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Experienced residential property investors allow a 3% vacancy factor when budgeting for potential return.
In property management parlance this means 10 – 12 days vacant per year.
In 2018 the average points of critical mass for a residential property management department wishing to guarantee a 20% operating surplus is $750,000 gross income per annum.
This $750,000 income is derived from a rent roll comprising 550 managed tenancies.
Working in estate agency practice is stressful. Best Practice has a research list of “stress busters” which help keep stress under control.
1. Don’t blow your top
Keep cool, don’t do something you’ll regret later. Sleep on it and respond the next day. You can measure a person’s self-esteem by how long it takes them to lose control and become angry.
2. Exercise
Go for a good walk for a minimum of thirty minutes every second day.
3. Healthy Breakfast
Don’t skip breakfast. Avoid mid – meal snacks.
4. Mid – Day Break
Leave the office at lunch time and take a brisk walk.
5. Leisure
Plan holidays and long weekends at least six months in advance. Involve your family.
6. Sleep
Get six to eight hours sleep every night. Go to bed early the night after any late ones.
7. Sick – Stay Home
Don’t take your germs to work; stay home and recover.
8. Coffee, Sugar, Alcohol
Minimise your intake and plan to have every second day as an A.F.D. alcohol free day.
9. No Smoking
Listen to the message of the late Tasmanian Premier Jim Bacon who died at age 54 from lung cancer; DON’T SMOKE. If you do, seek professional help to stop. It is impossible to smoke and look intelligent at the same time.
Throughout Australia and New Zealand a typical top 10% most profitable agency sales department comprises 10 personnel (6 principals / sales agents with 4 support persons.)
This typical department averages a 35% operating surplus on every sale.