Profitability in Methods 

Property Management,  Property Managers

Running a property management business over the last decade has seen an escalation in overheads with the advancements of technology and layering apps, making profitability harder to achieve.

And while it can be done on a budget at the beginning, agency owners will soon discover that as the team grows, it’s essential to run the right systems for efficiency and service. 

When I started my career, printing costs were the biggest overhead after office rent. 

Fast forward to 20 years later, and we’ve all got subscriptions to: 

  • Trust programs 
  • CRM programs 
  • Inspection programs 
  • Maintenance programs 
  • Advertising platforms 
  • Time management programs 
  • Letter systems 
  • Electronic signing systems 
  • Mobile phone accounts 
  • Internet accounts 
  • Website developments  

And much more! 

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SPEND SMARTER, NOT MORE!

It feels like new tech start-ups are popping up everywhere, promoting yet another program or system that assures us of being the market leader that will enhance our businesses to the next level for a big juicy costBefore deciding whether to implement a new system, app or procedure, there’s a few things to consider, including: 

  • User subscriptions – does everyone in the office need one, or would one login suffice?  
  • Ease of use – can everyone in the office comfortably use the program? If not, can you implement some training? 
  • Is it cost effective, or is there a similar platform that can do the same thing but for cheaper? 
  • How often is your team using some of your current subscriptions? Could you cancel one/some in favour of something else that all of your team can benefit from?  

Everyone that knows me personally would attest that I am pro-digitisation, but to effectively digitise your business, you need to reassess your current subscriptions before adding more to your list. In the past, I’ve found property managers don’t actually use the programs they already have to their fullest potential. 

FEES AND PROFITABILITY

So how do you make a profit? It was once a very simple strategy – and it still can be, if you reduce your overheads and regularly check-in with your expenditure. 

Look at ways you can save time, which ultimately, saves you money.  For example, the average time a General tenancy agreement is returned using One Touch™ is just over 24 hours, meaning your staff can spend more time on profitable parts of the business.

We seem to be in such a rush to grow our businesses that we don’t stop to think about the costs we are creating in doing so or to evaluate the rate of return. We really need to know our businesses and systems far better before trying to grow and expand – you may be surprised at just how much money you can save your business.  If you want a profitable business, you’ll need to understand and appreciate the business you are in, learn the tools we incorporate into the business and make sure the tools you invest are the right fit for you and your team. 

Want to learn more about growing your business? Register for this month’s Property Management Masterclass, which covers cover how to turbo charge your rent roll, top tips for selecting tenants and risk management tools. Register here. 

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Here’s what others have to say

I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
Lindy Lear
Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
Lynette Nitson
Lynette Nitson
01:48 13 Jan 20
Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
David Priest
David Priest
22:47 19 Nov 19
Very impressed with the trainers that I have had for the past 3 days. Each individual trainer was very helpful and made sure that everyone in the class understood everything before we progressed through the modules.
Shannon Goldsworthy
Shannon Goldsworthy
04:34 23 Oct 19
Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
Julian Phua
Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
Kaizan Irani
Kaizan Irani
00:23 30 May 19
Helpful staff. Useful networking events and training videos.
Eagle Real Estate
Eagle Real Estate
02:27 25 Jul 18
Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
Miles Griffiths
Miles Griffiths
07:01 26 Jun 18
Jason Bond
Jason Bond
10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
Laura Valenti
Laura Valenti
21:29 16 Jun 18
Haydn Denovan
Haydn Denovan
02:51 20 Mar 18
Jacqui McKeering
Jacqui McKeering
02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
Jamie Smith
07:28 07 Mar 18
Blake Richard
Blake Richard
01:34 05 Mar 18
Tina Nenadic
Tina Nenadic
12:57 02 Mar 18
Michelle Wright
Michelle Wright
04:07 26 Feb 18
Rob Honeycombe
Rob Honeycombe
21:51 16 Dec 17
Annette Jeffs
Annette Jeffs
14:43 23 Nov 17
Adam Milton
Adam Milton
01:52 22 Nov 17
Katie Cotton
Katie Cotton
10:04 31 Oct 17
Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
07:04 03 Aug 17

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