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2018 August Wrap - Presented by Dot Hamilton (BDM, First National Palm Beach | The Pines | Burleigh)
How was August for Property Management?
Give us a broad idea of what is entailed in this:
- In a word Huge.
- We let 22 properties in August compared to the 15 properties in July.
- The big increase was because landlords handed us 11 new properties to manage.
Are you having to make any compromises to keep tenants in the properties?
- The Property Management Team was as busy as it has ever been!
- We fielded more than 1000 enquiries from all sources.
- Leonie, our leasing clerk held 150 Open for Inspections – that is about 35 opens a week.
- During the opens 353 tenants inspected and we took 82 applications which all had to be checked and verified by our front desk staff before the final few went to the property managers for approval.
- It was a huge effort by the whole team and by the end of August 99.5% of our properties were leased.
Besides these numbers how do you measure the health of the rent roll?
- No, 94.4% of our tenants are paying their rent by the due date.
- Industry statistics are based on the legal definition of arrears.
- We can't issue a notice to remedy breach until the rent has been unpaid for seven days.
- On that measure only 1.35% of the rent roll is in arrears.
How does it compare with new managements?
- We are vitally concerned with how quick we can turn the properties around when they become vacant so one of our key metrics is days of lost rent or true vacancy.
- Our tenanted managements were leased on average within eight days from available date to date removed from the web.
- They are very similar, in fact there was 7.5 days from vacant to off market for the 11 new managements.
If you would like to find out more about Dot Hamilton, please click here to read her full profile.
by Celine Battendier 2018 August Wrap - Presented by Dot Hamilton
palmbeachfn.com.au September 2018
First National Palm Beach
Cnr of 6th Ave & Cypress Terrace, Palm Beach, QLD 4221 Ph: 07 5559 9600