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PMs - The Tip of The Spear

That phrase describes our property managers to a T but, backing them up is the rest of a well oiled machine that makes our incredible vacancy rates and arrears rates consistently possible.

This graphic summarises 12 months of work largely by the front desk Property Management support team, I thought it might be more interesting for our clients and friends if I put the raw numbers into context with some estimates of the times involved.

At one hour per inspection including travel our 566 Open for inspections took up about 14 weeks.

Enquiries totaled 15,365 all of which were recorded and indexed for further marketing as similar properties became available.in fact about half the people enquiring were already in the system. Back in the day we couldn't have done that much data entry under one minute each, probably more. We are smarter now but five years ago that would have represented nearly 7 weeks of front desk time.
 
We also recorded 3939 physical inspections recorded against both the potential tenants and the properties they looked at while the inspections were taking place.
 
It goes on, there were 1589 applications which at approximately 30 minutes each to process including credit checks, TICA checks, income checks, previous landlord checks. It works out at 791 hours or 21 weeks before the applications are sent to the Property Manager for review, discussion with the owner and acceptance.
 
We let 178 properties which involved the preparation of 178 Entry Condition Reports that took approximately three hours each or 14 weeks.
 
So, there you have it, 54 weeks or so between 2 people before we started to "manage" the properties.

Click here to view all our monthly KPIs (the last 12 months).

 

by David Hamilton

PMs - The Tip of The Spear
palmbeachfn.com.au July 2021
First National Palm Beach
Ph: 07 5559 9600