The property owner/property manager relationship has never been more important than in 2021. Take a look at why you need to nurture your clients more carefully than ever.

With so much new legislation being introduced for property owners and property managers to deal with in 2021, property owners and managers are understandably overwhelmed. 

There is not only a lot to understand, there is a lot to do when it comes to ensuring compliance with dozens of new regulations. 

One of the biggest issues to emerge is making sure your property owner clients are aware of what is going on. They need to know what the changes are, how these changes apply to their properties and what will happen if they are not compliant. 

More than ever, managing a property shouldn’t be a set and forget arrangement with a real estate agency. Relationships between property owners and managers should be strong so there is a teamwork approach. 

If your agency doesn’t do this already, now is the time to outsource basic PM administration. Don’t hire property managers for their ability to upload data and use software. Instead, look for true communicators who can build lasting relationships based on trust and professionalism. This will serve to improve client retention and help you expand your rent roll. 

Here’s why property owners should be more than clients; they should be friends:

1. They won’t break up with you

As we have all experienced in our professional and personal relationships it’s hard to leave when you like someone and appreciate what they do. 

Your property managers should give your clients every reason to stay and no reason to leave. This can be achieved through things like:

• Personalised communication

• Regular touch-base phone calls

• A genuine interest in their clients

• Prompt responses and follow ups

• Seamless transactions

• Regular finance-related reports

• Information about the local market and property values

• Advice about improving the value of their investment.

As an agency principal, you need to ensure your PM team has the breathing room they need to deliver everything above. If they are stretched too thin, the quality of their service will suffer. 

1. They will help your agency stay compliant

When we like people, we also want to help them. This will come in handy for property managers who in 2021 are trying to communicate a raft of changes to the way rental tenancies work and are legislated. 

If your property owners are positive about your agency, they will be more motivated to listen to what they are being told and follow your instructions. 

As you’re probably aware, there will be penalties for rental properties which aren’t compliant with the new laws. It makes sense for your property managers and your property owners to be good buddies so nobody ends up being penalised. 

1. They will improve your reputation and therefore your rent roll

If your agency lives up to its promises, a large percentage of your new clients will come from referrals. They will also be existing clients who are either expanding their property portfolio or have been tenants themselves in the past. 

Property managers who make friends with their clients are talked about for all the right reasons. They are also followed on social media, increasing their exposure and widening their sales funnel.

For agencies with KPIs around organic rent roll growth, having superior customer service and attention to detail results in easier wins. 

Make life easy for PMs and clients

Two words: streamlined documentation. 

Systems and processes are the key to continuing the PM/client love match. When PMs have a process to follow and simple, accurate documents to share, the journey to total compliance is easier. 

Create systems so everything is ticked off when it comes to Victoria’s tenancy regulations. Things should be as straightforward as possible so you can ‘catch all’ rather than trying to tackle compliance in a haphazard manner. As a result, you’ll notice the transition period of 2021 is far less stressful and time consuming for your business. 

BDH Solutions are rent-roll agents with over 40 years experience in connecting the right vendor with the right purchaser. Download our information booklet on the new Victorian Minimum Living Standards Legislation