BPP WEBLOG
AREC 2010
Posted 24.02.10 by hayleyandrew
Blayney Potential Plus is pleased to annouce that we are a main sponsor of the Property Management day at AREC 2010. If you wish to purchase tickets at the special “Blayney Potential Plus” rate, please contact Hayley Andrew on 02 9953 8824.
Come and experience AREC, one of the world’s leading real estate industry events. Over 2,000 industry professionals attend AREC each year – no other real estate event in the world attracts such a large percentage of the total industry population. Now in its 13th year, AREC is THE biggest independent real estate conference and trade exhibition in our region and unique in the world.
DAY ONE
Day One is for everyone and will stretch your imagination on what you can do with your business to stand out from the crowd. Sunday is all about focussing on business in general and getting your head in the right place for change. Kick start the day with the dynamic energy of Erik Wahl, be wowed by creative thinking legend Edward de Bono and learn all about the phenomenon of social networking with US real estate tech expert Matthew Ferrara. End the day with the inspirational Sir Bob Geldof.
DAY TWO
Day Two features dedicated programs for sales agents and property management. Speakers on both Monday programs will pay particular attention to giving you specific solutions and tools to embrace the next decade. Highlights of the Sales program include a tell-all session revealing the listing secrets of five No. 1 agents, plus everyone’s favourite prospecting guru James Tostevin and US superstar agent Rick DeLuca, returning to the AREC stage with lots of new material. Highlights of the Property Management program include international marketing expert Ross Smith, Jonathan Handford with lessons from the UK market, plus an Insider’s Guide to the Secrets of Top PM Businesses. The closing session of AREC10 sees everyone join together for a session with The Lifestyle Channel’s charismatic real estate expert Andrew Winter, a session that will reshape your thinking on property presentation.
DAY THREE
Day Three (optional) is exclusively for principals, sales managers, business unit managers and anyone who leads a team. The AREC10 Leadership Day will invigorate you with fresh ideas on how to boost your business and build your brand and team culture. With content that will challenge your thinking, the program features special sessions from AREC10 keynote presenters Edward de Bono and Erik Wahl, joined by local real estate experts John McGrath and Ewan Morton, and sales and service expert Belinda Yabsley.
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Tip 3 - For 500% Growth in 5 Years
Posted 11.08.09 by hayleyandrew
Team Development & Retention
by Melissa Hamilton
Following on from our Client Care Program we now take a look at Team Development & Retention. This is an area that often gets left till last, however, is one of the most important aspects in your business. Your team are the heart and soul of your business - you need to train, develop & nurture them.
Are your team fully trained? Do you have a training & development plan for your people? Training & development programmes assist in the retention of team members. To feel that there is a contribution being made to their careers is a powerful value-add over any competitors. The average career person wants to progress, they want to be shown what skills, knowledge and attributes are required for the next position & they want to work with their employer to develop these. Don’t forget to ask staff around the office about what skills would help them do their jobs more efficiently.
Are job descriptions provided to team members in your business? Job descriptions ensure each member is aware of what they are responsible for. They create clear activity lines and eliminate finger pointing. Team members can plan and prioritise their own day and also utilise training to develop any skills required for their role. By utilising job descriptions the team leader can monitor the team to ensure they are working together to reach the end goal.
Do your team members know when they are doing a good job? Key Performance Indicators (KPI’s) provide a benchmark for the performance of certain tasks within the business. The attainment of the KPI means the team member is doing a good job, however, to exceed the KPI is exceeding the expectation of the business. These KPI’s mean that a team member can monitor their own performance too. KPI’s can then be monitored on a weekly and/or monthly basis by management to ensure the team is tracking toward business goals.
Do you offer incentives and rewards for exceptional performance? How do you recognise success? Rewards/incentives can offer a team a great deal of positive reinforcement. You need to ask yourself what goal can the team and/or individual control and this is what you need to reward them for. Ensure it is related to the goals and their role. A recognition program can create a healthy competition among peers, together with peer recognition programmes.
Finally, communication goes a long way. The team need to be able to discuss all aspects of the business. They need to know and acknowledge goals so they can work together to achieve them.
Until the next edition, be good to your staff members, and if you have any questions please contact us on hayleyandrew@blayneypotentialplus.com
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Tip 2 - For 500% Growth in 5 Years
Posted 11.08.09 by hayleyandrew
Now that we have completed our plan for growth and our business plan it is time to look at our client care program. Client care I hear you ask… what is that?
So many businesses spend so much time and money on getting new business but they don’t spend time and money nurturing the clients they already have. Happy clients can be your biggest asset, they will tell their friends, family, colleagues and pretty much everyone they know about how great you are. However, unhappy clients can do a lot of damage, they will tell their family, friends, colleagues, as well as anyone else that they come across. So what are some ideas that you can implement to ensure your clients are talking about you in a positive way, not a negative one?
So many people I talk to say the number one point of frustration is not receiving a response to a call or email in a timely manner. What is a timely manner? Does your office have documented customer service standards that each team member adheres to? Do all calls and emails have to be responded to by the end of each business day? Do your customers know your standards? Some of these things are not hard to fix, but they require the whole team to be on board.
What do you give back to your clients? Many businesses that we work with have investor information nights, cocktail parties, race days, movie nights, draws for weekends away including luxury car and accommodation. It is important that your clients feel like they are a part of your business, that they are recognised and rewarded, after all you are looking after their most expensive asset.
Know your clients. Your clients are not restricted to your landlords, don’t forget your tenants, your tradesmen, your owners corporations, your service providers, your sales team, your employees. Everyone that comes in contact with your business is a potential client, they know people and speak to people, it is amazing how powerful word of mouth is and best of all it is free!
1% - what are you doing that is 1% higher than your competitors? Do you and your team make no news calls to your clients? Do they end the conversation with “do you or your friends/family have any properties that I can assist with?” Your clients might think you do a great job but they might think you are to busy to take on more properties so they might not recommend you. Put the idea to them and watch the results. Do you send cards to your clients on a regular basis, many of our clients have started sending one card a day per team member, this helps to cement the customer care experience that your clients receive at your company.
Referral programs are a great way to get people talking about you, but in order for them to talk about your company you need to be making them happy. There are many different methods for rewarding your clients and these can include vouchers, dinners, movies or fee free management periods. Send out an offer to your clients and do it for a specific period. For example: For the month of July any referrals sent through to the agency that are converted to a management receive a $200 Myer voucher. Once again it makes the client talk about you.
Until the next edition enjoy setting up your client care program and if you have any questions please email me at hayley@blayneypotentialplus.com
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2009 PPM Conference
Posted 16.07.09 by hayleyandrew
Blayney Potential Plus is back in Sydney after spending an eventful three days on the Gold Coast for the 2009 PPM Conference.
Our Managing Director, Fiona Blayney, was a presenter and a panel facilitator at the conference. Both sessions were extremely well received and we would like to share some of the wonderful feedback with you.
- Fiona, you exert so much professionalism, though also knowledgable and kind. Something everyone should aspire to! You are a true leader in the field. Leeanne Baker, Just Property Management
- Fiona, you were fabulous (as always!). Always great to see you present. Kirsty Dunphey
- Not only did I really enjoy your talk, I also got a lot from it to implement. Some of these will be quite easy. Thanks again. Michael Mallon, Raine & Horne Queanbeyan/Jerrabomberra
Congratulations Fiona!!
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Tip 1 - For 500% growth in 5 years
Posted 06.04.09 by fionablayney
Ever wondered where the time went? Ever thought you would have done something differently if you knew what you know now? Well forward planning might be the answer for you!
In an earlier edition of the BPP newsletter we went through the Top 5 Tips for 500% growth in 5 years and in upcoming editions we are going to drill down into the top 5 tips in greater detail.
So many businesses that I visit do not have a plan for growth or a business plan. It seems to be one of the many tasks that hits the too hard basket or ends up at the bottom of the in tray! Don’t despair as we are going to make this daunting task easy and effective for every business to use. If you do have a business plan in place when was the last time you looked at it or updated it? Does your team know it exists and are they on the same path as you?
The plan does not need to be complicated and it does not need to be 100 pages long. It needs to be clear and concise. Start with the end in mind or work backwards from the end to the beginning. It is a good idea to do a 1 to 5 year plan.
So let’s get started.
What is your Mission Statement? What is it that is special about your department? What do you want your clients to say about you?
What is your current position? You must know where you are at in order to know where you want to be! What are the services that you provide? What is your market? Who are your key clients? Who are your competitors? Have you done a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats).
What is the future direction of your business? What are the objectives and strategies and how can these be achieved?
What is the organization and plan for the business? Do you know what number of properties or income you have to reach before you need another team member?
What is the financial prediction for the business? To know this you need to know where the business is currently at and where it needs to be.
If you already have a business plan then it is time to review and compare to last years results. Are you on track? What worked or didn’t work and what needs to change to get you back to where you need to be?
Analysis of business risks and what needs to be done to address them. Are you fully compliant? Are your tradesman’s licences and insurance details up to date? Do all your landlords have adequate Landlord Insurance? These are some examples of risks that can easily be avoided in every business.
The plan is your roadmap and it is important that your team know where the business is at and where it is heading so they can help to achieve the end goal. It might be a good idea to do a planning and training session, get the whole team involved in creating the plan, after all without their help it is going to be hard to achieve the results that you are after.
Until the next edition, happy planning and if you haven’t already done so please email me for a copy of our business plan template on hayley@blayneypotentialplus.com.
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The global financial crisis continues to be the hot topic of conversation, but is it having a negative effect on Property Management Businesses?
Posted 10.03.09 by fionablayney
By Hayley Mitchell
Continuing low residential vacancy rates in Melbourne and regional Victoria coupled with falling interest rates and the slowing of house price growth have created opportunities for investors.
Melbourne’s vacancy rate for December was 1.2%, only up marginally from the 1.1% recorded the previous month but lower than the figure for December 2007 which was 1.6%.
Real Estate Institute of Victoria data reveals that, although the inner city is the most difficult place for tenants to find a rental property, this is a good thing for those who own or are looking to purchase in this area.
The REIV considers the rental market to be balanced when the vacancy rate is around the 3.0% mark, a level that has not been achieved since January 2005.
With statistics like these it is no wonder that there are still many investors looking to purchase investment properties. The question is what are you doing to ensure you are the agency of choice when it comes to decision time?
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Where have all the executives gone?
Posted 05.02.09 by fionablayney
You don’t have to be a rocket scientist to notice that in many areas the executive rental market is suffering due to the GFC. Tenants who were previously renting high end homes due to relocation, are either heading home or downsizing. So what is a Property Manager to do?
Condition, Condition, Condition.
Remember you have not dictated the market, it is based on the pure philosophy of supply and demand, hold face to face meetings with clients where you can. Bad news is often delivered / received better when we have old fashion communication. Don’t hide behind email… things can be misconstrued.
Use third party endorsements such as comparables (ones that have rented – not other over priced properties) Draw on media that supports your comments.
Be fearless, what is the worst thing that can happen? But remember empathy, this is not called a Global Financial Crisis for nothing, there are many investors feeling the pinch, concerned about mortgage repayments, and dodging the need to sell their property. We all know, not every investor is a millionaire!
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INDUSTRY AWARDS NIGHTS – REINSW and REIV
Posted 06.11.08 by fionablayney
Recently I attended both the REINSW and REIV awards night celebrating excellence and recognising outstanding performances within the industry. We are thrilled to report that our long term client and friend Vasili Hadzellis from McGrath Property Management, Neutral Bay took out the Award for Excellence - Residential Property Management for NSW.
I would also like to congratulate our friend Melanie Dennis from Domain Property Advocates, Fairfield Victoria who was awarded the Residential Property Manager of the Year for Victoria. Well done to all the winners and runners up, we look forward to the REIA show down next year.
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Posted 29.08.08 by fionablayney
So how many friends do you have? I was at a party last week and up came the discussion of Facebook. We jokingly compared notes on how many friends various people have and the apparent need to invite anyone that you have ever known to join your page. Alas I must admitt I have rejected a few people in my time, well do I really need to know what Patricia who I met in queue at Coles in 1994 is up to? Hmmm who is Patricia anyway?
All this aside, we have spent the last month navigating the world of Facebook and identifying the best ways to connect with our “friends” at Blayney Potential Plus. So I introduce to you the Blayney Potential Plus group… I look forward to seeing your name as one of our “members”.
http://www.facebook.com/group.php?gid=33041349866&ref=nf
Hopefully we will end up with a few more than that of the “I hate real estate rental agents” group.
See you on Facebook.
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THE RESULTS ARE IN - AREC 2008
Posted 20.07.08 by fionablayney
Whilst it is generally not the “done thing” in the Australian culture to blow your own trumpet, we make no apologies for doing so on this occasion. Why? Because we are proud of the achievements of our team and our Managing Director Fiona Blayney
As you are aware Fiona spoke at AREC 2008, Australia’s largest Residential Real Estate event, a fantastic event filled with some great speakers, exhibitors and delegates. Those that attended were requested to complete an online evaluation of the event, speakers and content. We are pleased to say that 87% of the audience rated Fiona’s presentation as being excellent. It is with delight that we mention this has placed her session as the highest rated session over the three days.
What does this mean for you? Well for those that attended you can be sure to know that you were in a session rated by your peers as being of excellent quality with take home ideas ready to implement into your business. For those that weren’t at AREC (make sure you are next year), when it comes time to; book your next speaker, or purchase Blayney Potential Plus products or services, the decision should be an easy one. Just ask someone who attended Fiona Blayney’s session.
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