PERFORM. productivity empowering reform for outstandingly remarkable management
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- Judith Pitts
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1 PERFORM productivity empowering reform for outstandingly remarkable management
2 PERFORM productivity empowering reform for outstandingly remarkable management Creating consistency through systems Business by design through consistency, compliance and completion Peace of mind management Efficiency + effectiveness + productivity = protection of profits through preservation of brand Developing consumer demand and loyalty through consistency of systems and guarantee of service IIAM4PER-V4 PAGE 2
3 contents PERFORM PRODUCTIVITY EMPOWERING REFORM FOR OUTSTANDINGLY REMARKABLE MANAGEMENT 8 Team roles... 9 Operational resources... 9 Business products... 9 NEW MANAGEMENTS 10 from contact to contract...12 listing to lease...12 management takeover...13 NEW MANAGEMENTS 13 from contact to contract...13 Act swiftly and with purpose - initial contact Knowledge is power research and comparison appraisal preparation Triumphant appraisal Congratulations a new listing. Priority task get it listed immediately! listing to lease...15 Get that property listed, marketed and advertised promote, promote, promote! Strong foundations for long term sustainable business management takeover...16 Preparation for takeover of occupied property Takeover day smooth transition Assessment inspection protection from unfair accusation New property owner existing management creating awareness New property owner seller becomes tenant no start to property condition TENANCY APPLICATION, PREPARATION, SETTLEMENT AND MANAGEMENT 19 prospective tenant enquiries every enquiry is a lead...22 open for inspection selling the property...22 application assessment, approval and acceptance...22 don t forget the inconsequential treat with extreme importance...22 PROSPECTIVE TENANT ENQUIRIES EVERY ENQUIRY IS A LEAD 23 Converting enquirers to advocates regardless of whether they lease or not I m calling about devote the client with your undivided attention Walk through the door treat with courtesy, respect and your time I m ing for more information respond with courtesy, efficiency and effectiveness open for inspection selling the property...25 Vacant properties maintain to highest standard of presentation IIAM4PER-V4 PAGE 3
4 application assessment, approval and acceptance...26 Processing applications thorough and pragmatic Accurate tenant start-up breaking down communication blocks Preparing new tenancy agreement leaving no room for error Signing the general tenancy agreement ensuring complete disclosure and understanding 28 don t forget the inconsequential treat with extreme importance...29 Removing properties from the vacancy lists timing is everything Entry condition report clear, detailed, accurate Processing the bond (security deposit) facilitate with due care and accuracy Keys accurate recording and tracking Occupancy day creating enchanting moments and memories Day after occupancy keep creating magic Entry condition report follow-up a minute spent is 60 minutes saved DURING THE TENANCY 31 property assessment inspections on time every time...34 arrears management zero tolerance = 0% arrears...34 maintenance management proactive not reactive...35 fixed term tenancies protecting the interests of all parties (including the agent)...35 DURING THE TENANCY 35 property assessment inspections on time every time...35 Establishing the inspection (existing operations) Establishing the inspection (new business operations) weekly cycles no more guessing games! Issuing notice of entry open communication Property assessment inspection day precise and concise reporting Preparing the property assessment report in an instant Entry condition report clear, detailed, accurate arrears management zero tolerance = 0% arrears...38 Arrears management daily management streamlined and sensible Breach of tenancy management swift empathetic action maintenance management proactive not reactive...40 Maintenance facilitate and manage the process Emergency and urgent maintenance time is of the essence Maintenance follow-up ensuring completion controlling liability eradicating frustration. 41 Processing maintenance requests a policy avoids confusion Owner s maintenance instructions what is noted to computer file (confirm and proceed) Exceeding the authorized spend limit it will happen from time to time Processing invoices daily control or monthly chaos Weekly maintenance audit satisfaction guaranteed fixed term tenancies protecting the interests of all parties (including the agent)...44 Rent reviews know your market Tenancy expiry policy of fixed term tenancy everyone knows exactly where they stand. 45 Tenancy renewal manage, facilitate, negotiate and consult CHANGES DURING THE TENANCY 46 IIAM4PER-V4 PAGE 4
5 tenant requests trained facilitator and negotiator...49 CHANGES DURING THE TENANCY 50 tenant requests trained facilitator and negotiator...50 Tenant requests help turn a property into their home Changes to fittings and fixtures what cost no We would love a pet but the property owner has already instructed no pets! Changing locks extract exact information Change of shared tenancy doesn t mean a new tenancy Lease break protect the management and facilitate, facilitate, facilitate Property listed for sale cooperation, communication and care Property listed for sale through managing agency protect and preserve Tenant complaint during selling period through other sales firm win the listing ENDING THE TENANCY 54 terminating tenancy smooth transitions...56 vacating the property creating care through calm...56 finalizing management agreement building strong bridges...57 ENDING THE TENANCY 57 terminating tenancy smooth transitions...57 Notice to vacate from tenant (fixed term tenancy) can tenant legally vacate? Notice to vacate from tenant (periodic tenancy) what notice, which obligations? Termination notice issued to tenant (expiry of tenancy) property owner s intentions Termination notice issued to tenant (periodic tenancy) periodic not good business sense Notice to vacate issued to tenant (property sold) doesn t mean management loss Termination notice due to non-remedied breach don t allow lingering vacating the property creating care through calm...61 Vacate day magic or tragic mastering magic Vacate inspection comparing entry to exit condition report Refunding the bond (security deposit) slow and steady, release when ready Bond (security deposit) refund due to agency (all or partial) track and conclude finalizing management agreement building strong bridges...63 Agency terminates management agreement maintaining professionalism Owner terminates management authority maintaining professionalism and courtesy subsidiary, auxiliary, supplementary, ancillary, secondary, contributory systems...65 no matter what the language every detail and every task must be facilitated and managed by systems...67 SUBSIDIARY, AUXILIARY, SUPPLEMENTARY, ANCILLARY, SECONDARY, CONTRIBUTORY SYSTEMS 68 no matter what the language every detail and every task must be facilitated and managed by systems...68 Contractor appointments as important as management and tenancy agreements Archiving files uncomplicating the complicated IIAM4PER-V4 PAGE 5
6 Mail log simple, sassy and very user friendly Key register and log protection, security and privacy Key management seriously simple File management compact and convenient Tasking/messaging no paper! AUDITS PROTECTION AND PEACE OF MIND MANAGEMENT 71 daily audits...73 weekly audits...73 monthly audits...73 quarterly audits...74 annual audit...74 reports what reports and which ones?...74 AUDITS PROTECTION AND PEACE OF MIND MANAGEMENT 74 daily audits...75 Key audit Maintenance audit Task audit Message audit weekly audits...76 Key audit Maintenance audit Website audit Vacancy audit Tenancy renewal audit Bond (security deposit) lodgment audit Property inspection (assessment/entry/exit) audit Arrears audit audit monthly audits...79 Tenancy renewal audit Rent review audit Property inspection (assessment/entry/exit) audit Insurance/license renewal audit Contractor audit Issued invoice audit Arrears audit TaskTracker audit Portfolio and managements audit Monthly compliance audit quarterly audits...82 Property assessment inspection (17 weekly) audit Rent review audit Water charge audit annual audits...83 IIAM4PER-V4 PAGE 6
7 Strain and drain so dump and burn one man s trash is another man s treasure selling managements reports what reports and which ones?...84 Monthly End of financial year Legislative information Refer IIAM4PER-V4 PAGE 7
8 PERFORM productivity empowering reform for outstandingly remarkable management What is the purpose of the PERFORM? The PERFORM has been designed to assist with: Creating consistency through systems. Business by design through consistency, compliance and completion. Peace of mind management. Maximum productivity. Efficiency + effectiveness + productivity = protection of profits through preservation of brand. Developing consumer demand and loyalty through consistency of systems and guarantee of service. What are the objectives of the PERFORM? The PERFORM has been developed to create a platform of activity for every task that is performed as part of the day-to-day property management business operations. The PERFORM is the guideline to follow so task-sharing can be managed, and at the same time ensure: Compliance is always monitored and managed. Consistency is achieved regardless of who completes the task, even when task-sharing is required. Completion of all tasks is managed to ensure no tasks are left incomplete. Productivity is measured and monitored to maximum productivity levels. Performance is managed, monitored and measured. Efficiency of each task is measured to achieve peak performance and productivity. Brand protection is monitored and preserved. Business and individual targets and goals are being achieved. How do you use the PERFORM? The PERFORM is a simple procedures manual that is easy to follow for the entire property management team, from the business owner through to the new recruit. The PERFORM has been developed in conjunction with the online training. The online training teaches you the how to do every task and why you do each task required in property management. The PERFORM ensures everything is followed in a simple step-by-step process. Of course, as you follow the PERFORM, you are also required to use the resources. In particular, when carrying out daily property management tasks the TrackMates must be used to ensure each task is completed as required by each team member. To ensure compliance, consistency and completion is achieved, the TrackMates are logged to the TaskTracker. The TaskTracker has also been designed to not only ensure TrackMates are tracked through to completion, but also as a platform to measure and monitor productivity, and efficiency levels are maintained and improved where possible. To measure productivity and individual achievements against targets and goals, results are then transferred to the PortfolioTracker. As you can see our formula for success really does come down to: p+r+t=abc (processes + resources + training = Agency By Choice) IIAM4PER-V4 PAGE 8
9 Team roles Role assignment has been designed to ensure peak potential for task flow, task share productivity and performance. As an agency grows and more team are engaged in specialized roles such as Leasing Consultant, the business owner has an increased potential to maximize team performance, operational productivity and business profitability. The business owner has the ability to train, nurture, guide, develop and manage new recruits from Meet and Greet Manager through to Portfolio Manager. This allows the team member to understand, internalize and become aligned with the business values, vision, culture, service standards and get to know the clients and property, thereby inducting them into the business. New recruits have the ability to learn every facet and aspect of the business and focus on non-dollar productive activity until they are ready to be recruited to dollar productive roles. Streamlining and systemizing of team flow and task share will assist with creating the ability to manage compliance, protect consistency and ensure completion of all property management tasks. Operational resources Operational resources have been engineered and designed to ensure that all tasks can be managed, monitored and measured. The operational resources provide the ability to streamline, systemize and simplify the multitude of property management operational tasks required day-today, week-to-week, month-to-month, quarter-to-quarter and year-to-year. Most property management tasks must be completed within set timeframes and timelines, with several having priority over others due to the risk of loss or liability. The operational resources have been designed to assist with every facet of every property management task. It is therefore of critical importance that all forms, templates, sample letters and tools are utilized as required. Business products Business products have been engineered and designed to assess that compliance, completion and consistency have been achieved. The business products also assist with maximizing productivity, monitoring performance standards, decreasing operational overheads and business costs and, ultimately, optimizing business profitability by increasing income and asset value. Business products have also been designed to work in conjunction with operational resources, thereby providing the opportunity to manage and monitor team and individual accountability. The business resources will assist with mitigating loss and liability as well as protecting the business brand, reputation and service standards. By implementing all operational resources and business products, the business is more likely to grow through retention and gain client loyalty, respect and longevity. Therefore, it is of paramount importance that all business products are implemented and integrated into the day-to-day property management business operations. IIAM4PER-V4 PAGE 9
10 new managements TaskTracker Software BUSINESS PRODUCTS from contact to contract TEAM NEW MANAGEMENTS PROCESSES listing to lease Roles OPERATIONAL RESOURCES Letters management takeover Forms Reports New Managements section helps you achieve a smooth transition of a new management, regardless of whether it is a transferred management with an existing tenant or vacant property. New managements are defined under two separate categories listing to lease (a vacant property and non-income producing until rented) and management takeover (an occupied property with existing tenant and usually transferred from another agent or from an owner who has been self-managing their property). The latter is classed as an immediate income producing management. By following the tasks you will ensure the property owner knows what is expected of themselves, you and their tenant. The property owner can be assured of consistency and you can be assured of respect and trust from all parties. New management roles TEAM NEW MANAGEMENTS Management Consultant Leasing Consultant Property Management Coordinator Portfolio Manager A start-up property management business or smaller business may only have a Portfolio Manager. As the business grows, the business owner has the opportunity to recruit and induct the right persons for the right roles. The Management Consultant will be responsible for securing and inducting new business, the Leasing Consultant will then be responsible for securing and inducting property occupants and the Portfolio Manager will then be responsible for the ongoing management of the property and clients. The Property Management Coordinator will assist all team members in completing all administrative tasks. IIAM4PER-V4 PAGE 10
11 New management operational resources NEW MANAGEMENTS OPERATIONAL RESOURCES Forms Reports Letters Property Owner DEMO STAT Schedule of Auxiliary Fees form Management Agreement form Marketing Proposal authority Listing form Insurance rates notice documents s to Owner Welcome letter from Agency Business Owner Advertising / Marketing Schedule and Agreement Management Prospectus Tenant s to Tenant Tenant Welcome Kit Property Floor Plan Photographs Original Entry Condition Report For Lease sign Office/other Photocopy of management keys Former agent documents - handover s to current agent Copy of Insurance Photocopy Listing form Copy of Management Agreement form Copy of rates notice Property appraisal Special Instructions Property/owner paper file s to entire agency team Key Copy Register Vacancy list Establishing and integrating a new management into a portfolio involves multiple tasks and various lines of communication. Forms include both best practice and legislative. Due to the varying stages of new management, this task requires three (3) TrackMates to ensure timelines are met and priority is achieved. This task also involves numerous team members using operational resources to ensure the task is streamlined and moves amongst members until completion. New management business products TaskTracker Software BUSINESS PRODUCTS New Management Software Client computer file TaskTracker TaskTracker NEW MANAGEMENTS Management Acquirement Management Takeover Tenant computer file Property computer file Actual Factual TaskTracker Actual Factual TrackerMate Property owner computer file In order to ensure compliance, completion and consistency, the new management business products monitor and track the operational tasks required to be completed by the team. IIAM4PER-V4 PAGE 11
12 New management processes Knowledge is Act swiftly and power research with purpose and compare - initial contract appraisal preparation Triumphant appraisal Congratulations a new listing. Priority task get it listed immediately NEW MANAGEMENTS from contact to contract PROCESSES management takeover listing to lease Get that property listed, marketed and advertised promote, promote, promote Strong foundations for long term sustainable business Preparation for takeover of occupied property Takeover day smooth transition Assessment inspection protection from unfair accusation New property owner existing management creating awareness New property owner seller becomes tenant no start to property condition from contact to contract From contact to contract takes you from initial contact with a prospective property owner and new management through to signing the Management Agreement. When contact is made with the agency, whether via phone, agency visit, , Open for Inspection, referral or any other method, it is important to: Act swiftly and with purpose the initial contact. Knowledge is power research and compare property with similar and comparable properties prior to appraisal preparation. Triumphant appraisal be ready to list the property at the time of appraisal. Congratulations a new listing priority task get it listed immediately! By following these steps all enquiry will eventually be converted to a managed property. listing to lease In listing to lease you will find the process that must be followed to ensure all listings become rented properties. Vacant new managements are not income producing properties and left vacant for too long will only cause brand damage, loss of client confidence and cause extra costs for the agency in lost productivity and advertising costs. To ensure listings are converted to a rented property you must: Get that property listed, marketed and advertised promote, promote, promote. Strong foundations for long-term sustainable business. By following these steps every listing should easily be converted to a leased property. IIAM4PER-V4 PAGE 12
13 management takeover Management takeover should be seamless and simple for both the tenant and property owner, as well as the new managing agent. It is both seamless and simple if these steps are followed: Preparation for takeover of occupied property. Takeover day smooth transition. Assessment inspection protection from unfair accusation. New property owner existing management creating awareness. New property owner seller becomes tenant no start to property condition. By following these steps management takeover will be seamless and simple. new managements Creating consumer awareness and market dominance from contact to contract Act swiftly and with purpose initial contract Knowledge is power research and compare - appraisal preparation Triumphant appraisal Congratulations a new listing. Priority task get it listed immediately from contact to contract NEW MANAGEMENTS PROCESSES listing to lease management takeover Act swiftly and with purpose - initial contact Commence and follow and complete all sections as and when required. Open new client computer file (property owner and property computer file) and save under Prospective Management portfolio. Request: Property owner complete details including full name, address, phone number and address (log data as received). Details of the property including full address, number of rooms, property features etc. (log data as received). Ask the property owner: If they have ever leased a property before, in particular the property they are currently requesting management information. What are their rental expectations on property? Has the property already been appraised? How long will the property be available for lease? If the period is less than six months it may not be a viable management. Discuss overview of your leasing and management services and points of difference. Schedule meeting time to meet property owner at subject property. Request: All owners of the subject property are present at the appraisal and listing meeting. Property owner to peruse Management Prospectus prior to meeting and note any questions they may have. IIAM4PER-V4 PAGE 13
14 property owner Management Prospectus prior to meeting. Log on TaskTracker. Knowledge is power research and comparison appraisal preparation Search the owner s details on property ownership database. Save ownership and property details confirmation to property owner computer file. Research: Information on the locality for which property is situated. Comparable properties currently listed on other real estate agents websites and portals. Note number of properties listed in area and time on market. Compare your own vacancy list and currently leased properties to property being appraised. Current rental trends and statistics in subject area. Prepare: STAT (Strategic Tactical Analysis of Territory) DEMO (Demographic Evaluation Market Overview) Enter as much detail as possible into your computer file (property management database). Print computer generated Management Agreement form. Save new property owner as a prospective management until you have converted this to a managed property. Be aware of general trends, statistics, and current market climate. Triumphant appraisal Meet property owner at property to conduct a detailed property inspection and appraisal. Make thorough notes of: Features, locations, surrounding infrastructure, community, and condition of property. Each room and area as you view property. Advise property owner of any changes, additions, modifications etc. that may be necessary or their responsibility prior to offering property for lease. Ask property owner: About any special features of property or neighborhood. What special features they love about property (if property owner lived in property). To sit down (e.g. Where shall we sit, in the living room or kitchen?) on completion of property inspection. Discuss: Management Prospectus and your services. Current market and what level of marketing and advertising is required. Your knowledge of the market, referring to statistics, current market cycle and possible future market cycles. Comparable properties already leased, current managed properties, current vacant properties both under management through agency, as well as other agencies. These properties are property owners competition when listing property. Fees and reiterate key features of leasing and management services. The Management Agreement Authority and Listing form. Marketing proposal and have property owner sign authority along with marketing payment. Advise property owner of: Their rights, responsibilities and obligations when leasing property. Of rental appraisal range. Ask property owner to sign Management Agreement form (authority to manage property) and Listing form. IIAM4PER-V4 PAGE 14
15 If property is not available for several weeks/months still request signature with availability date (this will authorize discussion of property to potential tenants who start seeking property early). Request: Copy of latest council rates notice (acceptable as proof of ownership). Copy of insurance details, including public liability cover and renewal date. Two full sets of keys, remote controls and security access codes (if applicable). Tag keys, allocate and record on property computer file and assign appropriate management number to set of management keys. Erect For Lease sign, if applicable. For Lease sign is strongly recommended on all listings. Attach relevant Prospecting category to stay in touch with client. Congratulations a new listing. Priority task get it listed immediately! Commence and follow for new management. Log on TaskTracker. Ensure all sections of the Management Agreement and Listing forms are completed in full, accurate, fully signed and initialed by all appropriate parties. Enter: Remaining details of property owner to database. Details of property owner s insurance and renewal date. Full details of property including listing script to database. Photocopy Management Agreement and Listing forms: Stamp original with Agency Copy and copy with Property Owner Copy to identify forms. Scan copy to property owner computer file. Photocopy management keys handed to agency (two copies): Stamp agency and property owner copy to identify. Scan copy to property owner computer file. Copy of Management Agreement and Listing forms along with photocopy of keys received as attachments to the property owner. Retain the original and send a copy of the Management Agreement and Listing forms and copy of management keys photocopy to property owner, together with a welcome letter to property owner. Prepare and send welcome letter from Agency Business Owner. entire agency team details of new listing (including special details of property). Check if property is a match for any prospective tenants. Contact any matching property immediately either by SMS or , and follow-up phone call Arrange: Floor plan to be completed. Professional photography. Schedule date for entry condition inspection. Include property on appropriate schedule for Property Assessment Inspections. listing to lease NEW MANAGEMENTS from contact to contract PROCESSES management takeover listing to lease Get that property listed, marketed and advertised promote, promote, promote Strong foundations for long term sustainable business IIAM4PER-V4 PAGE 15
16 Get that property listed, marketed and advertised promote, promote, promote! Upload property description, photos, floor plans and Open for Inspection times to applicable property web portals. Include on agency vacancy list. Prepare: Property brochures (if applicable). Lodge print advertising (if applicable). Register to record property enquiries on Actual Factual Tracker. Do not advertise full address of property, only list under suburb/locality. Advise Relocation Agents, companies etc. of new listing (if applicable). copy and details of advertising to property owner (only request response if property owner requires changes, deletions, modifications or additions to advertising description). Arrange and schedule property Open for Inspection times. Strong foundations for long term sustainable business Prepare an owner/property paper file and separate tenant file once details are entered into computer file (as per above steps). Include in the owner/property paper file: Management Agreement and Listing forms New Management Special instructions (if applicable) Signed off Schedule of Auxiliary Service Fees Signed original proof of advice on preparing property for lease Property Ownership confirmation printout confirming property owner and property details Insurance details with renewal date Council rates notice Photocopy of keys/remotes/etc. received from property owner on handover Property appraisal STAT (Strategic Tactical Analysis of Territory) report DEMO (Demographic Evaluation Market Overview) report Signed Advertising/Marketing Schedule and Agreement Original Entry Condition Report Floor plan Copies of advertisements and marketing management takeover from contact to contract NEW MANAGEMENTS PROCESSES listing to lease management takeover Preparation for takeover of occupied property Takeover day smooth transition Assessment inspection protection from unfair accusation New property owner existing management creating awareness New property owner seller becomes tenant no start to property condition Instant cash flow act diligently IIAM4PER-V4 PAGE 16
17 Preparation for takeover of occupied property Follow standard procedures for new management consulting, appraisal and set-up to ensure solid foundation from the commencement of the contract to manage. Commence and follow Management Acquirement. Log Management Acquirement to TaskTracker. Ensure property owner provided appropriate notice together with written instructions to current management agent. Request a copy of notification. Request details of tenant from property owner or current agent where possible. Set-up and log tenant details to computer file. Note in diary: Property takeover date. Date to call tenant prior to takeover (usually three (3) days after sending letter). Property Assessment Inspection (one-off). Prepare and letter together with Tenant Welcome Kit advising of new management arrangements, with details of rental payment instructions. Include property on the appropriate schedule for regular Property Assessment Inspections. Notify current managing agent and arrange details of property handover. Former agent must provide documents and details of: Tenancy Agreement Tenant s Ledger Tenant s paid to date Entry Condition Report Tenants Returned Entry Condition Report Bond Lodgment Advice Copy of keys (handed to tenant) Inventory (if applicable) Tenant s Application Form (if the other agent is prepared to pass this on) Change of Property Owner/Agent form for notifying relevant Bond Authority (if applicable) Full set of management keys, remotes, etc. Follow-up with to current agent confirming request. Call tenant three (3) days after sending (letter). Arrange with tenant mutually agreeable time to conduct a one-off property inspection. Call property owner to confirm agent and tenant have been contacted and advised of pending transfer. current agent day before takeover confirming collection and transfer time. Takeover day smooth transition Collect all information and documents as per arranged. Request current agent to photocopy keys on handover (both agents to sign). If agent refuses to photocopy handover keys, photocopy on return to agency and advise owner of situation. If remotes, check for state of repair. Tenant to confirm takeover and remind them of new rental payment procedures and date of inspection. Property owner to confirm successful takeover. Request details of any required or requested property maintenance from the tenant. Advise property owner of documentation or information that previous agent failed to provide on handover. Confirm date of Property Assessment Inspection to property owner. Send letter to owner confirming successful handover and advising of any missing information and documents once handover has been effective. IIAM4PER-V4 PAGE 17
18 Assessment inspection protection from unfair accusation Inspect property as per standard Property Assessment Inspection. Check all keys, remotes etc. handed over are working and match the subject property. Send detailed report to owner (be thorough and detailed). If keys or remotes do not work, advise the property owner immediately. Complete: Management Takeover. TaskTracker. New property owner existing management creating awareness Follow standard procedures for new management sign up. Complete New Management. Log: New Management to TaskTracker. Details of all conversations to tenant computer file. If purchasing property with existing tenant, make property owner aware of possible extra expenses when tenant eventually vacates. Note on Management Agreement form and have property owner sign as acknowledgement. Recommend property owner inspect property after existing tenant eventually vacates. to confirm instructions, actions and decisions following discussions. New property owner seller becomes tenant no start to property condition Follow standard procedures for new management sign up. Complete New Management. Log: New Management to TaskTracker. Details of all conversations to tenant computer file. If purchasing property and seller remains at property as tenant, make property owner aware of possible extra expenses when tenant eventually vacates. Note on Management Agreement form and have property owner sign as acknowledgement. Conduct Property Assessment Inspection (this is not Entry Condition Report as there is no evidence of starting condition). Recommend property owner inspect property after existing tenant eventually vacates. File all relevant documents as per. to confirm instructions, actions and decisions following discussions. IIAM4PER-V4 PAGE 18
19 tenancy application, preparation, settlement and management TaskTracker Software BUSINESS PRODUCTS prospective tenant enquiries every enquiry is a lead TEAM PROCESSES open for inspection selling the property Roles OPERATIONAL RESOURCES Letters application assessment, approval and Acceptance Forms Reports don t forget the inconsequential treat with extreme importance The Tenant Application and Settlement section is designed to ensure that all prospective tenants who view property listings or contact your agency enquiring about an available property, want to rent a property from your agency. The tasks from contact to settlement help clients feel valued, respected and know what is expected from themselves, the agency and the property owner. Remember, tenants will shout your praises if they love the experience you deliver, and they may also become investment property owners in the future. If tenants love your service delivery, then they could very well purchase investment properties in the market area from your agency. Tenancy application, preparation, settlement and management roles TEAM Meet and Greet Manager Leasing Consultant Property Management Coordinator Portfolio Manager New tenancy is similar to new managements in terms of team roles and tasking. As a business grows, the Management Consultant s role may no longer include showing properties, processing applications and inducting new tenants- these tasks may be assigned to a Leasing Consultant. All tasks include administrative tasks and those should be assigned to the Property Management Coordinator. The Meet and Greet Manager may also be included in this task by accepting applications when delivered to the agency by hand, and checking supporting documentation is included and the application has been fully completed and signed. IIAM4PER-V4 PAGE 19
20 Tenancy application, preparation, settlement and management operational resources Property Owner Tenant Property Office/other OPERATIONAL RESOURCES Forms Reports Letters s to Owner Advertisement Invoice Property Assessment Inspection report s to Tenant Tenant Welcome Kit Tenant Information Statement Complaints Procedures Tenant Welcome letter Tenancy Agreement Copy of pay slips Council information Strata management By-laws Copy of photo ID Tenant Application form Entry Notice Rental receipts Maintenance request form For Lease sign Property Brochure Original Entry Condition Report Vacancy list Bond lodgement form Open for Inspection Register Key copy register Privacy Statement Copy of Website advertisement s to previous agency Diary Interested Clients Register Bond lodgement advice Entry condition report Inventory Processing an application and inducting a tenant into a property involves multiple tasks, including numerous lines and methods of communication. Forms include both best practice and legislative forms. Due to the varying stages of accepting and inducting a new tenancy, this task requires four (4) TrackMates to be utilized to ensure timelines are met, priority is achieved, and property vacancy is mitigated. This task requires numerous team members and operational resources to ensure the task is streamlined and flows amongst members until completion is accomplished. IIAM4PER-V4 PAGE 20
21 Tenancy application, preparation, settlement and management business products TaskTracker Software BUSINESS PRODUCTS Tenancy Application Software Client computer file TaskTracker TaskTracker Application for Tenancy Questionnaire Preliminary Tenant Establisment Tenancy Acceptance and Signication of Lease Tenant computer file Property computer file Property owner computer file Actual Factual TaskTracker Compliance, completion and consistency are achieved by utilizing new tenancy business products that monitor and track operational tasks required to be performed by the team. As with all resources, the workspace tray set-up is an important element of managing a new tenancy to optimum productivity and performance, along with mitigating the risk of management loss or loss through unnecessary vacancy. Tenancy application, preparation, settlement and management processes I m calling about devote the client with your undivided attention Walk through the door treat with courtesy, respect and your time I m ing for more information respond with courtesy, efficiency and effectiveness PROCESSES Converting enquirers to advocates regardless of whether they lease or not prospective tenant enquiries every enquiry is a lead open for inspection selling the property application assessment, approval and Acceptance Vacant properties maintain to highest standard of presentation Occupied properties ensuring tenant cooperation and contentment Processing assessment, approval and acceptance Accurate tenant start-up breaking down communication blocks Preparing new tenancy agreement leaving no room for error don t forget the inconsequential treat with extreme importance Signing the general tenancy agreement ensuring complete disclosure and understanding Removing properties form the vacancy lists timing is everything Entry Condition Report clear, detailed, accurate Processing the bond facilitate with due care and accuracy Keys accurate recording and tracking Occupancy day creating enchanting moments and memories Day after occupancy keep creating magic Entry Condition Report follow-up a minute spent is 60 minutes saved IIAM4PER-V4 PAGE 21
22 prospective tenant enquiries every enquiry is a lead Turn tenant enquiries into a client. This section provides steps on how to give an enquirer your undivided attention so that they have an instant desire to want to rent from your agency and do everything possible to find a property to rent from you. Converting enquirers to advocates regardless of whether they lease or not. I m calling about devote the client with your undivided attention. Walk through the door treat with courtesy, respect and your time. I m ing for more information respond with courtesy, efficiency and effectiveness. open for inspection selling the property Ensure every show time sells the benefits and hidden features of the property and further validate why you are the most professional and caring rental agent. Vacant properties maintain the highest standard of presentation. Occupied properties ensuring tenant cooperation and contentment. application assessment, approval and acceptance When an application is received on a property, it is important to ensure that this is a high priority task. This section will take you through the steps necessary to process and finalize a property application within a 24-hour timeframe. Processing applications thorough and pragmatic. Accurate tenant start-up breaking down communication blocks. Preparing new Tenancy Agreement leaving no room for error. Signing the General Tenancy Agreement ensuring complete disclosure and understanding. don t forget the inconsequential treat with extreme importance Once an application has been approved there are numerous critical steps to follow to ensure the approved application is completed in its entirety prior to removal from availability lists. This section also guides you through prior preparation of move in day to ensure the new tenants experience is one that they will rave about. Removing properties from the vacancy lists timing is everything. Entry Condition Report clear, detailed, accurate. Processing the bond (security deposit) facilitate with due care and accuracy. Keys accurate recording and tracking. Occupancy day creating enchanting moments and memories. Day after occupancy keep creating magic. Entry Condition Report follow-up a minute spent is 60 minutes saved. IIAM4PER-V4 PAGE 22
23 prospective tenant enquiries every enquiry is a lead I m calling about devote the client with your undivided attention Walk through the door treat with courtesy, respect and your time I m ing for more information respond with courtesy, efficiency and effectiveness Converting enquirers to advocates regardless of whether they lease or not prospective tenant enquiries every enquiry is a lead PROCESSES open for inspection selling the property application assessment, approval and Acceptance don t forget the inconsequential treat with extreme importance Become the preferred rental agent and have tenants chanting and declaring we want to rent from you! Know how to enchant and entice tenants Converting enquirers to advocates regardless of whether they lease or not Stop what you are doing and focus on the enquirer. Always: Seek exact details of what style of property they are seeking and why. Request contact details and remain in touch. Aim to schedule property viewings or seek suitable properties when none available. Include the enquirer on the computer file. Never pass on property details and request enquirer to drive-by first. I m calling about devote the client with your undivided attention Stop what you are doing and focus on the enquirer. Request details of: Style of property and why. Number of bedrooms and bathroom and why. Other property features required and why. Number of people residing at the property. Children s ages (if applicable). Preferred location and why. Weekly rental budget range. Tenancy term required. Date requiring property. Advise: Them of other properties available that would also match their requirements. You will updates of new matching listings. Provide details of property to prospective tenant, including Open for Inspection times. Enquire which open they will be attending and ask for their details, including address and two phone numbers (mobile and landline). IIAM4PER-V4 PAGE 23
24 confirming Open for Inspection time/s and addresses on property they have enquired about. Attach Tenant Application form together with application instructions. Include details of prospective tenant on register. Prior to Open for Inspection, SMS or (preference SMS) registered prospective tenants to remind them of opening time. Walk through the door treat with courtesy, respect and your time Assign Receptionist/Greeter/Coordinator to greet clients as they walk through agency door. Acknowledge immediately and make eye contact. Request details of: Style of property and why. Number of bedrooms and bathroom and why. Other property features required and why. Number of people residing at the property. Children s ages (if applicable). Preferred location and why. Weekly rental budget range. Tenancy term required. Date requiring property. Provide: Album of available properties and highlight properties matching their requirements. Property brochure of each suitable property together with application form and instructions. Advise Open for Inspection times. Request contact details (as above) to provide updates via of new listings. confirmation of Open for Inspection time/s on property they have enquired about. Include details of prospective tenant on register. Prior to Open for Inspection, call, SMS or (preference SMS) registered prospective tenants to remind them of open time. I m ing for more information respond with courtesy, efficiency and effectiveness Assign one role to respond to enquirers (usually Leasing Consultant, depending on agency structure and size). Send response acknowledging their interest and requesting: Style of property and why. Number of bedrooms and bathroom and why. Other property features required and why. Number of people residing at the property. Children s ages (if applicable). Preferred location and why. Weekly rental budget range. Tenancy term required. Date requiring property. Phone contact details (if not already provided). Schedule time in diary to follow-up enquirer. Contact via phone once return is received. Provide details of property to prospective tenant, including Open for Inspection times. Advise them of other properties available that would also match their requirements. Advise enquirer you will updates of new matching listings. Enquire which open they will be attending. confirming Open for Inspection time/s and addresses on property they have enquired about. Attach Tenant Application form together with application instructions. Include details of prospective tenant on register. IIAM4PER-V4 PAGE 24
25 Prior to Open for Inspection, SMS or (preference SMS) registered prospective tenants to remind them of open time. open for inspection selling the property Vacant properties maintain to highest standard of presentation prospective tenant enquiries every enquiry is a lead Occupied properties ensuring tenant cooperation and contentment PROCESSES open for inspection selling the property application assessment, approval and Acceptance don t forget the inconsequential treat with extreme importance Vacant properties maintain to highest standard of presentation Assign Coordinator to prepare for Open for Inspection: Keys Open for Inspection Register Copy of agency Privacy Statement to display at open Full details of property including availability dates, special conditions, etc. Application forms Pen Business files Property brochure Current Vacancy List (for consultant s private use) Greet clients at door and ask them to sign register (Privacy Statement should be visible). Confirm the prospective applicant is included on Interested Clients Register. If not, ask if they would like to be updated with new listings. Show clients through property and highlight key features and property gems. Seek feedback and provide a Tenant Application form. If property is not suitable, advise on other properties that may be suitable. Call property owner to confirm Open for Inspection took place. Contact attendees on following day and ask for feedback, or offer assistance in returning application as quickly as possible. Contact property owner to provide feedback from discussions with property viewers. Provide property owner with details of condition of property (e.g. gardening, cleaning). Schedule mutually suitable time/s with residing occupants (property owner or current tenant) for Open for Inspection viewing. If currently leased, confirm entry time with tenant along with dispatching of relevant Entry Notice. Ensure you abide by legislative notice period requirements. Follow all steps above once you arrive at the property. IIAM4PER-V4 PAGE 25
26 Notice period requirements are not relevant to property owner occupied properties. Some tenants are happy with a phone call to arrange a time. However, ensure that you confirm in writing ( is acceptable) details of the entry and their willingness to allow access. application assessment, approval and acceptance PROCESSES prospective tenant enquiries every enquiry is a lead open for inspection selling the property application assessment, approval and Acceptance don t forget the inconsequential treat with extreme importance Processing assessment, approval and acceptance Accurate tenant start-up breaking down communication blocks Preparing new tenancy agreement leaving no room for error Signing the general tenancy agreement ensuring complete disclosure and understanding Processing applications thorough and pragmatic Assign Receptionist or Coordinator to receive applications hand delivered to agency. Commence and follow Tenancy Application. Log Tenancy Application on TaskTracker. Advise property owner application received and currently being processed. Check applications are fully completed and signed upon receipt. Clarify the dates and weekly rental with applicant. Ensure: Clear and legible copies of relevant ID, including photo ID, are attached. Copies of rental receipts are attached (if applicable). Copies of pay slips or accountant details are attached. Once received, search the appropriate tenant computer file and print copy for records. Commence and follow Application for Tenancy Questionnaire. Call employer (or accountant if self-employed) to ascertain: Period of employment Employment status Salary Record the name of the person you have spoken with Call all nominated personal referees and clarify: Relationship with applicant Period of time have known applicant Request description of applicant s character Enquire if visited applicant s residence Ask If you had an investment property, would you lease it to the applicant? Record conversation details on Application for Tenancy Questionnaire. to previous/current Managing Agent seeking confirmation on rental history (attach applicant s approval for passing on required information). Call Managing Agent to advise you have sent , thank in advance for their assistance and request immediate attention (encourage information over phone). Once application is processed with a suitable applicant that can comfortably pay rental amount, contact property owner to advise of application results. Check there are sufficient keys for applicants (if accepted). IIAM4PER-V4 PAGE 26
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