If you’re not familiar with the concept, it may sound strange. Buyers’ agents and property managers collaborating pre, during and post purchase.
But for two prominent agents, they have the history to prove it works.
Strand Property Group’s Michael Ossit and Lets Rent’s Lisa Indge talked about the benefits of collaborating in a recent REINSW Webinar.
It’s a topic they both know well, as they have collaborated extensively in the past.
For buyers’ agent Ossit, having a relationship with a trusted property manager enables him to provide a full client experience.
“There’s nothing worse for a buyers’ agent than buying an investment property for a client, then saying thank you very much we’re done here, now you need to go find a tenant, good luck with that,” he says.
It was a sentiment also shared by Indge, who calls on numerous buyers’ agents to assist her client base.
“It’s ultimately about the client experience, ensuring it is as positive and stress free as possible,” she says.
In the end, buyers’ agents and property managers both want the same thing, a prosperous investment property that meets or exceeds client expectations.
By bringing on a property manager early in the house search, buyers’ agents can gain valuable market insights, to help them make the best selections for their client.
These insights include:
- Tenant demographics for the area
- What a property must-have to entice a tenant in that area
- If tenant demand in the area is seasonal
- The current vacancy rate for the neighbourhood
- If work will be needed on the property to bring it in line with other local homes, and a general estimate of how much this will cost
- Insights on the history of a strata scheme or knowledge of a local street
As Indge pointed out, there is a risk to the buyer and buyers’ agent, the expected rent priced by the sales agent doesn’t meet real market expectations.
Adding, “What if at the end they don’t achieve the price they expect. That’s the worst possible way to start an investment journey.”
Indge says by bringing on a property manager early, this could be avoided.
But the benefits don’t only extend to the buyers’ agent. By being there from the start of the buyer’s journey, property managers are also left better off.
- The chance to secure a new client and foster a positive relationship from the get-go
- Have the ability to see the property and discuss any upgrades or work that will need to be done prior to settlement. This means, once settlement comes, you can have all the necessary trades and resources available to fix up the property - minimising the vacancy window
To hear more details on how buyers’ agents and property managers can work together, watch the Webinar: The benefits of collaboration for Buyers' Agents and Property Managers.