More investment property owners rely on real estate agents to manage their investment than they did in 2001, according to 2006 Census data.
The statistics showed that in 2006, real estate agents managed 50.5% of all rented dwellings across Australia, compared with 43.8% in 2001, to reach a total of 1,043,198 properties under agency management.
Graham Joyce, president of the Real Estate Institute of Australia (REIA), said that real estate agents could provide expert service to “time-poor” investors.
“Investment property owners choose to have their properties managed by real estate agents because they may be time-poor, and [they] appreciate the professional services an agent can offer in an area which is governed by a complex array of laws and regulations,” Joyce said.
“Property management isn’t just about collecting rent. It’s a comprehensive management service, which is best provided by a professionally-trained property manager who undertakes education and ongoing professional development, in order to keep abreast of changing legislation and market conditions.”
Peter Lynch, account manager, Professional and Consumer Services with risk management and insurance advisory group, Aon, said that agents will generally pay attention to the finer details and work with the property owner to maximise the return on investment.
”Agents assist lessors in being aware of ways in which they can best protect their investment, for example, through landlord’s insurance against loss of rent and malicious damage by tenants,” Lynch said.
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