I have had my fair share of experience dealing with a lot of different properties and managers both in my career, and as an investor. Something that has become really clear to me is this: It is generally foolish not to engage your onsite manager to manage your investment property.Read More →
Article originally appears in HiRUM industry blog: https://www.hirum.com.au/blog/responding-online-guest-reviews/ The benefits of building a strong online review profile are irrefutable…Online reviews not only provide a unique opportunity to foster guest relationships post check-out, but have also been proven to deliver higher profits to accommodation providers. We discussed these benefits in more depth in a recent blog article. Now, we would like to explain to you the benefits of responding to the reviews your property receives & how you should go about doing so. Reviews, responses and Google It’s rare for Google to openly discuss aspects of their ranking algorithm, but perhaps in an effort to support small business,Read More →
Here’s a scenario. Imagine that you have accidentally killed someone or maybe you have committed a major white-collar crime such as embezzlement. Now, imagine that you’ve gotten away with it. Years have passed and you’re in the clear. Trouble is, you are overwhelmed with guilt. Maybe you’ve had a change of heart, or just genuinely become a better person, and you wish to set things right. What should you do? Turning yourself in might give a sense of relief, closure and justice to those affected by your crime, but it will also cost the state a whole lot of money to investigate your crimes andRead More →
One of the most hotly debated and often misunderstood concepts when determining the profitability of an accommodation business is the concept of ‘maintainable income’. The concept of ‘future maintainable earnings’ is a longstanding valuation principle, and possibly the most commonly used method of valuing an accommodation business is the capitalisation of the maintainable earnings of the business. In a management rights context, the capitalisation rate is referred to as the ‘multiple’, whereas in other accommodation businesses it is generally expressed as the return on investment percentage or ‘capitalisation rate’. Determining the multiple or capitalisation rate is very much the domain of the valuers and agentsRead More →
Last week RealEstate.com.au committed some resources to our managers to pull together a webinar that explained how to maximise rental marketing services with their portal. The feedback our managers gave us was that they found it really informative and useful. A lot of managers wanted to attend the webinar but, as you’d know if you are an onsite manager, they were otherwise engaged at the time. In light of this, REA have put the webinar into a video format so our managers can recap. You can watch the video here: https://rea-group.app.box.com/s/lztw0qvhwoh5jcco286vzjal0ja8jjpq Don’t hesitate to post any feedback or questions in the comments below.Read More →
TheOnsiteManager.com.au frequently gets introduced to many products, including landlord insurance, catering to the real estate industry. With our managers in mind, we assess the overall benefit of each product. Recently, Australian Landlord Insurance (ALI) presented an offer to us to take to our managers. We are pleased, on behalf of ALI, to offer to you landlord insurance for just $320. This represents a reduction, in most cases, over landlord’s current policies but also provides your clients with additional cover in many areas. Also note that the normal cost of a ALI landlord insurance policy in Queensland is $325. ALI’s product is extremely competitive in theRead More →
We used to think that getting to settlement was a normal process over about 90 days with maybe a bit of renegotiation on verification but due diligence and finance were fairly straight forward if we had qualified our buyer and committee approval was a given. What happened? Now we see more contracts fall over than ever before and extensions requested with almost every deal and finance can take 42 days or more. Buyers are providing more information than ever before and sometimes Sellers not enough. I think we all need to understand that the criteria has changed in the past couple of years. Sellers needRead More →
Yesterday I was invited along to the BNE Airport Business Advisory Group Airport Tour. They hold these tours once a year to communicate to the business community their strategy and roadmap for the future. I’m pleased to report: it’s a very good roadmap and one of the things that makes me excited to live in South East Queensland over the next decade. The tour began, and ended, at the Accor’s brand new IBIS hotel and conference centre, opposite the domestic terminal. It’s an impressive hotel, particularly for a 3.5-star offering, but what really amazes me is that it’s the 3rd hotel Accor have launched inRead More →
Management rights, whether permanent, short-term (or holiday-let), hotel or motel; can benefit from overseas or inbound business. Although the term overseas, or even global, markets can sound daunting at first; if you have been working in this market segment, some insights should help to increase market share by focusing on the right markets and approaches. The selection of markets is based on many visitors but even more importantly, on the degree of difficulty in developing the market. New Zealand is the biggest market but many Kiwis stay with family and friends, choosing cheaper options when they do stay at a hotel. Asian markets Owing toRead More →
When running a management rights business, it’s so easy to get so caught up in the day-to-day that you forget you’re not just an employee doing a job, but in fact a business owner and investor. It’s understandable – if you’re spending all your time listening to complaints and getting covered in bin juice, it’s not hard to lose sight of the reason you first went into management rights: to enjoy a better work-life balance, to semi-retire, or to build a nest egg off of your letting pool income. Unfortunately, there’s no secret get-rich-quick method to running an effective, profitable management rights business. But thereRead More →
ADVERTISMENT: