hastings+co welcome Murray Joseph Consulting

hastings+co are thrilled to announce a special new referral partnership with Murray Joseph Consulting! This partnership sees two industry leaders coming together to ensure each of our clients receive optimum service to the very best quality. Consider today’s hastings+co blog your official introduction to Murray Joseph, with details on what this partnership means for our current and future clients.

Murray Joseph Consulting specialise in:

• Business Management advice, coaching and support to companies across a wide range of industries, including the real estate, finance and conveyancing industries
• Troubleshooting Workplace Culture issues
• Training and Coaching workshops for salespeople and business owners
• Keynote Speaking and Conference Presentations including his two powerful keynote topics “The Bag Man” and “Super Culture”.

“Murray Joseph Consulting is about providing the tools to increase productivity, build stronger workplace culture and achieve better outcomes for business owners, management and staff.”

Murray is an independent business analyst, coach and consultant. He provides experienced support, guidance and assistance to companies across a wide range of different industries including real estate, finance, mining, sales & customer service, recruitment and education. His broad experience sees him chairing board meetings, coaching management teams, writing business plans, and analysing financial statements.

In addition to his role as Managing Director at Murray Joseph Consulting, Murray is the founder of Ausnet Real Estate Services, Mortgage Solutions Australia and Landmark Settlements Australia. He also sits on and chairs a number of boards, including private entities and not-for-profit organisations.

He is also widely acknowledged as an expert in workplace culture within real estate agencies. Whilst 80% of his time is spent working “hands on” within his client base, he also writes, develops and presents key note speaking and in-house training programs for businesses, as well as at corporate events and conferences.

Murray Joseph is a self-made business person who learnt his skills on the job, listening to others who have been before him, soaking up their knowledge and expertise, whilst gradually developing his own leadership and management style. He lives by the motto “What you give out, you get back”, and he’s passionate about adding value to people and businesses wherever he goes.

How will we be working together?

Through this referral partnership, hastings+co will expand our client base across Western Australia and other regions of the country. In January, given travel restrictions permit so, h+co’s Director Natalie Hastings will head to WA to meet the team and beginning working with clients.

We look forward to collaborating closely with Murray Joseph and his team to recognise where his services are most applicable to each of our current and future clients, applying h+co’s signature tailored Diamond Service to decipher how his expertise can best compliment and strengthen your agency’s unique needs. Murray Joseph essentially goes into a real estate office and thoroughly assesses several aspects of their systems and proceedings, offering solutions to further simplify and strengthen them.

To learn more about Murray Joseph Consulting and read testimonials, visit: murrayjosephconsulting.com.au

How to Identify ( & Prevent) Trust Account Fraud?

Trust account fraud has the potential to flourish in any estate agency environment – no matter the franchise, team-member tenure or Principal experience. While serious cases of trust account fraud penalise perpetrators with steep fines, suspension and even imprisonment, media reports on major fraud cases impact negatively on the real estate community as a whole. In this h+co blog, Director Natalie Hastings focuses on trust account fraud to reveal which protective systems are central to prioritising the safety of client funds, whilst safeguarding your agency’s reputation and future auditing processes.

Protecting your agency from trust account fraud should be a core concern of all Principals. Failing to protect clients’ interests can not only result in severe penalties – it can seriously harm an agency or franchise’s reputation while serving to heighten distrust of the real estate industry.

What is trust account fraud?

Simply put, trust account fraud is the misappropriation of trust account funds. The key purpose of a trust account is to securely hold money on behalf of a client. A trust account is non-interest bearing, and it cannot be used for any purpose other than holding funds to complete a sale or rental transaction. Trust account fraud can occur in a variety of ways, but the most common transgression is the transfer of funds from the account to an agent’s personal or general account. Penalties for such fraud include imprisonment, fines, agreement to pay back funds and suspension.

Who commits trust account fraud – and why?

Trust account fraud is most regularly committed by real estate professionals. This includes Property Managers, Bookkeepers, Receptionists and – it pains me to say – Partners and Directors! In case reports from 2013, the main reason cited for committing trust account fraud was ‘ready availability of funds’. The report featured 10 fraud cases selected at random which identified amounts from $58,855 to $1,294,576 as missing, with consumers lodging claims to the Property Services Compensation Fund.

How to Identify Fraud?

• By conducting regular audits on your trust account, you have the opportunity to confirm payments as legitimate. By utilizing your trust account software, you can easily print reports or receive notifications detailing important changes made to accounts. If you are suspicious of any changes, take steps to check employee payrolls and similar.
• It’s important to check all trust account reports – even ones confirmed as successful. Ensure bank account balances also match bank reconciliations. If there are irregularities or outstanding deposits, play close attention to the legitimacy of these transactions and further investigate if required. In addition to developing robust systems and paying close attention to reconciliations, a third-party annual trust account audit can ensure your agency remains compliant, minimising the chance of long-term fraud.
• Be aware of employee behaviour. Trust account fraud has been statistically linked with addictive behaviours like shopping, gambling and drug and alcohol use. It’s important for the well-being and safety of all staff members to ensure everyone is compliant and understands the legal ramifications of trust account fraud.

How to Prevent Fraud?

Protect your agency and clients against trust account fraud by instituting simple preventive measures against criminal behaviour.

• It’s important to lodge all bonds directly with the RTBA. Make it a rule that cash in not accepted in your business. If you choose to continue to accept cash, take measures to ensure your staff bank the money immediately and reconcile daily.
• Provide staff with limited access to bank accounts – not all staff members require full access to funds and only select staff should control payments from trust accounts.
• Offer relevant training to staff in charge of trust accounts, including legislation compliance information sessions and procedures to help identify system irregularities.

If trust accounting is not your forte, outsourcing this essential function to a reputable trust accounting agency could save you time, money and prevent fraud in your agency. Enhance the safety of your clients’ trust account funds by outsourcing your trust accounting to the expert team at hastings+co today.

Meet Lisa, Rebecca & Sebastian!

With the hastings+co team busy spring-cleaning CRMs and training agencies on the latest database software, we are feelin’ fresh, energised and spring-ready!

Speaking of fresh faces, hastings+co welcomes three new recruits to our talented Trust Accounting Management team. Say hello to Sebastian, Rebecca and Lisa! Get acquainted with this talented trio as we discuss the satisfaction of reconciled accounts, finding inspiration in our families and why trust accounting is all about exceeding expectations.

1. What is your role at hastings+co, and what are the three most critical elements of your position?

LISA: I’m a Trust Account Manager. I think the most critical elements of my position are excellent communication skills, sharing expert knowledge and always exceeding expectations.

SEBASTIAN: My position is Trust Account Manager. The three most critical elements of my role are promoting efficiency, task flexibility and attention to detail.

REBECCA: My role at hastings+co is Trust Account Manager. I believe the three most critical elements of my role would be having an eye for detail, a strong understanding of management software and strong organisational skills.

Trust Account Manager, Rebecca

2. How did you come to be part of team hastings+co? Have you come from a real estate background, an accounting background or both?

LISA: I’ve been working in real estate since 1998. My mother owned a real estate office and I started working there while at university, soon falling in love with industry to pursue my own career in property. I have worked across the industry including property management, sales, owner’s corporation management and now, trust accounting.

SEBASTIAN: I started working in property management 6 years ago. I have worked in all different aspects of real estate including leasing, management, sales and trust accounting. After my son was born last year, it felt like the perfect time for me to move on and find a new challenge.

REBECCA: I previously worked in Property Management for 8 years and was working as a Department Manager. This role included trust accounting and payroll. I wanted to expand my trust accounting and payroll knowledge and I knew hastings+co would be the best company for me to do that.

3. What are you looking forward to most about working with hastings+co’s clients?

LISA: The high-energy dynamic of working with different clients with unique processes and procedures is an exciting challenge.

SEBASTIAN: I really enjoy the wide variety of tasks, it keeps each day fresh and exciting – you just never know what each day might bring!

REBECCA: I am looking forward to getting to know my clients and working with a great team of trust account managers at hastings+co.

4. What are two elements of accounting practice or real estate that you didn’t expect to find interesting – but are most fulfilling?

LISA: The satisfaction of a reconciled account may be ‘accounting 101’ – but should never be underappreciated! On the other hand, accounting can present challenges that require problem-solving skills and can very rewarding when resolved.

SEBASTIAN: I recently ran an end of month with no funds left in trust after running all payments – it’s really satisfying when you have a clean trust account! I’ve also learnt that if you are using an outdated or inferior trust accounting software, it can really impact an agency’s productivity and output.

REBECCA: There are many aspects of accounting and real estate that I find interesting. Successfully reconciling a ledger and solving trust queries from clients is fulfilling.

5. The real estate industry sometimes gets a ‘bad rap’. How would you describe the industry you service?

LISA: Having worked in the industry I feel confident in saying that more than most people working in property are hard-working and honest. Unfortunately, this isn’t particularly news-worthy and the small group of ‘bad real estate agents’ who appear on current affairs and news shows, cast an undeserving shadow over the thousands of passionate agents doing great work every day.

SEBASTIAN: It’s all about expectations and I think there is a real lack of education in the real estate industry from both agents, tenants, landlords and vendors. When I was working as a Property Manager – despite the fact I knew the law better than my owners – I was expected to achieve results that they deemed fair which created an issue whenever a tenant knew their rights.

REBECCA: I believe the industry is improving with more clients having a better understanding of the act. However, it is also important for agents to always provide quality service.

Trust Account Manager, Sebastian

6. Can you name two individuals you find inspiring and describe why?

LISA: Definitely my mum! Not only for all the well-worn reasons people give for being inspired by their mother, but I also had the privilege of working with her and learning to take pride in your work, the satisfaction of working hard for your clients and adding value to another person’s day. Secondly – Barbra Streisand! She defied societal expectations and created a career that fed her both professionally and spiritually. She’s really done it all!

SEBASTIAN: My wife gives me great inspiration – she is my rock and keeps everything together for the both of us. Since my son Oliver was born last year, he has really given me true perspective in life and everything we do, every decision we make is for him.

REBECCA: Natalie Hastings! Building this amazing company and being a voice and leader in the industry.

7. What’s your favourite Spotify playlist to work to?

LISA: If it was released after 2004, I probably hate it – I’m an 80s and 90s tragic!

SEBASTIAN: There’s nothing a bit of Blink-182 can’t get me through!

REBECCA: I like to listen to a range of music from the 60s to now, including Powderfinger, The Weeknd, Queen, Adele, Michael Jackson and everything in between.

Welcome aboard, Lisa, Rebecca and Sebastian!

To meet with our new Trust Account Managers, drop by the hastings+co office for a friendly chat about real estate, agency support and the pleasure of a balanced trust account. 

Mental Health and the Property Manager

September 14 marked RU OK? Day in Australia: an initiative focused on raising awareness about mental illness experienced in silence by so many in our community – with the overarching message being, ‘it’s okay not to be okay’.

This got the hastings+co team to thinking: how is the property management community taking steps to care for themselves? In the fast-paced, emotionally fraught daily real estate race – are you dedicating enough time to self-care rituals? In recent years, meditation, ‘time out’ and mindfulness have taken centre stage in the ‘what’s hot’ arena. But what if meditation isn’t for you, and attempting to reach a state of zen feels like an uphill battle? The good news is – there’s actually several alternatives to meditation that will offer you the same benefits of relaxation.

2011’s Census revealed that anxiety and depression concern many estate agents and property managers. Further studies from the Coroners Court of Victoria discovered that the suicide rate among real estate employees was 13.4 per 100,000 – a disturbing rate higher than that of the police force. Furthermore, Victoria was identified as a ‘high risk State’, meaning Victorian agents and property managers are among the most stressed in the country.

In the course of their roles, it’s not uncommon for property managers to be abused, threatened or feel generally victimized by their tenants and landlords – in some cases, they experience bullying at the hands of their colleagues. Landlords and tenants can be very passionate, stressed or desperate in their communications – and the role of a property manager involves intervening in sometimes difficult situations involving conflict, divorce and death. Managing the emotions of stressed individuals and working through tough circumstances put property managers at heightened risk of anxiety and depression.  If you feel stressed and anxious in your work as a property manager, know that you’re not alone.

So what can be done about this dangerous level of stress experienced by property managers? Some estate agencies have put measures in place to ensure their staff have access to counsellors and psychologists to help them work through mental health concerns. If you feel comfortable doing so, speak to your boss or manager about any issues of overwhelm, anxiety or depression you are experiencing – you might just change the culture surrounding mental health in your business by helping yourself!

Our practical recommendation is that you take steps to care for your own mental wellbeing on a weekly basis. Property management’s stressors are unlikely to change – from the angry tenant demanding their bond back to the landlord who won’t drop their rent or repair a hot water service. What can change if your response to these circumstances. Improve your resilience by:

• Working smarter, not harder. Keep an eye on your overtime hours: if you feel like your workload is regularly unachievable, speak to your manager about reducing your portfolio to a more manageable size.
• Stay connected with your community of support: even if you’re feeling tired, don’t isolate yourself from friends and family.
• Get those good vibes going! Ensure you have an outlet for personal expression – whether that’s the gym, yoga, walking, boxing, massage, listening to podcasts or aromatherapy.
• Make sure to reach out for professional assistance if you feel overwhelmed in the workplace or at home.
• Where possible,  have a week of leave every three months.

It’s also important to keep an eye out for your colleagues. If you notice something isn’t right with a fellow property manager or agent, find a time to ask them if they’re ok – offer your help if you can. Often a simple chat can give an anxious person the sense of support they need to carry on. In closing – if you’re struggling with your mental health at work, don’t be afraid to speak up. Visit RU OK? for more information on how to offer help and ask for it yourself, and reach out if you or someone you know is at risk.

Reboot to LEVEL UP!

You’re nearly there – after a year of toil and working hard, holidays are in sight. If you’re a property manager, I know that you’re likely to have a very busy early January of leasing to come – but there’s hopefully at least a week or so of peace and respite from the world coming up, too. Today’s hastings + co blog is about rebooting and levelling-up … and by that, we don’t mean turning the computer on and off after it freezes.

Rebooting to ‘level up’ is essential when you’ve got heavy responsibilities on your shoulders. If the mere suggestion of ‘computer says no’ is enough to have you punching the keyboard hard to find Grumpycat memes, you’re in need of your own personal reboot to level up. Rewards of ‘le seasonal reboot’ as we’ll call it, include:

Who wouldn’t benefit from these badboys (and a cup of joe)? The only way you’ll achieve this level up is to relax and take time away from work. I can see you rolling your eyes now – but truly, you know it’s real talk. Consider these factoids before applying for your holidays:

Sleeping Beauty

How are you sleeping, Princess? Stress and a lack of exercise can contribute to poor sleeping habits which impact on your life in an immediate and direct way. Deep, regular sleep gives us the benefit of good mental health, physical health, enhanced enjoyment of life and safety. When you sleep, your brain has the chance to regenerate, forming new pathways to help you remember and learn information. Without sleep, you’re more likely to have poor relationships with others and reduced performance across all facets of your life. You’re also more likely to have chronic health problems, and develop weight-gain issues. So – use the holidays to reboot that sleep demon needing a good snooze in you. Catch up on your sleep debt with early nights and allow yourself the blissful priority of recuperation.

Mind Matters

So much of our ability to cope with the rigors of a packed week in property management relies on our own mental resources. In any week, you’ve got to deal with the technicalities of the role (i.e. accurate trust accounting, database management, letting, meetings with your team) in addition to emotional interactions with happy or displeased landlords and tenants. “For every action, there is a reaction” is a useful way of thinking about the mental energy you use during each week – before you know it, the well of strength could be run dry. One way of stilling your mind and building up your mental resources is through meditation or visualisation. Far from being the domain of hippies or new-agers, leading sportspeople and entrepreneurs use visualisation as a form of mental rehearsal to calm and prepare themselves for real-world action. A psychological and physical study on weightlifters (stay with me….) showed that similar brain patterns were achieved both when the weightlifter was in action, and when he was visualising his action. Improved physical and mental performance is the result of both visualising and enacting in the real world. Imagine what routine meditation or visualisation could do for you at home and at work! Those tough negotiations, the difficult conversations – visualising could help make the ‘tuff stuff’ much less taxing, leaving you with the mental energy to cope emotionally with the busy year to come.

LEVEL UP!

hastings+co: meet the team!

Hello. Welcome to the newly-minted hastings+co blog! We look forward to bringing you relevant property industry articles, in addition to interesting news that will snap you out of your ‘2 pm fug’. For starters, we thought to introduce you to the team. Of course, many of you already know Natalie, Eva and Shannon – but in today’s series of interviews we delve a little deeper into an average day’s activity at hastings+co.

Natalie

1. What does an ordinary day at hastings+co look like? 

An ordinary day at hastings+co starts with an 8am round of coffee. Our mornings are normally ‘heads down bum up’ to meet tight receipting deadlines for outsourced trust accounting clients. We aim to get all client receipting completed by 10:30 am to ensure PMs can get onto their arrears. I usually hit the road in the afternoon, leaving the girls to continue on their outsourced trust clients. I spend most days visiting client offices to do a range of activities including: to implement and train REST & Filesmart and to assist with bank reconciliations and  general property management training. I like to have a few laughs when training clients onsite. I am known for my ” bank rec dance”. Whenever a new client completes their first bank rec in REST I make them stand up and do a little celebratory jig.

2. What is one tip of advice you offer property managers and and business owners looking to streamline their accounting procedures?

Outsource to hastings + co! Or create checks and balances within your business.

3. What are your favorite work and play websites, and why? 

My favourite work website is XERO . Xero online accounting software for business is a web based system for invoicing/billing, accounts payable, bank reconciliation and bookkeeping. Xero was founded in July 2006 and is listed on the New Zealand Stock Exchange and is a fast growing company with teams in Wellington, Auckland, Melbourne, Sydney, Brisbane, San Francisco and the UK. Hastings + co use XERO to manage our company accounts as well as our clients trading accounts. I LOVE XERO!! It makes my life sooo much easier. I love that I can reconcile our business account and see which clients have paid their invoices all from my iPhone! We are also certified XERO partners.

My second favorite work website is Linkedin: I love seeing what my peers are up to and keeping touch with old colleagues

My favorite personal website is SAKS Fifth Avenue: I love fashion! I find that US prices are so competitive compared to our own – and it is nice to have something different that you don’t see everybody wearing.

4. If you had the chance to have a business lunch with an entrepreneur, who would it be and why?

Carolyn Cresswell, founder of Carman’s Fine Foods. Carolyn founded business success after buying Carman’s Fine Foods for a bargain $2,000. Creswell has turned the tiny business into a successful international company and this year won Telstra’s Business Woman of the Year award. She is a inspiration and I strive to achieve what she has achieved.

Shannon

1. What does an ordinary day at hastings+co look like? 

Back-to-back receipting and reconciling for clients, powered by lots of COFFEE!!!! We spend a great amount of time processing creditor/owner payments, dealing with client account queries and requests and generally liasing  with our clients. If there’s time in the day, I lunch and take a break to check out the latest news stories. In the afternoon, i’ll debrief with the hastings+co team about clients which includes bouncing ideas around and problem solving. Before the day is out, I’ll also answer client REST queries before heading home on time.

2. What is one tip of advice you offer property managers and and business owners looking to streamline their accounting procedures?

Outsource to hastings+co 😀 or clearly define the roles and responsibilities within your company to avoid miscommunication and confusion.

3. What are your favorite work and play websites, and why?

When it comes to ‘play’, you can’t go past  Asos – a girl has to shop! I also love a random news story from ninemsn –  and enjoy sharing the tales with my colleagues! For work, my most commonly-used websites are banking ones. If  I’m not receipting or reconciling, it is pretty safe to say I will be downloading or uploading on 1 of 5 banking platforms.

4. If you had the chance to have a business lunch with an entrepreneur, who would it be and why?

Jen Hawkins. Total babe and pretty savvy business woman, too!

Eva

1. What does an ordinary day at hastings+co look like?

We receipt, reconcile, enjoy coffee, complete tasks, scarf down lunch, have a few jokes  – and because of the pace of our day, it’s likely to be hometime already!!?

2. What is one tip of advice you offer property managers and business owners looking to streamline their accounting procedures?

Let hastings+co look after everything accounts related!

3. What are your favourite work and play websites, and why?

For play, I can’t go past Tony Bianco online, and Google to answer those funny questions which pop into one’s mind occasionally! My favorite work websites are logmein and joinme. These are remote desktop applications used to access our client’s PCs. We could not complete online training or  outsourced trust accounting without them. This technology allows me to do my job!

4. If you had the chance to have a business lunch with an entrepreneur, who would it be and why?

I would choose Ingvar Kamprad – IKEA Founder – to ask why we can’t buy online and why his flatpack designs are so difficult to put together.