How this Stellar Agency stopped ‘wasting time on admin tasks and trust accounting’

This astounding success earned the agency second place in the inaugural REB Stellar Agencies 2025, cementing it as one of the top start-ups in the real estate industry.

#1 Property Centre & Tomoro Real Estate has flourished under the stewardship of director Patrick Wall, whose sales expertise, combined with his grasp of market dynamics and ability to negotiate, have impressed his clients.

Wall attributed the success of his agency to providing “exceptional” customer service, hard work, and ensuring that he is accessible to clients at all times.

“I’m not some high and mighty director,” he said.

“I’ve still got 60 properties under management myself. I’ve made sure that I’m not some unattainable figure that sits at the top.”

This is critical for agents to build long-term relationships with their clients and understand their needs and preferences so they can work towards achieving their real estate goals and become their trusted partner.

“People relate to this strategy because buying and investing in property is a personal thing. You’re dealing with their financial wellbeing,” Wall emphasised.

“People are planning for their future when they buy property, particularly an investment property.”

Communicate well and often

For Wall and his team of five property managers, effective communication is central to good customer service.

“I have a policy where if someone rings or emails, you touch base with them on that day,” he said.

“Even if you don’t have the answer, you acknowledge that you received their email and tell them you’ll get back to them.”

Wall also credited his team for the agency’s success, praising them for acquiring in-depth knowledge of their property and rental market.

“If someone asks how much a property is worth, my team can provide an estimate off the top of their head,” he said.

“Property managers have to know how to set a rent and compare the market.”

Wall said he rewards his property managers with healthy remuneration, which instils in them a sense of responsibility to grow the business.

“People need to have skin in the game to stay motivated and generate business. Otherwise, they’ll fade away and become another number,” he highlighted.

Deliver top tech or lose out to others

Wall also focuses on cost-saving strategies to drive growth in his business, including ditching the trust account a few years ago and switching to a property management platform designed around automated payments.

Many agencies that spend tens of thousands of dollars to employ staff to oversee trust accounting are “stuck in the dark ages”, Wall said, and underscored that agencies that do not keep pace with an industry that is rapidly changing will lag behind their competitors.

“Your clients will see it too,” he warned.

“This is why property managers don’t communicate with their clients. They’re too bogged down with doing the admin work of trust accounting.”

On the other hand, moving to Managed, a property management platform built around automated direct payments, saved Wall and his agency tens of thousands of dollars annually because they did not have to recruit someone just to do the trust accounting.

“We went away from trust accounting because of the cost. It’s dumb, how much it costs,” Wall said.

His automated payment platform reduces auditing requirements, integrates with other software used by the agency, and is intuitive and easy to master, Wall noted, allowing him and his team to focus on building client relationships and growing their rent roll.

“If you’re tech savvy, you can spend time investing in and growing your company instead of wasting time on admin tasks and trust accounting,” he said.

Your rent roll is the true value of the agency

Wall advised new property managers to join agencies that understand the value of their rent roll.

“Some agents still do not see the value of their rent roll, but it’s the only thing you can sell at the end of the day,” Wall said.

“Agencies with a rent roll are generating income day in, day out. There’s a dollar value in it. You’re guaranteed that income. You’re not guaranteed the next sale or listing. If the person at the top doesn’t care about the rent roll, he doesn’t care about paying you well.”

Uncovering the benefits of secure digital payments

Real Estate Business (REB) will host a masterclass on Thursday, 10 April 2025, to unpack the future of property management and how progressive agencies are leveraging secure digital payments solutions to enhance efficiencies and compliance, while established agencies are increasingly switching to these platforms.

REB editor, Liam Garman, will lead the discussion with a panel of experts including:

• Grant McKay – director at NU Management
• Ashlea Merlo – director at The Property Collab
• Rohith George – chief operating officer at Managed
• Alex Whitlock – commercial director at Managed

Click here to register for the masterclass and don’t miss out!