TheCrest;

Only expect tenants to be as good as your property.
Don't accommodate the unemployed.

I couldn't agree more with these 2 points (especially the first)

Haha – I understand completely. But you're playing with big sums of money, so it's best to start with a solid base of knowledge.

Caveat emptor  … buyer beware!

There will always be those who can make the determination purely on location, photos, and building reports; but I've walked away from many a deal once I've actually been inside the property, whereas on principal I would have purchased.

As Maree said, flights are cheap – and as a % of the cost of the investment, it's a very small outlay for genuine peace of mind.

I agree with a few of the comments above – namely that 20% of agents make 80% of the money!

My advice would be to work for the biggest, flashest agency for your first 12 – 24 months, you will have a level of training that will be unsurpassed.

My initial training was with a company called Foxtons in London – the pay was fairly rubbish as an agent, but the experience was extraordinary. After 2 years, I came back to Australia and set up my own real estate agency in Canberra – my gross commission currently exceeds $30,000 per month, with a property management division sitting at over $520,000 a year turnover.

This is one of those industries that require an infinite amount of patience, social interaction skills, time management and, above all, an affinity with people. If you have exceptional people skills, then you stand a chance at making it big.

It's also about the local market (will your agency give you a small patch, and expect you to compete with agents who have been working that patch for years?).

It takes initiative, and "out of the box" thinking to make a sudden impact in an area and secure listings – but it can definitely be done.

I'm more than happy to answer any specific questions.

Erik Tyler – Managing Director, LIVEin Real Estate, http://www.livein.net.au

Hi jtsroberts,

I've just joined this site as I'm looking for other investors / real estate agent's etc to network with.

By way of introduction, my partner and I own 6 investment properties in Canberra, and we also own a real estate agency called LIVEin

Our property management division currently manages 290 properties, and we charge 7% management fee's, while utilising professional photography, high definition video tours, and the assurance of having the same property manager for life. We have only lost 2 clients (both of which we disengaged).

I don't mean to highjack this thread with self-promotion, but I completely understand your position in being frustrated at the huge fee's charged by property managers in Canberra, whilst not giving the best level of service.

To the moderator – I apologise if this is outside of the rules and regulations, please be assured that I am not in the habit of self-promoting, and can assure you this won't be a continuing theme.

Property investment is close to my heart, and I am frustrated for investors at paying high management fee's.

I would obviously be delighted to discuss further with you, so please visit http://www.livein.net.au to see how we do things differently

Cheers

Erik Tyler – Managing Director, LIVEin