Webinar: Managing your property manager to maximise financial results

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Master Class:

Managing your property to maximise financial results

We help investors

build and manage

their property portfolios

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In partnership with

Take the 21 day free trial at www.realestateinvestar.com.au

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Real Estate Investars tools

Take the 21 day free trial at www.realestateinvestar.com.au

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Membership options to match your needs

Portfolio Builder

Portfolio Manager

Portfolio Builder

Portfolio Manager

21 Day Free TrialNo obligation full accesswww.realestateinvestar.com.au

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Treat property investment as a business.

And build your team!

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Portfolio solutions Start your team here

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Portfolio Solutions Master Class

Designed to share knowledge.

Desire to provide extra value to our clients.

Great for both new and experienced investors.

Plenty of opportunity for Q&A

Market leading industry partners invited by Real Estate Investar to present and educate.

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Our special guest

Michael BanksCEOLocal Agent Finder

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Local Agent Finder

Are you paying agent and property managers the right amount and getting the best service?

Local Agent Finder makes it simple to:

View average agent commission stats in every suburb

Request & compare quotes from 9,000 agents to sell, lease or manage your property portfolio.

In less than 5 days youll know if you need to change your manager.

REI have worked with LAF to customise their tools for investors with portfolios.

Its a free service.

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Property management master class

In this session, we will cover:

The pros and cons of residential tenancy types.

How to find an A Grade property manager.

How to get property managers competing for your business.

How to easily compare the costs and services of each.

Tips that will ensure you have tenants queuing up.

How to select and retain the best possible tenants.

Things you can do now to boost your rental income.

How to figure out the best tenancy rental strategy.

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Property Management

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Property Management

No matter your investment, some level of property management will be required.

Property management involves:

The letting of the property

Management of Tenants

Management of repairs and maintenance to the property

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Property management options

There are 4 different options for property management:

Non-management (No one!)

DIY

Family member or friend

Professional property managers

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1. How non-management occurs

Buying property with existing tenant

Existing tenant has no tenancy agreement Handshake

No bond.

Former owner keeps no tenant ledger or other records.

Former owner has no inspection records or respects the tenants privacy therefore inspections are not done.

New owner adopts that approach.

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Benefits of non-management

None to the owner

Several to the tenants

This is a common approach by new investors

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Negatives of non-management

Tenant can:

Pay rent if and when they want to.

Keep the property in any state they like.

Leave whenever they are ready or wanting to.

Rent arrears.

Damage.

Investor abandons the investor market too hard, too much trouble.

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2. How DIY management occurs

Generally first property investment for owner(s).

Can be a new investment from a relatively new investor. Perhaps they have had another property with no real issues previously.

Could be owned by investor with the mindset Im a nice person so they will also be nice to me.

Owned by a typical Tradie or Handyman type. I can sort them out myself or My old man owned property.

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Benefits of DIY management

Hands on.

Save fees.

Something to do during the day.

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Negatives of DIY management

Investment in time.

Investment in setting up systems.

Learning curve.

Costly errors.

Increasing liability.

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3. How friends/family management occurs

Owner goes overseas or is based overseas.

Buying a property with existing tenant.

Might be a first time investor, investing local to friends & family.

Could be owned by investor with the mindset Im a nice person so they will also be nice to me.

Owned by a typical Tradie or Handyman type. I can sort them out myself or My old man owned property.

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Benefits of friends/family management

None to the owner.

Several to the tenants.

This is also a common approach by new investors

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Results of friends/family management

If done well: save on fees.

If done poorly, tenant can;

Pay rent if and when they want to.

Keep the property in any state they like.

Leave whenever they are ready/wanting to.

Estranged family or friends when things go bad.

Can result in property damage and abandonment of investing by investor.

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4. Benefits of professional management

Full services are available:

Finding tenants

Managing tenants

Record keeping

Systemised: computers & software

Not personal / less Stress for you as the owner

24/7 Service

Leveraged time for owner

State/national/OS coverage

Avoid liability:

Current & future laws

Mediation/tribunals

Debt collection

And many more

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How to identify professional management

Specialist company or department.

City wide or large coverage/multiple offices.

System based vs personality based.

Key staff.

Time in market = experience.

Most important:

Communication with the landlord.

Treat the tenant as a customer.

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Questions to ask a professional manager

How many tenants on your rent roll are in arrears?

How often do you make disbursements to owners?

What is the vacancy rate across your managed properties?

How often have you found malicious damage with tenants?

How often have you been to the tribunal?

Handy tip: Get in touch before you invest in an area.

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Who is the best professional manager?

Someone with systems and processes.

They are a career property manager.

They are happy to discuss plans and goals.

They are open with KPIs, and sticking to them.

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Remember you still have obligations

Provide the property in reasonable state of repair.

Provide it in a reasonably clean state.

Comply with legislation in respect to buildings, health and safety.

Stay on top of reported maintenance issues or compensation may result.

Know the Residential Tenancies Act. A professional manager can help you with this. It differs by state.

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How to find a professional manager

Local Agent Finder is a unique partnership for Real Estate Investar.

Local Agent Finder provides a simple and free service that helps our clients find the best agent or property manager.

Local Agent Finder is not a property management company.

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Local Agent FinderDemonstration

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The benefits of Local Agent Finder

Local Agent Finder helps you:

Understand what agents and property managers charge, and why

Gets multiple agencies competing for your business

Enables you to easily compare the costs and services of each

www.realestateinvestar.com.au/LAF

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Always treat your investmentlike a businessAnd remember tenants are customers

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Treat your investments like a business

Have a plan

Have goals

Businesses have costs

Businesses manage risks

Businesses are profitable

Create a business plan!

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Set Targets & Goals

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Measure results

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Monitor your property

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Make changes as needed

Review your goals and targets.

Make adjustments to your plan as needed.

Dont be afraid to make changes to rents, management, the property or method of renting it out.

Monitor your investments closely, no matter what your property management strategy is.

Dont just wait for tax time to see how much tax you made or lost.

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How to select and retain the best possible tenants

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Finding a tenant

Professional management has the upper hand here as they have access to people coming to them, and the various online advertising portals.

However there are plenty of other options:

Website portals that take direct listings.

Major & minor local papers.

Signage on site.

Some agen