07 Sep Tips for Maintaining Property Managers’ Portfolios
While the property sector has seen a higher increase in wages compared with other industries in recent years, it’s important for employers to explore different strategies for attracting and retaining top talent.
The idea of a “ready-to-go” property management portfolio seems appealing to many new starters, but as a Manager do you really know what shape it’s in?
Whether it’s being handed over from an existing or exiting employee, the state of the property management portfolio can make a lasting impact on your new starter. After all, this is part of their initial introduction to your real estate business.
In this blog, we provide tips for ensuring property management portfolios are organised and up to date before being handed on.
1. Ongoing Maintenance
Setting aside time on a weekly or monthly basis to update particular tasks within your property management portfolios is one way to avoid a big rush prior to a handover.
In an ideal world (and we acknowledge this isn’t always possible), a property management portfolio should consist of:
- Minimal arrears
- No Outstanding VCAT applications
- Up-to-date compliance
- Minimum maintenance
- Up-to-date inspections
- Fast and efficient leasing
- Up-to-date entry reports and exit inspections
- Up-to-date rental reviews/increases
- Timely lease renewals
- Up-to-date routine inspections
As a Real Estate Manager, it’s important to ensure your Property Managers are committed to regular portfolio upkeep. You can consider incentivising them with things like catered lunch maintenance sessions or bonuses for top-performing employees.
2. Detailed Handovers
Outgoing Property Managers should be encouraged to follow a formal handover process to ensure a smooth transition for both clients and colleagues.
Whether moving up the ladder within the organisation or leaving for pastures new, Property Managers should leave a documented handover covering:
- Summary of outstanding tasks
- Maintenance and insurance claims
- VCAT applications
3. Management Audits
Real Estate Managers also have a hands-on role to play in ensuring property portfolios are well-maintained and ready to be passed on with ease.
Regular portfolio audits will encourage Property Managers to not only keep good records but also flag any issues with their supervisors early.
Your audit template could include questions such as:
- How much outstanding maintenance is there?
- How many properties are in rent arrears?
- Any VCAT claims underway?
- Any compensation claims underway?
- Is the portfolio’s regulatory compliance up to date? Eg. energy updates, fire safety, etc
- How many inspections are due?
- How many vacancies are upcoming?
4. Formalised and Consistent Onboarding
Research shows us a positive onboarding experience can have a significant impact on employee productivity, retention and safety. As a real estate business owner or manager, it’s natural to want your new starters to not only hit the ground running but also see a long-term future with your organisation.
According to the Harvard Business Review, a successful onboarding process should focus on the following components:
- Organisational – how things work, what your company values are, the key people within your business
- Technical – what “good” looks like, expectations of the role including responsibilities and KPIs
- Social – building a sense of community, establishing business relationships
A detailed handover plan touches on each of these points and sets a new Portfolio Manager up for success. A handover plan should provide an understanding of how the business operates, details of their new portfolio and an introduction to important contacts.
Employee attrition is a natural part of the hiring lifecycle, whether your Portfolio Managers are going on to different roles within your business or leaving for a new challenge.
By implementing processes like regular property management portfolio audits and reviews, Real Estate Managers can save themselves difficult and time-consuming handovers down the track.
The team at Real Estate Career Developers works in partnership with our clients to help attract and retain candidates for the long term. As an extension of your brand, we can support your hiring needs and provide specialist advice on a range of recruitment topics from talent attraction to onboarding. Contact us today to find out how we can help your success is our success!