Property Managers play a huge role within any Real Estate office. They have many various roles within their jobs from leasing and maintenance to legal documentation and court hearings. They are managing portfolios that can have values in the millions of dollars.
Due to the many various tasks carried out by a property manager and the value of the investment properties that have been secured on your companies’ behalf, we always try to ensure that we obtain a great tenant for the property hence hoping to lessen any issues. A principal must supply the team with tools that will assist them to do their job to their best ability.
Technology is constantly changing. By ensuring that your Property Managers have the right tools to do their job effectively, you will find that they will be less stressed and give more in return.
Depending on where you are, the salary can also vary. Providing a fair and reasonable salary based on the person’s portfolio size, skill set and attitude is only fair.
Feel free to contact any of the team at REJS at any stage if you want to get an idea of what you should be paying your team, how the allowances are structured in your state or check out www.realestatesalaries.com.au. This is a site that we are sponsoring, is free and confidential for anyone on the industry to use and is a great gauge for you and your office as well.
New business bonuses are always well received. If you do offer these, please make sure that you pay them. You would be surprised how many times this does NOT happen in the market place today. Many good BDMs are lost to the competitor simply for this reason.
Here are some of the tools that the market place have come to accept as “normal” and will assist your Property Manager to effectively run their portfolio with a little more ease!
Allowing the property manager to capture photos on the spot at inspections, communicate with ease from the property to the office and landlords. This can also sync with the database therefore saving time double handling.
Due to the nature of the role, an up to date smart phone is required for your staff. Firstly because of safety reasons, there is also an app to download that acts as a panic button even if its never used they will feel safer having it. These phone and sim card both need to belong to the office. All too often I hear of managements being lost not due to the ex staff member calling the client but because the client already had their number! The smart phone should be equipped with internet also for ease of emails, maps or perhaps logging into the server to gain vital information on the spot.
3. Company Car or attractive car allowance and commercial insurance
A branded car for every property manager – that’s 6 days a week advertising for your brand!
Having a company car provided can become costly but most certainly sweetens the deal and allows you to become more a business of attraction, where quality people would consider working.
We all know that property managers are on the road often, providing them with an attractive car allowance for wear and tear and also travel costs seems only fair. At the end of the day, they are working on behalf of the company at that time.
Remember that for yourself these costs are tax deductible. Support your staff if they are using their own vehicles. Ensure that they have the right insurance coverage as the vehicle is being used for business.
4. Uniforms supplied
This has been observed by many throughout the industry. There is an obvious cost to the company, yes, however, it cuts costs for staff and they don’t have to figure out what to wear!
You minimize the risk of any of your team being “under dressed” and it is consistent!
The public will know who they are when they wear it, this can also give your team members a sense of belonging.
We hear time and time again “I left due to insufficient assistance”. As a portfolio grows it is absolutely paramount that the person in charge keeps an eye on portfolio sizes and takes into consideration how much assistance that Property Manager may require. We are noticing a growing trend with many assistants and leasing consultants being hired to do most of the “out of office” work such as inspections, opens and leasing so that Property Managers can do what they are best at MANAGING THEIR PORTFOLIOS! If you would like to know more about average portfolio sizes call one of the REJS team members on 1300 219 522.
As a principal you may see these items as an expense but let’s look long term.
You will make your business one of attraction, therefore you will attract more quality people who want to work there. The team will become happier and it will raise the bar of the business. The team will feel appreciated and assisted, they will shop around less and your retention rates will rise.
Due to the fact that your staff stay longer and are happier they will attract more people to the business and grow their portfolios almost organically as they will exude enthusiasm. This brings the business more money and completely off sets the costs of providing the necessary items to do the job!