Property manager starting up: Couple of questions!

To add to what Andrew already wrote above, I wouldn't use a PM without it.

It let's tenants book their own inspection times (has my calendar and google maps in the back end to calculator my availability and travel distances) and auto responds to all tenant enquiries with a link to book in a time of their choice and an application form. Allowing tenants a bit of choice gets a higher amount of them through the property which results in quicker lease times.

Having them booked in gives them a better sense of commitment which results in less no shows at opens, in turn increasing PM time efficiency. It also sends them reminder messages along with a map.

It also keeps their details in a database so that when a similar or nearby property comes online, they get notified and invited to come have a look.

At the home opens, we use the iPad version of it to check people in as they come through which looks heaps more professional than the agents who take numbers down with a pen. It also sends them a msg afterwards thanking them for coming and inviting them to click on the apply link.

We also record the tenants feedback in it. This can be invaluable when providing feedback to the owners on how many people came through, how many of those indicated they'd apply, how many had feedback on the price or features of the home which is always worth passing on.

 

It's not how it's always been done. A few decades ago when I rented you went through the paper or showed up to agents offices and viewed the list of available rentals. Got the keys and had a look by yourself. There was no 'sales' element to leasing. You could inspect a rental anytime. Of course, times have changed.

That sounds great. Is there a default viewing time? There will be potential tenants who don't want to commit to a time.

Do the booked times on IRE become seeable on REA? As a potential tenant, it would be great to see that I can just show up at 6 pm tue, 5 am Friday or 11.55 Saturday. I don't want to necessarily make an appointment to see a potential rental.

 

I'm not a PM but if it doesn't already do that, then I think this is a brilliant suggestion.

 

Yes of course. I put it in inverted commas because I'm more referring to the fact that most PMs do not like exploring new ways of doing things. They simply keep doing what they've always done and don't take the time to move forward with new technologies that make life easier. What you're describing still happens at some agencies but most won't allow it because it's a litigious threat to have people walking through properties unsupervised and investors don't like it either.

Probably easier to show you an example. See our listing here click on 'Book an inspection time' next to the listing description. Once a time is booked for an inspection by a tenant it essentially opens it up for other people to register for that time. You're not really booking an appointment, more registering to say you might turn up. That way we can keep you fully informed of any changes. It's of benefit to the potential tenant as much as the agent and the landlord.

 

Yes it already does this but as mentioned above, it's still in your interest as a tenant to register otherwise you have to keep checking the listing yourself to see if there are any changes. Once you register you will be contacted directly.

 

Nice

 

With no advertised opens not a chance you would get my business.

 

I think maybe you do not want to have opens listed, that is the point of the software, right ? people can put down what suits them.

Ironically a lot of REAs will have in bold and on websites etc that no rentals can be applied for online at all.

This software may be too smart for many people ?

 

That's fine Ed, we don't take all business and based on that, you'd be one of those whose business we'd politely decline. We have one of the most effective leasing strategies going around and it works very, very well. All that says to me is that you don't understand what leasing strategies work in the modern world and are just going by old methodology because that's the only way you've always seen it. Unless you're also conducting leasing on a daily basis then I'd suggest you're not qualified to pass judgement on what actually works best.

As I've already said, they are turned into opens by way of the platform - we have always conducted private and open inspections.

 

I like your answer. There are people who I wouldn't take in my short term lets - Demographics whose behaviour (eg. nagging for a discount) sends a warning. I'm happy to not take that business. Someone else might though.

Also, talking about management platforms, in the short term let space, Airbnb is generally a good platform. Some of the others that operate in the same space aren't. Eg. Booking.com was a terrible experience, the guests would not turn up, had bad experiences, bad guests, after a couple of mixed experiences I decided it was not worth my time. The secured payment and the chats you tend have with a guest pre booking on platforms builds trust, not to mention the personal factor and reviews. The payment side of things on bookings.com was just a horrid experience, and having no chance to vet a booking request on booking.com is not ideal.

Anything that will make it easy and safe to do the transactions and with quality experiences on both sides I'll consider.

 

Based on your conduct you would not have the opportunity to decline my business. The system you spout seems good, but lacking an inspection time is a major fault. Does the system allow you to list a confirmed OFI on websites?

You can call me names all you like but it doesn't make up for the fact you don't hold OFIs.

 

What it says to me is you're a lazy PM and can't work a telephone.

Being born in a garage doesn't make you a car.

If there are OFIs they should be displayed on rea.

 

Aiiiyyahhh. I'd rather employ someone who works smart, not hard. Anyway, you can still choose to rent through whoever suits your needs the best...

 

Hi again Ed,

For the record, I didn't call you any names and I wouldn't do that. It's unprofessional and bad manners in any instance, particularly in a public forum. Also for the record, I'm not a PM. I co-founded and own the business and part of my role is to optimise aspects of it that benefit landlords and tenants and make the job of our PMs more effective (not necessarily less work - more effective).

To ensure we don't diverge from topic, the whole point of this is that IRE does exactly that. I never said we don't take enquiry by phone and/or email or conduct opens (often you'll notice on our listings it says "X (number) open for inspection days are available or you can request a more suitable time" - click the link above and wait for it to fully load). You are simply assuming that because you don't see an open time listed in the normal way that it never happens, that we don't do them and that we're just being lazy. By suggesting that, I am simply saying that you don't understand the process, why things are done a certain way and what works best. That is not calling you names, it's pointing out a lack of understanding. This is understandable as before I ran a property business, I didn't fully understand the process and reasoning either and always assumed opens were the way to go.

Personally, when I don't understand something I seek information to improve my knowledge and learn the reasoning behind why something is done a certain way, not just assume I know all about an industry or role in which I have little to no professional experience. Perhaps instead of provocative one liners such as "With no advertised opens not a chance you would get my business.", you could have enquired as to why agencies like ours do things a certain way? I'm sure it would have yielded a much more pleasant message chain than the one I am reading now.

We have nothing to hide and I can tell you that conducting advertised open homes as a leasing strategy in isolation simply does not work as well as multi-layered approach using software like IRE. If it did, we would do it. You will find that many of the excellent PMs that post on here also use the same strategy because it works, not because any of us are lazy. It is also why IRE is so successful as a platform. If what you're suggesting worked better, it simply wouldn't be.

Investors and landlords (and there is a difference) employ PMs, because they understand the process better, do it every day and can conduct it, on behalf of landlords, to get a better result. If anything, what we do takes far more work and conscientious effort than simply putting up a time and opening the door for 15 minutes on a Saturday.

There's no need to continue this as I don't think anyone wishes to see this degenerate into a back and forth. We're running a business and I stand by my public posts that thousands of people on here can read. My phone number is below and I'm always open to discussing anything on the phone if you're up for it.

All the best with your investments and enjoy the rest of your Sunday.

 

It seems like a good system, but it may also indicate that there is not enough information for people to know how it works. The sites are becoming pretty busy with buttons and ads these days.

At the end of the day though, if your clients get the property let in a timely fashion, that is all that counts really.

The most annoying thing is when there is no takers for weeks and you ask, how many people looked, how many took an application, what did people say ? and the reply is a deafening silence.......then you also know what your dealing with, but it is too late.