How to choose a real estate agency?

Discussion in 'Property Management' started by aussieB, 20th Jan, 2020.

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  1. aussieB

    aussieB Well-Known Member

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    19th Jun, 2015
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    380
    Location:
    Darwin
    We are moving from our PPoR. Want to choose a REA to manage the property.

    How do I choose who'd make a good agent ? My needs are simple, for the property manager to put in every effort to find tenants when the need be. And to take care of the property.

    The PPoR is in Darwin, if that matters, which has made matters a bit worse already. I would have thought finding out How to find which agency has rented the most units in a suburb? would be a good indicator - but clearly (because of no replies) my thinking is wrong ?
     
    Michael Mitchell likes this.
  2. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    6th Jun, 2017
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    1,301
    Location:
    Sydney
    The agents with the largest rent rolls are not always the best agents, there's a likelihood that the PMs are handling large portfolios and under stress/pressure.

    Try and look for a smaller agency where the director works in the PM department or a PM only agency who will be a lot more responsibe and caring with lower staff turnover.
     
  3. Pumpkin

    Pumpkin Well-Known Member

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    26th Jun, 2015
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    1,181
    Location:
    Brisbane
    There are so many "guidelines" in choosing your dream PM, too many to write. I'd say you need to work out what is most important to you against what type of Investor are you: hands-on, hands-off, easily-stressed, highly-motivated etc..... Perhaps write down 3-point criteria.
    What I can tell you what NOT to do is to chooses based on fees/% alone. You will lose that in one-week's vacant.
    All the best!
     
  4. Ricky Adelaide

    Ricky Adelaide Well-Known Member

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    3rd Aug, 2015
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    Location:
    Munno Para South Australia
    So firstly this really depends on what sort of investor you are. For example my wife and I are very different on our approach to investing. Not so much what we invest in but how we communicate, how much we want to micro manage/outsource to our property managers etc and what we look at when we reveiw the proformance of our portfoilo managers. You will want a property manager who you can trust, this can be more reliably established by reviews and other social proof. If you are in the area, mystery shop the tenant application process and see how the agents work in the leasing phase of their business - all agents are great with dealing with landlords looking to sign up, what about when they are not realising they are on show :) If the agency has lots of staff and properties ask questions about how their team can manage so many properties - think processes, communication break downs and ongoing training. If they are a small agency (ma and pa operator) what happens if the sole trader is sick. Also ask about what service gurantees that they put into writing. This could be anything really but it will mean that it is a focus for the business owner and they have decided that area of their business they want to demonstrate accountibilty around.
     
    Michael Mitchell likes this.

The shift to the regions has been quite profound with Millennials and Gen X leading the way. It seems affordability, lifestyle, and working from home have been the key drivers from which these generations have been able to take most advantage.