Managing Growth in your Real Estate Business

Having grown from a team of two to a thriving business of fifteen, hastings + co’s growth has been a steady one.

Like any business establishing itself, there have been periods of rapid growth where systems and processes had to be put into place. Without these processes being formalised – paired with the delegation of work to the hastings + co team – we couldn’t have continued to scale and service the real estate community we’re dedicated to.

Shortly, I’ll be going on maternity leave for several months (I know, exciting!), leaving hastings + co in the experienced hands of Shannon Vallance, a founding member of our business. Reflecting on the coming months of change and those just past – including the milestone of a new hastings + co premises – I recognised yet again that systems, processes and delegation have allowed our business to grow and change. Today, we’ll look at four key ways to help your property management business scale up with the right support and systems –  essential reading for our Principals and Department Managers.

1. You Can’t Do It All 

As even the most ambitious real estate professionals will learn at some point, you can’t do everything. Excellence simply cannot be achieved on your own – at least, not on any significant scale! Delegating tasks is essential if you wish to avoid driving yourself into the ground, trying to be everything to everyone. Have you ever heard the expression ‘Jack of all trades, master of none?’ Have faith in the experts around you, especially if you were the one to hire them!

2. Technology Is Your Friend 

Embracing the wealth of modern technology available to your agency is a wise choice. Not only will it streamline your business – making it more efficient whilst saving you money – it will make your role as a leader much easier when it comes to delegation and business growth.

The team at hastings + co are fully qualified REST professional trainers, and have recently certified another two staff members as Rockend trainers for PropertyTree. We’re now proud to have four consultants on hand to assist our clients with Rockend training and implementation! In addition to Rockend and PropertyTree, hastings + co also support clients on fileSMART, Console, RPData, Palace, Multi-Array, MYOB and xero.

If your team aren’t using your existing software to its full potential, or you are yet to adopt the kind of technologies needed to compete in today’s  real estate market, our friendly team can help make technology your new best friend.

3. Recruitment Is Key 

Ensuring you have a reliable, professional team you can trust is a major concern for Principals and Department Managers. That’s why it’s important to accurately define the role you’re hiring for when the time comes to recruit. Ask yourself (and your candidates) future-focused questions. Will this position grow into another role if you continue to scale? Does the employee show interest in growing into another role after their initial one? A little forethought now can save you lost recruitment time in the year to come.

4. Your Business Rules 

Lastly, it’s important to consider the internal systems and processes that support your business values and ethos. This guiding set of principles will make decision-making easier and allow you to scale through standardisation within your property management department. This is particularly helpful when it comes to administration, which can be a true ‘time burglar’ in real estate. Remember that systems and processes are only as good as a team that stick to them – so include accountability measures in the mix to keep everyone on track.

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.