Real insights to assist your property knowledge
- Show all categories
- Property Investment & Management
- Selling Your Home
- Market Updates
- Buying a Home
- Renovating & Presentation
- Consumer Advice
- RealWay Community
- Agent News
- Property Investment
- RealWay Home
- Living Discussions
- Smoke Alarms
- Topics of Interest
- Property Maintenance
- Renting
- Renovating
- Research
- Buying
- Management
- Selling
- Tips
Jan 17, 2022
Don't Ignore Smoke Alarm Changes in Qld - Jan 22
For dwellings being sold, leased or an existing lease renewed Existing landlord’s and tenant’s obligations continue from 1 January 2017. Property sellers must continue to lodge a Form 24 stating the requirements of the legislation have been met. See New Smoke Alarm Legislation for more details. From 1 January 2022 All homes or units being sold or leased, or existing leases renewed, will require hardwired photoelectric, interconnected smoke alarms. Non-removable 10-year battery smoke alarms can be installed in place. Smoke alarms in the dwelling must: be photoelectric (AS3786-2014); and not also contain an ionisation sensor; and Be hardwired to the mains power supply, if currently hardwired. Otherwise, smoke alarms can be either hardwired or powered by a non-removable 10 yr battery or a combination of both. be interconnected with every other smoke alarm in the dwelling so all activate together. The legislation requires smoke alarms must be installed in the following locations: on each storey in each bedroom if there is no hallway, between the bedroom and other parts of the storey; and if there are no bedrooms on a storey, at least one smoke alarm must be installed in the most likely path of travel to exit the dwelling. The obligations on property sellers are triggered by the date the initial sale contract is signed. When a contract of sale is signed after 1 January 2022 , the seller is obligated to upgrade the dwelling to the updated interconnected domestic smoke alarm standard prior to the dwelling being transferred. The property seller must declare on a “form 24” to the buyer as part of the transfer process that this obligation has been discharged. How it could cost you more than a $1000? Failure to comply with the new legislation means a property being sold allows the buyer to claim 0.15% of the purchase price prior to settlement. So on a property sale of $900,000, this would mean they are entitled to claim $1350. So make sure you have installed all the necessary smoke alarms well before settlement so this does not become an issue for you. For more information on what is required please check the Queensland Fire Service Fact Sheets - Click here
Nov 30, 2021
How to Create a Portable Vertical Garden
Vertical walls of decorative vegetation have been popular in Europe and other countries with high-density cities, where ground cover is at a premium, for years. Professional installations on a large scale — such as the 24-storey Tree House in Singapore, Patrick Blanc’s CaixaForum in Madrid, the towering green wall at One Central Park in Sydney and the Centro Commerciale Fiordaliso shopping centre in Rozzani, Italy, a 1,263-square-metre vertical garden containing 44,000 plant and moss varieties — have even broached the realm of living, breathing, public art. On home soil But they’ve also taken off on a domestic level in the wide-open spaces of Australia — as an affordable and environmentally friendly home project. Removable wall-fixed units that hook onto fence palings or exterior walls make a vivid outdoor addition. They also offer the benefit of being relatively manageable on a small scale and, if renting or moving house, are also portable. What you’ll need to get started Create your own wall unit with a wooden board, removable planters, plantings and potting soil, combined with a little time and ingenuity. Or you could purchase vertical-garden freestanding green wall systems. Offered in a range of sizes, they are available from most hardware stores and nurseries. Your choice will be dependent on budget, DIY challenge or capability levels, and the size and style of your residence. Ready-made walls systems, many including their own pots and river pebbles, suit most types of foliage. They can be mounted on the wall or floor and provide carbon dioxide-producing living systems that are popular as private screening for indoor use or as an easy-maintenance outdoor feature. Plant types that are inclined to climb Choose plant varieties that are profuse, offer contrasting colours, are hardy and resistant to temperature extremes and seasonal conditions. Depending on the placement of your vertical garden, ornamental plants that are suited to shady and sunny conditions work well. For shade, these include leafy ferns, such as Boston and bird’s nest; begonias; orchids; Mondo grass and Australian native violet. In sunny conditions, lush suggestions, including miniature agapanthus; bromeliads; liriope, dianella; ivy; and festuca grow best. Add seasonal colour with pansies, petunias and dwarf marigolds. Edible plantings: soft lettuce, some kales, wild rocket, English spinach, strawberries and miniature tomatoes work well in sunny spots. Herbs such as thyme, mint, parsley, tarragon and oregano, will also keep your fresh pantry supplies well-stocked. Vertical garden upkeep Regular maintenance, including light daily watering, exposure to sunlight and air work their natural magic. Pruning, weeding and removing dead foliage, and checking for pests or disease, will also ensure your vertical Garden of Eden continues to thrive on a manageable scale.
Nov 19, 2021
Do You Need That Home?
1 min read This may seem like a strange question coming from a real estate group, but do you need that house or unit you covet so much? We all go through phases in our lives when certain aspects of a home meet our personal requirements. These needs are undeniable (like starting out on your own, moving in with a partner/spouse, raising children). Do you ever stop to think about what your choice of property needs from you in terms of time and finances? There is the cleaning to do, mortgage payments to make, maintenance and gardening. There may be great friends to be made or years of isolation as we work to maintain our coveted lifestyle. What about your life partner? Do we ever think of the pressures we can place on the one we love to maintain the property or keep up with the mortgage? Our desires, emotions and needs make complicated bedfellows as influences in the decision making about the type of home that we choose to live in. A good agent does more than market a property and negotiates a sales price. We consider your stage of life and advise you of some of the realities of owning a particular property. We professionally navigate the emotions of the property transaction between all the parties involved. A good agent will use their knowledge, skills and experience to make your property journey so much less stressful. So, finding a person who you can work with is key. Your agent’s core values are important because you want to work with someone that plays by the same rules you do. For example, if you are an honest person who tells the truth, would you not want someone to be open and honest with you? Greg Watson CEO RealWay Australia
Oct 17, 2021
Inside Your Agent's Mind: Strike a Partnership
If you’re thinking of moving home this year then it’s very likely that you’ll seek the services of a real estate agent. Real estate agents currently sit alongside bankers as one of the most vilified professions around. However, the majority of sellers will still use them when trying to sell their home. I thought, then, that it might be useful to have an insight into the house buying process through the eyes of a real estate agent. With over 30 years’ experience in the sector I have insight into both sides of the business. New Listings are the Key Driver for an Agent The lifeblood of all agents are the new sales listings and they will be targeted heavily in this area. Without new listings a real estate agent’s business won’t be successful as potential buyers follow property not agents. They will soon drift away if they see no new properties on the market. It’s even more important with the property portals of realestate.com.au and domain.com.au for an agent to have new stock. Without this their property will look dated very quickly as buyers search the web daily and receive new property alerts. RealWay’s Tip Agents will try anything to win your listing including overstating the price when giving you their appraisal and cutting their fees to the minimum. Don’t fall for either of these tricks. Always ask your agent to provide evidence of the recent sales they have used of similar properties to your own and the price obtained to make sure that you are setting a realistic market price. If they don’t bring this with them to the appointment they are not prepared or might be hiding something. Don’t always go for the cheapest agent. Make sure you do your research and instruct the agent that has a good track record of sales and a strong reputation in your area. How to Find the Best Agent in Your Area You have to do you homework to find the best agent for the job. The top 20% of agents account for more than 80% of property sales so it is important to select one of these. The quickest and easiest way to find the best real estate agent based upon their past sales record. RealWay’s Tip Make a list of agents active in your area. Look for "For Sale" signs in your area Search online property listings in your area Ask friends or family for their suggestions with their reasons why Once you have a list you can rank the agents based on the following criteria. Do they have a high profile with lots of properties for sale? How quickly and how often do their 'For Sale" signs turn to "Sold"? Do they letterbox drop flyers and brochures? Look at the quality of their adverts for listings online Do they use social media to advertise listings? How strong is their database and how well do they use it to find buyers? More Inspections Means More Sales. It is a simple truth but the more inspections that a real estate agent can arrange, the more sales they will make. It doesn’t matter how much searching of property portals a potential buyer does. It's not until they start inspecting homes that they are seen as a serious purchaser by a real estate agent. Once an estate agent obtains a new listing, they’ll pull out all the stops to get people through that property as they realise it can take, on average, as many as 15 inspections to sell a property. RealWay’s Tip You should get your first inspections fairly soon after your property goes on the market. If you have gone around 2 weeks without an inspection discuss this issue with your real estate agents. it could be that the price is too high that's property has not been presented I'm property portals on their own website. also, you need to be aware that the agent could have moved focus to their new property listings. They may need a bit of a push to refocus back on yours. Reducing the price by just a small amount and redoing the photographs can give the marketing of your property huge boost. By doing this, it will now appear the same as a new listing on many property portals. By the same token, you should read the description carefully and check that it is accurate. The best agents will write the advert with you as they know that you understand the property and what you love about it best. Most Inspections are Carried Out on a Weekend and Most Offers are Made on a Monday. It may appear obvious, but the majority of inspections are carried out over the weekend with most offers being made on a Monday. For this reason, many real estate agents will wrap up their week on a Monday to obtain the maximum sales for the week. RealWay's Tip Why not join the crowd and arrange your inspections for the weekend? It’s likely that your buyers are visiting in a number of properties within the space of two days and can therefore make an instant comparison. If you arrange inspections for earlier in the week it is unlikely that they will make an offer before they look at more properties at the weekend, by which time your property will have faded in their memory. Most real estate agents don't give feedback after an inspection for some reason, most real estate agents are very remiss when it comes to giving sellers feedback after an inspection. I believe this is vital information that all sellers need to tell when selling their property. Potential buyers are very critical, and quite rightly so, and will be quick to let the real estate agent know if a property is overpriced and in need of a makeover. RealWay's Tip After every inspection of your property make sure your agent obtains immediate feedback from the prospective buyer. Tell your agent that you want this feedback “warts and all” so that you can take action to address any issues and, as a result, sell your property. Sellers can be “pigeonholed” by an agent it is only human nature that a real estate agent will form an opinion of a seller through their interactions with them. it is advisable to be as flexible as possible in dealings with your agent especially when it comes to discussing offers on your property. RealWay's Tip All offers are negotiable so don't be too quick to dismiss offers, no matter how low they might be. Potential buyers can come back time and again with improved offers and end up very committed buyers, but these could have been lost at the outset by an intransigent seller. Therefore, encourage offers and be polite if declining them to prevent your agent from “pigeonholing” new as a stubborn seller. The best practice is to take all offers in writing as this commits the parties to the negotiation process. Real estate agents earn money from arranging your mortgage but that's not a good reason to say no. any agents of rain a mortgage service will earn money from this service on this puts many people off. let's be clear here any company arranging your mortgage will earn money from it and that's just business so don't be too quick in declining the agent service for a referral. RealWay's Tip Many agents of for excellent professional service may be able to source a really competitive deal but you need to be aware that they will probably not have access to all the deals in the market. as well as talking to the estate agents mortgage advisor do your own research to contact an independent financial advisor to make sure you are getting the best deal for you. Real estate agents are not conveyancers. Once you have agreed on an offer on your property and signed a contract the conveyancing process begins. One thing I would like to make clear is that a real estate agent is not the conveyancer but often simply the messenger between all parties involved in your sale. So if you are having issues, by all means, speak to your agent but be aware that they are only passing on information they have been told. A good agent will no doubt smooth the waters and help sort out a problem. However, maybe a call to your solicitor may produce better results. RealWay's Tip Make contact with your solicitor or conveyancing company soon as your sale is agreed upon and understand the conveyancing process. Build a good relationship with them and get an estimated timeline from them for the completion of your sale. When selling or purchasing a property, the contract of sale has a number of milestones so it’s important that everyone involved makes sure they a met. You will be very lucky if everything goes according to plan so being prepared for problems at the outset may help your blood pressure in the long run. Real estate agents asking for your sale complete as you are Moving house is one of the most stressful events in anybody's life. They say it is second only to death and divorce! But be aware that an agent will not earn a cent until your sale has completed settlement, so they are as motivated as you are for the sale to complete. RealWay's Tip Build a strong relationship with your agent and regularly discuss the marketing of your property and any changes that need to be made. Just instructing an agent with a listing on then sitting back and hoping to achieve a sale is leaving your future in the hands of somebody else which is never good advice. If you are looking for an agent with integrity and strong local knowledge, request an appraisal from RealWay [rex_form_button name="Sales/Market Appraisal"]
Feb 26, 2021
Selling Your House In Australia For Top Dollar
Selling your house in Australia for top dollar isn't hard to achieve with a little planning. In this article, you'll learn tips on how to prepare your home, how to choose the right agent, and how to remain in a position of power during a sale. The goal - Obtaining the highest price in the shortest amount of time. Time on market is a real key. If it sells too fast, you probably had it listed too cheap. If it stagnates for months on end, buyers will become wary and think there are underlying problems, and that's why no-one has purchased it. Before painting an unrealistic picture, it is essential to note that every situation when selling a house in Australia is different. Every location is unique, the market is always changing, and although you're about to read great advice, there's no silver bullet. Instead, it's a combination of techniques and choosing the right agent. Tips For Selling A House In Australia Let's discuss the one thing you shouldn't do – Don't listen to an agent who walks in and says, "sell with me today because I have buyers waiting". This is an indication of a lazy agent who cares more about getting their fee than you. A quick sale usually means the agent hasn't tried to maximise the price. Price Strategy Achieving the maximum price when selling your home often takes planning and more importantly, time. Professional and hard-working agents see this as their duty to negotiate the highest price possible for you, which justifies their fees. However, you don't want your house to be on the market for an extended period of time, either. You need to have completed your research about the sale prices of similar houses in your area. From this, you'll have detailed knowledge to contribute to a pricing strategy and will list appropriately, not emotionally. When the right offer comes along, take it. You can easily find the sale price of similar properties in your area on Realestate.com. Here's a handy link to the sold section. https://www.realestate.com.au/sold/ Fix The Obvious The reality is homes deteriorate over time, and even a small thing such as a leaking tap, a door that does not open easily, hints to the buyer that the entire property is in a less than perfect condition. Negative thoughts in the buyer's minds set in, such as potential cost and underlying problems. It's best to avoid these thoughts altogether, and it's amazing how cheap a lick of paint is, a few washers cost and a little TLC can be to freshen up your home. Do not give the buyer any reason to try to bargain you down. Experience tells us most buyers automatically double the potential cost of any repair. The bigger the repair, the more they try to discount the price. It's extremely valuable to complete a building and pest report rather than asking the buyers to pay for it. It's relatively cheap, and you can ensure there are no issues in the roof or other areas that could cause great concern to potential buyers. Roof issues are particularly worrisome for buyers because problem roofs can equate to large repair bills. Problem roofs also question weather-tightness and the structural integrity of a home. Don't allow this to even cross the buyer's mind. This minor investment at an approximate cost of $500 and gives you a chance to fix unforeseen issues. If they come to light only after you have signed a contract from a purchaser, it will put the power back in the buyer's hands to try to reduce the initially agreed sale price. It could be the best investment you make when selling your home. The presentation of your home when selling a house in Australia does matter. Please do take the time to present your home as cleanly, neatly and uncluttered as possible. Many professionals that flip homes often use staging companies. A staging company will replace the existing furniture with new furniture that matches the style of the house and is appealing to buyers. Unfortunately, other people don't appreciate your family photos, your little Nik-Naks. If a staging company usually comes at a cost, but they are often trained interior designers, and therefore, they're worth every cent. If you can't warrant the additional expense, then hire a storage unit and declutter your home. Buyers need to be able to imagine themselves living in the home, so don't let your amazing, unique personality get in the way. Never Disclose Your Situation Many agents forget they are employed to market the home, not your personal circumstances. Question them and ask for a guarantee around the privacy of your personal circumstances. Many agents simply need a friendly reminder to protect your privacy, as they usually have the best intentions and work ethically. If buyers can find out that you need to sell in a hurry, or you're experiencing other stressful times in life, the buyers will try to bargain you down. This is just a reality of negotiating and selling a house in Australia. Renovations Should you renovate the bathroom or kitchen just before you sell? Honestly, the answer is that unless it genuinely needs significant work (has water issues etc.), don't do it. You are leaving, these are expensive renovations, and your tastes may not be aligned with the buyers. Everyone has a different style – that 1990's kitchen might be just what the new buyer is looking for to remind them of when they grew up. Again, just make sure it all functions properly. Otherwise, leave it for the buyer to bring their own personality into their new home. Photography In today's world, people will find your home for sale online, and pictures paint a thousand words. If you're offered a cheap photography package, turn it down, plain and simple. Amateur photography could be the difference between someone enquiring and viewing your property, or not. When buyers are looking at hundreds of homes online, the photos are where the attraction starts. Great photography is a must. Interestingly, many buyers usually begin looking outside of their budget. Their eyes tend to be bigger than their wallets. If your property has outstanding photos yet priced within their budget, you'll capture their interest. They'll perceive that they are not buying below their standards and dreams and be reassured every time they jump online and relook at the property. The prouder they are of what they want to buy the less likely they are to bargain you down and even better they may pay even more than you thought. Features/Settings/Lifestyle Insist your professional photographer captures emotional photos that show the features, the setting, the lifestyle and the location that made you buy the home originally. Take a drone shot of how close to the schools, cafes and amenities the house is located. An aerial visual is better than a map because it may surprise you how many people aren't good at reading maps. If you are buying new furniture after you move and yours is showing its age, do ask the photographer/agent to use the very cost-effective technology of virtual furniture and staging. Importantly it allows buyers to see what glamorous decorating they can do if they buy the home. There's no need to buy a new lounge until you are in your new home. If it is particularly worn, drape a stylish cover over it. Summary Keep the buyers in an emotional state, not a logical one that might be thinking about fixing the roof etc. If a buyer is thinking logically, then usually a low price is offered with less urgency, and they'll scrutinise building inspections and every detail. This can be a nervous time for you as you wait for the reports to come back about your home. Everything in the property market is driven by supply and demand when selling a house in Australia. Of course, if you have a high demand location, then it will increase the demand. But the fewer property issues and the stronger the presentation accelerates demand. You will attract more buyers who want your home and, of course, they'll be willing to pay a higher price. Research and create a pricing strategy. The more understanding you have about the market, the more likely you'll avoid an emotional rollercoaster and accept the right offer while it's on the table. If your property has been on the market for three weeks, you've followed the above guide yet haven't had any written offers, then you may need to review your listed asking price with your agent. It may need to be reduced so the agent can go back to interested buyers and renegotiate for you. The reality is every home will sell at a price the market will pay, but it is up to you to decide quickly and how much you will reduce the price based on the market feedback you receive. Timing is always actually in your hands, not the agents. But if you rush to market because of pressure from an agent, you may rush to sell and regret it later. Selling a house in Australia in today’s market can be more than lucrative. Follow these steps and you’ll bye well on your way to achieving top dollar.
Feb 17, 2021
5 Tips for Great Real Estate Social Media Advertising
It’s a given these days that your business needs to be on social media. Consumers spend 1 1/2 hours a day glued to their phones, scrolling through different social platforms. If your business doesn’t have a presence it may as well be invisible. So how do you ensure your presence on social media is as effective as it can be? 1. Set goals Now, you’re not going to hit a million followers overnight. Let's face it, as a real estate on social media, you probably never will. But setting yourself achievable goals will ensure you move in the right direction. For example, if you’re managing your social media in-house, it’s important that you post regular, relevant content and it doesn’t get forgotten amongst the million other things you need to do. Set yourself a goal to post once per day and stick to it. Be sure to look at where you are now and ask where you want to be in 3 months’ time? Whether that’s to grow your social accounts to gain more followers or drive more traffic to your website. Maybe you want to achieve higher levels of engagement on your posts. Whatever the aim, take the necessary steps and stick to them. 2. The Vendors should be Involved Social media is a great way to interact with potential new businesses. It’s also a great way to engage with current clients so make sure you tell them that you’re on social media. This will raise your following and engagement levels. More importantly, it will mean that the people following you are the most relevant people possible. Thus, when you advertise a new offer, service, or property, the right people are already there in front of you! Ask your happy clients to leave positive reviews on Facebook and Google. This will help your Google ranking and show you to be the go-to agent in the area when new potential clients research your company. Not to mention 71% of consumers who have had a good experience on social media with a brand are likely to recommend it to others. 3. Post relevant content Posting is the most important aspect of a successful social media campaign. Don’t be fooled by companies out there who offer social media management for a ridiculously low monthly fee. Their content is most likely regurgitated, automated and irrelevant. Ensure you don’t post the same things every day. For example, property after property posted in the same way will just lose you,r followers. A strong social media campaign requires a healthy mix of post types that you need to review on a regular basis. Here are some types of content that tend to work well for agents to give you some ideas. Local property news Local area information Hot properties. Top tip: try boosting these types of posts on Facebook to drive more buyers/tenants to your stock. After all, they say Facebook will be the next property portal! Fun posts to drive engagement. For example, running a competition, asking your audience questions, getting them to “vote” on something, the possibilities are endless! Human interest posts. Now, this can be anything from staff shoutouts, and successful settlements, to charity work undertaken by your team. Top tip: social media is also a great way to raise money for charity events 4. Connect with local businesses As a real estate agent, you’re constantly being squeezed for your fees by competition and online agents. Consequently, you should make sure consumers know why you are worth your fees and give them the value. Social media is not only a great way to improve customer service, it’s essential for showing how connected you are in your local community. One way you can show this is by interacting with local businesses online. You can even take this a step further and start doing joint promotions – this will cut the cost of your marketing campaign in half and show potential customers that you know everyone and everything going on in the area. Hence, you’ll leave them no choice but to instruct you to sell or let their property. 5. Review your campaign It’s all well and good following the above steps but if you don’t review your campaign results, how can you hope to improve? It’s literally Einstein’s definition of insanity, “Doing the same thing over and over again and expecting different results”. Social media is all about trying new things, but if something doesn’t work or doesn’t get the results you were hoping for, don’t despair. Review why it went wrong and try something new! I hope this blog was helpful for those of you looking to do more with social media. If you’re going to take anything away from this, let it be this. Social media management shouldn't be an afterthought. It’ll take time, dedication and thought to make it a success but when you get it right, you’ll wonder how you ever operated without it. RealWay provides more of this kind of support for your business. To find out more contact Greg Watson CEO on M: 0407 122 398 or E: greg.watson@realway.com.au
Nov 9, 2020
The RealWay Team Difference
What makes the RealWay Team so different? You may have seen our previous post about when RealWay Lifestyle sold a home at 11 Barry Street Mount Lofty Toowoomba. The post wasn’t about us, it was about the strongest outcomes for both the sellers and the buyers. It’s the first thing that’s different about the whole RealWay Team, our priority is always our customers, not us. This is a great summary of Real-World success from the Principals David Johnson and Richard Cocozza the Principals of RealWay Lifestyle. What else makes us different? Well here’s the full story of 11 Barry Street and how David and Richard LISTENED to their clients to deliver Real Service and importantly Real Results. The property: Small 1930’s, 2 bed, 1 bath home Large block in a desirable street Potential for views Potential to split the block We LISTEN - The sellers’ criteria: No advertising or marketing budget No online, print, or social advertising No ‘For Sale’ signboard No Open Home Inspections Challenges: The value was in the block size and location, however, the house was going to be a challenge because, although it had some nice period features, it was: Not in a good position on the block to extend Not a good design to renovate Too small to suit most of today’s family buyers The block had roughly a 2m slope diagonally front corner to the back corner How can you find a buyer with no marketing budget and no advertising allowed? Our SOLUTION - We WORK HARDER: Contacted 3 house removalists obtaining written quotes of $15k & $20k for BUYING the house (including them removing it) Obstacle 1 was now a benefit, get PAID to remove the old house With no advertising or marketing, how do you sell a secret? Phone calls! A buyer match in the RealWay system identified 35 parties that had been through close by open homes in the last 6 months. With persistence, we made contact with over 30 of these and had 5 parties come through for Private Inspections Using the yellow pages, we contacted over 90 builders from Toowoomba, spruiking the opportunity of a development block to build on. This resulted in another 2 Private Inspections. We DELIVER RESULTS: Two parties made offers, both initially below the sellers’ expectations By negotiating and selling the value, the final agreed price was $37,500 above the first offer received! An increase of 7.5%! From start to finish it took 2 weeks. Conclusion: What makes RealWay Lifestyle different? Our Customers come first We LISTEN carefully so we deliver the Service you want We fight challenges with SOLUTIONS We WORK HARDER We DELIVER RESULTS
Oct 26, 2020
Avid Investor Spills on What Makes a Good Property Manager
An investor has provided insight into the factors he weighs up when considering building on his property portfolio, particularly how to ensure he’s found the most appropriate property manager for these investments. Throughout his investment journey wherein he successfully built a nine-property portfolio, Eric Wu has made sure to engage property professionals to help him make the best decisions and ultimately achieve his financial goals. One of the most important parts of his financial team are property managers, who oversee the maintenance of his properties as well as the operations associated with his investments. According to Mr. Wu, a meaningful conversation with potential managers helps him assess the role they could play in helping him grow his portfolio. According to the property investor, some of the questions he asks are: “How many [properties do] you manage?” “How many years [have you] been in the industry?” “How do you deal with a tenant runaway on an insurance claim?” “Once you talk to them, you will know, roughly, whether you are on track or not,” he said. Commission Many investors often think twice when property managers take a high percentage from their rent. However, Mr. Wu believes that while the commission is important, it should not be a very critical factor to consider when choosing a professional to work with. “Very likely, they’re only getting 1 percent or 1.5 percent, and that’s only a few dollars away,” he said. “It doesn’t really matter much because not only can they manage your property well and keep everything in order, they can also keep the tenant happy and paying on time — all the issues [are] addressed on time. “I’m happy to pay the person more. There’s no problem at all.” At the end of the day, good professionals are worth their weight in gold as they provide quality services and allow the investor to enjoy the benefits of having more time and less stress in their life. Mr. Wu highlighted, “You’re paying your property manager to take the headaches away from you.” Proactive professionals Mr. Wu believes that dealing with property professionals should be a “reciprocal business” — as long both parties enjoy the benefits of working with each other, then it remains a good relationship. However, if an issue remains unsolved for months or tenants continuously explain and eventually leave, then maybe it’s time to reconsider the members of the financial team. According to Mr. Wu, good property professionals are proactive and, thus, consistently seek opportunities to help the investor succeed. “I really like proactive managers. They can look at opportunities, whether they can increase rent or not,” he said. “If the market’s not good, they should tell me, ‘Rent should be kept at where it is,’ or they can say, ‘This is what you can do to your property to increase the potential of increased rent.’” Property managers are also expected to be transparent around bills and maintain good inspection management and reporting. Ultimately, good property professionals put the best interests of the investors first and foremost. Mr. Wu concluded. “It’s like they are running their own business but they are running it for my own benefit — they also think like I think. They put their foot in my shoes for my interest, not theirs only.” [siteloft_button text="Switch Over to RealWay" link="https://www.realway.com.au/switching-over-to-realway-property-management/" target="_blank" ]