Property Management: Avoid the January Blues

Published: 05 January 2008.

By Fiona Blayney

Fiona Blayney is a Business Consultant and Trainer for some of Australia's leading agencies. She will be speaking at ARPM 2008.

As the holiday season approaches we enter the rent payment danger zone! The need to have brightly wrapped boxes under the tree and attend parties often takes precedent over ensuring one has a roof over their head in January.

What processes do you have in place to make sure that your tenants get their ever important rent in on time? Planning in advance will ensure that you don't come back to an arrears list that resembles the entire rent roll.

Technology here can be your best friend. For the month of December, perhaps step up your arrears management to three times per week, rather than the standard two. Place rent payments top of mind for your tenants. Whilst many people will get a festive well wish via text, let's send a friendly reminder first thing each morning to prompt a tenant to take action before the day ends. How about a friendly financial letter to those tenants who are constantly in arrears? If you are feeling cheeky perhaps set their new year's resolution for them... to pay their rent!

In essence, focus on arrears this month and minimise your risk for January 2008 and set the year off to a good start.

May I also suggest you consider the payment options available to your tenants. Many agents are having a great response with direct debits - consumers are starting to embrace any time saving technology and using direct debit benefits everyone.

www.fionablayney.com