Choosing A Real Estate Agent

An investment property is a significant asset and it is important it is managed well. Most real estate agencies offer property management services - however, in a large and sometimes noisy industry, finding a quality agent to manage your property can be overwhelming. 

We have put together a checklist of things worth thinking about or asking a property manager when looking for a new agency;

Professional Image

Does the agency have a professional image? It is not always 100% true but often the quality of advertising photos for property listings online speaks volumes about the agency's attention to detail. The saying ‘a picture says a thousand words’ is accurate in this situation. 

Experience

How much experience does the property manager or team have? Property management is a very extensive and involved role. A thorough understanding of the Tenancy Agreement and Legislation is required. An agency who has trained and mentored their staff well will have an experienced and knowledgeable team to assist you in managing your property. A good property manager is an important asset!

Relationship

Do you get along with the property manager? If a property is in good condition and is maintained well, in theory, you shouldn’t need to speak with your property manager very often. However, if you do - is your property manager friendly, approachable, patient, and empathetic? It is one thing for the property manager to have experience and be knowledgeable but it is also very important that you find them easy to get along with and have good rapport. 

Fees

Generally there is a list of fees and expenses an agency will charge for property management services. The basics are; management fee, letting fee, advertising fee. Some agencies will charge for other fees as well. While there is often a similarity in the fees and expenses it is worth thinking about how the fees will accumulate over time and the affordability throughout the tenancy. It is also important to note that cheap fees do not always go hand in hand with good service. Sometimes paying slightly more is beneficial. 

Local Knowledge

The traditional real estate office, at the local shops which services the local suburbs, is evolving as technology helps to progress the industry forward. Agents no longer just service their local suburb and often now manage properties further away from their office. Managing properties ‘out of area’ is easy to do provided the agent does have a grasp on that local market as well. If they don’t, it could mean they misguide you on the accurate rental price or don’t have an understanding of the demographics of the area. 

Technology

Cloud based technology is prevalent in the industry now. Often landlords and tenants can access their statements and reports online through a portal. Is the agent adaptable if you need help logging into the portal or require a paper statement? It is important to understand this before you sign with them if it is something you require. 

Our recommendation is to find an agent who you get along with and who has the experience to manage your property well - this will make for an enjoyable and hopefully enriching investor experience.