Reduce Internal Overheads by Outsourcing Your Lease Renewals!

Reduce Internal Overheads by Outsourcing Your Lease Renewals!

When looking across a property management business and working out where you can reduce some expenses, it can be a little bit difficult. There are so many tools involved to manage a property these days, most of these being online. When you look back to ten years ago, there were far lower expenses, particularly in the software space as there is now a new shiny thing coming along every six months.

What was interesting today, I was having a conversation with a client about wages in general and talking about how the average salary in Australia has not increased by a considerable margin over the past years. We both agreed on this, however, found that Real Estate was an anomaly and even more particularly in the Property Management department. The particular client mentioned that he lost his senior property manager to another company as they had offered her $95,000/year plus a car. We both understood why she left for that money as it is a ridiculous amount for a Property Manager in our opinion. So, the point I am getting to here is that property management expenses are on the rise and you must look for ways to reduce some.

One of the easy ways to reduce some expenses is to start looking at things that you can quickly move offshore and outsource to a Real Estate Virtual Assistant. By taking routine, mundane tasks off your PM, you can increase their capacity, thus making a more profitable business. One of the functions that we are suggesting here is to take your lease renewals offshore.

Traditionally there are a lot of conversations around lease renewals that are not needed. The conversations can be reduced by using some online tools to bypass the conversation. Building your leases in a way that can be signed off on online is also a significant improvement you can make. A client of mine, who was very time poor, was struggling to get his head around it all. He asked if I can help him get set up and help build out his offshore lease renewal process, for an extra fee of course. I took it on at this point as a challenge to see if I can get a lease fully negotiated, signed and returned with no property manager needing to be involved. I started by building out the ideal workflow based on the software tools he was using. See workflow below.

With a combination of online tools, great process and training of the offshore team member, we were able to achieve the goal, to both my amazement and our clients. The only place the client got involved was around the renewed price of the rental agreement as he knew the market better than anyone and more than his Filipino staff member.

Renewing a lease with no property manager can be achieved as there are limited variables with a lease renewal. The cool thing we added into our process was when the email went to the owner; they could tick a box letting the client know that they were thinking of selling in the next 12 months. Our client now not only had a lease renewal process that was streamlined and ran by a low-cost offshore staff member, it also produced sales listings.

When you combine online tools, automation and low-cost staff, you can 10X your productivity and dramatically lower your expenses, leaving you with more money plus more time to grow the business. If you are new to putting a process in place, whether it be to hire offshore staff or to streamline your business, I have a book for you. You must read “E-myth why small business fails”, if you have not already. Once I read this book, it was a big lightbulb moment. With any business, if you are not growing by learning, it is tough to stay ahead of the game.

I hope the information in this article has some value. If you like it, please share it with others. If you would like to chat with me, feel free to reach out on LinkedIn. I am always happy to talk about all things Real Estate.

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Contributors

With 13 year’s experience in Real Estate, 7 years running businesses, 6 years running offshore teams and importantly the Managing Director of a Real Estate Specific Offshore Staffing Solution for the past 3 years. Stephen Atcheler is an expert in helping businesses implement offshore solutions to help them scale, reduce internal wage costs, create automation and develop an online footprint.

Stephen Atcheler

The Marketing Manager and Coordinator of ShoreAgents, Angie Dayrit has built her career in the Marketing field for 5 years.
Since the early age of 20, she has been exposed to the positivities and possibilities of top career industries.
She’s a firm believer of the power of out-of-the-box thinking–taking in the key things of traditional marketing while openly embracing the technological advancements of Marketing.

Angie Dayrit

CIPS, TRC, Founder and Managing Director of property management business solutions company ireviloution is an international real estate identity who has coached, mentored and trained over a thousand of property management teams and business to success and thousands of individual property management business owners and property managers worldwide.

Jo-Anne Oliveri

A co-founder of LockedOn – a powerful, easy-to-use real estate CRM platform that makes listing and selling simple. With over 15 years in software development experience in the real estate industry, Iain has helped create software solutions that have enabled thousands of agents create lasting relationships with their customers.  

Iain French

He is the Founder of the hugely successful Offer Management Platform, Market Buy, and a career real estate agent spanning 22 years. He has worked in all facets of real estate and has won many awards over the years for Innovation, Sales volume, and office performance. Dave is dedicated to improving the real estate industry and providing agents with the tools they need to survive and thrive in an ever-evolving business environment.

Dave Stewart

She is the founder of Rent Roll Starter and specialises in helping independent real estate agents to start and build their own Rent Rolls, using affordable (and sometimes free) marketing and growth strategies.

Ellen Bathgate

He is the Co-Founder and CEO of the Melbourne-based proptech start-up Rental Heroes. He is passionate about applying innovative digital solutions to help people connect better. Like many Australians, Ben and his co-founder Dom, have been both tenants and landlords. They founded Rental Heroes because they saw an opportunity to speed up issue resolution and automatically handle common tenant requests 24/7 (everything from a broken dishwasher a to pet requests!). Rental Heroes have launched their AI-chatbot “Alex” - who helps property managers by liaising directly with tenants to handle everyday requests and issues.

Ben Burton

With more than 15 years experience as a professional real estate photographer, Brad has a deep understanding of what it takes to showcase a home in its best light. After photographing homes all day and editing them all night, Brad decided to create BoxBrownie.com, which has become the ultimate photo editing portal for everyone from professional photographers, real estate agents, to property managers.

Brad Filliponi

With extensive digital experience spanning over 30 years, He is a full-service mobile marketing business specialist and chatbot ninja. Mike helps empower small business owners and real estate agents to achieve marketing success on Facebook by generating leads through conversation.

Mike has built the marketing platform and designed the Facebook strategy using old school systems so that Real Estate Agency owners can build the most effective marketing lists as well as own the data from advertising and marketing. Following Mike’s vendor paid 12-point strategy over 12 weeks will build a list of over 1,000 prospects segmented into Buyers and Sellers that teaches Facebook who should see your ads in the future.

Mike Hillsdon

A marketing consultant, writer, and a social entrepreneur. For the last two years, he’s been engaged in Australian real estate marketing, media broadcasting, and shared services marketing.

He has a great passion for evolution in terms of learning which develops a holistic facet in his personality.

Ejay Manalansan

Sarah has emerged as a highly sought after speaker and panelist on the intersection of artificial intelligence and human systems in real estate. Sarah is passionate about helping agents and organisations to understand this new technology, simply, so they can make confident and informed decisions about how to adapt to a future of work where human and digital resources collaborate.

Sarah Bell

Joel is the founder of Property TV and has worked with some of the most innovative companies in Australia, USA and Europe. He is the former CEO of Californian PropTech entity Transmit Data and former CIO for a Silicon Valley technology incubator, Joel has been at the forefront of property marketing and technology for the past 15 years. Joel is also the former CIO of the Australian Property Institute and former Head of Technology for real estate franchise group, Raine & Horne.

Joel Leslie

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