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When you are spread across all the operational areas of an Agency it is great to get some shortcuts to help you manage more effectively.
Many Agency principals have background and expertise in real estate sales but less so in the running of a rent roll. Combine this with the current challenging environment requiring supreme effort to generate sales commission revenue, and the result is often a Principal stretched to manage all the aspects of the business.
Here is a quick series of things to check regarding a rent roll that will give a degree of comfort that it is being well managed. While this is not designed to be an exhaustive list and reliance should not be placed on it alone, it will give a quick indication as to whether some parts of your rent roll management need deeper investigation.
10 Things to check on your Rent Roll so you can sleep easy tonight.
- Does the Trust account balance and is it reconciled … really?
i.e. does the number showing in your property management and accounting software match the number on the bank statement? (maybe with a few reconciling items). Check there are no items in the suspense code that should have been actioned and cleared out.
- Is there a valid Managing Agency Agreement in place for EVERY property managed?
Ask your head of Department this question bluntly – if they cannot answer yes with their hand on their heart it needs to be checked. And these documents all need to be in the property file in whatever form you use.
- Is there a valid lease in place for EVERY property managed?
These need to be with current occupants of the property. In flatmate situations this occasionally gets missed as people leave and enter the dwelling the legal agreement can be with people who are no longer there and hard to locate.
- Are there any properties that have been available to lease and are still vacant after 14 days?
- Are there any repairs outstanding for over 21 days?
Do you need to get involved as Principal to speed up response from trades or strata managers?
- Do you have all the details on file and up to date for the Licences and Insurances of the tradespeople used?
If you are unsure of the method your team uses to monitor and control this – sight the documentation, including some copies of the trades licences.
- Is all required certification in place for pools, smoke alarms and window locks?
- Are any tenants more than 15 days in arrears where the eviction process has not been commenced?
- Are there any upcoming payments that are known, where there will be insufficient funds in the landlords trust account and the landlord will be asked to contribute cash into the trust to meet the obligations?
- Do all landlords have Landlord Protection Insurance in place?
Has it been offered to all in a documented method with written response from those who refuse, effectively opting to self-insure?
Visit our website UltimateAgency.com.au or call 0419707022 to discuss a new future for your Agency
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