The current rental market across Newcastle and Lake Macquarie is running hot. We have been writing for months now about low rental vacancy rates across Newcastle and Lake Macquarie and the impacts this has on driving house prices and rents upwards.
As in basic economics, as supply decreases and demand increases, prices increase with demand. The thinking of "my property is worth what someone will pay for it", while true, can have more significant consequences.
In this article we provide an overview from a property management perspective of what is happening right now for renters across the region, our frank opinion on the exploitative nature of some rental asking prices, and the impact this is having.
Whether you're new to owning a rental property, or an experienced investor, it can be difficult knowing how to find the best real estate agent to manage your property.
In this article we discuss how to find the best rental real estate management in Newcastle, along with suggested next steps as you consider your options further.
We've written before about the findings of the 2018 Voice of Australian Property Management Report, which found that most property managers are inexperienced, many are not happy in their role and want to leave their job, and that staff retention is often a low priority for real estate agency owners. Yikes!
We know from experience that investors can feel it's a case of "better the devil you know", staying with a less than satisfactory real estate agency simply because that has become the expected level of service.
Not happy with that, we've taken a look at our own data to determine how we "stack up" in terms of client satisfaction. We're pleased with the results!
In conversations with owners new to property investment, and with people who have chosen never to invest in property, we often hear this sentence: "What if the tenants trash the place?".
The feeling of apprehension and nervousness is understandable. No one wants to risk having something of value handed over to someone who will cause damage and disappointment. However, while the feeling is understandable, it is usually not justified.
Every week we are contacted to provide rental appraisals on investment properties. Over time we've come to realise there is a question many investors wonder but rarely ask - "Why did you estimate lower rent than the other agency?".
We realise of course that when we are contacted by an investor to provide a rental appraisal, we are usually one of many agencies contacted with the same request at the same time. Unfortunately, an agency's response to a rental appraisal is a very one-dimensional way of assessing the value the agency they will bring in managing the investment. This has been covered separately in the article The 3 Criteria Most People Use To Select A Property Manager (And Why They're Flawed).
Newcastle Property Manager Reviews: Tips When Reading Rental Management Reviews For Newcastle Real Estate Agents
The marketing of many Newcastle real estate agencies can make them all seem much the same. "We'll always call you back", "We look after your property as if it's our own", "Number 1 Agent in XXXX Suburb", etc.
How do you separate the marketing promises from the actual service experience you are likely to receive from the real estate agent? If you have a family member, friend, or colleague who has direct experience with an agency, this is a good way to get a read on the agency's performance.
However, more likely you will need to read a number of real estate agent reviews. Here are some tips to ensure you make the most of your research.
Two years ago we wrote the article "Should I Use An Online Property Management Service Instead of Hiring A Property Manager?". In this post we spoke about one of the many online property management service providers offering very low fees, raising some food for thought around what may or may not be included within those low fee structures.
Now, two years later, there are even more options for investors to consider in the management of their property. In this article we revisit the potential pitfalls of selecting a very low cost or flat fee property management business.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.