The Property Management Master Class Series
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Transcript of The Property Management Master Class Series
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Kelly Choi David Faulkner
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Agenda For The Day
• Australia v New Zealand
• WorkSafe in New Zealand
• The Property Management Process
• Lunch
• The Property Management Process
• Dealing with Mediators and Preparing for Tribunal
• Yields, Leverage, ROI, What Does it all Mean?
• Love Your Clients
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Australia v New Zealand
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Australia v New Zealand
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Who we interviewed
Michael Furlong Director MAP Real Estate, Melbourne
Tara Bradbury Director of BDM Academy, Queensland
Fiona Blayney Managing Director of Real+, Sydney
Darren Hunter Property Management Consultant, SA
Peter Aquilina Director of RED, Queensland
Andrew Reece Former owner of Pro Rentals, Brisbane
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What is the Difference?Australia
• Estimated that 78% of properties are professionally managed• All states have to be qualified except South Australia• Landlord pays the letting fee• Trust accounts and audits are compulsory• Industry is highly regulated• Different Act’s for different states• Reluctance to do casuals• Rent rolls worth more• The property to staff ratio is 80:100 to 1
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What about New Zealand
• We estimate about 40 to 50% managed
• No qualifications required
• No Background checks required
• NZRPM Level 3 and 4 qualifications available
• REINZ introduced Accreditation for Property Managers
• No governing body
• No requirement for Trust accounts or to be audited
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Fees in Australia
Most common fee between 7 & 8%
Queensland is about 8.1%
Victoria is the cheapest on average 6.3%
Western Australia most expensive at 9.3%
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Fees in Western Australia
• Highest earning fees in Australia• Management fee 9.35% plus GST• Letting fee 2 weeks rent• Ingoing inspection $200• Routine inspection $80 x 4 per year• Annual marketing fee $200• Annual YTD summary $200• Court fees $100• Insurance claims $150• Lease renewal fee 1 weeks rent
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Range of Fees in New Zealand
Auckland 6.5 to 7.5%
Christchurch & Wellington 6.75 to 8%
Other regions 7.5-9%
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What is it worth?
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What this management is worth
• $2,337.50 in management fees
• $1000 in letting fees
• $500 in lease renewal
• $440 in inspection fees
• $400 in marketing and account fees
• TOTAL $4,677.50 per annum
• LTV $27,000 over a 6.5 year period
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Compare with Auckland
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What is this one worth?
• Management fee at 6.7%• $1,675 in management fees
• $500 in letting fees
• $150 in lease renewal fee
• $120 in inspection fees
• $100 in maintenance fees
• TOTAL $2,545 per annum
• LTV $15,500 over a 6.5 year period
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The Difference
PERTH AUCKLAND DIFFERENCE
RENT $500 $500 $0.00
FEE 9.35% 6.70% 2.65%
MANAGEMENT REV
$2,337.50 $1,675.00 $662.50
TOTAL REV PER ANNUM
$4,677.50 $2,545.00 $2132.50
LTV REV PER ANNUM
$27,000 $15,500 $11,500
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Other factors to consider
• All feel that Australia has younger property managers
• Rent rolls are generally much bigger• Opinions vary but property to staff ratio is between 80-
100 properties per staff member whereas between 70 - 80 properties per staff member in NZ
• More consumer protection• Estimates 77,400 people work in the industry in 2012 and
is expected to grow to 84,000 by 2017
• Casual letting is done but not to the same extent as NZ
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So are they better?
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What needs to happen
1. Industry needs to be regulated and comes under the REAA
2. Property Managers need to qualified to Level 3 or 4 NZRPM standard
3. A new bridging qualification for people entering the industry is required
4. Trust accounts with audits become compulsory
5. Background checks such as Police checks on people wanting to work in the industry
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Health and Safety Reform Bill
Health and Safety at Work ActComes into effect 4 April 2016
Pike River Mining Disaster 19 November 201022
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Facts• Our new Health and Safety law is based on
Australia
• Australia has seen a 16% drop in workplace deaths since 2012
• In NZ 75 people die every year through workplace accidents
• Twice as likely to be killed or seriously injured compared Australia
• Six times more likely compared to the UK
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What or who is a PCBU
• Person Conducting a Business or Undertaking
• Usually a business entity such as a company
• A Sole Trader or self employed contractor might be a PCBU
• Employee’s are not PCBU’s, these are Workers or Officers
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What does this mean• Everyone is responsible for Health and Safety• All PCBU’s have a ‘Primary Duty of Care’ to
workers and other people• Officers (eg. Directors) of PCBU’s must
exercise due diligence to ensure H&S is being met
• All PCBU’s , so far as reasonably practicable, must engage with workers
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Choi Rentals and Dave’s Plumbing
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Choi Rentals has 400 managements and 6 staff. Kelly is the owner and director. She regularly engages Dave’s Plumbing to carry out work on her rent roll. Dave is the sole trader and owner of his business.
• Is Kelly or Choi Rentals a PCBU?
• Are Choi Rentals employee’s workers or PCBU’s?
• _______ is an officer of Choi Rentals
• Is Dave’s Plumbing a PCBU?
• Does Dave become a worker of Choi Rentals when engaged
to carry out work or does he remain a PCBU?
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Choi Rentals has 400 managements and 6 staff. Kelly is the owner and director. She regularly engages Dave’s Plumbing to carry out work on her rent roll. Dave is the sole trader and owner of his business.
• Choi Rentals is a PCBU.
• Choi Rentals employees are workers of Choi Rentals
• Kelly is an officer of Choi Rentals
• Yes. Dave is a PCBU, conducting his plumbing business
• Dave becomes a worker of Choi Rentals.
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Health and Safety duty to: Workers Other people
at workplace
Take reasonable care for his or her own health and safety Yes Yes
Take reasonable care that his or her acts or omissions do
not adversely affect the health and safety of other persons
Yes Yes
Comply, so far as reasonably able, with any reasonable
instruction that is given to them by the PCBU to allow the
PCBU to comply with the law
Yes Yes
Cooperate with any reasonable policy or procedure of the
PCBU relating to health or safety at the workplace that has
been notified to workers
Yes No
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10 Things that should happen
1. Your contractors need to be on agreements2. Landlords should not do their own maintenance3. Directors have to engage workers on H&S issues4. You cannot manage non compliant property5. H&S must become an agenda on meetings6. You must identify risks involved in your business7. You have to have policies around these risks8. Only bailiff's should do evictions9. Have a ‘No Cash’ policy
10. Large companies need to consider committees or H&S representatives.
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Contractor Agreements
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Property Management is all about Process
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• Planning the Perfect Week• Marketing a Property• Tenant Selection and Induction• Entry, Exit and Routine Inspections• Arrears Management• Dealing with Contractors• The Importance of Rent Reviews• Measurement of Occupancy• Grade your clients
In This Section
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What Your Week Can Look Like
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How Much Time
• Routine Inspections• Arrears
• Viewings
• Entry/Exit Inspections
• Client communication
• Planning
• Training
• Advertising
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Inspections
• 130 properties
• Maximum 4 inspections each year
• 520 inspections/46 weeks
• 11 inspections per week
• How long to do one inspection?
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Planning the Perfect Week
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Marketing a Property
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Why Properties don’t Rent
1. Poor marketing
2. Overpriced
3. Something wrong with the property
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What does your company offer?
For Rent Signage
Website VideoOnline
bookingWeekend
viewingSocial Media
PrintFor Rent
List
Your agency
Yes 3 Yes Yes Yes Yes Yes Yes
ABC rentals
No 3 No No Yes No Yes Yes
Choi Rentals
Yes 2 No Yes No Yes Yes Yes
Cheap Rentals
Yes 3 No No No No Yes Ys
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Get Your Price Right!
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24 properties for rent
229 properties rented between 1Apr – 30 Sept.38 per month on average
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Would you be happy with this marketing?
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Educate your Investor
• Show how many properties rent
• Show what is available
• What % of properties rented are 3 bedroom?
• 229/425*100%= 54% of rented properties in Pukekoe are 3 bedroom houses
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“How long will it take to rent my house?”
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Using Video and Technology
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Tips on advertising
• Use professional photography
• If doing video, make sure it’s quality!
• You need tenant online booking system
• Used ‘For Rent’ signs with ‘Rented’ stickers
• When script writing of properties, write a letter about the property
• Get someone to do an audit
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Tenant Selection and Induction
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Moving in Process
Payment of Letting fee, Bond and Rent
The Sign Up and Induction
Offering the Property
The Selection Process
The Tenancy Application
The Viewing
The Tenant Enquiry
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The Application
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How Much is Too Much?
Rent should be no more than 40% of net income of all the tenants
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Why is Tenant Inductionso crucial?
It sets the tone and expectations for your future relationship with your new tenants.
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The Induction Process
• How long should an induction take? • Do you offer refreshments?
• What do you have to keep kids entertained?
• Do you have a Tenant Handbook?
• Do you have an induction video?
• How do you receive rent?
• Do you offer Fast Connect?
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Inspections
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What The Act Says
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Entry Inspection
• Vital it is correct and detailed• All cleaning and repairs complete
• All keys, remotes, swipe cards
• The property has no owner belongings left behind
• Record age of carpets
• Make and model of white wear
• Document chattels
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Exit Inspections
• One of the most Hated jobs
• Ever heard ‘It’s cleaner now than when we moved in’.
• Treat same way as Tenant Induction
• Induct tenant in how to ‘Get Your Bond Back’
• Don’t let tenants go back
• What if there is a dispute?
• Measure % of full bond refunds
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Exit Inspections
Be positive when discussing with tenant
“Our aim is to help you move out with minimum stress and to make sure that you get your bond back quickly”
v.
“If you don’t do X, Y & Z, you won’t get your bond back”
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Routine Inspections
Common Issues:• Incomplete inspections
• Planning takes too long• Missed inspections
• Tenant has the control
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Routine Inspections
How Many Inspections?
• 130 properties x 4 inspections
• 520 inspections a year
• 46 weeks
• Approximately 11 per week
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How Long to Take
• Plan and Notification• Preparation
• Travel
• Complete inspection
• Report
• Call to owner
• Maintenance
• Approximately 1 ½ hours
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Keep it Streamlined & Systemised
• Property-based v. Tenancy-based• Grouping inspections
• Use Tenant Induction
• Think like a property owner
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What do Owners Want
• Transparency
• Punctual
• Photos or Video
• Detail
• Recommendations
• Solutions to issues
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What about Tenants
• Always thank them, regardless of condition
• Always be respectful
• Leave ‘Thank you cards’ with jelly beans
• Leave a tenant newsletter
• Try not to let them postpone
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Arrears Management
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Broken Window Policy
• Used by Mayor Guiliani in New York
• Same concept to rent arrears
• ‘Zero Tolerance’ works but most people do not follow it
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What is Your Process
• Arrears Management starts at Selection
• Clear about process at Induction
• Call tenant one week after moving in.
• SMS Notification day 1
• Phone call is always recommended
• Email breach day 2 with SMS notification
• Application under s56 no later than day 7
• Consider Fast Track
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How Much Rent Do You Collect?
• How many properties do you manage?
• What is your average rent?
• What is your occupancy?
Example:
130 managements at $400 average rent running at 96% occupancy means you have collected $2.6 million in rent
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Estimate How Much You Failed to Collect
• Look at your portfolio over the last 12 months
• How many tenants left owing money?
Example:
Same portfolio. 5 tenants left in arrears and after tribunal combined amount of $3,500 in rent arrears outstanding. You failed to collect on 0.13%
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Points to remember
• The policy and process decides
• ‘Broken Window’ policy to Property Management
• Arrears starts at tenant selection
• Clear induction
• Contact tenant one week after moving in
• Follow the process
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Dealing with Contractors
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How Many Contractors
– Plumbers– Electricians– Handyman– Glazer– Gardens and lawns– Builder– Locksmith– Pest eradication– Carpet cleaner– Cleaners– Arborist
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How Much Do You Pay Them?
• 130 managements
• $1,500 per annum on R&M
• $193,500
• Do you charge maintenance?
• 7% = $13,545 in maintenance fees
• Are you getting your money?
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Do You Allow Owners to Pay Invoices Direct ?
• Do not allow this
• Do not use landlords contractors– Are they qualified?
– Remember, PCBU
– Do they have insurance
– More administration work
– You should have good rates
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Have a Contractor Night
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Rent Reviews
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Why Review Rent?
To ensure that the rent is at a level
where the landlord is receiving rent
in proportion with the market.
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Rent Increase Exercise
Increase rent on your portfolio by 5% per annum, what will be the increase in management fee revenue per year?
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Rent Increase• 130 managements at 96% occupancy
• Rent increase from $400 to $420
• Rent collected increase to $2,730,000 from $2,600,000
• Management fee of 7%
• Increase revenue from $182,000 to $191,100. Increase of
$9,100
• Now increase your fee to 7.5%
• Revenue goes up $204,750
• Increase of $13,650.00
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Accumulative increases1 property Year 1 Year 2 Year 3 TOTAL Man Fee% Revenue
No Increase til Y3 at 10% $20,800.00 $20,800.00 $22,880.00 $64,480.00 7% $4,513.60
5% per annum $20,800.00 $21,840.00 $22,932.00 $65,572.00 7% $4,590.04
Difference $- $1,040.00 $52.00 $1,092.00 7% $76.44
10 Properties Year 1 Year 2 Year 3 TOTAL Man Fee% RevenueNo Increase til Y3 at 10% $208,000.00 $208,000.00 $228,800.00 $644,800.00 7% $45,136.00
5% per annum $208,000.00 $218,400.00 $229,320.00 $655,720.00 7% $45,900.40
Difference $- $10,400.00 $520.00 $10,920.00 7% $764.40
100 properties Year 1 Year 2 Year 3 TOTAL Man Fee% RevenueNo Increase til Y3 at 10% $2,080,000.00 $2,080,000.00 $2,288,000.00 $6,448,000.00 7% $451,360.00
5% per annum $2,080,000.00 $2,184,000.00 $2,293,200.00 $6,557,200.00 7% $459,004.00
Difference $- $104,000.00 $5,200.00 $109,200.00 7% $7,644.00
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Rent Increase Exercise
If you were to increase your rent roll by 2.5% every 6 months, for the next 3 years, what is the total management fees you could becollecting?
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Measuring Occupancy
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Physical and Economic Occupancy
• The physical rate is the proportion of properties that are occupied by tenants
• An economic occupancy rate is the proportion of the gross potential rent (GPR) that is collected
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Gross Potential Rent (GPR)
• GPR can be defined as the sum of the rental amounts stated in the tenancy agreement
• If you have 130 properties that rent at $400 per week,
GPR = $2,704,000
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Physical Occupancy Calculation
A single month’s physical occupancy is
# of occupied properties
# of available properties
Example:
Average number of available properties for 12 months = 122
Average number of occupied properties for 12 months = 115
115/122 x 100% = 94%
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Economic Occupancy Calculation
• First calculate GPR• 130 properties at $400 per week
• GPR for November $208,000
• - Rent you have not received through either vacancy or arrears
• Total rent collected $192,000
$192,000/$208,000 x 100% = 92%
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Grading Economic Occupancy
100% You should be taking this class.
95-100% Excellent
90-95% Very Good
85-90% OK
80%-85% You probably have fewer than you think you have
70-80% You are struggling to break even
<70% High vacancy, High arrears, you need serious help
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Grade Your Client
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Time per Property
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• 80 properties per staff member
• Work on average 45 hours per week
• Work 2,340 hours per year
2,340 / 80 properties = 29 ¼ hours per property per year
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How Profitable?
Revenue per property per annum
Average hours work property per annum
Revenue per hour worked on property
Hourly Wage cost at 45% of total revenue
$3,000 29.25 $102.50 $46.13
$2,500 29.25 $85.50 $38.48
$2,000 29.25 $68.38 $30.77
$1,750 29.25 $59.83 $26.92
$1,500 29.25 $51.28 $23.07
$1,250 29.25 $42.74 $19.23
$1,000 29.25 $34.19 $15.39
$800 29.25 $27.35 $12.30
$500 29.25 $17.09 $7.69
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✓ Is the Property Compliant?
✓ Is the Owner good to deal with?
✓ Is the Tenant good to deal with?
✓ Is it Profitable
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A
DC
B
Grade Your Properties
L
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Dealing with Mediators and Preparing for Tribunal
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Knowledge is Power
• What is the difference between section 55 and section 56?
• What section refers to Tenant Responsibility?
• What section refers to Landlord Responsibilities?
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Answers
• Section 55, termination if arrears more than 21 days or damage or assault
• Section 56, breach capable of remedy and 14 day notice has been served. Other party failed to remedy notice
• Section 40 is Tenant Responsibilities
• Section 45 is Landlord Responsibilities
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Serving a 14 day
Service method Notice Starts How long to wait
Personally given to tenant
The day after it is served 14 days
Post to address Four working days after service
4 working days then 14 days
Put letter in box or affix to door
Two working days after service
2 working days then 14 days
In Addition
Email Immediately 14 days
Fax before 5pm of day Immediately 14 days
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Top Tips
• Give 90 days notice prior to any Tribunal application (periodic only)
• Do not wait till 14 day breach has expired before making application
• Try and come to an agreement with tenant prior to any mediation
• Ask the tenant for a solution
• Always follow company policy
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Mediation and Tribunal
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The Role Mediation
• Object of Mediation is to clarify and sort out a dispute
• The Mediator does not tell you what to do
• Mediators are there to try a find a resolution
• Any agreements are confirmed in a Mediated order
• Only enforceable once ‘Sealed’ by Tribunal
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David’s Top 5 Tips for Mediation
1. Be prepared. Know what you want to get out of it
2. Know your BATNA• Best Alternative To a Negotiated Agreement.
3. Always maintain control
4. Get the tenant to say ‘Yes’
5. Do not let the mediator make the decision
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The Role Tribunal
• Adjudicator will make decision based on the following.– Evidence provided
– Your credibility
– The tenant’s credibility
• Level of proof is based on a balance of probabilities– This means you need to prove your case 51%
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The Tribunal Process
The Tribunal Standard ProcessThe Applicant Presents The applicant has to prove their case
with documentary evidence and witnesses if necessary
The Other Party Presents The other party gives their evidence, including any documents and/or witnesses
The Applicant Responds This is a second chance to clarify, or rebut what the other party may have said
The adjudicator makes a decision
In most cases the decision is then delivered by the adjudicator
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The Case of the Broken Window
• Case one: Rule in Tenant's favour
• Case two: Rule in the Landlord's favour
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Who Pays Exemplary Damages?
Cooper and McAllister v Lodge City Rentals
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Rent Arrears
• Section 55
• Section 56
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Depreciation Schedule
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CHATTEL Estimated Life Expectancy (years)
Carpets (varies with quality) 10 -25
Light Fittings 10
Curtains and Drapes 8
Ovens 8
Dishwasher 7
Wallpaper 5-7
Painted Walls 5
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David’s Top 10 Tips for Tribunal
1. Be prepared, even on straight forward cases.2. Always take three copies of evidence3. Take a copy of the RTA with you4. Never talk to the tenant5. Speak clearly and to the point6. If tenant provides evidence ask for a recess7. Don’t let support people speak8. Try to address the facts on the application only 9. Don’t be afraid to challenge the adjudicator
10. Charge the landlord for your time at court
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Investment Jargon
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Why Invest in Property?
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What is a Yield
The income return on an investment.
–Interest or dividends received from a security
–usually expressed annually as a percentage on
the investment cost.
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“The higher the yield the better the return”
“The better the return usually means the
higher the risk”
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Gross and Net Rental Yield
The gross rental yield for a property can be found by
dividing the annual rent collected by the total property
cost, then multiplying that number by 100 to get the
percentage.
Example
$400 per week x 52 weeks = $20,800
Purchase Price of property = $300,000
$20,800 / $300,000 x 100 = 6.93% Gross Yield
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The net rental yield for a property can be found by dividing
the annual rent collected by the total property cost minus.
–Property Management Fee
–Insurance
–Maintenance
–Rates and any other outgoings
Gross and Net Rental Yield
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Net Yield$400 per week x 52 weeks = $20,800
Purchase Price of property = $300,000
$20,800 / $300,000 x 100 = 6.93% Gross Yield
Other Costs
2 weeks vacant = $800
Property Management @ 7% = $1,600
Rates = $2,000
Insurance = $1,200
R&M = $1,500
TOTAL INCOME - EXPENSES = $13,700
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Net Yield
$13,700 / $300,000 x 100 = 4.57%
$300,000 Term Deposit @ 3.80%
$11,600
Difference of $2,100
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Interest RatesPaul purchases an investment property for $300,000. He has a 20% deposit of $60,000. He borrows $240,000 at 5.1% for a 20 year term. He rents the property at $450 per week
Rent: $23,400
Mortgage: ($19,164)
Property Management Fee @ 7% ($1,638)
Insurance ($1,200)
Rates ($2,000)
R&M ($2,000)
Profit ($-2,602)127
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Adding Value
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Other JargonCapital Gain: An increase in the value of real estate that gives it a higher worth than purchase price
Example: Paul purchases his investment property for $400,000. Two years later he sells the property for $450,000 making a profit of $50,000.
Leverage: Using equity in the property to put down a deposit to purchase another property
Example: Paul decides not to sell his house. Instead he uses the equity gained and the principal paid off to put down a deposit on another investment
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David’s Top Five Tips
1. Have an investor mindset
2. Provide recommendation to increase rent and increase capital gain
3. Understand how much it costs to own an investment property
4. Find out what your clients want to achieve
5. Educate yourself and your clients
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Love You Clients
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Why do we Lose Clients
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How Many Do We Lose?
Very High 25%+
High 20%
Average 15%
Low 10%
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What do Landlords Think When the Property Manager Calls?
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How Many Landlords
Property to Landlord ratio
1.4 properties to 1 landlord
You approximately have 100 landlords
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How Often Shall We Call Them?
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Once every quarter
Approximately 100 landlords
Total of 400 calls per year
229 Working Days in the year
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How Long Does the Call Take?
5 Minutes
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Call Ten Landlords a Week
10 calls @ 5 minutes a call 1 hour a week
Work for approximately 45 hours per week
2.2% of your time
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Get Reviews
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Three Natural Reactions
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Three Natural Reactions
1. Strike Back
2. Give In
3. Break Off
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Some Simple Rules dealing with Complaints
• If attacked, don’t react. ‘Go to the Balcony’
• Listen actively and acknowledge how they feel
• People only care about themselves
• Nobody wins an argument
• Never tell someone they are wrong
• Get them to say ‘Yes’ whenever you can• Know your ‘BATNA’
• Best Alternative To a Negotiated Agreement
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Top 10 Tips for Landlords
1. Listen to what they want2. Educate them3. Call new clients after their first statement4. Be more personable5. Be transparent6. Have client nights7. Survey your landlords8. Embrace technology9. Help them grow10. People do business with people they like
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And Your Tenants?
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TENANT
PURCHASER
VENDOR
INVESTOR
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10 Top Tips for Tenants
1. Induction video2. Thank you cards for inspections3. Leave Jelly beans after inspections4. Tidy Bedroom Certificates5. Have a tenant newsletter6. Call them one week after they moved in7. Deal with maintenance quickly8. Educate them 9. Best Tenant prizes10. Refund their bond quickly
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MOST IMPORTANT PERSON
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Top Ten Tips to Look After You
1. Have goals and review them regularly2. Plan your week and review at the end3. Turn your phone off when you're not working4. It is not your problem5. Learn to say ‘No’6. Use Auto replies on email7. Change your phone message regularly8. Have your lunch away from your desk9. Give back10. Have fun, do something socially
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THANK YOU
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“Worry is a wasted emotion”
Steve Hansen, All Black Coach
Twickenham, England Saturday 31st October 2015
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