Property Management Scaling

Posted on by milamcounty

How to scale your property management business fast in Adelaide, SA

In property management, there are many avenues of getting new business and ultimately improving your business, whether online (SEO & SEM) or offline. But of all these avenues, here are the 5 most effective ways for scaling your property management business.

1. Realtor referrals

Today’s real estate market is difficult, many realtors are even sceptical about selling their properties. Luckily, even in these bad times, you can still scale your business. And it’s this simple; maintain a good business relationship with your fellow realtors. As long as you’re sensitive to their concerns, they can be a great source of new referral business for your firm.

However, if your company does sales alongside property management, realtors can view you as competition, because you are likely to compete with them for clients and sales. So, avoid competing for sales or enter a non-compete agreement with your realtors.

What is more; setting up a referral program, dropping postcards on the front desk of real estate agencies in your area and giving out engaging postcards to realtors, can all attract realtor business for your company.

2. Referrals

Every property management company has clients. Chances are that your clients, either real estate investors or homeowners with investment properties know other people similar to them.

While most of your clients know what you do and are enthusiastically referring new business to you, it’s your responsibility to let them know that you actively want new property management accounts.

Use forums, such as email campaigns, monthly newsletters, and events to enlighten your clients about what you do. And make it clear to them that you want new business. We caught up with Paul from 4rooms Property – http://4rooms.com.au/ and he has been having some great success with email marketing. Their Adelaide property management Facebook page mentions some of the different techniques they utilise in email marketing for acquiring property management clients.

3. Homeowners Associations (HOA’s)

Many HOA’s have very strict rental rules in place in their communities restricting rentals including apartments for lease and homes for rent. This may seem as a “dead- end” for your business, but by developing and enforcing strict and professional rental plans with the help of the HOA’s board, you’ll be able to convince the homeowners to do business with you.

4. Investors organizations

Be aware, a bad reputation with your investors is certain to sink your property management business. Instead, try to show investors that you’re different by genuinely helping them with their problems. Identify your value to them, like how you manage to get better advertising value and higher rental rates, and how you manage to lower maintenance costs and property vacancy. In addition, you can introduce the investors to other property managers in your network that can assist them to grow their property portfolio.

5. Other property managers

Different property management companies specialise in different properties in the property market. Forge partnerships with companies or managers who service a certain type of property that you don’t and let them know that you’re actually seeking the business. This also works well, if both of you serve a different part of town. Ensure they know that you also work in that area.

Remember that each of these strategies requires diligent tracking and execution. It all comes down to your growth goals; if you have an aggressive growth goal, you may need to diligently execute all 5 items.

Finding the Best Finance Broker in Adelaide

Posted on by milamcounty

ommercial-finance-brokers-adelaide

Let’s face it, you have many things to focus on when running your business and looking for funding can interrupt this. As a young or new business person or homeowner, selecting your ideal finance broker is often difficult and you can easily be taken advantage of. To help you find the best finance broker Adelaide, here are five things you should consider.

List your requirements

Financial brokers must put your interests first in their recommendations. Obviously, you need business loans that suit your needs and with a competitive interest rate. Whether it is an investment property loan or a home loan, a good broker should consider all your requirements when arranging a loan for you. They should also be available for consultation at all times. Ask your potential broker about other credit packages or home loans if you are not content with their recommendations.

Shop around

Don’t assume that a financial broker will act in your best interests and get you the best deal. In some cases, they may put the commission paid by the lender over your interests. Shop around and ensure you ask about commissions and other kickbacks. Phone other brokers to check what they offer to do and what they charge. Look at other loans online as well to get the best deal.

Cost

There are three types of finance brokers; those who don’t charge you a fee, those who charge you a fee or commission and receive a trailing commission/one-off commission from the lender, and those who only charge you a fee and don’t receive any commission from the lender. It is recommended that you try to deal with a finance broker who does not charge you a fee. If you have to pay a fee, the fee should not amount more than 1.5-2% of the loan being arranged.

Check for licensing

Finance brokers must have a license if they are arranging loans covered by the credit law. Beware of brokers and credit providers who are not licensed and are operating illegally in Adelaide. You can check if a broker is registered at asic.gov.au (Search ASIC Registers) or by calling 1300 300 630.

Get a written agreement

The ideal finance broker must give you a quote that; must be in writing, specifies the services being offered, specifies the full amount that will be payable (including charges and fees), and states whether the fee is still payable if you decide not to proceed. Fees could include payments to the lender or credit provider for setting up the loan, broker’s fees/commissions, and any early termination fees. The written agreement should also specify the type of loan arranged for you, the term of the loan, the amount of the loan, and the current interest rate.

Funding sources

Apart from designing the right type of funding for your needs, a finance broker should be able to assist you if you had problems securing funds in the past. The best broker is one who has multiple options at their disposal and isn’t limited to use only one source of funding. The more sources your prospective broker has, the better the chances of getting the most competitive offer.

Finance brokers in Adelaide can offer you a range of loan options. The right broker should help you select a suitable loan and manage the entire process through to settlement.