Fiona Blayney: Global Efficiencies In Commercial Property Management
It’s a question that called for answers from the land down under in the form of Fiona Blayney, efficiency coach to property managers the world over. When it comes to making more money per minute, Fiona’s expertise with the property management industry made for a well-attended Sunday morning session at NAR Annual (such attendance made all the more impressive after a long Saturday night of networking!) Below, some of the key takeaways from Fiona’s presentation:
Learn The Value Of A Minute – Figure out what one minute of work is worth for everybody in your business. Then, when you see someone performing a task, ask yourself Would I pay someone at that rate for that task? When you find mismatches, fix them
A Landlord Only Wants Three Things – 1) The best possible income for a property 2) Maintenance of the property 3) Nurturing – having a profitable relationship with a manager.
The Seven Elements of Property Management: Marketing, Leasing, Inspections, Financial Management, Maintenance, Tenancy Reviews, and Vacating. Fiona then shows how to add efficiencies in each area.
The Longer We’ve Had A Client, The Less Attentive We Are: While this is a truism in the business, there are ideal ways to handle the relationships by treating the existing clients in exactly the same way the new ones are.
Handle Tenants Efficiently And Well: Fiona counseled using a program she called the “7/30/90 Plan”. At 7 days following the move-in date, contact the tenant to check for problems with the property. At 30 days, after the first statement has been recieved, call up to go through the new and unfamiliar statement with the tenant, and at 90 days, take a walkthrough on the property.
Know What To Reuse And What Not To: When writing ads and listings, don’t reuse old photos or copy. Do ask the owner why they bought the property in the first place – then put the reasons they told you into the ad. They won’t remember they told you this, and they’ll love the ad even if they don’t know why.