Rental Real Estate Management In Newcastle

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. 

When it comes to researching rental real estate management options in the Newcastle area, it can seem like everyone is offering much the same thing, with negligible difference between services provided by different real estate agencies.

As a result, property investors sometimes resort to choosing a real estate agent based on purely financial measures such as lowest management fees or highest rent appraisal, but these criteria are flawed if considered in isolation. ​

Don't Choose Based On Highest Rent or Lowest Fees!

Did you know that based on a typical rental return of $460 per week, the annual difference between a 6.6% and 7.7% management fee is the equivalent of having your property vacant for just 4 days?

Similarly, it is a misconception that a higher rental estimate suggests greater experience or market knowledge from an agency. Sometimes a higher estimate is actually a sign of an inexperienced property manager or a business development manager needing to hit their new business targets for the month by securing another landlord. 

Far more critical than finding real estate management agency offering low fees or a high rental appraisal is finding an agency that will minimise vacancy and fill your property fast. 

​How to Find The Best Real Estate Management In Newcastle

The following 3 tips are a great place to start:

1. Shortlist businesses you are interested in and then read reviews on Google and Facebook. 
2. Look for an agent with some "skin in the game". A principal or business owner, rather than a salaried employee, is far more invested in getting you a great result quickly as it directly affects their business.
3. Look for businesses offering flexibility around open inspection times, ensuring they will be there to show the property to potential applicants at a time that suits the applicant (not just a time that suits the agent)​

Non-Financial Measures Of A Successful Real Estate Management Team

​Of course, property investment is a financially-driven pursuit. The objective is long-term financial gain and minimal short-term impact. But choosing an agent based on spreadsheets of fee comparisons misses many critical considerations entirely, such as:

• Enjoyable to work with - You need to get on well with your property manager. While you don't need the experience to be a social wonderland, you want to enjoy the experience of working with your property manager, as ideally they will be entrusted with your investment and its success for years
• Easy to reach - You need to know your property manager is easy to get hold of both as an investor and from a tenant's perspective. Messages left with a receptionist or junior staff member don't solve problems quickly or get you the information you need when you need it
• Experienced property investor - It is recommended you have a property manager who is an experienced home owner and property investor themselves. Without this knowledge and first-hand experience, there is relatively little understanding of the impact a vacant property, late-paying tenant, or excessive maintenance requests can have on an investor
• Experienced handling sensitive issues - How experienced is your property manager at dealing with sensitive matters related to your tenant or property, such as loss of employment, relationship breakdown or death?

There are many "soft" qualities and attributes a spreadsheet comparison of fees won't address, but which are arguably more crucial to the long term success of your investment and your level of enjoyment along the way. 

For more tips we recommend reading our article "How To Find the Best Property Management Company In Newcastle". 

If you are seeking focused, experienced, transparent and professional property management in Newcastle, contact us now. We'd love to meet you and discuss your investment. ​

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