pmXcite - 'The Podcast'

Management fees are always a hot topic for anyone in property management but at the moment, there is even more discussion happening (for obvious reasons). Like with most businesses, costs have increased dramatically and it’s getting pretty expensive to run a PM business. But so many agencies are hesitant to increase their fees. In this episode, Terri talks about what she believes stops busine...

If we asked 50 property management businesses to talk about their point of difference, we could reasonably expect all 50 would bang on about how great their communication is. But... if we asked 50 of their clients to share what frustrates them most about their property manager, the chances are, all of them would mention how hard they are to get hold of or receive a response from. Basically, their...

One of the things a property manager will often struggle with, is demonstrating their value to a client. So many in the industry work incredibly hard but are left feeling under-appreciated by their clients. They certainly don't feel like "the expert" in their field. Highlighting trends and how to navigate these is a simple way to connect with your clients show that you are the right person for the...

We are at the start of a new financial year in Australia when this episode drops, and because this is often the time that the sale of rent rolls will have just settled, the timing is right to share some suggestions on what to focus on over the next few months, if you have purchased a new portfolio. Whether you have negotiated 3 months or longer as your retention period, this condition of the sale...

There is nothing worse than being negatively targeted online and not having the opportunity to share your side of the story. Real Estate Agents and Property Managers often find themselves depicted in the media or social media in a negative fashion. We are fair game for those people who love sensationalising stories and situations to get more clicks. And there has definitely been an increase in the...

It doesn't seem to matter where you are located at the moment, the rules for residential rental properties have either recently changed, are about to change or have been slated for change. This can mean some tricky conversations for property managers with those clients who perhaps don't think the rules necessarily apply to them or even some who are simply not able to afford to have the required wo...

Regardless of your love language most people love to receive an unexpected gesture of appreciation for what they do. Some flowers, a box of chocolates or even a simple thank you can help fill our cup to the brim. Often property managers feel they go unnoticed by their clients.  That they are unappreciated and their work is undervalued.  Part of this is due to the busy world in which we l...

In this week's episode Terri shares why she thinks this way of thinking is not only outdated, but simply doesn't work. For too long, property managers have been trying "educate" their clients without success. Helping them understand what is required is a way better approach and results in stronger relationships with clients and way less drama in a PM's life (always the goal).

There is so much chat in the industry at the moment about the profitability of property management businesses. It's the time of year, but also the steep increases in agency expenses recently has meant that businesses are now paying close attention to what they are charging, including recovering the cost of advertising. In this episode, Terri shares how a property management team is dealing with in...

Without a doubt, "taking over" the management of a property with a tenant already in place, is often not as smooth or simple as a property manager would.  After all, owners generally switch agencies because there has generally been a problem of some sort. It this episode, Terri shares a story where someone she knows is the tenant in a takeover situation which has become quite nasty and where...

Nobody likes having to deliver bad news. And Property Managers, well, we have to deliver more than the average person. Knowing that the client's reaction is probably not going to be the best, can make us feel really anxious affecting our delivery, which can then result in the situation escalating and the client losing trust in your abilities as their property manager. In this week's episode, Terri...

Have you ever heard the boss of a property management team say in despair... "If only they would just pick up the phone, we wouldn't have this problem". It seems to be a common misconception that property managers should only ever pick up the phone and talk to their clients. In this episode Terri shares why it isn't always the best method of communication in property management and how to identify...

Sending a newsletter every month seems great in theory, but often it becomes a bit of a chore when life gets a little crazy. But... the reward is definitely worth the effort required to make this happen. In today's episode, Terri shares 3 good reasons why sending a newsletter to your investor clients each month is a great idea. Once again, a very big thank you to Inspection Manager for their suppo...

Nobody likes to be told they are not doing the right thing. That someone who is paying for a service is not satisfied with what is being delivered. And this stops many agencies from asking their clients how they feel about them - they are fearful of hearing bad news. But... using NPS or a similar product to check in with our clients helps remove the guesswork from understanding what they think of...

In this shorty episode, Terri shares the characteristic she has observed that is common across the high performing property managers she has observed (and it may not be what you expect). By doing this one thing, they are able to move forward easily in the right direction and surprise, surprise... their clients are less cranky.  And that is always got to be a good thing. Terri also shares the...

When it comes to the Ingoing Condition Report, most property managers only utilise it to assist with the onboarding process for a new renter (and because the legislation says we have to). They don't recognise that there is huge value in sharing it with our owners as well - it's a great way to showcase the care and attention you take as a Property Manager when protecting your client's interests. In...

Stepping into a new portfolio is probably one of the most stressful things a property manager can do, even if you have been doing the job for 20+ years. It takes time to develop relationships and get your head around all the moving parts that are going on in a property manager's world.  And if there is a history of change/upheaval in that particular chair before you get to sit in it, well......

The way we introduce a new Property Manager to our existing clients is critical.  Not only does a smooth transition set the new team member up for success, but it reduces the amount of "churn" a portfolio experiences. In today's episode Terri shares three big mistakes she has identified that commonly occur in the industry, when an agency introduces a new property manager to owners and renters...

How we say goodbye to our vacating renters is so very important when it comes to ensuring we have a smooth finalisation of a tenancy.  Emotions are already running high when moving house, without us adding fuel to the fire with our communication (even if it is not intentional). In this week's episode, Terri points out that in many agencies, the Vacating Checklist and accompanying email that i...

Property Managers don't necessarily realise just how much competition they are up against when they send out an email to a client.  All the "noise" they need to cut through to grab someone's attention long enough to get them to click on their email. This week on the podcast, Terri talks about the simplest and easiest way to slice through through the noise of someone's inbox using our subject...

In this episode, Terri is a little fired up about how the "experts" have told us for years that property managers and salespeople need to have completely different qualities and skills sets, particularly when it comes to rent roll growth. This is why she is so excited to see the shift in thinking that is occurring in this space throughout the industry and wants everyone to board the growth train i...

You might not agree with what Terri has to say this week on the Podcast where she talks about removing the words Zero Tolerance from a Property Manager's vocabulary when referring to how they manage rent being paid on time. She believes it is an outdated and overused term that is not relevant in today's market and actually damages relationships way more than we realise. Terri shares her own experi...

Words possess immense power and potential. The words we choose can have a significant impact, which is why it's important to be deliberate (and careful) when choosing them. Today, Terri delves into how small changes in a Property Manager's language can speed up the decision-making process for clients and minimise the need for follow-up, ultimately freeing up more time in their busy days. And the b...

In this week's episode of the podcast, Terri shares a little about a very cool piece of AI which she feels will rock most Property Managers' worlds. She talks about how she believe Chat GPT will be able to transform how Property Managers are creating advertisements for their available properties, delivering better value for their clients AND reducing their own stress levels at the same time. Thank...

In this week's episode Terri shares some suggestions on how to improve the way we communicate with our clients through email autoresponders.  Property Managers love a good "Out of Office" response and they are definitely handy when advising someone we are going to be offline for a while. But... they can actually be sending the wrong message to our clients if we are not careful. Terri has 7 ti...