statistics Reporting and the first iteration of their Inspection API – in 2017, the team behind Rockend’s cloud-based property management system PropertyTree say they will be maintaining the same momentum in 2018.

FULL STEAM AHEAD

“The introduction of Tenant Download functionality is just the beginning of the innovation that users can expect to see in 2018.”

16 ELITE PROPERTY MANAGER • FEB – MAR 2018

EVERYONE'S TALKING ABOUT…

“The goal is to take the tasks that are time consuming, tedious or mundane and automate them.” and reconciling every payment,” says Edinburg.

Beyond increasing process efficiency and saving you time that can be spent on what matters, you can practically say goodbye to receipting human entry error. “With Tenant Download, the risk of transcription errors when creating the tenancy receipt is significantly reduced. In turn, this reduces the risk of funds being assigned incorrectly and the additional effort to rectify the mistake,” he adds.

And, best of all, PropertyTree’s Tenant Download feature will support the majority of its users by catering for all the major Australian banks: CBA, NAB, ANZ, Macquarie Bank, Westpac.

2. UTILITIES INTEGRATION In this age of disruption, it’s no secret that the difference between property businesses that are thriving and those just getting by comes down to providing customers with exceptional service. But how do you up your game in this area without it costing you even more time and resources that you need to spend on growing your business? PropertyTree has the answer: Utilities Integration.

Imagine you’re a tenant who’s signed a new lease and is about to move. You’ve spent hours packing, moving and have just carried your last box into your new home only to realise that you forgot to organise your electricity, water and internet connection. Is there anything worse?

What if your property manager had been able to ask your permission to give your details to a utilities connection service, who gets the different providers to contact you, offer you unbeatable deals and connect everything for you in time for your move date? Our guess is that you’d be one happy tenant, and the best part about this is that this ideal scenario will soon be available in PropertyTree.

“We are creating the functionality to be able to integrate with utility partners, and the main reason that we are doing this is to help our customers provide their clients with a higher level of service, whilst growing their businesses through the addition of a new revenue stream,” says Product Owner Riasat Azim.

You see, every time you or a member

of your team refers a tenant to a utilities integration provider in PropertyTree, your business will get a percentage of the utility sales made from that tenant.

Everyone’s a winner!

“To provide our customers with the most value, we understand that we need to go to market with a full feature product that offers them – and their customers – choice and flexibility,” Azim explains.

“We will soon be able to announce the provider that we are partnering with. We can assure you that it will have progressive capability, and our partner has relationships with the best-in-class utilities providers. This will also provide our customers with the visibility they need to track the revenue earned from the integration. We know how important the

create invoices en mass. If all fields required for validation have been pre-filled by either a barcode or QR code, and all mandatory creditor and tenant invoice information is correct, the invoice will be available for bulk approval.

“The Bulk Approvals function within Invoice Genius will surpass our legacy product, fileSMART, and any other document management software in the real estate space, as it will provide users with upfront real-time alerts when a duplicate invoice is entered, or if an invoice cannot be processed in the Bulk Approvals function. It’s going to do all the checks and balancing for you,” explains Emanuelli.

Beyond real-time notifications of duplicate and incorrect invoices, enhancing process efficiency and saving users time by being able to process hundreds of invoices at once, the Bulk Approvals function within Invoice Genius will also bring one-click processing to users. “Rather than having to open and

The difference between thriving property businesses and those just getting by is providing customers with exceptional service. latter is to our users based on feedback they have given us,” states Azim.

3. BULK APPROVALS FEATURE IN INVOICE GENIUS Since its launch on 8 November 2017, users have processed more than 21,000 creditor invoices, equating to over $7.9M in total, through PropertyTree’s Invoice Genius.

The intuitive tool, which simultaneously automates the processing of creditor invoices and eliminates the laborious task of manual entering, has received high praise and been credited by customers like Trevor Back (Principal at Raine & Horne Green Square) with “saving our business significant time and cost”.

But, as promised by Product Owner and Document Management System Expert Andrew Emanuelli, the initial launch was just the beginning. With the goals of making it easier and faster for customers to process their invoices, and to provide them with a better understanding of the status of all invoices being processed, the next innovation users will see in Invoice Genius is Bulk Approvals functionality.

The Invoice Genius Creditor Invoices Bulk Approvals feature will save customers even more time by allowing them to

click to process each and every invoice, customers will soon be able to click once for the selection of all invoices, and then click once more to process them all. That’s it!” states Emanuelli.

So you’re probably thinking that all of this sounds great, but how much extra is this all going to cost? In short, nothing. These new features will be included in the monthly PropertyTree subscription fee, which is the same as it was prior to these additions.

And this is just the tip of the iceberg in terms of what’s in store for 2018. With their commitment to both listening and responding to customer feedback, and simplifying the lives of property managers through quality and featurerich functionality, Rockend’s PropertyTree will be upping the ante in the property management software space this year.

Change is as good as a holiday. Make the switch and launch your future today with PropertyTree, the next generation of property management software that gives property managers the power to choose. ■

For more information visit propertytree. com, or join the conversation at facebook.com/PropertyTreeTechnology.

epm.eliteagent.com.au 17

FIRST PERSON

Fiona Blayney

Show your Strength

Tough decisions and difficult conversations: at times like these you need to find your inner superhero and put on your big girl pants, says Fiona Blayney.

I’VE NEVER REALLY

been a fan of big girl pants. I’ve never found mine a natural fit and as such, if I’m honest, I still find them pretty uncomfortable. I don’t remember the first time I tried my pair on, or what brought me to need to find them, but I know from that day it pains me to get them out and don them for all to see.

Am I alone here? Surely, I am not the only one who has come to realise over the years that one of the greatest lessons as a leader, which has also become one of my most important roles in my business, is the importance of being able to put on those big girl pants and make the hard decisions, followed by the hard conversation.

Over the past few weeks the big girl pants have had quite the workout; strategic, financial and human resourcerelated decisions have inevitably led to some less than enjoyable conversations in my world. So, despite their discomfort, ultimately, I’ve been grateful that I had the pants on standby.

Despite the perception of most employees, the average business owner feels the same way about big girl and big boy pants as I do. I have many a conversation with peers and clients around the decisions that need to be made in a business, only to spend the greatest amount of time workshopping how to have that final conversation.

THE TEAM ARE COUNTING ON ME TO ENSURE I ACT FOR THE GREATER GOOD OF THE BUSINESS.

No one wants to intentionally hurt someone else; well, no one they’re friends with.

What I have learnt is that, like everything in life, eventually the pants must be put on, the conversation had and the fallout managed.

Of course, as a business owner it’s pretty damn lonely at the top, and with many of these decisions relating to people with feelings, over the years I have come up with a few rules to help keep me on message. Here are a couple for some pant-wearing guidance.

STAY STRAIGHT Primarily my mantle is to be able to lay straight in bed.

It’s an oldie but a goodie; in essence, it’s about intent. I’ve got a strong moral code, and I’ve worked hard to ensure that I can look in the mirror and be happy with the person I see staring back at me, that I am not setting out to do someone harm. So far I am

18 ELITE PROPERTY MANAGER • FEB – MAR 2018

satisfied that the scorecard is sitting favourably, although that lady in the mirror is starting to look older by the minute!

BE TRANSPARENT I’ve developed my own style of hard conversations. It’s not perfect, and perhaps if it was harder and faster the bank balance would be bigger, but it’s kept within my values of Transparency and Quality Relationships. It doesn’t mean that it’s soft, or wishy-washy; it simply means that I’m aware that this person sitting in front of me is multi-dimensional, and our conversation has a flow-on effect. As the conversations escalate, it’s my job to keep the pants tight and reach the originating outcome, despite what can often be tears.

for, and as such they watch the business activity and resultant leader behaviours with great intent. Your team understand decisions take time to be made, but take too long and you’re sending them a different message. It’s a fine balance with being hasty, but the team are counting on you to ensure you act for the greater good of the business.

The next time you see the writing on the wall, and you are avoiding making that tough decision, bring out the superhero leader in you and don those big pants. They have magic powers, for no matter what happens, like everything in life, this too shall pass.

PS. The team actually love seeing your VPL (visible panty line); it’s one of the reasons that they follow you. ■

ACT WITH SPEED Adults are more aware of what is going on in your business than you may give them credit

FIONA BLAYNEY is the Founder and Director of Real+ online. Visit realplus. com.au.

CYBER ATTACK It’s just a matter of time

Mandatory Notification of Data Breaches will be law and effective from 22 February, 2018. Failure to comply can result in penalties up to $360,000 for individuals and $1.8 million for organisations.

Cyber insurance is designed to protect businesses’ against various cyber exposures including crisis response, regulatory fines, forensic investigation and data recovery plus so much more.

Whilst prevention is key, without a Cyber insurance policy, you may not have the resources to manage a data breach.

Cyber insurance includes protection across the following areas:

• Privacy Liability • Network Security Liability • Media Liability • Cyber Extortion • Data Asset Loss • Business Interruption Call us on

A failure to maintain confidentiality of data The unauthorised use of your networks Your online media liability Network or data extortion / blackmail Data loss and restoration including decontamination and recovery Due network security failure or attack

1300 INSURE (1300 467 873) to speak to an EBM broker.

The information provided is general advice only and not personal advice. In giving this advice we have not taken into account your personal circumstances. Please read the policy documentation, including any Product Disclosure Statement to ensure the policy satisfies your requirements. If you have any queries or require a copy of the Product Disclosure Statement or our Financial Services Guide, please contact an EBM Representative.

1300 INSURE (1300 467 873) | F: 1300 365 822 | ebm@ebm.com.au | www.ebm.com.au New South Wales | Victoria | Queensland | Western Australia | South Australia Coverholder at Lloyd’s | Global Broker Network | Asia Australasia Alliance | National Insurance Brokers Association Elkington Bishop Molineaux Insurance Brokers Pty Ltd | AFSLN 246986 | ABN 31 009 179 640 | Est 1975

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Visit www.ebm.com.au/cyber-liability/ to find out more and to download our Cyber Security Checklist.

FIRST PERSON

Lauren Kirk

Is Your Customer in Control?

When it comes to service, consciously or unconsciously your customers expect you to provide an excellent experience at every point of the transaction. Lauren Kirk looks at what you can do to meet their expectations while staying in control of the process.

THINK ABOUT THE WAY

you communicate: emails, texts, Facebook messages, WhatsApp, phone calls, Instagram, Snapchat; the list goes on and on and can become a little overwhelming at times. No wonder, since the average person touches their mobile phone more than 500 times a day. But we are part of a world and an industry that needs to be connected.

Our clients, both landlords and tenants, are connected to communication 24/7 and the delay between thought and action is next to nothing. They are constantly powered-on; they want everything now.

There is urgency, heightened importance, a need to know and a desire for information to be at their fingertips. So, naturally, their expectations are continuing to change each and every year. The bar has been set by other industries and your clients compare you to those industries.

Quick, personalised responses are a service benchmark across all sectors, which means the customer is very much in control. This also

YOUR CLIENT WANTS TO KNOW WHAT’S GOING ON, NOT AFTER THE EVENT BUT AS IT’S HAPPENING. means their loyalty is harder to maintain – they expect more for less and in their time frame, not ours.

But we can still control the controllable. What stands between you and customer satisfaction is simple. It’s you and your communication.

Timely, responsive, relevant communication is key.

1. Ensure it’s like for like.

How your clients communicate with you is how they want to hear from you. While it’s important to have everything in writing, make sure you use the same channel they used to reach out to you. Understand what works for them (not everyone loves email!), which is best agreed on at the beginning of the relationship. It helps show that you understand them as a client.

2. Help them become DIY problem solvers.

We know that people hate to waste time and they want convenience.

Self-paced, self-service communication, such as your landlord and tenant portals, can give clients

20 ELITE PROPERTY MANAGER • FEB – MAR 2018

access to what they want. It’s about turning them into DIY problem solvers. User-friendly websites, knowledge bases, FAQs, educational blogs and videos all help to give your clients the information they are chasing you for.

3. Create proactive transparency. Your client wants to know what’s going on, not after the event but as it’s happening. Providing clear communication throughout the whole process and making those invisible steps visible will improve your client relationships. The biggest mistake we can make is assuming the client knows what happens next. We do this every day; they don’t.

4. Remember that they are unique individuals. Higher cost of service requires a personalised approach, so you need to personalise your communication with your client to reflect that you know who they are and what they need.

Remember, everyone is different and has different

reasons for investing and they want a tailored approach.

5. Automate. Automation is not about saving you time. Yes, it’s streamlining what you do and perhaps improving your systems and processes, but think about how automated communication and technology can help make the experience more seamless for your customers (not easier for you!).

6. Authenticity and care.

Most importantly, the biggest key to communication, and building and maintaining relationships with your landlords and tenants, is creating an experience.

Show them you care through authenticity in everything you do, and your clients’ expectations will not only be met but more than likely exceeded.

Remember, you cannot over-communicate anything relating to your client’s property. If you don’t make the call, someone else will. ■

LAUREN KIRK is the General Manager of Real+, developing bespoke training programs for individuals and offices to boost performance and growth. For more information visit realplus. com.au.

Game Changer

Jo-Anne Oliveri

5 TRENDS TO LOOK FOR IN PROPERTY MANAGEMENT Recently returned from the United States, Jo-Anne Oliveri shares trends and tools from the latest NAR REALTORS® Conference and Expo.

I

F YOU WANT TO get to the top in your property management business, you must be prepared for the climb. Thanks to modern technology, however, the climb isn’t as arduous as it used to be.

1

BLUETOOTH KEYS Traditional keys are so yesterday. Bluetooth keys are the future. Digital locks via smartphones can solve many challenges currently facing property managers and rental property owners. With the rise of online property rental sites, such as Airbnb, home break-ins have risen too. Digital locks can solve this. Gaining access to properties via smartphones increases security for property managers and rental property owners alike. Likewise, the maintenance process can be streamlined, with contractors not needing to visit agencies to collect keys but simply being assigned property access codes via their smartphones for specific dates and times.

With Bluetooth key technology already here, it’s only a matter of time before property management businesses adopt this new way of managing rental property keys.

2

‘FIGURE IT OUT’ GENERATION The new generation of rental property owners

IF YOU WANT TO REACH THE TOP, STOP MARKETING TO THE MASSES AND START CUSTOMISING TO THE INDIVIDUAL. and tenants seeks property management agencies that show they have the answers.

Since the Information Age has allowed consumers to have an overwhelming amount of knowledge at their fingertips,

22 ELITE PROPERTY MANAGER • FEB – MAR 2018

they now want to deal with businesses that are experts at helping them ‘figure it out’.

For property management businesses, this means you need to determine your consumers’ behaviours, so

you know what they need help figuring out when it comes to property investing and renting. Tools such as Discover.ly allow you to view data about your consumers to help understand them.

Research your consumers so you know what they are trying to figure out, so when they seek a managing agent or property to rent you have the answers they need preprepared.

3

MASS IS OUT; CUSTOMISATION IS IN Cities around the world are a diverse mix of assimilated cultures known as ‘melting pots’. This has caused the ‘melting pot mentality’, where businesses now treat all consumers the same.

However, to be successful, property management businesses must stop expecting that all their clients want the same thing. Mass is out. Customisation is in.

You must tailor your service to each one of your clients.

Ensure your marketing provides four key elements: inviting, inclusive, immersive and individual. If you want to reach the top, stop marketing to the masses and start customising to the individual.

4

BLOCKCHAIN TECHNOLOGY Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial dealings, but virtually everything of value.

Property management businesses need to be ready for this new technology.

Blockchain enables every property, in every location, to have a corresponding digital address. It contains perpetually updating details such as occupancy, financials, legal data, building performance ratings, physical attributes and historical transactions. This data is immediately available online and correlatable across all properties. This means that transaction speeds will be shortened from days to literally seconds. This new

Blockchain technology could transform the property management industry in four ways: disintermediation (cut out the middleman), fraud prevention (digital ownership certificates), money 2.0 (using software currencies like Bitcoin, rather than paper currencies), and smart contracts (a software protocol automates and self-executes an action when certain conditions are met).

To remain relevant, the industry needs to embrace these emerging Blockchain platforms.

5

MIND FIT Speaking at the REALTORS® Conference and Expo, Olympic Gold Medallist Michael Phelps shared how he made it to the top because he was ‘mind fit’.

Physically he was strong, yet mentally he struggled.

He said that he had to work hard at keeping mind fit by remaining committed despite his setbacks. Business is no different – you and your team must be mind fit. Learn from your setbacks and use them as ways to take your business to the next level.

Just like Michael Phelps, you can reach the pinnacle of success if you stay committed to the climb. At the end of his presentation, Michael concluded with a powerful statement: “If you want something bad enough, nothing will stop you.” ■ JO-ANNE OLIVERI CIPS, TRC, is the Founder and Managing Director of PM business solutions company ireviloution intelligence.

For more information visit ireviloution.com.

WITH BLOCKCHAIN DATA IMMEDIATELY AVAILABLE ONLINE AND CORRELATABLE ACROSS ALL PROPERTIES, TRANSACTION SPEEDS WILL BE SHORTENED FROM DAYS TO LITERALLY SECONDS.

epm.eliteagent.com.au 23

Property Management Mentor

Natalie Hastings

A YEAR TO REMEMBER From financial goals to client satisfaction, here is your cheat sheet for setting team KPIs for the year.

W

HEN IT COMES TO SETTING GOALS

and KPIs, the sales side of real estate practice is familiar with the process – successful at it, even.

To be fair, goal-setting in sales departments is a streamlined deal in comparison to the complexities of property management.

My advice is commit to taking a full day out of your property management department to set your goals for the next 12 months. Ideally, facilitate your goal-setting day offsite, hire temps to take care of emergency maintenance and administration, and allow everyone to really focus on the task at hand.

Before you commence your goal-setting day, understand that this is a process of collaboration. It is not an opportunity for management to simply pass unachievable KPIs down the line to their hardworking property management team without reason or context.

Staff need to feel a connection to your property management department’s goals – a feat more easily achieved in consultation.

Whilst dictatorial management styles may be common in the real estate landscape, they do not make for great outcomes or assist your team to take ownership of business goals.

Below are some great starting points for discussion about your existing portfolio and work-culture as it is, giving opportunity for your property management team to proffer their ideas. This feedback

forms the basis for your goals as a department – some of which might be expressed numerically with KPIs to match, others which might be less easily measurable; both are valuable.

IDEAL CLIENT A good starting point for discussion is to identify what your ideal client looks like.

What kind of property would they bring to your portfolio?

Free up your team’s efforts by supporting them to encourage rogue landlords to shape up or ship out! Not all managements are good for your business – indeed some simply drain your team’s resources. Have your team identify trying or risky clients, and look at the fees you charge versus the effort property managers put in. Crunch the numbers and don’t be afraid to cease managements which are poor

24 ELITE PROPERTY MANAGER • FEB – MAR 2018

DISCUSS ANY FEEDBACK YOU HAVE ON SERVICE AND WHAT CAN BE DONE TO IMPROVE IT. returns on investment. This is a great way to reduce workload and enhance profit.

FINANCIAL GOALS What should your median fee be? Discuss what you can do to build more value into your service, or represent your point of difference to clients more powerfully.

PORTFOLIO AVERAGES Consider your average percentage of rented to vacant units and your average days on market. Could you set goals to reduce these statistics?

consider. When tenants give notice that they’ll not renew their lease, how swiftly do you market the upcoming vacancy? Discuss what can be done to reduce the time between tenant move-out and new tenant move-in.

CLIENT FEEDBACK AND SATISFACTION How do you poll your landlords and tenants for customer satisfaction? If you do not regularly request client feedback, consider what tools you might use to do so efficiently. Discuss any feedback you have on service and what can be done to improve it. In terms of response to landlords and tenants, how could you improve speed and accuracy?

DEPARTMENT EFFICIENCY How swiftly and smoothly does your department manage arrears and deal with maintenance, lease renewals and rent increases? Discuss how your team can be more proactive at lease renewals and expiries, what aspect of operations they find most challenging and where efficiencies can be improved.

What support is necessary to ensure better performance?

PROPERTY MANAGEMENT DEPARTMENT CULTURE Discuss internal communications within your property management department and whether they are effective. Could you harness new technologies to streamline processes? When it comes to communication with your colleagues in sales, administration and management, consider whether a there could be more open flow of intelligence. Also, make sure there are safeguards in place so that your team are not overworking; develop a system that matches your business to achieve this. ■

SYSTEMS AND PROCESSES There are so many processes unique to your agency to

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

Tara Bradbury

Business Development Mastery

HOW TO BUILD A TRIBE OF REFERRAL PARTNERS Referral partners can make your job as a BDM a whole lot easier, but where do you find them? Business Development expert Tara Bradbury tackles the tricky subject of asking for referrals from local businesses.

T

he most common question I get asked is, “What is the fastest way to grow the rent roll?”

To be honest, if I could wave a magic wand, I would. Trust me: becoming a successful BDM is not an overnight experience.

To achieve consistent and healthy growth in your property management department you need to build foundations and a pipeline of opportunity. There are two key points in achieving this: 1. Communicate and connect with people every day.

Share who you are, what you do and what your agency offers.

2. Be prepared to step out of your comfort zone and become a follow-up machine.

For those of you who know me personally, you probably think this is all very easy for me.

But I have been through the same thought processes and fears as you when it comes to seeking referrals. I know that sick feeling of butterflies taking over your stomach, wondering what you should say and why you put yourself through this stress daily. That fear of not knowing how they will respond and whether you will ever hit your KPIs at the end of the month.

“What if they say no? What if they are not interested? What if I find myself doing all the talking and they say that they need to

TARGET PROFESSIONAL SERVICE BUSINESSES IN YOUR AREA, BUT DON’T DISREGARD ANYONE. TWO OF MY STRONGEST REFERRERS WERE A FLORIST AND A LOCAL HAIRDRESSER. go to the bathroom just to get away from me?”

If my message is coming through to you loud and clear, then you have what it takes to be an amazing BDM. Use this fear as energy to push you forward rather than hold you back.

No matter where you are based, city or regional, people love to do business with someone they know and trust.

They also love to be able to give advice and point clients in the right direction for them to achieve the best possible result every time. As a BDM you can help by providing advice, guidance and support to so many in your marketplace with an introduction from a referral partner.

Building a tribe of referral partners is easy after you secure the first one; it only takes one to encourage others to get on board. In the beginning, it is important to do your research into prospective partners. While a business may say yes very quickly, you need to make sure you are both on the same page and that they align with how you operate.

1. Create a list of possible referral partner opportunities. If you are employed as a BDM and working for someone else, make sure you run this list past your director as they may already have a referral relationship in place, or may not want to do business with them.

2. Research who would be the best person in the business to make an introduction.

3. Know your agency vision, be comfortable and make sure you are up to date with market knowledge.

4. Know your negotiation options and how you will reward them once a referral is passed and secured. This does not mean you have to offer money. It can be a surprise thank you gift, a coffee or lunch meeting, or a phone call to keep them updated with your progress.

5. Target professional service businesses in your area, but don’t disregard anyone. Two of my strongest referrers were a florist and a local hairdresser.

Once you have these five points mastered, you can set up your first meeting.

This is when the butterflies will start!

Once you have completed your first meeting and you are confident that they are someone you would love to join your tribe of referral partners, you must add them to your CRM and follow up.

While it can take time to build a tribe of referral partners, I can guarantee from personal experience that it can work, that it is very rewarding in the long term and that it is much more enjoyable than making a cold call. ■

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.

Note: There are some sample scripts in an extended article online at eliteagent.com.au/ bdmreferral.

epm.eliteagent.com.au 25

Realty Bytes

Alister Maple-Brown, CEO, Rockend

8 STEPS TO REVIEW AND RE-IGNITE IT'S HUMAN NATURE for us to look forward, and many real estate businesses right now

are planning for the future. But there are many lessons you can also learn from the past, according to Rockend CEO Alister Maple-Brown.

I

n the rush of energy and enthusiasm every New Year brings, far too many real estate agencies focus on planning for the year ahead and neglect to review the 12 months past. But do you really know what’s working and what’s not?

You can’t fix something if you don’t know it’s broken. And you need to have something to measure your achievements against so you can celebrate them and set new goals.

Reviewing your people, processes and systems is a great way to understand what did and didn’t work for you in the past. You’ll then be in a much stronger position to create a plan to support your growth in the year ahead.

Here’s a simple guide to help you get the most out of your review.

TOO MANY BUSINESSES FOCUS ON THE DISAPPOINTMENTS AND LETDOWNS.

SET YOUR INTENTIONS To carry out an effective review of your business, it’s best to take a bird’s eye view. Approach the process with curiosity, rather than fear and criticism, and set an intention to celebrate wins and identify opportunities to pivot where necessary. By going into the review process with a positive mindset, you’ll look forward to the results and be comfortable in the knowledge that, no matter which way it goes, you’re making your business better.

MAKE A LIST OF QUESTIONS Being purposeful about your review process sparks creativity and prevents you and your team overlooking important pieces of information, so start by asking three overarching questions.

What should you keep doing?

What should you start doing?

And what should you stop doing? Remember, finding out what’s working well is just as important as discovering the

1

2

26 ELITE PROPERTY MANAGER • FEB – MAR 2018

things that need to change or be stopped completely.

To help answer these questions, you’ll need to drill down. What were your achievements and disappointments, and how did each impact business growth? Consider where there are pockets of inefficiency, and whether these happen every day or once a year. Can you improve your service to clients? If so, discuss how you can do this in a more time-

efficient and cost-effective way. Does your technology support what you want to achieve? Ask what you learned in 2017 and how you can apply it going forward. Take a holistic approach and look at your team, your business processes and the technology you have in place.

3

CREATE A SCHEDULE A good review isn’t over and done within one afternoon. It’s a deep dive into your business and your goals. Keeping pace is important, so schedule time in. Include your team in the review process and schedule their time accordingly. Don’t

short-change yourself – you, your business, your team and your customers deserve the time and attention.

4

CELEBRATE THE WINS Too many businesses focus on the disappointments and letdowns. Make sure you don’t! It will only serve to hold you back from future success. When you focus on the negative, you’re subconsciously inviting more of it into your life. Review all your achievements and then list the top three. Make particular note of any people, processes and systems that contributed to achieving them.

worthwhile goals that didn’t pan out. Instead, look at other ways you might achieve them.

7

TAKE ACTION Once you’ve completed your review, think back to the three questions you asked yourself at the start of the process. What should you keep doing? What should you start doing? And what should you stop doing?

You may decide to completely change a process, introduce a new piece of technology or restructure a team. But ‘out with the old, in with the new’ doesn’t always need to be the end result of a review. You may find that the processes and systems

MAKE CHANGES, NOTE YOUR WINS AND PIVOT AS NECESSARY.

5

IDENTIFY YOUR METRICS What will you use to measure your agency’s performance? Sure, your financial statements will tell a story. But what else?

By carefully reviewing your metrics and working out what contributed to your growth and success, you’ll be able to ascertain best practices for the future. Equally, knowing that you may have fallen short in some areas will help you make the relevant changes to turn things around.

6

REVIEW YOUR PAST GOALS Identify which goals are worth keeping, which need to be eliminated and how you’ll redirect your energies to realise your desired outcomes.

Don’t be hasty in ridding yourself and your team of

you have in place are doing an OK job and you only need to make a few tweaks here and there. Or you might find that they’re already working well and decide to do nothing. A decision not to make change is just as valid as a decision to make change and is a positive review outcome.

8

FOLLOW UP Don’t forget to follow up. Once you’ve completed your review and planning process, schedule a regular time to perform mini reviews. It might be monthly or quarterly, whatever works best for you. A review is an ongoing process. Make changes, note your wins and pivot as necessary. ■ ALISTER MAPLE-BROWN is the CEO of Rockend.

For more information visit rockend.com.au.

epm.eliteagent.com.au 27

COVER STORY

28 ELITE PROPERTY MANAGER • FEB – MAR 2018

D

INNOVATION AHEAD

HAYLEY MITCHELL is

a property management visionary. After 20 years in the industry, one of the co-founders of the thriving Australian Property Manager Community (APMC) on Facebook continues to foster the growth of her own business and that of others. In 2017, she joined forces with fellow powerhouse Melanie Dennis at Domain & Co. Hayley explains to EPM how they completed the merger, why she still loves what she does and what she believes is the future of property management.

N

O LONGER VIEWED as the poor cousin of residential sales, property management is set to truly step into the limelight this year with Hayley Mitchell among those leading the charge.

With virtual reality property tours, property managementfocused companies and a push to foster greater support and career progression in the industry gaining significant traction, it’s a field that’s fast becoming a powerful force.

And it should come as no surprise that, among other leaders in the industry, Hayley Mitchell is heading the change.

Having been in the industry for some 20 years, Hayley is like a duck swimming across an ever-changing pond. On the surface she’s poised and professional, but underwater she says she is still paddling furiously, just like everyone else.

A former nightclub bouncer and bar worker, Hayley made her start in real estate as a receptionist in 1998 before working her way up the ladder rung by rung. In 2009, she took her mentor’s advice to back herself and gathered the courage to start her own business, Mitchell Property Management.

A dual winner of the coveted REIV Property Manager of the Year award in 2007 and 2011, Hayley is also the influential property trainer behind Mitchell Property Training and a key administrator of the Australian Property Manager Community Facebook Group, which has more than 8,500 followers.

NEW BEGINNINGS Last year she merged her successful business with Domain & Co, taking a director’s chair at the revolutionary agency alongside Melanie Dennis. As well as taking out the REIV Property Manager of the Year award in 2009, Melanie was named REIA National Property Manager of the Year in 2010.

Speaking of the decision to merge and work alongside Melanie, Hayley recalls, “In 2017 I realised it was getting harder and harder to do it all.

“I was training one to two days a week, plus I was managing a portfolio and two young children as well. It just got too much. I had to make a decision on what I wanted to do, and I’ve known her for 15 years, and her business was very similar to mine. Melanie has the same sort of service levels and ideas about customer service.”

Based in Hawthorn, Domain & Co now has 20 team members and 750 properties under management as well as sales and advocacy arms.

While merging staff and rent rolls can be quite a tricky business, Hayley says that hiring an accountant/business consultant to oversee the process was the key to its immediately successful and seamless transition.

“We got the right advice about the financial side of things,” she says. “Because neither of us had dealt with this accountant before, it was someone that was not biased in any way. That worked really well, and it gave us a lot of comfort knowing that was sorted out by someone else.

“We drew a line in the sand at a particular date and said: ‘As of this day your rent rolls were this much and your rent rolls were that much and this is what percentage you have in Domain & Co business'. It was actually really, really simple when we did it.”

PLAYING TO STRENGTHS With so much joint expertise now contained in the same business, you’d be forgiven for thinking there may be too many cooks in the kitchen. But Hayley and Melanie’s astute business minds immediately saw an opportunity to divide and conquer.

“With Mel and I both being business

epm.eliteagent.com.au 29

COVER STORY owners and leaders in the industry you don’t want to clash,” Hayley advises wisely. “You want to have definite and clearly defined responsibilities.

“I am going to be taking on more of the business development side of the business…

Mel looks after the team, the systems and the procedures. She looks after the handson property management team and I look after the [rent roll] growth side.”

Hayley describes herself and her business partner as “forward thinking” and it’s this mantle that is driving their business along.

With dedicated team members to focus on routine inspections and leasing, Domain & Co property managers concentrate on doing just that: managing properties. They have also just introduced a community support role focused on building the brand throughout the local community.

“The property managers now really just manage properties and are available to their clients more than they used to be,” Hayley says.

“They don’t do leasing and they don’t do routine inspections. By doing that it means that we’ve got our team managers, our property managers, in the office more.

They’re not out on the road like they used to be. They used to be running around doing all of the routine inspections.”

The new method has also resulted in more consistency throughout the routine inspection process, with the same team member following the same procedure every time. “That’s working really well,” Hayley says.

MORE CHANGE TO COME But property management innovation won’t end there.

In 2018 Domain & Co has a “little office refurb” planned, including the introduction of a technology station that is set to reinvent the way tenants view and rent investment properties.

“We’re going to have iPads and virtual reality goggles set up there,” Hayley says.

“What we’re going to do is make it so that tenants don’t have to go to properties and look at them any more. They can come into the office, sit down, they can put on the VR goggles, look around the office and then they apply for it.”

The system will remove the difficulty of inspecting tenanted properties and will save much-needed time for potential tenants, the leasing team and property managers.

“I don’t understand why we are still doing opens and everyone has to get there at 11am,” Hayley says. “It’s just not the way consumers are buying things at the moment. It’s not the way people interact

they just don’t understand the intricacies of the Act or any part of actually managing a company effectively. I think the community has been really good for checking in with peers on that kind of thing.

“You put up a post asking ‘what would you do in this situation?’ ...and you get so many different answers. Not all answers are going to be correct but if you’ve got this wealth of information, this wealth of knowledge, why not share it?”

Building and sharing knowledge is another of Hayley’s passions, and she says training property managers properly and providing them with a career path with progression is essential.

CAREER PATHWAYS Domain & Co hold a team review twice a year and ask staff where they want to go, what they want to do and how management can give back to them.

“WHAT WE’RE GOING TO DO IS MAKE IT SO THAT TENANTS DON’T HAVE TO GO TO PROPERTIES TO LOOK AT THEM ANY MORE." to purchase... People want fast and they want easy. Why can’t we make property management like that as well?”

Throughout her property management and training career, Hayley has heard her fair share of unhappy rumblings from property managers. But if there’s one issue that comes up more than most, it’s that many business owners don’t care about property management, just sales.

“They don’t feel like they have someone in-house that can help them out or their directors don’t listen to them,” Hayley says.

“A lot of property managers work with a traditional real estate agency where perhaps a sales director owns a business, but there’s not really someone there driving the rent roll and assisting the rent roll. Because of that they’re not given the support.”

SUPPORT FOR THE COMMUNITY One venture Hayley’s been involved in that has focused on providing property managers with support is the Australian Property Manager Community Facebook Group. The idea behind the page is to give property managers a platform where they can seek advice, share experiences and discuss their thoughts with their peers.

“We do it because we want to give back to the industry... there’s a lot of companies out there that don’t have the support and the community is a support for them,” Hayley says.

“I still think [some] property managers are put into roles that have zero training…

30 ELITE PROPERTY MANAGER • FEB – MAR 2018

“I think you definitely have to have career progression because if you don’t have it, the people that actually want to do something different, you’re going to lose those great people from the industry,” Hayley says.

But with better-trained staff comes the need for higher wages, and Hayley believes the days of property management divisions with low management fees should be and is changing. “If they drop their fee their property managers are going to be managing 200 to 250 properties,” she says.

“They’re not going to deliver a service and they’re going to lose managements. I really think that property management is changing. If they want to keep good staff and they want to have a good team, they’ve got to make sure that they keep their fees up higher so that they can actually afford to pay better wages.”

After such a long time in the industry, it’s hard to believe Hayley still loves her work, but she does. Her philosophy and that of Melanie is simple: “We want to make property management look easy.

“Every transaction we’re doing with our clients we’re trying to make it look easy, like the job just happens. Behind the scenes, we’re running like crazy to get it done; but on the surface we make it look easy for the client.” ■

WORDS: KYLIE DULHUNTY INTERVIEW: SAMANTHA MCLEAN

RELEVANT AND READY

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visit eliteagent.academy for more information MY REAL ESTATE TRAINING

TECHNOLOGY

HOLDING YOUR BUSINESS TO

RANSOM SHARON FOX-SLATER of EBM's RentCover explains

how real estate businesses need to mitigate the risk of cybersecurity, with ransomware attacks and data breaches on the rise.

I

T WASN’T THAT LONG AGO that the only Trojans we knew of were an ancient people who made the fatal mistake of accepting a gift of a horse from their neighbours. Today, a real estate business could be besieged by a Trojan of a different kind.

Together with malware, ransomware and spyware, software Trojans are now part of the cybercriminal’s arsenal – and could easily invade your business systems and wreak havoc.

You’d be wrong if you thought that cybercriminals only target big business. The SME market is a growing target for hackers and organised crime gangs, and a lot of money is being stolen from everyday people and smaller enterprises. The simple fact is that a suburban real estate agency is not going to be able to devote the kind of IT resources to cybersecurity that Google and Apple can.

That means small business are easier targets and ripe for the picking. Many SMEs store data which can be profitable – think identity theft – or may have access to the systems of bigger companies offering even richer pickings.

Costing the economy up to $17 billion

a year, cyberattacks have become the number one economic crime in Australia, according to the Commonwealth Government. It’s a growing trend we are noticing in the insurance world too, with a rising number of claims for cybercrime, in particular ransomware attacks and data breaches.

Last year was awash with headlinemaking ransomware attacks – WannaCry, Petya and NotPetya – affecting hundreds of thousands of computers across the globe and disrupting businesses in every industry, from retail to nuclear power plants to the Cadbury chocolate factory in Tasmania (which induced a mild panic as I had to consider whether I should stockpile Cherry Ripes!). Ransomware

A SUBURBAN REAL ESTATE AGENCY CANNOT DEVOTE THE KIND OF IT RESOURCES TO CYBERSECURITY THAT GOOGLE AND APPLE CAN.

32 ELITE PROPERTY MANAGER • FEB – MAR 2018

is gaining in popularity amongst the unscrupulous and it is the most reported form of cyber incident.

While the ransom demanded is not usually big – for example, the WannaCry ransom was $300 worth of cryptocurrency Bitcoin to unlock the contents of the computers – the ransom itself is just the tip of the cost iceberg. Productivity and production can be severely impacted, clients can be inconvenienced and reputations can be tarnished – not to mention the eye-watering costs that can be associated with forensic investigations and system security analysis.

Data breaches are also of increasing concern. There were a number of highprofile breaches in 2017, including 57 million Uber drivers and passengers having their contact details exposed, and the social security numbers of 143 million US customers of credit reporting agency Equifax being compromised.

These cases serve as a timely warning for Australian businesses as we prepare for mandatory data breach notification legislation to come into effect on 22 February 2018. Any business subject to the Privacy Act will be bound by the new laws and, while most small businesses (those which turn over less than $3 million p.a.) are exempt, any business that operates a residential tenancy database must comply with the requirements.

Suffering a ransomware attack can be

FIRST-PARTY COVERAGE GENERALLY INCLUDES • IT system restoration and remediation • Business interruption • Forensic investigation and data recovery • Extortion • Crisis management and PR

THIRD-PARTY COVERAGE GENERALLY INCLUDES • Regulatory defence expenses • Litigation expenses • Notification costs • Monitoring • Communications and media liability

hugely inconvenient for a business, but the ramifications of a data breach can be far more damaging as it impacts customers’ privacy.

Cyberattacks can have serious ramifications for an organisation – financial, operational, legal, reputational – making risk mitigation a necessity.

Protection for your business against cyberattack starts with prevention. Your EBM broker can provide a cybersecurity checklist to offer some guidance in this area, together with insurance options designed to protect against various cyber exposures, including crisis response.

A typical cyber insurance policy is designed to provide protection when there is a breach of your IT systems resulting in loss of your (or someone else’s) information, and offers coverage for a range of firstparty and third-party losses.

Whilst prevention is key, without a cyber insurance policy you may not have the resources to manage a data breach. What would you do if you experienced a cyberattack? Is your IT provider experienced enough to respond quickly?

SOME ADDITIONAL BENEFITS OF COVER UNDER A SEPARATE CYBER INSURANCE POLICY • Incident response and investigation costs • Crisis management support via incident reporting hotline (open 24 hours, 365 days of the year) and local vendors • Legal costs in defence and investigation • Regulatory fines, penalties and defence costs As cyber is a fairly new and evolving area for insurers, the market is constantly changing to keep up with technology and how the criminal element uses it to make mischief and money.

Should a business suffer a cyberattack with cyber insurance cover in place, insurance provides access to a crisis response team to work side by side with the policyholder from the initial attack (even paying the ransom if necessary) through to returning the business to operation afterwards. Cyber incidents can be unnerving as they put your business at risk and create a sense of unwitting exposure and vulnerability. The advice and support afforded via cyber insurance when disaster strikes can really be invaluable.

I urge all principals to consider cyber insurance cover as a core component of their insurance program to help safeguard their businesses, their clients, their reputations and ultimately their livelihoods. ■ SHARON FOX-SLATER is the Managing Director of EBM’s RentCover. For more information, visit rentcover.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

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

epm.eliteagent.com.au 33

CUSTOMER SERVICE

HOW TO ACHIEVE A

100 PER CENT CUSTOMER RETENTION RATE KEEPING CUSTOMERS CONTENT is one of the biggest

challenges of the real estate industry. While property continues to be Australia’s preferred method of investment, owners seek assurance that their agent is managing their asset with utmost care and many won’t settle for anything less. Danelle Hunter has five simple steps to keep your customers smiling and secure the future of your sustained success.

I

T’S TRUE WHAT THEY SAY – it is far more difficult to acquire new customers than to retain current ones.

While the vast majority of property professionals roll out the red carpet for new customers, few continue the same level of service once a contract has been signed. This change in pace can leave clients feeling forgotten and can often lead them to look for service elsewhere.

In many agencies, the importance of a strong customer retention rate is sorely overlooked. Many agents feel as though they have an endless list of responsibilities to meet, and adding more to their workload can seem like an impossible task. However, the effects of a poor retention rate can be far more daunting and the implications can be severe.

If you talk the talk but fail to walk the walk, you may quickly lose the customers you fought so hard to win in the first place. Effectively, this leaves you back at square one and spending countless hours

prospecting for new business.

Throughout my own career, I have witnessed how retention rates can heavily affect the bottom line of a business. I have seen firsthand the importance of not only giving your clients reason to choose you, but also reason to keep choosing you. With a great deal of hard work and persistence, I recently managed to achieve a 100 per cent customer retention rate and have since seen the success of my business grow exponentially.

I believe we can all benefit from working smarter, not harder. With my five easy steps, you can start increasing your customer retention rate and get back to growing your business.

1

PROVIDE REGULAR FEEDBACK One of the most common concerns I hear from property owners is that

MORE THAN ANYTHING, I BELIEVE OWNERS WANT TO KNOW WHAT IS HAPPENING WITH THEIR PROPERTY. 34 ELITE PROPERTY MANAGER • FEB – MAR 2018

they have not been provided with enough feedback and communication from their past agent. More than anything, I believe owners want to know what is happening with their property. While most good agents will act professionally and be prompt in making contact when an issue arises, even the most diligent among us can overlook the importance of regular, routine updates.

Don’t underestimate the importance of this – even when it is simply to let the customers know that everything with their property is as it should be.

2

MAKE YOURSELF AVAILABLE Real estate agents have a reputation for responding to

enquiries at a glacial pace, and to customers there is nothing more frustrating than chasing an agent who always appears to be dodging their calls. While it isn’t always possible to take every enquiry the moment it comes in, I suggest you make it a priority to reply to all calls and emails on the same day. If you really want to go above and beyond, after-hours replies show that you are always available to help, which is something that’s guaranteed to get you in your customers’ good books.

3

PROACTIVE MAINTENANCE Ongoing property maintenance should be one of your top priorities. Thorough maintenance and timely repairs can reduce the risk of emergency maintenance callouts, which ultimately end up costing your customer far more, and developing an effective and proactive maintenance schedule is an absolute must. By keeping on top of all maintenance requirements and ensuring the property is kept in pristine condition, you highlight your commitment and dedication to your customer, while giving them a sense of assurance that their asset is being well cared for.

4

OFFER ASSISTANCE WITH PAYMENTS In order to provide a five-star service that surpasses competitors, I always offer assistance with the various costs that your customers are responsible for, such as landlord insurance, council rates, body corporate fees and bills for maintenance and utilities. Keeping up with these monthly costs can be an added hassle for the owner, but making these payments on their behalf in an efficient and timely manner demonstrates your reliability and professionalism, while simultaneously saving your customers a major headache.

training

support

outsourced accounting

5

WRITE THOROUGH CONDITION REPORTS Condition reports are incredibly important and can mean the difference between property owners receiving compensation for damages to their investment or not. While it can be a time-consuming task, it is crucial to thoroughly document the condition of the premises. One of the main reasons that customers seek our service is for the peace of mind of knowing that their legal rights are being protected. Writing regular, detailed condition and routine reports show your customers that they have made the right decision in choosing you to maintain their investment.

In my view, client retention rates can be considered the truest measure of our achievement. By dedicating a few extra minutes a day to maintaining a positive relationship with our customers, we can all save ourselves weeks of work further down the track – time that could be far better spent. ■

DANELLE HUNTER is the Managing Director of Biggin & Scott Knox, an award-winning property manager and Founder of Hollywood Interiors.

epm.eliteagent.com.au 35

BEST PRACTICE

THE WISDOM OF HINDSIGHT FOR MANY, STARTING A CAREER in property

management can be a steep learning curve, with poor training and lack of experience making for a difficult introduction to the industry. Transform Masters 2017 Champion Kylie Maxwell looks back over her 25 years and tells us what she wishes she knew when she first started out in property management.

S

OME 25 YEARS ago I embarked on my property management career. Fresh from school and still wet behind the ears, I was green, young and naive. I still lived at home with my parents and I didn’t know the difference between a washer and an O-ring.

The comprehension that I was entrusted with millions of dollars in property assets (not mine, unfortunately) was all but a blur.

These are some of the things I wish I knew when I started out.

1

DON’T BE FOOLED

BY A BLEEDING HEART When you’re young you hold onto everyone’s word. So when there is a client in front of you who should be given an Oscar for an award-winning performance as to why they can’t pay their rent, you naturally feel sorry for them and believe them.

Well, don’t be fooled. I might be generalising here, but those of us who have been in the industry for some time know this is all untrue because we learnt it the

THE TENANT YOU FELT SORRY FOR HAS JUST WRAPPED YOU AROUND THEIR LITTLE FINGER AND STARTED ON THE SLIPPERY SLOPE TO PERMANENT RENTAL ARREARS. hard way. The poor tenant you felt sorry for, whom you told, ‘Oh, that’s okay, just fix it up next week’, has just wrapped you around their little finger and started on the slippery slope to permanent rental arrears.

My advice is to show empathy, but tell them you will need to follow through with procedure as per legislation and if that means sending a termination notice so be it.

Take the emotion out of it. Just do your job.

2

NOTHING CAN REALLY BE DONE AFTER 6.00 PM The sleepless nights I used to have, the bottles of wine and blocks of chocolate I used to consume on a regular basis, because I was stressed about something that was left unfinished as I walked out the door! Seriously, people, leave this stuff in the office.

36 ELITE PROPERTY MANAGER • FEB – MAR 2018

Nothing can be done after 6.00 pm, let alone at three o’clock in the morning when you’ve woken in a cold sweat. Tradespeople won’t accept calls, and if they do they won’t go until the following day and your clients have already signed off for the night. No amount of worry you do in the wee hours of the morning is going to fix the issue. Roll over, go to sleep and avoid bags under your eyes. I can guarantee the problem will still be there in the morning and you will look much better for the sleep.

3

CHOOSE YOUR WORDS WISELY AND DON’T GET TOO BIG FOR YOUR BOOTS I worked for one gentleman who was wellrespected in the community, a rugged man who didn’t mince words; ‘a spade is a spade’ type of bloke. One day I heard him say to a client, “Mate, if you think your property is that good, why don’t you take it down brick by brick and shove it up your A#$?”.

At the time I thought to myself, “This is awesome; I’m going to find a client to say it to one day”. Well, let’s just say that coming from a 25-year-old it isn’t received as well as when it comes from a 60-yearold. Lesson learnt. Choose your words and audience wisely. Pretend you’re always talking to your Nanna and show respect.

4

COMMUNICATION IS KING When you’re starting out, having conversations with clients sometimes 10 to 15 years your senior is daunting. I used to avoid it like the plague and, believe it or not, email was not an option. It was either the telephone or snail mail. Guess which one I used to choose?

Yep, snail mail. The only problem was by the time the mail arrived the issue had escalated. If only I had picked up the phone!

Don’t be afraid to talk to your clients.

Write down the main points you want to convey prior to dialling the number and then get on the phone. Forget the email and forget the text messages. This old-fashioned method is still the best and most efficient way to get a quick response and resolve a situation. The phone is now my best friend.

5

KNOWLEDGE IS POWER AND CONFIDENCE You know that saying, ‘Fake it till you make it’? Well, sometimes that’s just

BE RESPONSIBLE FOR YOUR OWN KNOWLEDGE BANK. PROPERTY MANAGEMENT IS SO MUCH MORE THAN YOUR CERTIFICATE OF REGISTRATION. what you’ve got to do. We all start out not really having a clue, and some of us really get thrown into the deep end when we first hit the industry. You need to be prepared to learn and continue to learn; the more knowledge you have, the more confidence you will have in your position.

Now, I am not suggesting you go to bed and read the legislation and the Tenancy Act every night, but I am suggesting you need to know it to be able to do your job. Your clients will have more confidence in your ability if you can confidently speak to them about situations that arise and provide proactive suggestions.

Don’t sit back and wait for your department head or business owner to send you to some fantastic industry conference; be responsible for your own knowledge bank. Get on to chatrooms, subscribe to newsletters and magazines, talk to other industry professionals and don’t limit yourself to your own office.

Property management is so much more than your Certificate of Registration.

6

CHECK AND DOUBLE-CHECK THE ADDRESS OR YOU’LL LOOK LIKE A FOOL True story: I live in a fairly small town and know every street like the back of my hand. However, it didn’t help me one day when I turned up to a rental appraisal.

The client’s daughter let me in, and I walked into the kitchen and introduced myself. The ‘client’ had the same name as the person I was to meet. It was only when I was confronted with a lady in a less than tidy home, bra-less in the kitchen unpacking the dishwasher, that I thought, ‘I think I’m in the wrong house’. A few questions later and, red-faced, I politely let myself out and went around the corner to the correct house.

Pay attention to the detail; it will save you a lot of embarrassment.

NO AMOUNT OF WORRY IN THE WEE HOURS OF THE MORNING IS GOING TO FIX THE ISSUE. ROLL OVER, GO TO SLEEP AND AVOID BAGS UNDER YOUR EYES.

7

NOT ALL BOSSES ARE CREATED EQUAL, AND NEITHER ARE ALL PROPERTY MANAGEMENT DEPARTMENTS Over the years I have worked for some great bosses and some not so great bosses.

When I started out, I had very little training; I was sat at a desk and told to go for it. What ‘go for it’ was I have no idea.

Some businesses are very sales-based and the business owners have very little knowledge of property management, let alone systems and procedures in place. Some property management departments can be a stressful train wreck. Everybody has the ability to lead and make the changes; you’ve just got to have the courage to do it. If that doesn’t work, find a business that is more aligned with your vision of property management.

It’s a great career and I’ve seen too many good people leave the industry because they are untrained, overworked and stressed out – all of which is totally avoidable and unnecessary. There are some great property management businesses out there and some great property management leaders; if this is the career path for you, search them out.

8

NOBODY’S PERFECT AND WE ALL MAKE MISTAKES One of my best learning methods is making a mistake, owning it and not repeating it. God knows I’ve made many over the years; let’s be honest, we all do.

Don’t get into knots about it, learn from it and move on.

I always say to my team, ‘If we are not making mistakes we are not growing and we are not learning’. Make the same mistake twice, though, and you may not have a job! ■ KYLIE MAXWELL is Director and Franchise owner of LJ Hooker Queanbeyan, with 25 years’ experience in property management. Kylie strives to keep property investment management fresh and modern to ensure the best possible advice to her team and service to clients at all times.

epm.eliteagent.com.au 37

PM PROFILE

Peggy Willcox

Mooney Real Estate When Peggy Willcox and her partner Sean decided to go it alone and open Mooney Real Estate, they knew they wanted to take a different approach.

Eighteen months later, EPM finds out how well their ethos of accessibility, transparency and compassion is working.

When they launched their new business, the focus would be the Penrith rental market and Peggy’s mission would be to provide a compassionate service where tenants were valued, appreciated and treated with the same respect as buyers.

Her philosophy included openness, transparency and good communication with tenants and landlords alike.

A strong believer in local community, Peggy forged links with people through neighbourhood Facebook groups where she offered tips and advice on common rental queries, making a name for herself in the process.

The stories of people moving in without hot water or toilets that flushed, only to have their calls and emails go unanswered, horrified her. But they also instilled a commitment to assist.

She provided letters, step-by-step guidance and information about their rights, all pro bono, while building an agency that could change the perception of what a real estate agent could be.

Her ethos of accessibility extended right through to the layout of her office, which was designed to be openplan and visible from the counter, ensuring property managers were readily

available to talk with clients when the need arose.

For Peggy, it was about shifting the attitude and focus at a time when there are increasing numbers of tenants in Australia’s capital cities, many of whom are renting longer as they save for larger house deposits.

Eighteen short months later, Peggy’s push to create an agency ‘with heart’ has been a resounding success. Her rental role now extends to

200 properties, all acquired organically through word of mouth and a commitment to client service.

And this service includes an innovative approach to assisting tenants in very real need of a helping hand.

One of the major sectors Mooney Real Estate supports is women fleeing domestic violence.

“We help women get a start,” Peggy explains.

“Often they come to us with

“OFTEN WOMEN COME TO US WITH NO RECORDS; WE HELP THEM STEP BACK INTO THE RENTAL MARKET.”

38 ELITE PROPERTY MANAGER • FEB – MAR 2018

no records. Meanwhile, we have properties that may be hard to tenant, so we pair these together and help women step back into the rental market.”

Peggy notes she is completely open with landlords and honest about the situation involved.

She uses the government assistance available to ensure there is minimum risk to property owners.

Due to this ongoing transparency and the build-up of trust, landlords are more than willing to take her word when she recommends a tenant with no previous record.

“Now quite a few of

these girls have gone on to become the best tenants we have. With a good record under their belts they stay with us, and continue to rent through us.”

The focus on communication also allows tenants and landlords to feel they can walk in at any time, or pick up the phone to have a conversation.

And she encourages her tenants to be clear and open if they are in financial distress.

“We are a young business so appreciate cashflow can be challenging. As long as our tenants are upfront, communicate and stick to a payment plan, we work with them to achieve a win-win for all.”

The result has seen minimal issues within the past 18 months. Only three matters have ever been to the Tribunal and Mooney Real Estate has won three times.

“Life is so much easier

because it’s about respect,” Peggy says.

Peggy’s impressive and increasing rent roll is a big achievement for only 18 months in her own business, and indicates the belief in treating buyers, sellers, and landlords equally has paid off.

It’s an even greater

accountant with ING, and a long commute between Sydney and Penrith, wasn’t going to cut it. In 2014, she undertook the training to become a real estate agent and started working her way up.

When she made the move to set up her own agency, Peggy was determined her business

“AS LONG AS OUR TENANTS ARE UPFRONT AND STICK TO A PAYMENT PLAN, WE WORK WITH THEM TO ACHIEVE A WIN-WIN FOR ALL.” achievement when you consider Peggy had only two years’ industry experience under her belt when she and Sean established Mooney Real Estate, selling their own house to finance the business.

Initially, real estate had offered a way for Peggy to balance work with caring for two young children. Her job as an

would concentrate on providing a valuable service for all involved.

She also wanted to be known for respecting her property managers, who often live in the shadow of sales teams. And her human approach is reaping rewards, with word-of-mouth referrals from satisfied landlords and,

more surprisingly, tenants, generating a four-fold increase in their rent roll in nine months. She dubs her approach an ethical focus on rental.

With a commitment to servicing each person involved in her business, Peggy is generating the type of loyalty that she hopes will see former tenants return when they’re ready to buy a home.

At Mooney, Peggy is the only sales agent; the rest of her team work in property management. “Our focus has always been the rent roll base of the business. Any sales are a bonus on the top,” she says.

Despite some initial doubts about whether her personality was cut out for the industry, Peggy has learned that forging your own path is the best way to discover your business’ niche.

■ CASSANDRA CHARLESWORTH

AGENCY BROKING

READY. SET. SOLD. [ whether you are buying or selling an agency or rent roll, get all the way to the finish line knowing we have your back ]

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[07] 3193 3000 a.dawson@businessdepot.com.au Level 1, 27 James St, Fortitude Valley Qld 4006 businessdepot.com.au/agencybroking

epm.eliteagent.com.au 39

TECHNOLOGY

WONDERING AT THE SHAPE OF

CONSOLE CEO TIM MOLLOY looks

at clouds from both sides: with the imagination from childhood and the endless possibilities of modern computing.

40 ELITE PROPERTY MANAGER • FEB – MAR 2018

W

HEN WE WERE VERY YOUNG

we used to lie on our backs and wonder at the shape of clouds.

They came in all shapes and sizes, and depending on the extent of our imagination represented a lot of different things.

Sometimes animals, sometimes more material things, and sometimes shapes and mythical creatures only children and storytellers could conjure.

We also knew these clouds to be fluffy.

Hard to grasp and yet somehow inviting as the ultimate soft landing place, a place to while away an afternoon, higher in the heavens than the earthly lawn from which we gazed.

Science in the classroom changed this

and it involves quite a lot of infrastructure all working together – the internet, a capable device, software and so on.

On the other hand, vested interests will want to narrow the definition to suit their product or service. For example, a convenient and narrow view of the cloud might mean everything runs somewhere else, but you’ll need a browser to be able to see your functionality. In the same way that there are now millions of ways of using electricity, there are already millions of ways of using cloud computing.

A more modern and less restrained vision came from the late (and great) Steve Jobs, who suggested the cloud enhances good software. He meant that; he wanted us to understand that the future of cloud would see us use the local devices coupled with a platform, intelligently delivering

CLOUDS arm’s length view. We found out that clouds were really water vapour and, sadly, with not enough mass to support our weight.

This discovery must have given early aircraft pilots some comfort as they soared toward these opaque objects in the sky knowing they wouldn’t become entangled in a white, web-like fairy floss.

THE NEW ‘CLOUD’ Now we are all grown up and running our own or employed in other people’s businesses, our view of the cloud is being changed and shaped again. The term has been hijacked by the technology industry to represent that view we had as children.

Something far away, quite safe, quite open to be interpreted in any way we want; something that is difficult to define. And therein lies the challenge in redefining the cloud and cloud computing for a small business owner: defining it in a way that make sense from a business point of view.

What does cloud computing really mean and how can we move past the nuts-andbolts-like descriptions to understand the real business benefits that cloud computing can bring? How does the cloud change the way we work every day?

On the one hand, the purists and the theoretical want to make the definitions as open and inclusive as possible. It’s a service rather than a product, shared resources are provided as a utility, just like electricity,

We love the freedom and we enjoy the efficiencies that ubiquitous access to business capability already delivers.

EXPANDING THE SCOPE Sharing this capability with others in our real estate ecosystem is now becoming normal too. A tenant reporting a maintenance request from an app, a property investor authorising a payment with all the interactions deeply integrated and channelling through a platform is expected; truly helping us in our business, and working alongside us (metaphorically) as we make our business day even more effective and efficient. Platforms with apps are forming connected and deeply integrated ecosystems of users that each help with their needs.

Apps are already proliferating in this environment. Those that are not deeply

IN THE SAME WAY THAT THERE ARE MILLIONS OF WAYS OF USING ELECTRICITY, THERE ARE ALREADY MILLIONS OF WAYS OF USING CLOUD COMPUTING.

data and connections. And in giving us such elegantly designed devices as the iPhone and iPad connected to each other through a cloud service, he set us on a path of acceptance that information and data would be stored and accessed from some unknown location.

ACCEPTING THE CHANGE We started this acceptance with baby steps, accessing music and movies and running these on our local devices. We accessed bank information to support banking transactions in both our business and personal banking lives. Much like the way the acceptance of internet banking became mainstream, we have come to accept with confidence that our devices with their applications can access our business capability from somewhere else, and that connection is secure and private.

Collectively, most of us already walk taller and trust our business operations to the same concept, accessing our business capability in the cloud with a device of our choosing – a device that fits the business purpose. In the office, it’ll probably be a laptop or desktop computer with a browser.

On the road, it’s some sort of tablet or smartphone, and at home it’ll be whatever is to hand. We demand performance and we demand an interface that is fit for purpose.

We are already used to the convenience.

integrated promise the efficiency for a narrow work task. But, unfortunately, this is at the expense of overall job effectiveness.

Doing a property inspection on someone else’s loosely integrated app usually adds complexity and additional steps to the overall workflow.

With the emergence of easier development tools, apps are getting easier to publish, especially when there is a platform available that does the heavy lifting. These platforms provide the seriously hard computational effort (what happens when an invoice is produced, for example) leaving the app on the outside to focus on the interface and the requirement of the individual user. Building fit-for-purpose integrated apps is increasingly looking like an art form rather than a development process.

Knowing that the cloud will help our business gives us more time to wonder. More time to work on the business. More time to collaborate.

More time to imagine that the shape of cloud computing for business can actually look like a bigger profit sign. Ah, now we’re back to being children and storytellers! 

TIM MOLLOY is the CEO at Console Group. Tim’s career has been largely growing businesses, with international experience in mergers & acquisitions, marketing & sales, and business strategy.

epm.eliteagent.com.au 41

Q&A ASK THE COACHES

It’s only fair that our EPM readers get their questions answered in the same way as our Elite Agent readers who are are able to 'Ask the Coach'. Ready to help in 2018, with no question too big or too small, are our three Real+ expert coaches, Lauren Kirk, Kate Benjamin and Heidi Walkinshaw.

Q.

What can I do to improve the service my team delivers to our clients?

We know that our business is dependent on our clients and their experience. What they do or don’t say (both on- and offline) has an effect, not just on the property management team, but the business as a whole.

Of course, this means your team’s attitude, language and actions can all make or break a relationship with your clients. The number of years of experience doesn’t mean everything, because a hostile conversation will be remembered over their knowledge of legislation.

So what can you do to drive service first? Having the right team in place is the most important. Skills can be taught; attitude is more difficult to change. However, as a leader you also need to drive this attitude and lead by example. What you do and say is reflected by your team’s attitude and actions.

What else can you do?

Ensure your team are empowered to help by being

able to make quick decisions, focus on communication in all processes so your customers’ journey is a positive experience, and reward and recognise those who get positive feedback from your clients. So often we reward for growth, numbers and income, and forget to acknowledge exceptional customer service. Perhaps there is an investment in training needed to improve skills and knowledge so consistency is also achieved.

Lastly, ensure changes are made when needed, embrace new ideas from your team and have service as your number one value for 2018.

– Lauren Kirk, General Manager, Coach, Consultant and Trainer

Q.

How do I foster a better relationship with my sales team to generate referrals?

The first question a sales person will ask is ‘What’s in it for me?’. Salespeople have a job to do: they must list and sell homes to get paid. This is their number one priority. So

how do we make it attractive to refer across those allimportant investor leads? The answer is simple – give to gain. Whilst a sure-fire way to grab their attention is to offer a monetary incentive, there are other ways to get the message across. Here are just a few to get you started: • Keep it simple; make sure the team understands that lukewarm, possible investor leads are 100 per cent acceptable and that you require only a name and number to follow up a lead.

• Consider an office leaderboard and turn referring into a competition – salespeople are competitive by nature.

Report on this in a public forum on a weekly basis.

This may be done by sending a group office email or at the weekly sales meeting. Consider offering a monthly or quarterly prize for both converted leads and/or leads passed across.

• Always treat your referrers as you would a VIP client. When they do send leads your way, make sure you keep them up

to date with progress and demonstrate how diligent you have been with your follow-up.

– Kate Benjamin, Coach, Consultant and Trainer

Q.

I know there is opportunity for my team and me to be more productive, but I’m just not sure where I should start.

The first step is to understand your purpose: what are the goals that are driving the business? The next step is to create the plan and then to ensure that your team understand how they are contributors to the overall success of the year ahead.

Once the team understand where they are heading and what they need to achieve to be successful, they will start to look at their day-today operational tasks in a different light. Are there ways to become more efficient, whether by implementing new technology or simply removing some of the unnecessary distractions, paperwork or manual processes? The person in the job knows the job better than anyone else; trust and empower team feedback and make sure you encourage and set time for both individual and group feedback. When the vision is clear, teams are engaged and will naturally be looking for ways to help reach business goals.

– Heidi Walkinshaw, Coach, Consultant and Trainer

To have your question answered email askthecoach@eliteagent. com.au.

42 ELITE PROPERTY MANAGER • FEB – MAR 2018

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