The Digital Rent Roll Sale
How to keep a rent roll, rolling
Rent rolls are a sure bet. Build it up. Sell it. Cash in the asset. See the return. Simple.
Well – that’s not always the case. Selling a rent roll can, in fact, be a difficult sale. Transferring ownership can lead to a loss of retention. Losing clients means losing money. Technology, however, can give landlords peace of mind, make the whole process easier and accessible and help valued clients stay.
Chris Wilkins, from Ray White Drummoyne, has just sold his rent roll of just under 300 properties. He sold the rent roll because he wanted a change. He says, “I’ve been doing this for 28 years. I’ve owned my own business for just over 20 of those, and 20 as Ray White. I didn’t want to lead the business as I have for the last 20 years. I am just looking to help people where I can, and add the value of 28 years of experience.”
When he found a buyer for the rent roll, workshopping the sale with his friend Peter Matthews from Realtair, they discussed how signing on glass could improve what can be a tiresome and leaky process. Resigning Agency Agreements can lead to a lot of clients going elsewhere. Chris says, “Pete said, “Maybe we could do this with Realtair through Pitch.” That’s how it started.”
Realtair assisted. With staff from Chris’s office, they talked to the majority of landlords about their needs. Eventually, a detailed digital Agency Agreement, generated from Pitch, went out to every owner of Chris’s 300 properties. All owners had to do was click and sign on glass.
Within minutes, responses came back. Chris says, “How can I describe it? Maybe, like watching the lotto.” Chris was notified when an owner opened the email and viewed it. A lot of his older investor base responded very quickly and swiftly and most people, as a whole, signed straight away. He says, “It was a really exciting thing, especially the first few nights or days, watching these emails come back into your inbox with signed Agency Agreements. It was fabulous. It was also so exciting seeing them acknowledge their loyalty, their trust, their understanding in us. I had a couple of owners that did it on their phone while they were overseas. This was just pre-COVID. It was just amazing from a business perspective.”
Most importantly, they didn’t lose many clients. Chris says, “I’m a little embarrassed from what I understand the industry norm to be, but we lost seven owners.” That’s all – seven. What an amazing achievement.
Chris is now a complete convert to doing real estate digitally. Initially, he had no interest, but now he can see the benefits. He says, “I’ve done a backflip. I’m now constantly using Pitch and constantly using sign on glass. People don’t flinch. The team at Realtair were absolutely fantastic. I could not fault them.”