REIWA Property Management Market Share for past 12 months

REIWA Property Management Market Share for past 12 months

This is a report provided by the Real Estate Institute of Western Australia (REIWA) for the past 12 months of leasing activity in Broome.

A GOOD property management agent can become one of your greatest assets. They will make critical decisions on your behalf so it is important to do your homework before you make an appointment.

The company you hire will be looking after one of your biggest assets so the last thing you want to do, is make your decision based solely on who charges the lowest fees!

While property management fees are important they must be viewed in light of what other agents are charging, the scope of the services provided plus the quality of those services.

A lower price by an agent may reflect an acknowledgement they don’t provide a high level service or it may just be an attempt to gain business by undercutting the competition. The problem with the latter is that it leads to slim margins for the agent who lowers the ceiling on the quality and quantity of service they provide. If an agent is under pricing their services it is possible they will try and make up for it by over loading their managers with as many properties as they can (or can't) handle.  The results are the Agent is unable to resource their departments and then have a revolving door with staff who are either burnt out or disillusioned.

The truth is the price is the last thing to consider, not because it is the least important factor but because you should only think about price and actually hiring a management agent after you have determined they will provide quality services tailored to your needs. What good are low fees if the agent does a poor job?

Remember that fees are negotiable so before you make your final decision you should try negotiating with the agent who you think will do the best job. A good agent will not overload property management staff and can still retain a healthy profit margin.
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