Why Property Management Staff in Australia Should Consider Mentoring Programs

To succeed in their careers, property management staff in Australia need to continually develop their skills, gain confidence, and access additional resources. At Stills Properties, we believe that mentoring programs are an effective way for property management staff to achieve these goals. In this blog post, we will outline five key reasons why property management staff in Australia should consider participating in a mentoring program.

Employees are Seeking Career Development:

According to the CIPD’s Employee Outlook Survey, 22% of employees are looking for a new job. Research also suggests that “lack of opportunity” was the primary reason for individuals leaving their organisations over the past year. Participating in a mentoring program can help property management staff gain access to career development opportunities that they may not have had otherwise.

How to Implement: property management staff can seek out mentoring opportunities within their organisation or through professional organisations in the property management industry.

Employees Want Mentoring:

Recent research by Penna has found that 20% of employees would like to be mentored but are not currently receiving mentoring, and an additional 40% of employees have never had the opportunity to be a mentor or mentee. property management staff who participate in mentoring programs can fulfil their desire for mentorship while also gaining valuable insights and guidance from experienced mentors.

How to Implement: property management staff can express their interest in participating in a mentoring program to their supervisors or seek out mentoring opportunities through professional organisations.

Mentoring Provides Opportunities for Learning and Development:

A comprehensive study by Gartner revealed that mentoring offers numerous benefits, such as increased salary-grade changes, higher promotion rates for mentors and mentees, and higher retention rates for both parties. This indicates that mentoring is a valuable tool for property management staff who want to develop their skills and advance in their careers.

How to Implement: property management staff can participate in mentoring programs that are specifically designed to help them develop their skills and gain experience in their field.

Mentoring Benefits the Organisation:

Mentoring programs can benefit organisations by reducing turnover, increasing organisational commitment, promoting knowledge sharing and retention, and enabling early identification of top talent. Many executives who have had a mentor say it played a key role in their personal career success. For that reason, mentoring is considered a best practice in developing high potential.

How to Implement: Organisations can create and promote mentoring programs that are specifically designed to benefit property management staff and the organisation as a whole.

The Most Successful Organisations Have Mentoring Programs:

Research shows that 71% of Fortune 500 companies have a mentoring program in place. These companies recognise that the learning and development that leaders can gain through mentoring relationships is difficult to gain through other methods such as training classes, seminars, and books.

How to Implement: property management staff can seek out mentoring opportunities within their organisation or through professional organisations that have established mentoring programs.

Conclusion:

Participating in a mentoring program can help property management staff develop their skills, gain confidence, and access additional resources that can help them succeed in their careers. If you are a property manager in Australia looking to benefit from over 30 years of experience building successful property management businesses, reach out to to Stills Properties today!

The Shortage of Rental Properties: How It’s Affecting Renters

The shortage of rental properties has been a growing concern for renters across the country. It has caused frustration and stress among renters, especially those with low incomes and government subsidies. This shortage, coupled with increasing rental prices, is creating a housing crisis that is affecting more and more people every day. In this blog, we will explore the impact of the shortage of rental properties on renters and what needs to be done to address this issue.

The Rental Market: An Increasingly Competitive Space

The rental market has become a fiercely competitive space, leaving renters with fewer options to choose from. As the number of rental properties decreases, more and more renters are competing for the same listings, making it difficult for them to secure a property that meets their needs. This competition has also resulted in increasing rental prices in many areas, making it more challenging for renters to find a property that is within their budget.

The Effect on Renters: Stress and Frustration

The shortage of rental properties and increasing rental prices are causing stress and frustration among renters. Many tenants are finding it difficult to find suitable housing within their budget and preferred location. As a result, some renters are forced to settle for a property that meets fewer needs, while others are compelled to look outside their ideal location. This situation is particularly difficult for low-income renters who rely on government subsidies to afford rent. The lack of suitable housing options may lead to health issues for some renters, making this an urgent issue that needs to be addressed.

A Growing Housing Crisis

The shortage of rental properties and increasing rental prices have created a growing housing crisis for tenants across the country. As rental prices rise, more people are being pushed out of their homes or into overcrowded living conditions as they search for more affordable options. In some areas, tenants are now moving in with friends or renting a room, leading to further complications for both the owner and managing agent.

The Need for Affordable Housing

There is an urgent need for affordable housing options for low-income renters. The shortage of rental properties and increasing rental prices are creating significant challenges for these renters. Without affordable housing, more and more people could be forced into homelessness or unsafe living conditions. Government agencies and non-profit organisations need to work together to provide affordable housing options for those who need it the most.

Conclusion

The shortage of rental properties and increasing rental prices are affecting renters across the country. It is causing stress and frustration for many, particularly those with low incomes and government subsidies. The shortage of affordable housing options is also creating a growing housing crisis that needs to be addressed urgently. More needs to be done to provide affordable housing options for low-income renters to ensure that everyone has a safe and secure place to call home.

The Ten Most Common Challenges of Property Management and How a Coach and Mentor Can Help

The Ten Most Common Challenges of Property Management and How a Coach and Mentor Can Help

As a property manager, you are responsible for the upkeep and maintenance of a property, dealing with tenants, collecting rent, and managing a budget. All these tasks can be challenging, and it’s not uncommon to face some difficulties. In this article, we will discuss the ten most common challenges of property management and how a coach and mentor can help you overcome them.

Introduction:

Being a property manager is a demanding job, and it’s not for the faint of heart. You need to deal with a multitude of tasks, from managing budgets to dealing with tenants, and keeping the property in good condition. It’s a job that requires a lot of skills and expertise, and even the most experienced property managers can struggle with some challenges. In this article, we will look at the ten most common challenges of property management and how a coach and mentor can help you overcome them.

The Ten Most Common Challenges of Property Management:

Finding and Retaining Good Tenants:

  1. One of the most challenging aspects of property management is finding and retaining good tenants. It’s crucial to have a reliable screening process to ensure that you rent to responsible tenants who will pay on time and take good care of the property.

Dealing with Difficult Tenants:

  1. Dealing with difficult tenants is another common challenge for property managers. You may encounter tenants who are always late with their rent or who damage the property. Having a coach and mentor who can provide guidance on how to deal with difficult tenants can be beneficial.

Maintenance and Repairs:

  1. Maintaining a property and addressing repairs is an ongoing responsibility for property managers. It’s crucial to have a plan in place to address maintenance issues promptly and effectively.

Budget Management:

  1. Managing a budget is an essential aspect of property management. You need to balance income and expenses and ensure that you have sufficient funds for maintenance and repairs.

Compliance with Laws and Regulations:

  1. There are various laws and regulations that property managers need to comply with, such as fair housing laws and building codes. Failing to comply with these laws can lead to legal issues and financial penalties.

Communication with Tenants:

  1. Clear and effective communication with tenants is crucial to maintaining a positive relationship. It’s essential to have good communication skills and be able to respond to tenant concerns and questions promptly.

Time Management:

  1. Property managers have to juggle multiple tasks and responsibilities, which can make time management a challenge. Having a coach and mentor who can help you prioritize tasks and manage your time effectively can be beneficial.

Marketing Vacant Units:

  1. Marketing vacant units is essential to attract new tenants. You need to have effective marketing strategies in place to ensure that your property is visible to potential renters.

Technology Adoption:

  1. Adopting technology can help property managers streamline their processes and increase efficiency. However, it can be challenging to keep up with the latest technology and identify which tools are best for your property.

Employee Management:

  1. If you have employees, managing them can be a challenge. You need to ensure that they are well-trained, productive, and motivated.

How a Coach and Mentor Can Help:

Working with a coach and mentor can help property managers overcome these challenges. They can provide guidance, support, and advice on how to handle various situations. Here are some ways in which a coach and mentor can help:

  • Provide expert advice and guidance on best practices in property management
  • Help you develop skills in areas where you may need improvement
  • Help you identify and address areas of weakness in your management approach
  • Offer strategies for dealing with difficult tenants or challenging situations
  • Provide support and motivation to help you stay focused and on track
  • Help you identify and adopt the latest technology and tools to improve your management processes
  • Help you develop a plan for employee training and management.

Working with a coach and mentor can be an invaluable resource for property managers. They can help you overcome challenges, improve your skills, and develop a more effective management approach.

FAQs:

Q: How much does it cost to work with a coach or mentor?

A: The cost of working with a coach or mentor varies depending on their experience and the services offered. Some coaches and mentors may charge an hourly rate, while others may offer packages or programs. It’s important to research different options and find a coach or mentor whose services align with your budget and goals.

Q: Can a coach or mentor help me with specific challenges, such as dealing with difficult tenants?

A: Yes, a coach or mentor can provide guidance and strategies for dealing with specific challenges you may be facing as a property manager. They can offer advice on how to communicate effectively with tenants, address issues promptly, and maintain positive relationships with tenants.

Conclusion:

Property management is a challenging job that requires a diverse set of skills and expertise. The most common challenges of property management, such as finding and retaining good tenants, managing budgets, and dealing with difficult tenants, can be overwhelming for even the most experienced property managers. Working with a coach and mentor can be an effective way to overcome these challenges, develop your skills, and improve your management approach. Whether you are a new or experienced property manager, seeking the guidance and support of a coach or mentor can be a valuable investment in your professional development.

With over 30 years of experience building successful Property Management businesses, Brigitte Stills has overcome every one of these challenges and is now focusing on helping others do the same! Reach out today to secure a spot.

How To Prevent Tenants From Falling In Arrears

Having a good relationship with your tenants will help your property management business to thrive.

We have all had impactful times in the last two years, and so have your tenants. 

Once you create this ongoing relationship with your renter, you will be able to continually talk to them openly and discuss issues that they may be facing in their lives. Believe me, you want to know what’s going on so you can prevent headaches and lost revenue.

Utilize Phone Calls for Better Tenant Relations

From the outset get in the habit of calling your tenants. You may want to do an introductory call when they first move in to remind them that you are their contact when they have any issues regarding the property or their financial commitments. 

Periodically, give your tenants a call. This will establish an ongoing relationship and allows them to feel more comfortable talking to you about any financial or personal issues that they may be facing at that time.

You will know when there is a problem or one looming in the future. Renters are just like us; they have day-to-day issues they are dealing with.  They will not open up unless they know and feel that you are one of their trusted confidants.

Building a relationship with your renters is not easy.  It takes time and patience and is a necessity when you are in property management.

Ask Questions and Listen

Learning the skills is easy. You have to listen and ask the right questions, at the time of leasing the property to your renters.

Getting to know your tenants in the early stages of signing the tenancy agreement:

  • is the key to building a solid relationship with them; and
  • to ensure they are aware that you are there for them, to discuss any difficult situations that they may be experiencing; and,
  • that you are the ‘go-to person’ before they fall into arrears.

Manage Expectations with Your Tenants

When signing the tenancy agreement, the renters should be advised of your system of collecting rent. Let them know if they fall into arrears; what steps will be taken and why. In this way, the renters know from the beginning of what to expect.

Falling in arrears is bad for the property manager and has serious consequences for the renter.

In fact, most tenants have never been advised:

  • of what actions an agent can take when they fall in arrears,
  • that they could end up with significant information being entered on their file and on the Tenancy ledger. 

(Tenancy ledgers have a way of showing up when you do not want them to, especially if you are looking at renting another property.

These agencies will be asking for the Tenancy ledger for reference checking before they are accepted as a tenant. Once this information is entered, it stays there; it is a trust document and cannot be changed. 

A good relationship and excellent communication with your renters will help you both have a blissful relationship and a happy tenancy.

Train Your Team To Develop Working Relationships with Tenants

If you need to put in place a proven system to manage tenant relationships that prevent tenants from falling in arrears, please contact us. I’d love to have a conversation about how you and/or your team can benefit and grow your rent rolls.

What should every investor know before they buy a property?

Before you purchase an investment property, you’ll probably seek expert advice from people like your mortgage broker for finance, possibly a buyer’s agent to find the property and a building inspector to check the property is sound.

But none of these experts view a property from the perspective of a potential tenant and that can make a world of difference when it comes to rental returns. That’s why consulting a trusted property manager can really help.

Why consult a property manager before you buy an investment property?

Your property manager is the best person to advise on the rent you can expect. They’ll also be the person who needs to find a great tenant. So getting them in before you sign the contract of sale is another level of protection when it comes to making a wise property investment.

Property managers view properties from the tenant’s perspective so they look for things that will make your rental property desirable. They’ll also consider what type of tenant will be attracted to your investment and the rent they are likely to pay.

For example, a shabby looking 3-bedroom home will attract younger people such as students, so you can expect to receive a lower rent and possibly a high turnover of tenants. Whereas, a well maintained 3-bedroom home will attract families who are likely to remain tenants for several years – providing you with a stable rental income.

Does the investment property comply with current Tenancy Laws?

When you buy a home to live in, you may decide to overlook some maintenance issues but it’s different for investment properties.

Under NSW residential tenancy laws, rental properties need to meet 7 minimum standards to be considered fit for habitation. In addition, there may be other repairs or upgrades required. An experienced property manager should be able to advise you on what’s important to do now and what needs to be planned for. Afterall, if an expensive kitchen or bathroom renovation can be delayed without jeopardising your rental income, then why spend that money now?

Suburb profiles are important

Have you ever noticed that suburbs tend to attract similar types of people? For example, suburbs with a good mix of public and private schools tend to attract families. While suburbs with lots of restaurants tend to attract couples and singles?

When it comes to buying an investment property, you’ll need a property that fits the suburb’s profile. Let’s face it, a studio apartment will be difficult to lease in an area that attracts families!

Unbiased advice you can count on

Your property manager is the one who will be taking care of your property in the long term,  so consulting with them before you buy an investment property makes sense.

If reliability, knowledge and experience are important to you, you can’t go past Brigitte Stills from Stills Properties. She’s been looking after landlords and their properties for over 30 years.

Remember, before you sign the contract of sale on an investment property, contact Brigitte for her expert and unbiased advice. Call 1300 091 638 or email propertymanager@stillsproperties.com.au