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. 

Improving Property Management Performance

Committed to ensuring your real estate business is productive, compliant and high-performing? Then you’re in need of a first-class property management team! This team will have defined standards in place, they’ll be dynamic, and they’ll be passionate. Their goal will be the same as yours – to make your agency the best it can be!

In today’s blog, hastings+co Trust Account Manager, Sebastian Wright, offers his insights into achieving this goal. Enjoy Sebastian’s top five tips on improving performance in your property management team.

1. Begin with an audit of your landlords. Every agency has ‘those’ landlords who expect you to be on call 24/7, prefer to do all their own maintenance (at their own pace) and generally frustrate both property managers and tenants. Analyse whether the time you spend managing these properties is worth the return – it may be time to cut your losses.
2. Hire right! Namely, recruit a great receptionist and look after them. Not only is your receptionist the first point of contact for many of your clients, they’re able to assist with many of your tenant’s enquiries. Property managers receive many calls that are quite straightforward to address, rather than taking a message or leaving a client on hold, your receptionist can provide the answer or service required straight away – saving time for all involved.
3. Tenant selection and education is critical to the performance of a real estate business. Selecting great tenants keeps work to a minimum, while keeping investors happy. Educating tenants on your company’s procedures allows your staff to spend time on dollar-productive activities, rather than repeating themselves endlessly. Ensure you provide tenants with your company’s leasing guide – explaining how to pay their rent, how to report maintenance, what to expect at routine inspections and what to do in case of an emergency. If your tenants are working with you – business is all the more enjoyable (and profitable)!
4. Offer training and development for your staff. The property management landscape is everchanging, so your staff will need to be on top of changes to remain compliant and expert in the industry. Training will give your staff more confidence in their abilities and allow them to do more within the business.
5. Embrace technology! There are a multitude of programs that will automate some of the more tedious tasks in property management. There are inspection apps, maintenance apps, online portals and more. If you stumble across a good one – share it with your team – and ask that they keep an eye out too. Team work!

If you need support to implement these property management performance-enhancing solutions, we recommend engaging hastings+co’s expert team to facilitate training and development. We’ll provide comprehensive, structured advice and highlight any areas for improvement. Let’s get started on achieving best practice for your property management department in 2018!

 

How to Prepare for Software Migration

EOFY has come and gone, and for many real estate agencies, change is in the air! For some businesses this may mean new chairs or a snazzy coffee machine – but for others the new financial year will bring a complete software overall! If your real estate business is considering the latter, the hastings+co team are here to offer you guidance for a streamlined software migration. Buckle up team, you’re all involved in this one!  

Software migration involves transferring your agency’s data, accounts, and functionality from one software system to another – which sounds like a daunting process! For agencies large and small, software migration can be tricky process if not managed stringently. If the important process of software migration is approached in a casual or ad-hoc way without support, it can lead to the destruction or profound confusion of critical client data. That’s why it’s important to plan ahead and follow software migration processes carefully. In today’s blog, the hastings+co team are here to offer helpful tips for a smooth and successful migration.

Ensure you’re backed up

A successful software migration means that no data is lost along the way. But should there be a bump in the road (i.e. power outage or similar), you’ll want to have a comprehensive backup of your original data. When undertaking a software migration, it’s imperative that you are able to distinguish what will convert to the new system automatically and what will need to be input manually. With many property management CRMs, it’s common for property files, owner files, tenant files and creditor files to convert to a new database with relative ease – however there may be details within these files that will need to be added manually. These details may include upcoming inspection dates, unpaid invoices, and outstanding disbursements. Ensure all of this is adequately recorded.

Rally the troops and assign their roles

Your team will need to become involved in the transition process. From your trusty bookkeeper to your productive property management team – some serious collaboration is about to go down! Bookkeepers will likely be involved in reconciling accounts, storing bank details and aligning payment frequencies – whereas property managers and administrators will keep on top of inspection dates, landlord and tenant contact details, rent reviews and more.

Perform the migration in phases

It’s go time! Perform the data migration, ensuring you document the completion of each step. Use this document as a checklist to keep everyone informed on the progress of data migration,  ensuring everybody is up to speed.

Further training

Success – you’ve completed your software migration! Congratulations! Remember that there’s still much learning to be done. With a combined 25 years’ experience in training and implementing property management software, the hastings+co team will deliver the additional support and resources your real estate business needs. By collaborating with hastings+co, your team will soon know their property management software inside out. Get in touch today.

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! 

 

 

 

Database Goals: 5 Goals To Set for 2018

Uh oh. Has 2017 just come and gone? And you’ve still not got ’round to cleaning up your property management database? It was there at the top of your ‘to-do’ list last year – but now it’s 2018 and it’s taking you forever to access your valuable information. You’re spending too much time re-entering names, double-handling client information on spreadsheets and drowning in data. 

If this is the case in your estate agency, you’re not doing yourself or your clients any favours! Having access to accurate, clean data swiftly is where success lies for all businesses – particularly for property management departments. In today’s blog the team at hastings+co provide you with 5 achievable database goals to ensure that 2018 is your agency’s most productive year yet.

Goal One: A Serious Database Clean Up

Property management databases become flabby and disorganised for a multitude of reasons – time constraints, a team’s limited knowledge of the software, inconsistent data entry, staff turnover; the list goes on! Make no bones about it – a clean, accurate database is the first goal you should conquer in 2018.

Wondering where to start your ‘New Year New Database’ clean up? Here are some ideas to kick you off:

• Have you logged your lease expiries?
• Have you calendared any rent reviews or increases?
• Have you scheduled your smoke detector safety checks?
• Where’s your archiving at?
• Are your management authorities up to date?
• How about your tenant and owner contact details?
• Are you emailing all statements? It’s well and truly time to cut out the snail mail!

Goal Two:  Increase Efficiency and Generate Revenue.

If your database is overrun with double ups, now-irrelevant client details and notes you’ve not revisited since the 90s – your database is costing you and your team more than time – it’s impacting upon your bottom line. Hours of lost productivity due to outdated systems and processes may mean you’re over-staffed, or just under-performing as a group. Clean up your act and free your team from scrabbling through the database on the daily, allowing them to focus on revenue-earning activities and their to-do list. Not only will you enhance daily productivity, you’re set to generate greater revenue and increase your returns significantly.

 Goal Three: Get More Done In Less Time

Regular evaluation of your property management database is the key to peak efficiency in your real estate business. hastings+co‘s database health checks are a practical way to ensure you’re getting the most from your technology, freeing you up to get your productivity on. Trust us, you’ll be ticking off those tasks in no time!

Goal Four: Completely Rely On The Accuracy Of Your Database

Many property management departments have client data stored in multiple locations – on their CRM, in hardcopy files, in excel spreadsheets. This means that property managers waste time looking to multiple resources to check client information before making important calls. Data hygiene and keeping all your client information within a central, single CRM is critical – it saves you time, makes knowledge-sharing a part of your agency culture and helps you have more accurate conversations with your landlords and tenants.

Goal Five: Extract Actual and Anticipated Management Reports

Once you’ve nailed goals one to four, your property management database will be ship-shape and filled with accurate information. This positions you to enjoy the best reporting your agency has ever experienced. Confident in the knowledge that your data can be 100% relied upon, your whole team will be able to extract actual and anticipated management reports with ease. This gives your business the tools to set relevant KPIs and to focus on areas of your practice you’d like to improve result across.

If you need support to conquer these database goals, we recommend engaging our expert team to perform a renowned hastings+co database health check! We’ll provide a comprehensive, structured review of your database, outlining any areas for improvement. Let’s get started on achieving best practice for your property management department by optimising that database for 2018!

Meet the Team: Grace, Yuting & Elsa

Hello December! Australia’s real estate agencies have made it to the December – and that’s cause for celebration! 2017 has been a year great change and growth at hastings+co: not only have we welcomed a baby to our business – we have also  welcomed several talented new members to the hastings+co team.

In today’s blog, we’re sitting down with hastings+co’s newest team members Grace, Yuting and Elsa. So, let’s jump right into getting to know our three bubbly and bright Trust Account Managers!

Shannon: Hi ladies! Welcome to the team. Can you tell me what your role at hastings+co is, and what you consider the three most critical elements of your position are?

Grace: My role is Trust Account Manager which involves receipting and reconciling, paying out owners and creditors, and invoice entry. I believe efficiency, accuracy and patience are the three most critical elements of my role.

Yuting: Also as a Trust Account Manager, I value accuracy, meeting deadlines and communicating often (and well) with clients.

Elsa: And for me, remaining professional and result oriented as a Trust Account Manager is critical – but exceptional customer service rules all!

Elsa Ye

Shannon: Let’s take a step back in time! Could you give me a brief history of how you came to be at hastings+co?

Grace: I first heard of hastings+co in 2013 when I was working in real estate. I have previously worked as a property manager and an account manager – so I have a strong real estate background. I love the industry!

Yuting: I graduated with a Master of Professional Accounting and began my accounting career in a financial planning firm. I then journeyed over to a larger financial planning firm with a real estate component. I was charged with both leasing and sales – plus some general accounting tasks. I then spent three years in a boutique real estate agency focusing on sales trust – and now I’m here!

Elsa: It’s an accounting and real estate mix for me too. Prior to joining the team at hastings+co, I worked as a trust accountant in a boutique real estate company with an RP Office background.

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

Grace: Simply providing the best possible service I can!

Yuting: The client versatility. Each real estate business is different and so is the way in which they work. You’re always learning.

Elsa: I love that at hastings+co I’m able to work for a range of clients, using a range of different software. It can be challenging at times, but I am constantly improving my professional and interpersonal skills.

Yuting Jiang

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

Grace: I’ve loved helping people to find their dream home! Whether that’s renting or buying – it’s definitely the most fulfilling part of real estate.

Yuting: I find the balance of keeping a fast pace while maintaining a high accuracy level in my work a challenge, when you achieve that – it’s so fulfilling!

Elsa: For me it’s the combination of accounting practice and real estate itself – the mix requires high levels of precision but also flexibility.

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

Grace: People don’t always understand how much work is involved in our industry. A couple of my previous tenants have even said that property management is one of easiest jobs. I’d love for them to spend a day in my shoes!

Yuting: Grace is right, and it’s the same as in other industries: you have professionals who are very experienced, and others at entry level who will get there over time. Patience is always appreciated!

Elsa: The real estate industry is not an industry that most people are involved with on a daily basis – like retail or hospitality – so not many people really understand the inner workings. So, when an issue occurs like accidental property damage or something doesn’t meet a tenant’s expectations, there can be unnecessary blame placed – this is where the ‘bad rap’ may come from. The team at hastings+co are proof that the industry is working to provide better service and see this reputation change!

Grace Deng

Shannon: Changing pace now! Can you name an individual you find inspiring, and describe why?

Grace: My grandpa. In times of conflict or stress, he always said to take a step back and see the whole world in front of you. It’s great to see things from a wider perspective.

Yuting: My dad. He is always caring for others.

Elsa: My mum. She is brave, confident and very optimistic. I find Tony Robbins super inspiring, he’s really had an impact on my daily life and work.

What’s your favourite Spotify playlist to work to?

Grace: Anything!

Yuting: I love what the team have playing at hastings+co.

Elsa: For me, always jazz!

hastings+co are so excited to welcome Grace, Yuting and Elsa to our terrific team. We’re certain hastings+co clients will enjoy getting to know the talented trio over the New Year!

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.

Meet the Team: Jade and Leonie

In today’s blog, we’re pleased to introduce you to Jade Dobbie and Leonie Byron – two wonderful new additions to the hastings+co team. In conversation with General Manager Shannon Vallance, the ladies discuss their day-to-day roles, share their take on the real estate industry and give us the insider goss on the best playlists to play for ultimate trust accounting productivity.

Shannon: Hi ladies! We’re so happy to have you both on board. Can you share your roles at hastings+co and the critical elements of your position?

Jade: My role at hastings+co is as Trust Account Manager to my direct clients. In my role it’s really important to have fine attention to detail whilst always remaining a step or two ahead, identifying any potential problems that might arise for a client. Time management is important, too!

Leonie: I’m also a Trust Account Manager. And for me, the three most important skills to bring to my role at hastings+co are accuracy, efficiency and having an eye for detail. It’s great to work with a team who share so many similar values.

Shannon: What are your stories ladies? How did you come to be at hastings+co?

Jade: I recently moved to Melbourne from Darwin on a whim, and was lucky enough to come across hastings+co – and I’m loving it! I have been working within the real estate industry for nearly six years, and have experience in property management, office management, general accounting, HR and trust accounting. My previous role in Darwin was within a small real estate business, which challenged me to take on many roles simultaneously. It was a perfect opportunity to learn about the various aspects of agency compliance. Subsequently, I have a deep knowledge of best practice across an agency.

Leonie Byron, Trust Account Manager

Leonie: Growing up, everyone (myself included!) thought I would become an accountant, as I loved working with numbers and money. But I soon realised my heart wasn’t 100% in it. During University, I decided I wanted to work in real estate and the following year I became a Property Manager. I enjoyed my time working within property management  -I learned so much – but ultimately the role was not right for me. I took some time out and decided that I wanted to become a Trust Account Manager – that’s when an opportunity at hastings+co appeared! My role is a perfect combination of both accounting and property management.

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

Jade: The diversity of the clients we assist means no two days are ever the same. Working with hastings+co clients from across Australia is awesome: it’s satisfying to help support agencies work through compliance and trust accounting matters – and it’s fascinating to see how different clients work within their own businesses.

Leonie: I enjoy bringing my accounting and property management knowledge to bear upon the conundrums of hastings+co’s clientele. I appreciate how much peace of mind having a trust accounting professional’s skills on-tap can offer real estate agencies.

Shannon: Which elements of trust accounting practice do you enjoy most?

Jade Dobbie, Trust Account Manager

Jade: I find reconciling and fixing errors very fulfilling! Finding a problem, investigating what went wrong and how, and then finding a solution is always interesting. Every change is part of a larger story for each agency client.

Leonie: I enjoy ensuring all statements are exact – down to the very last cent! I know that such a process might seem extremely tedious to some –  but when everything balances perfectly it’s fantastic, a great feeling!

Shannon: Sometimes the real estate industry gets a ‘bad rap’. How do feel about that?

Jade: I do agree that the industry has a ‘bad rap’. In my opinion, that’s because people are more likely to talk about a bad experience than they are a good one. It’s a 24-hour, 7-days-a-week industry, which means those who work within it are bombarded from every direction at all hours. I find most bad experiences can be resolved or prevented if communication is priority. That’s how we manage things at hastings+co.

Leonie: The real estate industry unfortunately does have a poor reputation with the public. Unfairly so! When it comes to competing for property – whether you’re a buyer or a tenant –someone is always going to miss out. This is when negative feelings about estate agents emerge. We know our clients have many demands upon them. That’s why hastings+co’s range of services are here to support our clients when they need extra assistance.

Shannon: They’re really great insights, ladies. Ok, let’s change the mood a little – who are your sources of motivation, what do you find inspiring?

Jade: There are many that come to mind, I find the people who stand out strongly to me are honest, kind, vibrant, mindful people. I’ve been fortunate to meet many amazing people from all walks of life – it’s those with these qualities that always stick with me.

Leonie: The people I am inspired by the most are resilient – those who give you the sense that you can achieve anything you put your mind to.

Shannon: Finally, let’s talk music! What is your favourite Spotify playlist to work to?

Jade: I am loving the personalised daily mixes that Spotify comes up with. They are a great mix of songs Spotify thinks I would like or songs I have forgotten about! My music is a mixed bag from Rock to Rap to RnB.

Leonie: Discover Weekly or Billboard Top 100 – always!

hastings+co are excited to welcome Jade and Leonie to our team. Today’s blog is just a brief taste of their vibrant personalities and passion for real estate trust accounting. They’re looking forward to working with all our wonderful clients.

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.