PM Collective - The ART of property management

What are my 4 non negotiables when starting a rent roll

• Ashleigh Goodchild

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Question from the public: If you haven't already, could you do a short podcast on your non negotiable expenses for running a quality property management business.

Great question! 

Importance of non-negotiable expenses in property management

Recommended trust account software: Property Me
Lead generation tool: IRE BDM and its automation features
Streamlining inspections with Inspection Express
Benefits of hiring a Virtual Assistant (VA) for operational support
Managing workload as the business grows
Leveraging free marketing platforms for lead generation
Enhancing compliance and financial accuracy in property management
Importance of investing in essential tools for business scalability

This weeks sponsor is On Tap Plumbing & Gas - 24/7 Plumbing servicing all of Perth from Mandurah to Two Rocks.

www.ontapplumbinggas.com.au

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Todays Sponsor is MyConnect: They reward you generously for every successful connection we receive from your office. We also regularly run campaigns and exclusive events to reward our partners for their ongoing support.

Working seamlessly with popular trust softwares, the process is easy for property managers who can reap the benefit.

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Speaker 1:

I had a Instagram message come through the other day with a question and it says if you haven't already, could you do a short podcast on your non-negotiable expenses for running a quality property management business? Thank you for the question. I will make this one quick because it's pretty simple and I'm pretty confident with what my thoughts are around this topic and it's a great question. So the first one would definitely be PropertyMe, and that's just standard. You need to have your trust software, so PropertyMe is my preferred trust account software. I feel like this year they have done such an amazing job with really bringing in some really great updates, so it's definitely moved very quickly this year. If you haven't had a demo with PropertyMe for the last 12 months, highly recommend you get on and get one, because a lot has changed on the platform and what it's now able to do when it comes to lease renewals and compliance and all of that is really becoming next level. So first, not negotiable with starting a new rental, a rent roll would definitely be property me. The second thing that I would be saying is a not negotiable is IRA, bdm Now, I'm not just saying this because they're sponsors and they are sponsors, but I pick mine very carefully. But IREBDM if you're a startup, the first and only thing that you should be focused on is lead generation, and lead generation with IREBDM is so simple. I've been speaking to a lot of people this weekend. We are at the IGT lead generation event and I'm just sort of hearing. You know what everyone's using, what products they're using, and I've talked a lot about IRE BDM and the reason why I feel that this would be a not negotiable is because it's truly the only way you can track some great growth but also have automations happening. So I'm going to give you the reasons and talk a little bit about why IRE BDM is on my not negotiable list. It's because I can easily set up new clients in the system and I can have other people send through leads to increase the database.

Speaker 1:

So what I mean by that is the IRE BDM has a feature where you can create short links. Short links like a little website link that you can pop onto your social media advertising. You can put it onto your website. You could put a short link on a A-frame signage at a sales home open. You could put a short link on a sales letter that goes out to a buyer, like wherever you want to capture a landlord lead, you can create a short link. Now, what this short link does is it will allow a client to complete their name and number and whatever information you want, and it's going to put that client directly into your database. And when it comes directly into your database, they are going to be set up with a campaign and I love the campaign set up in IRA BDM.

Speaker 1:

I set up 12 months worth of automation that goes out automatically to my clients with some really cool information. It has podcasts they should listen to. It has videos they should watch. It has information about our legislation they should know about. All of that happens automatically, behind the scenes, with zero effort. For me, and that's a really important piece in it. So the fact that that automation is set up and it's low effort and there's ways you can capture all the leads with the short links is why I feel it's the best option for BDMs. Also, what's really great is features where you can set up referral partners, so you can set up referrers in there and they can be updated with SMSs or emails with the progress of that lead, which is really great.

Speaker 1:

But using the short links because you're creating lots of different short links. You are able to track where all those inquiries are coming from. So I might want to create a link for my website. So that means when someone goes to my website they can complete their details and submit and that's how they can download our fee schedule automatically whenever they want, 24 7. And I know when that lead goes into my database that that lead has come from the website. Same as using a link for sales home opens. If anyone has used that link from the letter as a buyer, when it comes through into the database, it's actually going to say that that had come through the short link that was used for buyers. So it's just a really great, great way of tracking. I feel like lead generation at the start of a business is like so important and it's your number one job. So make that process super easy to track and easy to deliver information to owners really quickly and, more importantly, have that campaign follow up so that they are in constant contact with you and if you don't get back to them or if you don't follow them up constantly, you know that they're getting some really great information.

Speaker 1:

So my really simple podcast today is literally that property me, ira, bdm they're my two things that are not negotiable when starting a business, but I do want to just give you a little bit more information of what that next step would look like in terms of implementing technology. My third thing that I would implement in terms of technology would and I had to think really hard about this because I didn't know what I was going to choose, because it sort of depends on what your pain points I guess are in the business at this point. But I feel like Inspection Express would probably be my third product that I would need and that is really just to help reduce the time of your ongoing reports and also to create some really cool marketing with virtual tours and all of that and also just your inspections. So I feel like that would be a time saver and I feel like that would probably be the next thing that you would need in your business to implement. So Inspection Express I have put as my third item. I feel like how do you know when you need that third item? So that third product, I would probably say that would be only need to be implemented when you were feeling stressed, when you are feeling a little bit overwhelmed and you're needing to create that extra capacity. That's probably when I would bring in that third product.

Speaker 1:

And the fourth isn't actually a product, but it's just the fourth thing that I would implement in my business and that would be a VA. So there's been a lot of talk this weekend about do you bring in products first or do you bring in a VA first. And of course, like you need these basics, but actually sorry I lie, it wasn't products first or VA first, it was a employee first or a VA first. I would say bringing in a VA would absolutely be my fourth step and my fourth not negotiable in the business, and that would just be because they're going to help create that capacity, they're going to help create those systems so that when you are ready to employ a in-person person, you will have those foundations which I think you are going to really need at this point, because we're talking about sort of being at a point where you might have, you know, 80 to 100 properties and that's really where you're going to need that support. So that would be my opinion on these.

Speaker 1:

So property me number one definitely not negotiable, can't do anything, you know, can't do anything without a trust software Number two would absolutely be IRE, bdm, and I would be bringing that into my business straight away, and then, as my pain points come along, as my business grows, once I get to maybe sort of 50 properties, that's when I would personally start implementing Inspection Express and AVA. Just special mention, though, to all the free marketing options that you do have. So LinkedIn, youtube, whatsapp are my three apps that I use, or platforms that I use where I probably get the mostly generation. So let's not forget that those three platforms are free, and they also should be not negotiable in your business, especially when you are focused on new growth. So I hope that helps. If you do have a question that you'd like me to answer, flick it through on Instagram or wherever you see me, and I'll be happy to do a little recording for you.