2. Malcom Riley: In Brief
REIQ Committee Member 1999 – to
current
REIQ Committee Chairman 2003-
2005
REIQ Property Manager of the Year for
Queensland 2002
REIQ Property Manager of the Year
Cairns 1999
Accredited REIQ Trainer – Certificate
4 Trainer and Assessor
Business owner for 25 years
Had numerous articles published in
nationwide magazines
8. SYSTEMS
Arrears Systems
Repairs and Maintenance
invoicing
Routine Inspections
Bond inspections
Vcat Process
Mid and EOM Process
New Business
Leasing Officer
Fees Increase
12. Key Step
Grade all your Clients - AB CD
Who wont do repairs etc
Grade all your Properties AB CD
Look at all the rents per property i.e. what is
you cheapest rent
Where are all your properties located from the
office
53. 53
Claim examples
Mismanagement
• There are two allegations made by the tenant with respect to
failure to maintain the property:
– Water tank - the tenant repeatedly asked the agency to
check their concrete water tank as they will
continuously running out of water. It transpired that
the water tank actually had three cracks which caused
seepage and cracks in the ground, resulting in the
tenants elderly mother falling through the hole and
injuring her leg.
– Rear veranda - the tenant had also repeatedly
requested that the decking be repaired. Apparently the
Property Manager advised the tenant that they would
not replace the deck but simply have a maintenance
man nail down the boards.
56. 56
Claim examples
Muir v Hume [2003] QSC 191
Facts
• The tenant was injured when she tripped on a patch of worn and damage
carpet in the hallway of her rental property.
• She issued proceedings against the owner on the basis that she failed to
ensure that the premises were in good tenantable repair and fit for human
habitation.
• The plaintiff had made numerous pre-incident complaints to the
agent, who in turn, had passed them on to the owner (and had records to
support this).
• The owner had also inspected the property on several occasions and was
aware of the hole. Her response was to lay a mat over the hole.
• Interestingly (and we consider appropriately), the plaintiff did not make a
claim against the managing agent.
57. 57
Claim examples
Muir v Hume [2003] QSC 191 (cont)
Held
• The Court upheld the plaintiffs claim.
• It said that the owner had sufficient opportunity to repair the
hole, that merely placing a mat over it was itself a safety
hazard and that the cost to replace the carpet was not
onerous (around $1,400).
• The plaintiff was awarded over $1.2 million.
58. 58
Claim examples
Mismanagement
• The allegation made by the claimant is that the Real
Estate Agency accepted instructions from her former
partner to rent the property without her authority
and she is demanding 50% of all rental monies paid
to date. (Property has been rented for over two
years).
• The Property Manager originally responsible for the
property has since resigned. There is a title search on
file indicating both parties as owners, but for some
reason the Property Manager did not pick that up at
the time.
• The claimant is seeking $34,000 in compensation!
59. What Type of properties do you
Manage ?
• Write this down
• How Many Houses ?
• How many units ?
• How old are they ?
• Identify your worst properties ?
• Properties that you spend most of your time
63. Where to Now
How many properties is coming in now ?
What can it be increased by
How many Appraisals are you doing ?
How many are you winning ?
How Many are you losing
Why did you lose them
Speak with the owners
71. Let Fee
• One day of inspections – 96.2 km
• 6 inspections – two no shows
• 2 applications
• Time -2hours 40 min
• 96.2km @72cents = $69.27
• One staff member $16 per hour $38.40
• Total $107.67 – no return
72. 19 Smith St - $320pw
• 7 Inspections time took 3 hours 15 min =$50.40
• 56 km round trip x 7 inspections
• Total of 392km @72c = $282.24
• Process application Takes about 1 hour $16.00
• Total $348.64
• Loss of $28.64
• Not Counting the Condition Report or
documentation
73. 19 Smith St - $320pw
• One more inspection
• Total 8 inspection time 45 min = $57.60
• Another 56 km @72c = 448 = $322.56
• Total to rent this property $380.16
• Loss $60.16
79. SIX MONTHS @$340PW
LET FEE - $374
TWELVE MONTHS @$340PW
LET FEE - $748
8.5 % - $826.54 8.5% - $1653.08
LEASE RENEWALS - $ LEASE RENEWAL - $55
PERIODIC INSPECTIONS - $44 PERIODIC INSPECTIONS - $88
TRIBUNAL HEARING - $ TRIBUNAL HEARING - $55
ADMIN FEE - $66 ADMIN FEE - $132
TOTAL $1310.54 -26 WEEKS TOTAL $2731.08 - 52 WEEKS
PER WEEK - $50.41
PER DAY - $7.20
PER WEEK - $52.52
PER DAY - $7.50
80.
81.
82. Target
• How Many do you want to grow by
• How Many staff will you need to put on
• What computers will you need - ipad
• What office space will you need
• How much furniture will you need
94. New Listings
• Private Owners
• Letter Box Drops
• Door Knocking
• Buildings Under
Construction
• Local Government
• Social Media
• BNI
• Advertise for Listings
• Letters to Absentee
Owners
• Being Observant –
Properties being
Painted
• Cold Calling
• Relatives and Friends
95. New Listings
• Neighbours
• Clubs
• Church
• Walk ins
• Sporting Clubs
• Open For Inspections
• Referrals
• Repeat Business
• Website
• Internet
• Chamber of Commence
• Lions
• Rotary
97. Buying a Rent Roll
Transfer of Records
Transfer of Keys – Remote Controls
Seek Experts Advice
File Notes
How Old are the properties
How Far Away are they
Condition reports
98. Buying a Rent Roll
Check Agreements 20a
Ratio Owners to Properties
Ratio Houses – Units
Location from Office
Last 12 mths income
Software System
Staffing
102. Property Management Power - You
can have it !!!!!
Price: $95.00 PPM GROUP SPECIAL
$50.00
Receive Perfecting Property Management
for FREE !!!!
2 audio cds for
Learn how to obtain NEW
Business
Getting a point of
difference
Over coming Fees
Objections !!!!
103. TV and Telephone
• Between 2010 and 2013 analog free to air TV
signal are being switched to Digital only
signals
• More information on 1800 201013
• www.digitalready.gov.au
