ARAMA held another very successful Letting Pool Workshop on the Gold Coast on Wednesday night.
Around 60 people attended the very successful and informative evening designed to help Management Rights owners protect their letting pool. ARAMA arranged some specialist guest speakers, including Danny Little, Director of Management Rights Advice and Service Consultants, John Mahoney, founding partner of Mahoney Lawyers and Rusty Lush from RAAS. These speakers shared their expertise and knowledge to a very willing group of managers, keen to protect their investment and livelihood in today’s very competitive market.
They covered how best to protect your letting pool from outside agencies targeting a slice of your business. The key is building a strong relationship with your unit owners by communicating with them effectively and making sure they are “in the loop”.
Manager’s actions and efforts can sometimes go unrecognised, so it is up to you to keep your owners informed of what you are doing for them. Send them a monthly newsletter with topics of interest and updates on the resort and the area. Use your property management software to its full effect by showing on your monthly statements anything that you have done for nothing, in addition to those items that have a cost attached. You can do this in your HiRUM PMS by adding statement comments, or raising a charge which you can then credit off.
When you are arranging maintenance for an owner it is certainly worthwhile arranging a couple of quotes first. When you call them you have a solution to offer them, a couple of options available and an idea of the cost to them.
These are just a couple of the hints that were offered at the workshop. The more an owner understands the effort and work you put in for them, and how much easier you make their life, the more likely they will be to be loyal to your management.
(images courtesy of FreeDigitalPhotos.net)
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