PM Collective - The ART of property management
The ART of property management with Ashleigh Goodchild is a leading platform supporting collaboration not competition through an online community and events throughout the year with one purpose: to create happier property managers. She creates connections for property managers looking to create momentum in their careers and personal life. Join Ashleigh and her guests as they discuss challenges, struggles, mental health, mindset and give advice to property managers and anyone in the industry. To get the support in your property management career, join our PM Collective Facebook and Instagram community.
PM Collective - The ART of property management
Best Practices in your property management team with Kasey Lawrence The Rental Network
Kasey Lawrence from The Rental Network joins me to dissect the nuances of property management. From optimizing your office operations to the fine art of leasing management, we promise you'll walk away with a toolbox brimming with strategies to enhance satisfaction, profitability, and reduce liabilities. Experience firsthand the transformative power of systems, checklists, and proactive measures designed to pre-empt issues and align your team with your company's ethos.
The integration of new staff is an art form, and the tools of the trade are innovative and flexible. Discover how platforms like Loom and Workmetrics can revolutionize your team's induction process, paving the way for a seamless transition and a unified understanding of best practices. I'll share practical insights and tips I've learned to help you foster a dynamic and adaptable workplace that thrives on structured onboarding processes, setting the stage for long-term success.
Tune in as we explore the significance of office portfolio management and the role it plays in shaping the value of your real estate agency. Understand the pivotal importance of regular audits, portfolio health checks, and fee auditing, and how these best practices not only maintain standards but can also amplify your agency's valuation. Whether you're a veteran in the real estate game or aspiring to climb the ranks, this episode is an invaluable guide to mastering the complexities of property management and achieving excellence in every transaction.
To find out more about The Rental Network and how they can facilitate these workshops in your team get in contact with her today :)
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Welcome to the listeners. Today I have a I think you're a return guest. We've got Casey Lawrence from the Rental Network joining us. Casey, welcome.
Speaker 1:Thank you Ash.
Speaker 2:I always have to read your name when like on writing, because I know so many cases. Yeah, I always I don't want to get you confused, I always have to actually read it. The same with the Rental Network. There's a couple of agencies in Perth that have got like a similar name, and so I have to physically read it so I get it Concentrate, yeah, concentrate on it.
Speaker 2:It's lovely to see you again. I'm very excited to be talking about our topic today, which is best practice for everyday PM tasks, and best practice is my favourite word. Those people that know me will know that I'm a real best practice type person. I'm probably not the person that my team come to me with more like legislative questions, like I love best practice because best practice for me is where everyone's happy, all parties have got what they want out of it, and I associate the words best practice with very mutually negotiated. It's good for everyone and everyone's happy All the boxes are ticked, all the boxes are ticked.
Speaker 2:yeah, all the boxes are ticked, and so that's my definition of best practice. Is that's like, what do you hear when you sort of hear the word best practice?
Speaker 1:Yeah, best practice to me is, I guess, ticking all the boxes and preventing problems from happening. So, yeah, benefiting both parties for sure, but making sure that you are dotting your eyes and crossing your t's. So that back to proactive property management. I guess 101, just being proactive and trying to prevent potential issues from arising by following these best practice steps yeah, I like that actually.
Speaker 2:So it's a, it's um best practice, so that we don't have to necessarily start dictating the legislation and the Act and all of that, we don't have to fix anything.
Speaker 1:yeah, and when you?
Speaker 2:start having to dictate it all. I feel like that's when like problems can come up yeah. They're defensive, don't they?
Speaker 1:Yeah, 100% for sure.
Speaker 2:So you go into offices currently in your line of work. Actually, tell us everyone a little bit about what you currently do with your business and how you help other business owners and property managers. To start off with, yeah, for sure.
Speaker 1:So there's two, I guess, main arms to my business the training side and the consulting side. With the consulting side, that covers all aspects of property management in terms of setups, existing scaling. Wherever you are in that range I will go in. And so, for example, I've helped some sales or development-based businesses lately set up a rental arm, so then we will go through all systems procedures setting up all rental arm. So then we will go through all systems procedures setting up all the software. Already established businesses I'll go in and go over their best practice Do they have any? Let's set them up systems procedures, everything.
Speaker 1:I'm a stingler for a checklist, love them. So just making sure that everything is put in place for the agency to first of all, maximize their profitability, make sure their clients are happy, their staff is happy, but also nothing's getting left open to liability on the agency or the client, which is where the best practice comes in. And then the training yeah, I train all aspects of property management as well, which includes, yeah, a lot of best practice, for sure, of property management as well, which includes, yeah, a lot of best practice for sure complaint prevention, reducing stress, everything to make the day-to-day life as happy and enjoyable as possible for the property manager, so the clients are getting the best service as well.
Speaker 2:So I can imagine getting into setting up new offices is quite an interesting space and I'm so glad business owners have people like you to actually do that, because I imagine that a lot of them probably just think they'll just wing it and do it. So it's great that there's an opportunity for them to reach out to you to sort of get it all ready from the start, which is great. With the property management teams, where are you seeing I know you've got like a lot of sort of specialty focus points that you can come into offices. What's the biggest pain point you're seeing property managers needing help with? Like where do you get called out the most? For what topics?
Speaker 1:Staff turnover, like not being able to retain staff, why Um? So finding out what's going on within the business as to why staff aren't staying, um, there could be client loss as well. So there's a lot of um. They're losing a lot of business figuring out why Um. But just also, I guess, lack of education within the property management team, a lack of system structure and support. Everyone's kind of all over the place so they just want it tightened up, reeled in and everyone like marching from the beat of the same drum.
Speaker 2:Do you find that there's more problems in the larger agencies or the smaller agencies? And I probably speak I'm because to see whether other people are like me I will be the first say I never had processes. Everyone just did their own thing. They managed their portfolio the way they want and then it was working fine. But then we hit after 500 properties. We were like I better start getting a little bit more serious with, yeah, we're doing things and some more consistency. So for me, I didn't actually put that in place. The processes and procedures and that unity till after 500 properties Is that normal or where are you people?
Speaker 1:There's a lot of that for sure, and I feel like the bigger the agency, the bigger the beast it is to, I guess, tame and rein in. So if I can give any piece of advice out there is to set those foundations from the very beginning so that you don't have to then try and, like I guess, re-educate staff or have them now working from a different process or system. But it is so the way. Like you will start new and it is easy to manage when you've only got a handful of properties and then you're kind of just in survival mode going through the motions until you do wake up one day and you're like, oh god, I am at 500, it's all over the place, let's fix it. So it's definitely fixable, but it's a much bigger task to fix when the agency is bigger.
Speaker 2:Obviously and I guess that's the thing like we only tend to call in trainers and consultants when there's a pain point yeah we really need a change that may be included to how about you getting a coach or a trainer or consultant while everything's going really good, to do a bit of a health check on your portfolio and make those tweaks when everything's going good, instead of us only calling you in when there's a problem. And I guess it even reminds me of even like relationship counselling. You know you go see a psychologist or a relationship counsellor when you've got a problem, but not many people go and see one when everything is going really well in the relationship, just to make sure we keep it up.
Speaker 2:It's crazy isn't it?
Speaker 1:Yeah, 100%. I'm all for those foundations from the very beginning or as early as possible, so that even when staff are coming on board, you've got a proper onboarding process, that everyone knows that this is how we do this task, this is how we do leasing, this is how we do our routines, and there's like I guess yeah, you're formally there with the clients too that, no matter which property manager they have stepped into the portfolio, when it comes to leave and things like that, they're still getting that same level of service.
Speaker 2:And I guess best practice is also a very subjective term because, like in my office, best practice might look differently than different to another office who has best practice. So I guess it makes sense that if you have a new team member coming into your office, their version and your version of best practice is going to be different. So how do we teach that? So going into, I mean we won't go into too much detail, because if people need this and they can call you and book you in for a consultancy and training for it, which I assume you can do in person and on Zoom all around Australia.
Speaker 1:Yes, for sure.
Speaker 2:Great and I mentioned that, do you know why? Because in WA we actually I love showcasing some coaches and trainers that are interstate. So I feel like, if you're in WA listening to this, really reach out to Casey, because it's really nice to sort of find out what you guys are doing, you know over east, and how it can help benefit our offices, as opposed finding someone in our own backyard. I know that that sounds really weird, but I like to think about it.
Speaker 1:Yeah, it's so true, though Even property managers who have been in an agency for a really long time. It's so beneficial for them to go to networking events and be around other property managers, because they have only generally known one way of doing things, so their experience level can sometimes be a lot less than what their years are in the industry, if that makes sense, because they've only been in one agency. So, yeah, getting around people and learning how other people do things is so beneficial.
Speaker 2:Yeah, totally. I guess, coming back to the onboarding, which is really probably the best time to sort of have a system and a plan in place for onboarding and making sure that the new staff coming in know what your office best practices are, and having something set up Is there, and I'm putting you on the spot with this question is there any fancy program that people are using or is it a very manual like? Are they using video like a manual book? What does that actually look like?
Speaker 1:Yeah, I guess it depends on where you're at in terms of your software as well. So some of the best practices can fall in line with your office systems and procedures in terms of like leasing, for example, here's our best practice for leasing, but it also is very cohesive with the office process and procedure for leasing. So in terms of that, it could be within your property management software. Otherwise, I do see the old school manuals that are now electronic. And what else was there that I had recently? Videos like, yeah, doing actual Loom recordings and things like that. Or induction via Zoom and recording that, yeah. So they've got that there for future reference if they need.
Speaker 2:And so let's just use that. I'm going to get to where I'm going in a minute with the program that I've started using, but with the video looms, are they just being potentially saved and then do they have access? Like? What platform are they putting these videos in for people to watch?
Speaker 1:They put them in their google drives generally.
Speaker 2:Yeah, okay so actually that's a really good way of doing it. So you have a google drive set up, because I like to really give people practical advice on how to do it. So you have google drive set up and it might be property management induction, you could have one for sales rep induction and things like that, and then that has all the videos and training.
Speaker 1:Yeah, that's a good idea yeah, so you'd have like um, like similar to when I would do like a training presentation. I would have my physical presentation there that I would go through with the person on the other end or the group similar concept. So you would have your best practice presentation there and then I am there talking you through it as we, as we go through, I go through the loom or the zoom, however you want to have it set up, and that recording then goes into the um google drive for future reference.
Speaker 2:I like it. That's good and that one's that's a pretty like good low cost option. Um, so where I'm getting at with that question was um, have you heard of work metrics? No, okay, so I'm just starting to use it and play around. It's a little, I won't lie, it's a little bit complicated to set up, but I think once it's set up it's going to be amazing and what it does and again, I've I'm only really setting this up as best practice, as our team gets larger and I need to take, you know, that side of things a bit more but it allows um, those training videos and and staff to walk through a course and sends them the automatic like intro email on day one, and then it has an email on day three and and then encourages them to work through an induction course.
Speaker 2:So it prompts. It prompts the videos, yeah, which you can probably get from that, versus the google drive, but, um, you know one you've got to pay a lot more for and the other one you don't, and so I'm trying that at the moment. So if anyone's sort of interested, feel free to reach out with with Workmetrics and I can sort of let you know how that's going and I can put people in touch with others that are using Workmetrics as well. It just is something that I'm just really learning about and exploring and probably the best way to put those best practices in your office. Yeah for sure. Yeah, so we've talked about ways to um set up best practices in your office and how to induct them with new team. Can we just cover off one um best practice when it comes to leasing? I'm really curious to how best practices look um. You're in Victoria, aren't you?
Speaker 2:yeah okay, so over in Perth um does. Do you think best practice can be like for leasing, for example? Is that something that would look very, very similar for all Victorian agents? Or definitely you'd go into an office and customize it as you know, giving them a few options of what it would look like, if you could, if we can just sort of talk about the leasing side and leasing side, I would.
Speaker 1:I don't think that needs to be customized for every office. I do see it very different across a lot of offices that I go in and then I do streamline that within that office to what, in my opinion, through my experience, is best practice. Do you want me to go into like the literal, like step?
Speaker 2:Yeah, of course. So that would be probably different based on signs. Would that be fair to say?
Speaker 1:No, not really. So based on, like, your renter or your tenant has given their notice to vacate, what's best practice now here with regards to leasing that property? So some agencies here will wait until the tenant's vacated before they even begin advertising on the property, which I don't believe is best practice for the agency or the client or the property manager. Really, You're just putting yourself under additional stress. Now you've got a vacant property, but best practice is to. In my opinion, it's different in every state, obviously with legislation and whatnot. But advertising like letting the owner know about the notice to vacate within 24 hours of receiving it for sure. But advertising like letting the owner know about the notice to vacate within 24 hours of receiving it for sure, Some properties or some states now have legislation where you have properties that need to meet minimum standards or have certain standards before it can legally be leased out.
Speaker 1:So making sure the property is meeting those minimum standards before you even begin advertising, when you even begin advertising, when you do begin advertising, having an open for inspection already scheduled so the listing goes live with an open already booked, so that that's obviously then reducing the workflow coming through to the property manager in terms of having to respond to those generic and then making sure your applications are reviewed and presented to the owner within 24 hours of receiving them.
Speaker 1:Because there is a lot of panic within the rental market at the moment. So renters and tenants are putting in multiple applications on properties so they do take basically the first one that's offered to them. So if we're delaying processing and presenting those applications to owners, we're potentially missing out on those applicants and having a property for lease or vacant for longer than it needs to be. But yeah, definitely getting it online ASAP as soon as you've gotten that notice to vacate. So you've got that generally four-week period to work within before it becomes vacant. And then you've got loss of rent, loss of agency commission, more stress on the renters now trying to get at least because you've got a stressed owner breathing down your neck because they've got a vacant property. So that's it in a nutshell.
Speaker 2:Yeah, actually I probably need to be putting in formal best practices for my team with that. I was going to just cut straight to the chase with oh, I'm going to have a coughing fit in a second. Hold on, sorry, oh, that was just a slight pause. I may or may not edit that out for people that are watching. Sorry, um. But yeah, I was just going to go straight to the chase with, in terms of the actual inspections, and I guess it's so easy for us to miss those, um, very intricate starting points, like when, the minute you get that notice to vacate and I I isn't it funny? As a business owner, I just assume that that's normal and that all my team are doing it. But have I put something formal in place for?
Speaker 2:that I actually haven't, and I actually don't think we've even talked about it, um, which is, yeah, a good reminder for me that, um, that I actually probably haven't formally told them that that's what's expected. I just assume that they have, and I don't get complaints from any any landlords either about so I just assume, but you know what, that that's what's expected.
Speaker 2:I just assume that they have, and I don't get complaints from any any landlords either about so I just assume, but you know what it. That's probably not the best way to do it. So very good reminder for me, um, and I think that I like um, you could even delve a little bit deeper into that with the advertising. What's expected from a marketing?
Speaker 2:point of view as every property has to have a virtually staged photo. Do you use only the front photo? Is that your main shot? I don't personally like front photos being the main shot of the house, but you know, sometimes that might be a rule. In WA we've got a few agents and I don't know if this is happening. But best practice can look a little bit different when it comes to leasing, in that our best practice well, it's not actually even best practice. Our office we like to do home opens and see everyone first and then have the application submitted afterwards. But then I know some really great agents where they actually do their applications first, shortlist them and then do a private appointment for the person. That's been like semi-accepted.
Speaker 1:Yeah.
Speaker 2:Until they get the final option.
Speaker 2:And the reason why they've chosen to do that is so that they're not putting their team under any mental stress with big home opens being hounded at home opens, mental stress with big home opens being hounded at home opens, all of that pressure.
Speaker 2:And then it's also respecting tenants' time and not bringing them through a property that they probably had no chance of getting as well. Like I, can definitely see some really good benefits of working like that. The negative of it is that you may not be creating a demand for the property where people may or may not offer on their own bank, because we can't encourage that. Yeah, more for a property, so, but that's really a to me a bit of a minor issue, but um, but it's still, it's very um. It's just different ways and I guess if you're listening to you can already hear there's so many different ways of just conducting a viewing and also so many different ways of your advertising and your marketing, and if you haven't physically told your staff which I don't think I have you're not going to be able to enforce it, encourage it in your office.
Speaker 1:Especially if they have worked in other offices as well, they will generally be coming with a different way of doing things. So, yeah, until you do have that conversation and set it out, there is just the assumption that from you, the business owner, that they will do it your way, but there's been nothing that's been conversed on that.
Speaker 2:Yeah, totally so I think like there's definitely going to be officers that have got a team where they're able to maybe sit together and maybe this is a really great idea at a team meeting each you know week or month, whatever you do to break down the processes and to have those conversations.
Speaker 2:Yeah, and write that checklist. That's definitely one option. The second option would be, if you felt like that, you potentially need a third party to have those discussions and workshops because, um, you might find that there might be someone in your team who might be a little bit more defiant.
Speaker 2:Um, I would highly recommend that you reach out to Casey, because to have someone like yourself be able to step in and actually facilitate these on a weekly, fortnightly or monthly basis, and choose one topic makes sense because you what I like about you know getting someone into the business to do it is it's actually getting an expert who's very well versed with what best practice is with everybody and what's working with everybody and so yeah, it's not coming in with just, um, you know, only one-sided, which, in your yeah, do it because I said so.
Speaker 1:yeah, it's um very tried and tested. And when I do um set up systems and procedures with within yes, it is. I guess it starts out one way. For example, based on what I have, I guess, put into practice myself when I was managing big teams and running rental departments, I know what works successfully and makes everyone, I guess, as less stressed as possible. Every party the client, the property manager, the agency but sometimes in an office like we will talk about it and have, you know, an open table, they will ask questions about why we do it that way, or why are you recommending to do it that way and not that way, and I'll always explain why it's beneficial for them and the client and the agency to do it this way as opposed to that. So it's not just putting in systems or best practices for the sake of doing it. It's to get the best out of everyone in the situation and reduce everyone's stress levels so everyone gets a positive outcome as quickly as possible stress levels so everyone gets a positive outcome as quickly as possible.
Speaker 2:And the truth is is that if you do it as a bit of a forced situation, your team just aren't going to use it they're going to do it because it's too hard, they don't believe in it, they don't agree with it. You need everyone to be on board and to be happy with the outcome and happy with it, which you know, which you can understand. It, yeah, or you can motivate them for that yeah Well understanding the reason behind it.
Speaker 2:Yeah. Last question for you If you have, let's say, you've set up these best practices and you've got them in your office, the next step is being accountable, making sure that they are being adhered to. So generally, is there someone in the office that's appointed, you know, to that role? Like what sort of how does that work? And is it just a matter of seeing that there's someone not doing it and saying, hey, you know that that's not our office policy, like the accountability side? Can you just touch on that for me?
Speaker 1:Yeah, so just depending on the size of the agency, the bigger agencies will generally have a department manager in the office to oversee this kind of stuff. So then it's just a matter of me working with them on how to monitor, follow up and manage, and then, with the smaller offices, some of them do engage me then to do the ongoing management of it, which then might fall into, or does fall into, very similar to KPI management. So they will kind of be intertwined together. So I'll do the ongoing or monthly management of the KPIs, which the best practice falls into a part of that.
Speaker 2:And is that like a bit like auditing?
Speaker 1:Yeah, pretty much, yeah. So yeah, like you mentioned earlier, the health checks on portfolios and things like that, I've got a client that will have me in regularly to do the health checks on her portfolio and that's not checking anyone in particular, it's just making sure that her portfolio has all the ducks in a row, as in her entire rent roll. And, yeah, there's nothing better than seeing a spreadsheet with green ticks all over it and that's her office, the benefit of having those regular checks done. But yeah, with the KPIs it is more of a portfolio management, I guess, making sure that everything's up to date and, yeah, complying, I guess.
Speaker 2:I had this event last week, which was with Pendium and oh no Legal, and it was about valuations of rent rolls and exit strategies and things like that, and one of the big things that I learned from it was the due diligence how more responsibility should be put on seller's due diligence as opposed to the buyer's due diligence. And from a seller's like a business owner's point of view, the plan is that when you are ready to sell, that your portfolio is, you know, packaged together with a nice big bow that you give to the buyer and say here's everything, it looks great. And what they sort of were suggesting was that if you have any holes in your, here's everything it looks great.
Speaker 2:And what they were sort of were suggesting was that if you have any holes in your business and it could come down to best practices, policies, procedures, auditing all of that if you have any holes to pick, then buyers will potentially sort of see that hole and then look for another one and look for another one and I like the idea of, like you said, regular sort of health checks on it, because if you are a business owner that you know maybe plans to have your business for like, let's say, another five years, imagine having it so well, run, regular audits, green ticks on everything, um, as a package that's going to look really good with providing it to a buyer and you'll get the best dollar for your portfolio by having it all always clean, not just clean in the last six months because you wanted to sell it, but just ongoing clean, and even when it comes to like missing fees and things like that, yes, yeah, yeah.
Speaker 2:I imagine there's a lot that you see, like do you do fee auditing like that?
Speaker 1:I do due diligence on sales for sure, and it is from the buyers that are getting the due diligence done. And I've seen both ends of the spectrum One that is absolutely immaculate, that you can tell has been very well managed the entire time and audited. And then there's the other ones that there's just holes and gaps everywhere and as you're going through it you're kind of thinking gosh, like this report is not going to reflect well at all for the seller because there is so many holes in it that does leave room then for you know the buyer to be offering less for it.
Speaker 2:And I can imagine as a buyer you know doing buyer due diligence you find one hole. You're going to keep on looking like that's your job to find a problem.
Speaker 1:Yeah, yeah, yeah, it's like get down the rabbit hole.
Speaker 2:Absolutely, absolutely. But if it's done like I've got a friend that does a lot of acquisitions and you know, overall, if she does the first couple of checks and it all looks good, she'll probably just say yep, that's all good and doesn't feel the need to check anymore, except for her small portion of um. You know due diligence, because everything looked clean at the start. But yeah, if she was to find one then yeah that second and the third.
Speaker 2:Yeah, yeah, really interesting space, um, amazing. Thank you so much for your time this morning, casey. I appreciate it and I think, hopefully, that little snapshot of what best practice you know entails and the depth that it entails, just for that leasing side of things, and that wasn't even going into the marketing um, that should be enough for people to reflect on their business and their you know, have you had those conversations with your business and with your team? Are your team all consistent with how they're doing? And maybe even ask each of them what's your process for leasing? And if they all have a different answer, that is your cue to give them a call and say you know what?
Speaker 2:I think that I need you to do this exercise, absolutely so. Casey's details will be on the show notes for this podcast, so everyone that's listening, thank you for tuning in and I hope you got something out of it and, like I said, very small snippet of how Casey can help you in your business now or in the future. Casey, I'll see you soon, thanks for having me again, see you.