Appreciating the True Value of Good Property Management
Cameron has lived in Western Sydney his whole life, so when he bought his first investment property, he chose a nearby suburb that he was familiar with. Within a few years, he was able to access the equity in his first investment property and buy a second investment property, also in Western Sydney. Cameron worked really hard to build up his property investment portfolio, so naturally, he wanted to protect it. He knew he didn’t have time to manage the property himself, but he wasn’t sure if paying a property manager was worth the cost. He’d heard that fees can vary greatly between agencies – should he just go with the lowest fee? Would that be the best choice for his investment? If Cameron’s story sounds familiar, it’s because it’s a common one. Property owners naturally want to see the greatest possible returns on their investment properties. But sadly, many people think that this can be achieved by choosing the cheapest property management option. By focusing solely on price they’re misunderstanding the main crux of what it means to have an investment property managed and, as a result, they’re unable to get an accurate comparison of like for like. Getting the Right Information In Cameron’s case, he realised that he needed more information. It wasn’t enough to just compare ‘Price A’ with ‘Price B’. Doing so would be like comparing a second-hand Hyundai with a brand-new Mercedes. So, Cameron started asking questions. In doing so, he was able to determine who was offering transparent, high-value service at a reasonable price…and who was disguising bad property management behind a smokescreen of “discounted” fees. How to Identify High-Quality Property Management The more research Cameron did, the more easily he was able to identify high-quality property management. He started to look at: Quality: Does the agent understand what quality service is? Are they dedicated to achieving the best possible result, not just the quickest or easiest result? Skill: Does the agent have both the capacity and the skill necessary to achieve an above-average market rate for your investment property? Do they have a timeline that they work to when finding and evaluating a new tenant? Strategy: Does the agent have a strategy in place to prevent a tenant from going into rent arrears or do they rely on stressful hearings at the NSW Civil & Administrative Tribunal (NCAT)? Do they look for long-term tenants, understanding that a 12-month lease means a 50% reduction in fees for the investor when compared with a 6-month lease? Documentation: Do they pay meticulous attention when completing and filing the necessary paperwork? Do they understand the importance of accurate documentation, realising that incorrect paperwork could seriously jeopardise your valuable asset? Fortunately, Cameron’s story has a happy ending. By taking the time to compare property management companies he was able to weed out the agencies with hidden fees and poor management strategies. He found a property manager who he felt comfortable with and who agreed to manage his investment property at a fair and reasonable rate. An agent who delivered high-quality service, had exceptional skills, a well-planned strategy and a thorough documentation process. As a result, both of Cameron’s investment properties have had lower vacancy rates, long-term tenants and rent that is always paid on time. Thank You Real Estate offer boutique property management services to Sydney investors. Our experienced property managers are committed to providing exceptional service at a fair price, always working hard to ensure your investment is delivering the highest possible return.
7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself
Once you have decided to sell your home, the next crucial decision you will have to make is whether to sell your property by yourself or to hire a real estate agent to do this for you. For some, it may seem more cost-efficient to sell their own property, as doing so would mean that they would not have to pay for the agent’s commission. While there is no right or wrong answer when it comes to this, there are a few things you might want to consider. You will also need to factor in questions like “how long will it take you to sell your house” and “how well do you know the current market value of your property”, among other things. Before you make a decision, let’s deliberate. Dedicated Time for Enquiries Selling your property is not your full-time job, but it is real estate agents. What does this mean for you? This means that you do not have to rush home from work or postpone a meeting when a potential buyer wants to see your property. Aside from time efficiency, having an agent selling your property means less stress for you, too. Also, it may feel tempting to save money but let’s say if you know little of dentistry or constructing or even any other trade, would you do it all? There are professions out there that need specialisation and so does real estate, even if it may seem an easy job, wearing someone’s shoe will give you a real perspective. Knowledge and Experience Entrusting the selling part to a real estate agent makes it possible for you to get your property sold much sooner than if you were the one entertaining potential buyers. Agents have been trained to undergo various courses, passed exams, and gained experience in dealing with buyers through working for themselves or working with other agencies. All of these play an important role in getting your property sold in the anticipated time off course various other external factor play in, Your real estate agent will be able to answer questions and address buyer concerns much better because of the knowledge and experience that they have gained. Some vendors choose to sell in less time whereas others are more patient and all they want is a good price not saying selling quickly will fetch less, perhaps real estate agents work with you on a one-to-one basis to bring you the results that you after. like every property is different so does every vendor, and their requirements and circumstances. Effective Marketing In recent times, rules and regulations have evolved over time and aside from their familiarity with all the regulations involving real estate transactions, agents also know where to look for potential buyers and how to effectively target them using tried and tested marketing strategies. Networking is one of the strengths of real estate agents – one that will benefit you as a seller. Instead of relying solely on your friends and family to help you spread the word about your property, your agent has access to various methods and platforms in place to ensure that potential buyers learn about the house that you’re selling. Screening and Managing Buyers A real estate agent can find out whether someone who wants to view your property is indeed a qualified buyer or just a curious neighbour. Agents are trained to ask qualifying questions to determine the seriousness, and motivation to buy, finance readiness and so much more. They are also able to influence a qualified prospect to make an offer to buy your property. Stress-Free Negotiations Buyers are likely to make comments about your property that might upset you, and it would also be difficult to take rejections. A real estate agent shields you from having to deal with buyers directly, and they also provide a more objective approach to selling your property because there are no personal emotions involved. This means that they will be able to handle criticisms well, respond to rejections with a sound counteroffer, and follow up with buyers without looking desperate. After all, negotiations are all about win-win, not with the price only, even with settlement conditions, terms involved and so much more. Market Know-How Despite the pandemic brought about by the coronavirus in the year 2020, the Sydney property market has continued to defy the worst forecasts and remained remarkably resilient. Year over year, Sydney’s median house price is up 6.6% at $1,154,40. Buyers have been lured back into the real estate market by low interest rates, government tax cuts, and other incentives. A real estate agent is always abreast with information and updates like these to help you sell your property at a great price point, the shortest time and make selling a property an experience than another mundane task. Correct Pricing Despite the pandemic brought about by the coronavirus in the year 2020, the Sydney property market has continued to Pricing property correctly is very important, and it can affect days on market and final sales price. When your price too high, fewer people would be interested to see your property, resulting in fewer offers. On the other hand, when you price it too low, you might send the wrong message that something is wrong with your property or that you are desperate to sell. An agent will be able to help you set the right price for your property given the current market conditions. Real Estate is more like people business than property business as more and more transactions are these days based on how good real estate agent is, how well they present, how well they communicate through various medium and whether your potential buyers are happy dealing with them, their character their presence and overall persona. so overall, there are fairly good reasons why selling through agents are much more rewarding and your experience will enhance in dealing with properties overall. Even if you have had a bad experience previously selling or leasing a property through some real estate agent, it is always good to try with others, as there are many young, vibrant and technology-friendly agents who are emerging that
Sydney Property Management Services for Overseas Investors – Thank You Real Estate
Introduction Investing in property overseas can pose challenges, but having the right property management team by your side makes it effortless. Thank You Real Estate specializes in providing comprehensive Sydney property management services tailored specifically for overseas investors. We handle everything from leasing campaigns to rent collection and maintenance, ensuring a hassle-free experience. This article will outline our services and demonstrate why partnering with Thank You Real Estate is the optimal choice for managing your Sydney investment property. Transparency and Control with the Owner App Stay informed and maintain control of your property, regardless of your location, through our exclusive Owner App. Our app offers a comprehensive overview of your investment, including financials, maintenance requests, lease details, and even an EOFY Statement for easy tax preparation. Access essential documents and communicate with our team conveniently through your phone. Support from Personal Property Managers Concerned about potential communication challenges due to time differences? The clear, honest, and transparent communication process implemented by the team at Thank You Real Estate addresses these concerns. Prompt and efficient assistance is guaranteed by our experienced property managers, ensuring that your needs are met effectively. Comprehensive Support from a Team of Experts By choosing Thank You Real Estate, you gain access to a dedicated team of property management experts. Our maintenance team promptly addresses repairs using our innovative management software. Our leasing team efficiently finds reliable tenants, while our customer experience team resolves any arising issues. Additionally, our inspection and finance teams ensure thorough property checks and timely payments. Effective Leasing Campaigns Our premium advertising campaigns are designed to highlight your property and attract high-quality tenants. Maximizing your property’s visibility and rental potential, we employ professional photography, virtual staging, and extensive online exposure on platforms such as Realestate.com.au and Domain. Our leasing agents work diligently to promptly fill vacancies, ensuring a consistent income stream for your investment. Tenant Placement and Screening Selecting the right tenant is crucial for a successful investment property. Through our rigorous two-step screening process, potential tenants undergo thorough vetting, including background checks on finance, rental history, credit score, and more. By aligning tenants with our selection criteria, we secure reliable, long-term renters who are likely to fulfil lease obligations. Our exceptional track record speaks for itself, with a remarkable 99% success rate in placing the right tenant within a 10-day timeframe. Efficient Rent Collection Rent collection should be hassle-free. Thank You Real Estate utilizes the secure DEFT payment service integrated with our property management system, allowing tenants to easily make payments from any device. In the rare event of rent arrears, we promptly follow up with tenants to resolve the issue. Employing various communication channels such as email, phone, and SMS, we ensure you receive your rental income on time. Prompt Repairs and Maintenance Preserving your property’s value requires regular maintenance and timely repairs. Tenants can report maintenance issues quickly and easily through our Tenant App. Our property management software streamlines the process, ensuring prompt and efficient handling of repairs. We provide transparent updates to both you and your tenant throughout the maintenance process. Seamless Tax Preparation with EOFY Tax season can be daunting, especially for overseas investors. Thank You Real Estate simplifies the process with our End-of-Financial-Year (EOFY) Statements. This comprehensive statement includes your annual statement, maintenance invoices, receipts, expenses, and a breakdown of income for the financial year. Our EOFY Statements ensure you have everything you need to navigate Australian property tax requirements and maximize your investment. Managing Sydney investment property from overseas doesn’t have to be complicated. Partner with Thank You Real Estate for our expert Sydney property management services tailored specifically for overseas investors. With our transparent Owner App, dedicated property partners, expert team, effective leasing campaigns, efficient rent collection, prompt maintenance ensure a seamless experience for you.