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Do you ever feel like property management is viewed as the poor cousin to sales at your organisation?
For us at Coronis, this statement doesn’t ring true. Fifty per cent of our business income comes from property management, with 5,500 properties on our rent roll.
We’re extremely proud of our team’s achievement, considering property management usually accounts for around 20 per cent of a real estate agency’s income, and the average agency rent roll in 2012 was just 436.
Some real estate experts believe agencies should avoid including rentals in their service offerings because they are hard to manage well and, if neglected, can damage the business as a whole.
At Coronis we respectfully disagree and see property management as an integral part of our success.
Here are the top three strategies we have developed to boost property management:
1. Innovative approach to converting leads
We have launched a new division solely responsible for securing new customers. This has included hiring a high-performing business development leader to manage all leads that our team delivers.
In the first month alone, we have tripled successful leads. We have also dramatically improved staff morale, as our sales people no longer feel the pressure of having to search for new business while simultaneously managing property. Off the back of this boost in morale, our start-up team is also achieving great things and hitting goals. All in all, we have a happier, more productive team.
2. Cast the recruitment net wide
Recruiting top talent and investing in regular training is essential to deliver top-class property management for landlords and tenants.
Part of this means not pigeonholing staff and taking the time to recruit people from all sorts of industries, from hospitality to construction. It’s all about finding someone who is right for the business and right for the clients.
Our mentor program means people don’t necessarily need to come from a real estate background, allowing us to hire that special someone who adds true value to the Coronis team.
I’m confident I can find anyone from any industry who is kind, driven and wants to learn the ins and outs of property management.
3. Earn your commission
Outstanding customer service is the only thing we have to sell when it comes to property management and it is the core reason why an agent deserves to earn their commission; something I ingrain into each of my team members.
At Coronis, we strive to act as our client’s trusted advisor on everything from buying and selling, to renting, law and conveyancing, mortgages and financial planning.
In a property market increasingly driven by investors, reinventing the property management division is just one way we have adapted to the changing times, but is a key step that really differentiates us from other real estate agents.
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