1. Audit non profitable properties under management. (Consider selling these, increasing fees or allocating to junior PM’s) 2. Assess and benchmark your fees. Do you charge Lease Renewal fee? This fee is an example of minimal effort and good return, Project Management or Maintenance fees ) 3. Rent Increases – what is best practice. Do these form part of KPI’s? 4. Use technology to maximise efficiencies and allow PM’s to focus on $ productive activity. 5. Consider outsourcing administration tasks. 6. Incentivise BDM’s and PM based on high fees. 7. Sales referrals - ensure PM’s are referring, consider incentives, look at lost management list to understand what percentage is sold by other agents, track monthly. 8. Minimize vacancies – use video, professional photography, amplify. 9. Minimize arrears – understand $ amount. 10. Offer property health checks with landlords to look at equity and potential to buy other investments. 11. Improve workflow and business efficiency – automate tasks, less mistakes = less compensation pay outs. 12. Casual lettings and holiday rental – offer bespoke packages. 13. Set revenue goals for PM’s to achieve. Where is there opportunity for yout o increase revenue in your PM Department? How to Increase Revenue 78 |
RkJQdWJsaXNoZXIy MTI3ODI1