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 about 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,” Amanda says.
“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.”
Amanda was recently able to secure 11 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 over her competitors.
Earlier research conducted by BMT has uncovered that as many as eight out of 10 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.
For a quick insight into depreciation and what it can do for your clients, watch BMT Tax Depreciation’s educational video for property managers.
