How clean is your portfolio?
Of course, I hope the answer is spotless! On the surface your portfolio may appear clean and under control, but if you dig deeper, is it all that it seems?
If you know there’s cleaning-up required, you may be unsure where to start to ensure all checks and balances are in place? But it doesn’t need to be a daunting task. The key is to continually track, measure and check the state of your portfolio to ensure it stays as neat as a pin weekly, monthly and annually.
So, what should you measure?
Here are some key areas for you to start with:
- Key Activities: Each week and month, review your reports and compare how you are tracking. What is your arrears percentage, how many routines and rent reviews are overdue, do you have any maintenance items outstanding over 30 days? Tracking these activities will help you identify areas for improvement.
- Compliance: Smoke alarm, water efficiency, window locks, pool fencing; the list of compliance items continues to grow, but that doesn’t mean they get swept into the too hard basked. Review your checkpoints and service providers and make sure you and the business are covered.
- Procedures: Constant improvements to your processes will not only help you increase efficiencies, but also improve client experiences. Reviewing these processes doesn’t mean starting from scratch every month – sometimes the smallest improvements make a world of difference.
- Technology & Time: Whatever technology you have in your office, are you utilising all of the time saving tools available? An update to ensure you are using the latest version, a review the teams knowledge and of course a check to ensure you are using all of the features available may just save you some precious time.
And last but not least, set aside some time to join us for our Spring Clean Your Portfolio Class on September 11.
For all your Property Management training needs.