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How MyBMT helps property managers save time

BMT team — Fri, 06 Aug 2021 05:40:16 +0000

Juggling day-to-day operations and dealing with unexpected issues means property managers rarely have enough time in the day. While we can’t make days longer, one thing that helps property managers save time and streamline processes is through MyBMT. What is MyBMT? MyBMT is a free portal that BMT Tax Depreciation has created and made available as an app and online. It’s your one-stop-shop to find everything you need to manage landlord depreciation and investment needs, plus much more. Four features of MyBMT that help make property manager jobs easier 1. Direct access to free tools MyBMT allows you to have seamless access to a number of tools, including New to Rent and PropCalc. New to Rent is a service you can register for that automatically provides free depreciation estimates for all the properties on your rent roll. Making it the easiest way to obtain depreciation estimates for your landlords. PropCalc is a cash flow calculator that evaluates the real cost of owning any property, investment or not. It breaks down the cost so that you can show your clients how a new investment property purchase may impact their after-tax cash flow. Many fields in the calculator are flexible which means you can export a tailor-made report for a client. 2. File sharing and record keeping When both you and your landlord client have MyBMT accounts it makes file sharing, saving and record keeping much easier. For example, a landlord can upload files like images, receipts and invoices and share them directly with you through the app where they are saved. This takes the hassle out of emailing back-and-forth while ensuring a client’s records are all saved in one place that is easy for both yourself and the landlord to access anytime, anywhere. 3. Research and insights MyBMT is powered by comprehensive data on the property market. This allows you to do your own in-depth market research through the apps ‘research and insights’ feature. Here you can view market insights, planning applications and generate property valuations. Knowledge such as this will help answer landlord questions on the local market and their individual property. 4. Order a schedule through the app and monitor progress To make your job easier, you can order a tax depreciation schedule on your client’s behalf through MyBMT. This is usually the step after a depreciation estimate and quote has been provided and your landlord client wants to proceed with obtaining a tax depreciation schedule. Once the schedule is ordered you will be able to monitor its progress through the app, meaning less phone calls and emails for you. To learn more about MyBMT and the additional service BMT offers, contact the team on 1300 728 726 or visit their website.

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What to look for in a good Property Manager

BMT team — Fri, 25 May 2018 01:46:20 +0000

Choosing a Property Manager to look after your investment property is a decision not to be made lightly. First-time investors sometimes make the mistake of choosing cost over competency, resulting in added stress and poor property maintenance. There are a few important considerations to keep in mind when choosing a Property Manager to ensure your investment is in safe hands. 1. Communication If a Property Manager is not returning your calls or replying to emails, steer clear. Although Property Managers are very busy, they should prioritise potential new business and a lack of communication at this stage is a red flag that they may not be there when you need them ‘post-honeymoon stage’. Strong communication is a sign that your Property Manager has sufficient time to competently manage your property and the interpersonal skills to keep tenants happy. 2. Confidence The Property Managers that really stand out from the crowd are both confident in themselves and in their knowledge of the property market. In the world of real estate, confidence builds trust and trust is key to impressing and securing long-term tenants. 3. Experience A quality Property Manager has relevant qualifications and plenty of experience in the industry. They have also dealt with every wacky tenant request and property repair under the sun and will be able to promptly resolve issues and avoid conflict. 4. Knowledge With experience comes knowledge. A Property Manager who is familiar with the area is ideal as they answer your questions about what other properties in the area are letting for and the questions of tenants who may be relocating. Therefore, it is a good idea if they are a local or if they have worked in the area for some time. As an added bonus, local Property Managers will likely have relationships with trustworthy tradespeople and can get repairs done faster (and cheaper). A knowledgeable Property Manager can also provide you with additional information which can help you minimise risk. They are aware of safety regulations and the relevant legislation that will protect you and your investment. 5. Organisation Don’t be afraid to ask your Property Manager about their internal processes. It’s in your best interest to know about their process for selecting quality tenants, dealing with tenant requests and how frequently inspections are held. Investing in property is a lot about managing risk and tenants are the biggest risk to your property. If a Property Manager doesn’t properly screen tenants upon application, you can find yourself in all kinds of trouble with unpaid rent or costly property damage. 6. Passion Ask yourself… does the Property Manager clearly love what they do? One of the biggest mistakes you can make as an investor is to choose a Property Manager who has lost the will to please tenants and is just in it for weekly pay cheque. The nature of the job means they are often the first to receive calls from angry tenants which can quickly turn off anyone without a passion for their job and the world of real estate. A passionate Property Manager will love what they do and this will show in the way they deal with tenants. On the ball Property Managers with a can-do attitude will keep properties full, tenants happy and the cash flow constant.

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How tax depreciation can assist with winning property managements

Bradley Beer — Thu, 13 Nov 2014 06:02:21 +0000

Your chances of winning over those ever important property managements can be increased by improving your knowledge on tax depreciation. Ensuring your clients are aware of the benefits of depreciation can help you to negotiate and secure a listing. As a Property Manager you need a large knowledge base to effectively manage a property portfolio. Being able to pass on relevant information to your clients on their investment properties demonstrates your ability to add further value to your services. Improving your knowledge on tax depreciation will provide you with a clear advantage over your competition, rather than if you were to solely focus on the functions your clients might typically expect from a Property Manager. Amanda, a Principal and Licensee from NSW with around 700 rental properties under management, also believes that educating landlords on the most effective ways to maximise their investment is crucial for generating trust and bringing negotiations over the line. “By discussing ways to maximise cash flows from the property other than just helping them achieve the best rent, such as by using depreciation schedules, you can create customers for life from the savings they receive.” “It can also make you look like a much more professional and well-rounded outfit, and shows you care about ensuring your clients receive the best possible financial outcome.” said Amanda. Amanda was recently able to secure eleven new managements from a single investor because he was impressed by her approach to educating him and sharing her knowledge on the whole process of property investing. Amanda was competing against every other agency in her area for these managements, however due to her ability to demonstrate a greater degree of knowledge on tax depreciation she ensured the customer selected her firm over her competitors. Earlier research conducted by BMT has uncovered that as many as eight out of ten property owners are not claiming full depreciation deductions where they are eligible to do so. There are a large number of property investors that are unaware of the depreciation deductions they are missing out on. This is a great opportunity for property professionals to show their clients the extra funds that they can gain from investing in a depreciation schedule.

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Depreciation for Property Professionals Part 1

Bradley Beer — Mon, 20 Jan 2014 03:18:52 +0000

Welcome to the first of our Property Professionals Tax Depreciation training videos – Introducing depreciation to your rent roll This particular video is targeted towards Property Managers. As a Property Manager, you are looking after one of the biggest investments that Australians will make, investing in property. Property investors are investing into property for the sole purpose of making money and wealth, both now and in the future. Property depreciation makes a big difference to the cash flow on investment properties, and therefore the money that these investors do make. Many don’t take advantage of it properly. What we’re going to do is arm you with the tools, to make sure you can add some value and help them to increase the cash flow on these properties. Video Scenarios: Introducing depreciation when signing up a new management. Introducing depreciation as another way your business helps your clients to save money on their investment property. Using depreciation to give you an opportunity to position your business as value adding, rather than a necessary expense. Points to remember: If you know all about depreciation, then you know its importance to the investor, but if you don’t, no problem . You don’t have to know everything about depreciation , that’s where we come in. As a Property Manager, do you know which of your landlord clients have a depreciation schedule for their investment property? Make sure to check with your clients as they can only claim a maximum of 2 years in arrears for depreciation. By ensuring your clients are well versed in the benefits of depreciation to help with their investment, you position yourself as the go-to Property Manager who cares for their clients. If you’re a Property Manager, we hope this has been helpful to you. Watch this space for the next video specifically for Real Estate Agents – Including tax depreciation in your sales pitch for property investors

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