Rent rolls are most commonly valued based on annualised management fees across a multiplier range. This range differs from region to region and again within a region when looking at city say compared to rural location.
Have a list of your vacant properties with you, so if this property isn’t suitable, you can offshoot them to another property you manage.
Applications are a great source of finding potential landlords. The tenant created a relationship with the previous owner and their details can be put on the form as a reference.
At this point you can then call the owners and thank them for the reference check, but then offer to help find them a new tenant as it’s now come available…unless they’re selling or moving in themselves.
When a property is vacant it’s one of the most stressful times for an owner, so they are now at a point where they need your help, and you can offer some help when you’re making that call.
Having a system like InspectRealEstate (IRE) in place within your office is having a service for your potential tenants that’s above and beyond your rival agents. They, as tenants, recognise this when they’re looking for a property with you, as you’re making life easier for them and they get impressed with the notifications. They (If they’re a landlord) start to question “why isn’t my agent using this service?”, or “wow I manage my own properties and can’t offer this for my own tenants when looking”.
You are now offering a service above and beyond your rivals……a point of difference (POD).
