Accelerated Introduction to Property Management
Introduction
There are a lot of misconceptions about the Property Management industry – the main one being that it’s an easy and often repetitive industry, which anyone can do.
In reality, it’s a rewarding but competitive industry that takes special skills and strong personalities – whilst it’s a fantastic industry that yes, anyone can apply himself or herself to – in order to be considered “great” it will take extra attention.
Being able to hit the ground running from day one will make you a strong candidate for any role; and that’s what you’ll gain with our Accelerated Property Management Training Program. You’ll now be privy to the years of experience, expertise, tips, techniques and recommendations that’s been compiled from a panel of Australia’s Property Management experts, all condensed into 7, self-paced learning modules for your benefit.
What you can expect to learn in this course?
- The role of a great Property Manager
- Growing your rental roll
- Providing appropriate rental appraisals
- The ins and outs of leases
- The importance of inspections
- What happens when things go wrong
- Starting and ending a lease
The Role of a Great Property Manager
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1
A Property Managers DayAs a property manager, you’re not only employed to collect the rental income of those properties under your management; you also have several responsibilities to both the landlord and the tenant. The property manager is appointed by the owner of a property to manage the property on their behalf. This is both the landlords ‘asset’ as their property, but also the business owners ‘asset’ as their property management portfolio. The property manager will offer advice to the owner on how to maximise the profitability of the property. By maximising the capital value of the asset, the property manager ensures the ongoing desire for their services and ensures that they’re also an ‘asset’ to the property management business themselves.
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2
Professional Property Managers
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3
Appointment of a Property Manager
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4
The Importance of Property Management
Growing Your Rental Roll
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5
Growing Your Rental Roll
Now that we have gone through the bulk of the day-to-day activities a Property Manager will complete in an agency, let’s come back to the start of the course when we looked at the value of the rent roll to the business owner. All the knowledge you have gained over the course should enable you to see exactly how important what YOU do is to your agency.
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Income from Property Management
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7
The Value of the Property Management Rent Roll
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8
Factors Affecting the Value of a Rent Roll
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9
Time Management
Providing Appropriate Rental Appraisals
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10
Pricing the Property – “How much Rent will I receive?”
When assessing the potential value of a property, it is essential that you can substantiate your estimate, and have the evidence to support your figure. Legislation provides strict penalties for non-compliance; the implication is clear: Do not misrepresent the estimated value of a property.
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11
Direct Comparison – Comparable Rentals
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12
Market Conditions & Vacancy Rates
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13
Appraisals & Listing Presentations
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14
Preparing for your Listing Appointment
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15
Delivering your Listing Presentation
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16
Marketing and Promotion
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17
Finalising your Listing Presentation
The Ins and Outs of Leases
The Importance of Inspections
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24
The Importance of Inspections
Inspecting the Property
It is difficult to appraise or list a property without a physical inspection. During your inspection you should be looking out for and advising the landlord of any repairs and maintenance that should, (or must) be undertaken prior to the commencement of a lease. You should look at items such as:
- Fixtures & fittings to be included with the property
- The overall condition
- Possible improvements the landlord could make that may influence the rental price achievable for the property or vacancy period
- The location and proximity to facilities
- Compliance with various standards for health and safety
- Does the property meet the requirements for security of the premises and possessions
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25
Maintenance & Wear & Tear
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26
Best Practice