WHAT DOES THE FUTURE OF PROPERTY MANAGEMENT LOOK LIKE?

There has been a bit of talk recently about the current state of the Canberra rental market, with some people concerned there aren’t enough tenants looking for homes. And at first glance, the ACT vacancy rate seems to reflect this – at the end of October it was sitting at 4.2%. We’ve seen property managers scramble to find a justification for these figures, pointing to government cutbacks, a lack of tenants or an oversupplied market… but if you really want to find out what’s going on, you need to look at the standard service offered by most property managers and understand how it stacks up against industry best practice.

We spoke with Norm Honey, Managing Director of Independent Property Management to get his thoughts on the matter, and he believes there are actually plenty of Canberrans who are looking for rental properties; it’s just a matter of finding them. “We currently manage over 3000 homes and our vacancy rate at the start of November was only 0.85%, which is a big difference compared to the ACT average. The reason is most property managers in the ACT, and in the real estate industry in general, have to do everything themselves.”

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CAN YOU OWN WORDS THE SAME WAY YOU OWN REAL ESTATE ?

If you had to guess, how many businesses in Australia do you think have the words “real estate” in their name or use it in their advertising?

While we don’t have exact figures, according to the Australian Bureau of Statistics there were over 35,000 businesses operating in Australia in June 2013, and a large proportion of those businesses use the phrase “real estate” as part of their name or branding.

That could change though, if a trademark attempt by the REA Group is successful.

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THE REAL ESTATE BATTLEFIELD AND THE IMPORTANCE OF MARKETING

One of the most important things to realise when you make the decision to sell your home is that your property doesn’t exist in a vacuum. Homes aren’t sold in isolation, they’re sold in competition.  You have to contend with all the other homes on the market, and in today’s market you really have to fight for attention. You have to work hard to make your home stand out, and that’s where marketing comes into play.

We sat down with two of Canberra’s top agents, Mark Larmer (REIACT’s Auctioneer of the Year) and Jonathan Charles (REIACT’s Salesperson of the Year) to get their views on just how important marketing is to a successful sales campaign.

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