I’m really excited to be working through renovating for a client because now it’s something that we are going to be able to offer our community. So we go ahead, work out the system and then they can follow the process as well.
Hello, everyone. It’s Thursday, the 3rd of September. And I’m here for our usual catch up. All is going well in Reno headquarters and yeah, our projects are coming along well. And I actually have a little newsletter going out today to just let you know what we’re up to. And I thought we would talk about today is what I am learning about renovating for a client.
Now, this is something that I have resisted for a long time. I’ve never wanted to do this because I thought it’s going to be a pain in the neck. So I thought, “Oh, God, it’s going to be a pain in the neck.” I’m gonna have to please someone and all this stuff. And I’m actually really, really enjoyed it.
But I am realizing things when you think you know what’s going to happen. But as you go along, like we try and anticipate the path completely so that we can make the road smooth for us and for the owner.
And it just blows me away that little things that I really didn’t think through have appeared. So and nothing is groundbreaking. But I thought that I would share today some of the things that I have learned so far in this process. And we’re really only 2 weeks, 2 1/2 weeks in.
And I guess the first thing I think it’s worth mentioning is for someone. So for now, we’re focusing on investment properties only. I don’t think I’ve quite got the resilience or the commitment to be doing family homes. But I think we have a lot to offer someone, an investor who wants to improve their income and the equity of their property, because usually if you’re doing a renovation, you’ll get a builder in. And a builder has no idea generally unless you’re a builder, that’s in our community and you’ve done the training about that balancing act between what you spend and the value that it adds.
And so generally, if that’s your profession, you know, having to rip out more is a good thing because it pushes up your capacity for earning. So I think that we definitely are able to offer a lot more value because we’re so focused on one, adding value and two, managing the costs that I think that that’s a great outcome, a great value proposition for an investor.
And so one of the things that we did before we started was getting the property valued and also got value for as if complete so that we have an understanding of what’s a reasonable amount to spend to get a good outcome for a client because you can go to town and create something really beautiful. But when it’s an investment, obviously there’s a flip side of that. It’s got to actually put money in their pockets. And so that was the first thing and that helps to inform the scope.
So, yes, it’s definitely a plus for the client. It’s also a plus for us because I think firstly, what I’m finding is there’s a lot of satisfaction in doing a job well and really looking after someone at a time that could be very stressful. So I find that hugely satisfying. Just little things like when we did the initial inspection, the bathroom is clearly leaking. So the waterproofing had given way. And because we have an understanding of what the owners’ corporation’s responsibilities are, we’re able to approach them and get them to contribute to the bathroom renovation because of the fact that it was their waterproof that was leaking.
Now, in almost every bathroom reno these days in an apartment. Once you renovate it, the responsibility for the waterproofing goes over to the owner so that little avenue will be closed off. But that was going to happen anyhow. And I think from our point of view, we want to make sure that our trades do the job well and ensure that it’s problem-free as possible. So with everything that we’re looking in terms of the tapware, sanitary ware we’re looking at it from the point of view that it’s got 20 years life in it because that may be how long it’s going to have to last. And so making sure that our selections are sound.
The other thing is really understanding and being able to educate the owners’ corporation on what’s required because they really don’t know. Many owners’ corporations are just in the dark and they just really rely on often what the owners tell them. And actually, on that topic, we actually recorded a podcast with Amanda Farmer, who is a strata lawyer. David and I did that earlier in the week, clarifying what’s required and how to manage that with your owners’ corporation.
I’m going to talk about some of the things that we have to do that I knew but it’s definitely a big adjustment. And the first one is managing your clients’ expectations. Communication is not really my forte so I’ve really had to go the extra mile to make sure that I think about what she is needing to know and warn her when things are going to happen rather than just go and do them, which is usually how I operate. So one of the things we’ve done is set up a weekly meeting so that we’re able to communicate regularly.
The next thing, managing your liability. So this comes in 2 forms. One is around what insurances you need. So getting insurance to cover you, but also being very mindful of the fact that when you are giving advice, you are actually exposing yourself in terms of liability. So you really need to manage that risk. And so there are things that we’ve had to cover off.
The other thing that we’ve needed to do was to actually manage our clients’ liability. So basically keeping her informed on what she needs to do around her landlord’s insurance while the renovations going on so that like we will take every precaution and make sure that nothing bad happens. But things happen sometimes so we just want to make sure that she’s covered. And sometimes with investment properties, owners tend to be quite hands-off. So they’re just not really across where they’re up to with it. So that’s another thing that we’ve found. And also on their behalf, making sure that all the trades are covered. And we do our due diligence. We would always do our due diligence. We never employ trades unless we do that. But we’re doubly careful because we’re doing this on behalf of someone else.
The other thing that I found quite challenging is actually the decision making process. I’m so used to just making a decision and going for it. So in this scenario, you need to be able to communicate the decision to be made in a way that gives the decision-maker the facts so that they’ve got everything they need to make the decision. And without making it for them. But that’s something that I found really challenging because I just like to decide this is what we’re going to do and just go and do it. That’s not how it works.
But I think they’re probably the main things I’ve learned so far. I’ve just found it’s a very satisfying exercise. The great thing about it is it means that you can do projects without having the hassle of buying and buying property. And so that’s really awesome. So for those of us who really love the renovating process, it’s good to be able to exercise that muscle without all the other stuff that goes on. And so I partnered with Odette and she’s at uni. And so normally her job would be out after school hours care. And so which is quite poorly paid. And so this is a much better way and it’s part-time. And you can work around your hours, but it’s just much more versatile. And I think it’s an awesome way to use renovating skills. And I’m really excited to be working through it because now it’s something that we are going to be able to offer our community. So we go ahead, work out the system and then they can follow the process as well.
Then I guess the one thing about this that’s different from what we do is you actually have to get customers. And so that will be the next thing that we tackle once we’ve got the system sorted out. We’re just going to take it to the next level.
I have an email, a newsletter going out today, and that will get everyone up to speed about where everything is. Thank you all for your input on the naming of our new product, the Reno Intern. I think that was great because I’ve been really struggling with that for quite a few weeks. And as I’ve already got one as in Odette. But I am about to take on a new one. And I know that some people were interested. And if you watch the newsletter that comes out today, it’ll tell you what to do if you want to put up your hand for that. Of course, at the moment I can only offer it in Sydney if you want to come to the site or you don’t want to come to the site. Well, that’s fine. We can do it in other states. But for now, it’s just here. And yeah, that’s pretty much where we are at. So that’s my news for today.
Well, if nobody’s got anything more to add to that, I am going to love you and leave you. So thank you for coming in and watching. And I will see you same time next week.