Preparing for End of Financial Year

Let’s be honest – there’s nothing more needlessly stressful than a frantic landlord on the phone come the end of financial year. Between returning emails, reconciling accounts, and proofing reports, the last thing you need is a vague voicemail from a worried landlord to add to your stress!

Let’s ensure that the only calls your property management team receive this close of financial year are from clients singing your praises! In today’s hastings+co blog, Managing Director Natalie Hastings offers her top three tips on preparing for a cool, calm and collected end of financial year.

 1 – Plan Ahead

Reconciling accounts en masse is crucial to every property manager’s end of financial year process. This is multi-tiered data-heavy process that should be strategised around months in advance. It’s not something to task to the newbie in your team, that’s for sure! Failure to reconcile, produce reports and close out the financial year within an appropriate time frame can result in trust account non-compliance – which isn’t good for your business or your clients. Planning ahead means that you will avoid mistakes snowballing throughout the year, ensuring a smooth audit of your rent roll,and minimising EOFY stress.

2 – Seek Support

If you have acquired a substantial rent roll in the past financial year or achieved significant business growth in a short period of time (go you!), it is possible that your property management database may be teeming with inaccurate data. This inaccuracy can result in hundred of valueless end of financial year reports being produced and sent to landlords – who’ll soon be on the phone wanting you to rectify their statement! Concerned about data inaccuracies? Don’t try to muddle through on your own without expert assistance: to do so will cost you valuable time and energy. Our tip? Engage hastings+co on this one. Fewer late nights for you, and delivery on that service guarantee you promised your landlords – good choice!

3 – Take Stock

Are there any problematic outliers in your portfolio? If there are repeat offenders – a landlord who is always quibbling over property maintenance or a tenant who is failing to pay rent – take action! During the process of reviewing your portfolio to produce reports for your landlords, you’ll have the opportunity to identify clients who cost your team in time or morale. Consider how to coach these outliers into better behavior, or cut your losses and move on.

The hastings+co team wish your property management team a smooth and happy EOFY. Remember, if times get tough, our team are here to offer you our expert guidance and support. Best of luck and we’ll see you on the other side! 

 

 

 

Switching Off: Saying No to Notifications

This morning when you woke up, you made a pact with yourself to leave the office at 5:30pm. You were going to walk the dog, make a delicious dinner and do that load of whites you’ve been putting off. Yet it’s somehow 8:30pm already and you’ve been saying ‘one last email’ for the past two hours. Sound familiar?

Whilst a get-it-done approach to working in real estate isn’t a bad thing – it’s great to have a passion for what you do and the determination to hit your KPIs – the best way to achieve your goals is with a clear outlook and a focused mind. And the way to this happy state of focus? Taking time out!

For many property managers and real estate professionals, it’s difficult to find the ‘off switch’. Property managers in particular are multi-tasking champions, and expert at prioritising tasks – but there is a limit to what any single human can do in a day.  There comes a point where one must simply log off, sign out and lock up – acknowledging that the work day is done! Switching off in the age of buzzing smart phones, notifications and pinging email alerts is easier said than done. In today’s blog, the team from hastings+co offer some practical tips to help you power down and give your mind a much-needed rest.

1. Say no to notifications.

Heard of airplane mode? Use it! By setting yourself a cut-off time (such as 7pm) and switching your smart phone to airplane mode, you’ll still be able to listen to your favourite Spotify playlist and snap a picture of the sunset on your evening walk – but your notifications will be on pause. Alternatively – if totally disconnecting from the internet scares you silly –  simply mute your notifications – especially emails! You’ll still be able to Google the weather for the weekend and look up that Pad Thai recipe you’ve been dying to try – but your out of office time will be uninterrupted. And don’t worry, your emails will still be there tomorrow.

2. Set yourself some boundaries.

Remember that predicament we discussed above – where 8:30pm rolled into the office like it was nobody’s business? Prevent the sorry leaving now! lost track of time text messages by setting yourself an alarm for workday. Perhaps set one for 5:00pm – where you can stop and take a moment to consider what absolutely must be done before close of business. Then, set one for 5:30pm, 6pm and 7pm. This way time can’t slip through your fingers. You’re conscious of the hours passing and in control of how you’re spending your evening.

3. Choose a way to relax

Whether it’s spending time with your family and friends, cooking, reading a book or watching The Crown on Netflix, it’s important to factor relaxation into your day. It may seem like an obvious tip – but if you’re used to being ‘on’ all day, this truly can be a struggle. Find something you enjoy and make sure you prioritise it!

Success in the real estate industry doesn’t come from clocking the most hours in a week, but from having the energy to perform to the very best of your ability when you are at work. So, for a little balance and some much-needed personal time – do yourself a favour and switch off!

A Stress-Free EOFY for Property Managers

The turn of the financial year is a stressful time for many in the real estate profession – especially property managers. Between filing your own tax return and having queries come across your desk from frantic landlords on the daily, one coffee a day just doesn’t cut it, am I right?!

In today’s hastings + co blog, I’ll be delivering my top tips for keeping the EOFY period stress-free in your property management department. Whilst owner payouts and annual reports will keep you on your toes, our practical guide to managing EOFY busy-ness will help you make it to June 30 without breaking a sweat.

1. Keep on top of arrears. Failing to keep on top of arrears in your portfolio throughout the year can mean the difference between your landlord’s EOFY statements being as they expect, and being a bit of a shock. Tenants consistently paying late can cause shifts in the actual and forecast rental income for the year, bringing with it an influx of queries from owners – and their disgruntled accountants.

2. Monitor unpaid invoices. As you approach the EOFY, monitor any unpaid invoices to avoid running into cash flow shortages. If you’re leaving invoices until June, you may find yourself asking landlords to contribute extra cash into the trust to pay all their dues before the financial year comes to a close. Monitor invoices monthly, and enjoy a much smoother tax time.

3. Review the integrity of your data. If you’re charging owners an EOFY statement fee (go you good things!), June is the time to check whether these fees have been set up correctly within your accounting software. If you charge this fee in June, it will record as an expense in the financial year that it relates to. Charge after June, and you’ll be billing owners for EOFY statements for previous years. Attention to detail is important here.

4. Train your team. Handling the high volume of EOFY statement queries that can be expected during the peak tax period can be tricky and time-consuming if you don’t know what you’re dealing with. It’s worth setting aside time in advance to train your property management team on how to read EOFY reports – or to refresh their memory from last year. Diligence in this area will enhance the level of excellence you’re providing to owners, and ensure a comfortable, skilled and proficient team of staff.

On behalf of myself and the hastings+co team, we wish your property management team a smooth and happy EOFY season. When times get stressful, think of the light at the end of the tunnel – and lock in an EOFY celebration with your team in July. It’s a great bonding exercise, giving everyone something to look forward to.

Shannon Vallance

General Manager

Train and Retain: How to Increase Staff Longevity in Your Real Estate Business

If you’re a Principal – or if you work on the management side of a real estate business – you’ll have firsthand experience when it comes to the benefits of retaining long-term staff.

Aside from building long-term relationships with landlords and tenants, loyal staff can add many other facets of value to your real estate practice. In today’s blog, hastings+co’s Director Natalie Hastings examines the ways that Principals can create a culture of staff longevity, keeping valuable team members onboard and on track with a successful, rewarding real estate career that benefits all.

Reasons why staff leave

There are many reasons why  real estate agencies experience high staff turnover, with a frequent example being the lack of a supportive work environment. Workplace culture often filters down from management, so if a Principal is solely focused on sales and doesn’t understand the value of the property management team, the department will suffer attitudinally and culturally. On the flip side, being overly ambitious to grow the agency’s rent roll can stretch staff thin as they try to juggle oversized portfolios, resulting in high levels of stress. Add unpleasant landlords and tenants to the mix and you’ve got a potent recipe for staff burnout.

Another reason agencies experience staff exodus is because of a lack of training, leading to a sense of incompetence across the team.  When a property management team lacks the tools and training needed to deliver quality service, staff begin feeling underappreciated and undervalued. Implementing daily tasks without the resources and know-how needed to deliver on KPIs can add significant stress to a property manager, putting them at risk of burnout as they clock up extra hours completing tasks with little skill in an unrealistic timeline.

How to support your property management team

Ensuring that staff feel good about their role in your business is critical. Whether or not this translates directly to something tangible (like a salary or job title) is not the main focus. As a Principal, taking the time to understand the property management side of your business and its value is essential! This could simply mean giving your property management staff a voice at meetings, or consulting with them when making important business decisions that could affect their department.

Once management better understands the value of their property management team, it becomes easier to understand the benefits of investing in staff, increasing their longevity within your business. By giving them the apps, software and training they need to streamline their workflow, you’ll be demonstrating that you value their contributions to the business! Staff that feel valued are the cornerstone of any successful real estate business.

If you’d like to learn more about how hastings+co can provide outsourced training and support to your property management team, we’d love to meet with you. Visit our website to learn more, or contact us here to make an appointment.

Meet the Team: Marley, Tamara and Julie

 

Here we grow again! Meet the newest members of the ever-growing hastings + co team: Marley, Tamara and Julie. Many of our clients will already be familiar with the enthusiastic and knowledgeable service these ladies offer – helping estate agencies nationally become more efficient with every trust account balance and owner payout made. Read on to learn about Marley, Tamara and Julie’s history in real estate, their inspirations, and their opinions on why real estate is the most misunderstood industry of them all.

Marley Whelan, Trust Account Administrator

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

I’m a Trust Account Administrator. Each day requires receipting and reconciling, paying out owners and creditors and invoice entry. All of which requires extremely high attention to detail.

Can you please give a brief history of how you came to be at hastings + co? Have you come from a real estate background, an accounting background or both?

I began my real estate career in 2013 where I was employed as a Business Systems Operator which involved wearing many different hats throughout each day. I covered Reception, Sales Administration, Assisting Property Management, and managed a small Holiday Rental portfolio. It didn’t take me long to realise my main interest was the accounting side of real estate so when I decided to make the move to Melbourne I knew that I wanted to stay in real estate but focus more on the accounting department.

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

Coming from a real estate background I understand the importance of an accurate accounting system and administration work so I’m looking forward to building great relationships with my clients and providing them with 5 star service in order for them to run a successful agency.

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

To be totally honest, I didn’t think I would enjoy the accounting side – I originally had no interest in numbers but after working in real estate for a short period of time I soon changed my whole outlook on it. Owner and Creditor Payments – who doesn’t enjoy pay-day!

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

I think the real estate industry is only ever be spoken badly about by people who don’t understand how it really works and what it entails. There is a huge amount of hard work and overtime that employees put in which always goes unnoticed. People who think it is a 9am – 5pm job are way off!

Can you name two individuals you find inspiring?

My mum – she is the most generous and caring person and has taught me just about everything I know. If I turn out to be half the person she is I will be extremely happy.
Angelina Jolie – she’s an extremely generous women who helps so many charities

What’s your favourite Spotify playlist to work to?

I will happily listen to just about anything.

Tamara Reid, Trust Accountant

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

My role at hastings + co is a trust accountant. The most critical role in this job or any trust accounting role is accuracy. Internal and external interests are depending upon the information to be correct. Time management is also a huge part in such a role as you are dealing with countless deadlines. There are many bodies dependent on the information trust accountants process every morning and without it they cannot proceed to complete tasks required upon them. Communication is the third most critical element in my position as I need to effectively communicate information to my clients. I find that the majority of staff are not familiar with certain processes and regulations and are dependent on help and advice I provide. If information is not effectively communicated the correct information may not be passed onto the interested parties.

Can you please give a brief history of how you came to be at hastings + co? Have you come from a real estate background, an accounting background or both?

My background has come from working the ranks in real estate from reception to co-managing a rental trust in a Commercial Real Estate office in Adelaide. This is where my ideal career became evident and I commenced my studies in Accounting. After recently moving to Victoria recently I was determined to find a similar role that aligned my interests in trust accounting and real estate.

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

I am looking forward to the variety of work each client brings. Some people believe that as trust accountants all we do is enter numbers all day, but the truth is there is almost an equal amount of time responding to queries and finding solutions to problems the property manager encounters. There is satisfaction in knowing you are making someone else’s job carefree from the help you have provided.
The real estate industry sometimes gets a ‘bad rap’. How would you describe the industry you service?

Like any other industry there needs to be money and interest in the industry for it to survive. Real estate is a critical industry where people may or may not agree with paying for agents’ services. At the end of the day, without the real estate industry many landlords would suffer and there would be no regulation in issues of real estate.

Can you name two individuals you find inspiring, and describe why?

My parents. They are absolute champions. As young parents they gave birth to my brother who has suffered from various health issues throughout his life. They still make sure they approach every day with happiness and encouraged both my brother and I to achieve whatever we pleased through life. They deserve much more recognition for everything they have done.

What’s your favourite Spotify playlist to work to?

I am a lover of most music although I will always resort back to an RnB playlist !

Julie Giacobello, Consultant

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

My role is to enter landlord invoices for real estate agents. The three most critical things is to have the correct amount entered, the details of the invoice and the correct property entered.

 Can you please give a brief history of how you came to be at hastings + co? Have you come from a real estate background, an accounting background or both?

I have been in real estate since 1997 and my area has always been property management/business development. When I fell pregnant with my first child I was more office bound and was trained on trust accounting. After I had my second child I wanted to look for something more suitable around my young family. I was introduced to Natalie through a mutual friend and she gave me an opportunity!

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

Providing them clear invoices that make sense, providing efficiency.

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

I found balancing to be challenging and interesting at the same time – to see how different agents use eftpos and their banking. The other aspect is in business development – I found meeting new people and hearing their stories interesting and fulfilling.

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

It gets a bad rap because people actually don’t understand what is involved. There are lots of people who start in real estate who don’t actually understand how challenging it can be and how long the hours can be. It’s a very busy industry with a high turnover and you have to make sure you document everything you do in order to be efficient and organised.

Can you name two individuals you find inspiring, and describe why?

Martin Luther King – because of his fight for a more equal society.
Mother Theresa – for her compassion to the sick and poor.

What’s your favourite Spotify playlist to work to?

I don’t listen to Spotify but I love rnb and mixed songs!

h+c real estate real talk: Persa Kapsali, Ray White Southbank

The next in our expert ‘real estate real talk’ interview series is Persa Kapsali – Department Head of the bustling Ray White Southbank office. A client of hastings + co, Persa offers some great insights into her passion for property management, changing client expectations in the face of new technology and why Southbank is the place to do big business with international investors.

h+c: What brought you to real estate? Is it a career you’d always aspired to, or one that you discovered after time in another profession? 

Persa: My Aunt was in real estate. I saw her passion for it and knew that was what I wanted to do. I got my first job in real estate when I was still at high school working Saturdays doing admin. Well, over a decade later I’m still in love with real estate.

h+c: In a sentence, describe what Ray White Southbank stands for as a business.

P: Ray White Southbank stands for quality customer service, innovation, expert industry knowledge, integrity and providing value added service above and beyond core real estate services.

h+c: Melbourne’s Southbank is a diverse area with a huge catchment of varied kinds of property – residential and commercial. With such a wide-ranging client demographic, what is your approach to building business and marketing?

P: Southbank is still a very new suburb. In fact, our office being the designated Ray White Projects office in Victoria, we specialise in new supply markets across inner city Melbourne. We deal with a large network of developers to sell their residential and commercial developments off the plan to local and offshore markets. As many of the projects we sell are off the plan, we have a fantastic opportunity to develop strong relationships with developers and investors from sale and throughout the construction process. We are therefore the first choice for property management and secondary sales. We believe that our strong focus on customer service over an extended period of time, whether it be a developer, a ‘mum and dad investor’ or a first home buyer creates incredible word of mouth opportunities for us.  We are not transactional, we foster relationships.

h+c: If you were to give advice to an estate agency ‘just starting out’, what key essential areas of focus should they invest their time and resources into?

P: Principals and Directors need a hands-on approach to quickly build the client base, whilst also placing a strong focus on procedures to ensure that service delivery is paramount. The foundations of the business are critical and an incredible amount of hard work and dedication is required in the initial stages to ensure that a platform for growth is created. Investment into training and people development is also important to ensure that customer service and accuracy is assured. People are everything in this business and a strong training and learning environment is required.

h+c: Ray White Southbank uses hastings + co to assist with trust accounting. What made you decide to outsource this aspect of your property management department, and how does your business and clientele benefit from hastings + co’s expertise?

P: We decided to use hastings +co for their reliable expert service. They always follow best practice and are efficient with our software. We also had space issues in our office. Now we have an additional space that can be used for a revenue producing position to accelerate growth. Our clients highly benefit from the daily disbursements – they get their funds disbursed as soon as they clear. No one wants to wait for their money.

h+c: Who are two business leaders that you are inspired by? How does their attitude inspire you?

P: I don’t really have any specific people who inspire me. For me, it has always been the little things that I take away. For example, someone’s passion about a specific topic, or an old bosses’ ability to keep each phone call under 3 minutes so she could get a certain amount done in the day

h+c: What do you think has changed most about the property management industry in the past five years?

P: I would say that technology has been the biggest change. We now have owner and tenant portals available where clients can log in and get their monthly statements, copy of their lease, etc. Information is in general easily available for everyone to access online, which has brought on a change in expectations from owners and tenants. This makes it so much more important that we as the professionals stay on top of our game with our own knowledge.

h+c: Importantly – what do you like best about working in Southbank?

P: We have a strong focus on project sales, and the settlement management and  property management of those assets literally all over Melbourne. Southbank just seems to be the perfect central location which makes it easy to get to everywhere – walking distance to the CBD and all of our Southbank properties, Richmond & Abbotsford (where we also have a large amount of our properties) is only a few minutes down the road.

h+c real estate real talk: Leah Jay, Leah Jay Property Management

Continuing on with our series of h+c real estate real talk interviews with leading Australian property professionals, we are pleased to have taken time out with Leah Jay of Leah Jay: the property management specialists to discuss her career and business trajectory – and what sets her eponymous property management business apart from the competition.

h+c: What brought you to real estate? Is it a career you’d always aspired to, or one that you discovered after time in another profession? 

LJ: I was a receptionist at a legal firm when I felt inclined to try something different. I applied for a job advertisement with a local real estate agency and fortunately I was the successful candidate. After seven years working as a property manager with them, I decided to start my own business focusing solely on property management.

h+c: In a sentence, describe what ‘Leah Jay’ stands for as a business?

LJ: As ‘the property management specialists’ we focus 100% on property management and it is our aim to provide owners peace of mind about their property, underpinned by our immutable values including respect, integrity and knowledge.

h+c: Newcastle is a diverse area with a huge catchment of varied kinds of property – residential and commercial. With such a wide-ranging client demographic, what is your approach to building business and marketing?

LJ: We target people who realise the added value that superior property management service provides to their investment. Our marketing is centred around this and by word of mouth experience of clients who are often in a position to advocate our virtues.

h+c: If you were to give advice to an estate agency ‘just starting out’, what key essential areas of focus should they invest their time and resources into?

LJ: I would say be sure of what it is you stand for and make that the bedrock of your business. It’s vital to have people on board with the necessary skills and experience to achieve your mission.

h+c: Leah Jay have recently undergone Rockend implementation, as facilitated by Natalie. What made you decide to change property management software – and how will your business and clientele benefit from this new technology?

LJ: After extensive research and excellent customer service experience we came to the conclusion that Rockend is the leading software provider. It was a step in our continuing progression. The software integrates with many of the applications we use, enabling us to be more efficient in our day-to-day tasks. This will allow us more time and flexibility to focus further on service to our clients and with quicker response time.

h+c: Who are two business leaders (one from the real estate profession, one from elsewhere) that you are inspired by? How does their attitude inspire you?

LJ: I was fortunate enough to see Richard Branson speak last year at a leadership conference. It reminded me that Richard too is just an ordinary person, but what makes him successful is the way he sees things differently. This is what allows him to identify opportunities that perhaps others may not see. He very much emphasised the need to have balance in our professions, to have fun and as a business leader it’s essential to treat your people well. These are principles that I strive to follow as I go about business. There are a number of individuals in real estate who in their own way have forged a path to improve the standards within the industry. I am inspired by those who seek to assist by sharing their understanding, knowledge and skills.

h+c: What do you think has changed most about the property management industry in the past five years?

LJ: Technological advancements have enabled us to work more efficiently and transparently. With this, people’s expectations have increased. While technology has benefited us, it’s also been a tool for owners and tenants to access more information. This has seen a change in the way people communicate with us and what they expect us to deliver. We’ve also seen changing regulatory framework, increasing demands in terms of compliance and risk management.

h+c: Importantly – what do you like best about working in Newcastle and where is your favorite place for a strong Saturday morning coffee!?

Having been in the industry for 21 years I know the market in this area very well, which makes it comfortable to work in. Newcastle, Lake Macquarie and Maitland allow a very easy lifestyle. Commuting between our offices and from property to property is convenient and seamless. Not too big and not too small, we’re lucky to still have the diverse range of properties from small modest accommodation to expensive high-end property, which makes our job interesting. Three Bean Espresso in Hamilton serves a consistently good flat white.

To learn more about Leah Jay, visit their LinkedIn and Facebook pages.

To Buy Or Build? Growing Your Rent Roll

It’s a question that every Principal and their BDM must deal with at some point: is your business best served by growing a rent roll organically, or by purchasing a rent roll? There’s no one simple answer to this conundrum, as every business will have its own unique risks and opportunities – making the purchase of a rent roll a simple decision from some Principals, and an impossibility for others. In today’s brief blog, hastings+co puts forward the main pros and cons of going either way. To buy or not to buy … that is the question.

As a team of seasoned trust accountants, hastings + co have seen it all when it comes to rent rolls – the good, the bad  and the ugly. Of course, Rome wasn’t built in a day … and neither is a good or poor-quality rental portfolio. No matter how you go about building your rent roll asset, it is ultimately its maintenance which guarantees a steady return on investment for your business. And your method of rent-roll growth implementation requires considered strategy from the get go. So, tidy up your systems and processes internally before you begin organically building a rent roll, or acquiring one from another agency. If you’re needing a rent roll and database ‘health check’ to iron out systematic issues before your new properties arrive, we can help you prepare your business for the happy influx of clients.

Aquiring A Rent Roll

Agencies will often consider purchasing a rent roll if their own property department’s organic growth is slow. A benefit of acquisition is an immediate improvement in your cashflow, along with the potential to grow your income stream by increasing the acquired properties’ rental returns and offering additional services for which you can charge further fees. A natural byproduct of a larger rent roll is a greater sense of brand awareness in your community – with more of your agency’s ‘for lease’ boards hopefully leading to more ‘for sale’ boards!

When purchasing a rent roll, you’ll need to be mindful that fees across the portfolio can be inconsistent and there’s no guarantee that there will be any regular additional charges to landlords for special services. Your rent roll can potentially reduce by ‘bleeding’ clients who have an affinity to their previous property manager rather than your own business. When buying a rent roll, you’ll also have the incurred debt of the initial purchase to contend with – and some rent rolls can take considerable time to deliver a return on investment. Most importantly, not all rent rolls are good investments. Have a professional oversee the process of acquisition and subsequent implementation to future-proof your purchase as much as possible.

Organically Building A Rent Roll

Building your own rent roll is less costly in the immediate sense than acquiring an asset. What you make up in money however, you lose in time – as building a rent roll organically requires patience, strategy and an investment in marketing your business to new clients. There are many pros to building your own asset – most notably, building an asset in accordance with your own fees and expectations. When purchasing a rent roll, you may acquire less-than-desirable clients which are costly in time and put additional stress on your staff – whereas building organically means you are naturally more selective with the business you take on. Another benefit of ‘growing your own’ is the slow, managed growth which leads to stronger retention levels of landlords.

There’s no one way to grow your rent roll – acquisition or organically building your rent roll are both options. Take your financial position and your growth strategy into consideration, and you’ll be one step closer to that golden rent roll you’ve long dreamed of calling your very own.

It’s Not The Thought That Counts: Rewarding Your Professional Relationships

The New Financial Year is here – and in amongst all the EOFY accounting – it’s a time that many of hastings + co’s clients make resolutions for future business activity. At this unique juncture, you’ll have all the stats to hand on outgoings and incomings – and what you need to do is set about seeing what worked and what didn’t. Part of this ‘resolution setting’ moment should involve reflecting on your outreach branding and client gifting – often things that go in the ‘too hard basket’ during the year and end up being executed in an ad-hoc, reactionary fashion. Not having a plan in relation to gifting and rewarding clients ends up being additionally expensive in time and funds. In today’s blog hastings + co say begone ye branded wine and coffee mugs and farewell logo-ed  baseball caps and keyrings that no-one will ever use. Instead, set aside time to brainstorm more meaningful client gifting that impresses and sets tongues wagging about your above and beyond service. Now that’s a gift worth giving.

Landlord Gifts

Not all landlords are equal, let us preface our discussion of corporate gifting with this earnest acknowledgement. Some take up more time and energy than others, some refer you business regularly and allow you to manage their whole portfolio. You’ll need to create a couple of different levels of gifting based on their investment in your business to streamline your gifting programme. For landlords with multiple listings who refer you new clients and who pay good fees – a demonstration of your gratitude is absolutely necessary. A night away at a B&B in a spa region or regional getaway like Daylesford or the Dandenong Ranges should definitely be on the cards – and if you develop a relationship with a hospitality provider, they’re usually more than happy to broker a special rate for your bookings. Contact a local tourism board who will point you in the right direction for reputable service providers. This very special gesture to your landlords will be unexpected and appear lavish – which is what they deserve for their loyalty to you.

Landlords with smaller-value portfolios also need to be honoured (particularly when their business first comes across, or their business anniversary comes up) – so why not gift them an experience they can talk about rather than an item? For Victorian agencies, you can’t go past a day for two at the famous Peninsula Hot Springs. Relaxed clients? Win-win all round.

Tenant Gifts

It is easy to rationalise yourself out of honoring tenants with gifts, but a generous gesture early on in your business relationship can set a tone that will benefit you in a number of ways. Consider offering a ‘move-in’ gift that supports your local community – choose a couple of favourite restaurants and ask them about developing a gifting programme that sends your tenants to their business. Select a voucher amount and present it to your tenants upon their move-in – it’s something that will show your local business community your corporate goodwill, and will also impress your tenants! Also consider lease anniversary gifts, which could be a beautiful scented candle and flowers from a group like the little market bunch  who deliver blooms and a hand-poured candle for less than $50.00. Send it to your tenants’ workplace out of the blue and watch delight and grateful Instagrams appear. Just create your hashtag now!

Referral Gifts

Nothing’s sweeter than a referral from a client – you’re so much more likely to win than business than a ‘chicken raffle’ where every agent is called in. That warm feeling of gratitude? Make it real world and don’t forget to gift your referring friend with something delightful. It needs to be automated – a no brainer – so that your admin assistance team can order it with a minimum of fuss. Think food – who doesn’t love a cupcake or sweet treat? Visit Cupcake Central for baked goods straight to the deserving.

Social Media and the Property Manager

Social media is an almost-constant in the life of anyone meaningfully connected to technology. As property management databases have evolved, PM teams are more connected to their colleagues, landlords and tenants than ever before. We’re also more easily contactable by friends and our workplaces – which can be a particular burden for property managers who feel like they’re working 24-7. With such a demanding job, it makes sense that real estate social media support groups and forums have become popular amongst property managers. In today’s hastings+co blog, we look at using social media responsibly – protecting your identity and reputation whilst still accessing the support of your peers.

Best Behaviour

Does your agency have a social media policy? Only a few years ago, many agencies didn’t allow social media use in the office at all. Since then, brands have discovered that being accountable to their communities requires their presence on Facebook and similar social media sites. Social media has given our communities greater access to one-another, which is a double-edged sword. Most people can be found on Facebook or Twitter – that includes you, too! It is highly likely that both landlords and tenants will be taking a peek at your online profiles. Next time you post online, remember that nothing is private on the internet. Be careful with the images you post, the language you use and the security settings you apply on your social sites. Winning your next listing or keeping your identity private from an over-inquisitive tenant or landlord is made much more difficult if you’re endlessly checking-in or posting overly-personal content in social media spaces. Be careful and mindful that the social space is just like being in public – so behave accordingly!

This caution should apply to humorous images you post about your profession. Would you use a midwife or brain surgeon if you could look up their Facebook and see jokes about how much they dislike their clients or hate their work? Obviously not. Although the two pictures we’ve used to illustrate our point here are kind of amusing (to those within the industry) – to the public, they cement negative stereotypes about property professionals. Don’t fan the flames!

Professional PM Forums Online

Being able to problem solve issues with your peers is a great thing. There are a number of popular social media groups and property management forums frequented by PMs nation-wide, which offer support and ideas on how everyday property management issues can be solved. They can also degenerate into unpleasant gossipy environments where disgruntled industry types can share information about their fees, their employers and their remuneration that edges into the inappropriate. By all means, consult these forums if you’re in a pickle and you’ve no immediate support to hand. You’ll almost certainly get some new ideas to implement. Remember that other’s privacy should never be compromised – that includes the privacy of your employer, your landlords and tenants, and VCAT members. Develop a reputation as a PM professional to watch, rather than one who is endlessly moaning and defaming other people. Remember – everyone is watching when you’re on the internet.