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A quick question for Landlords re: PM
6 replies to this topic
Posted 30 November 2012 - 04:23 PM
Can you tell me what percentage you are charged for PM fees?
We are currently in the process of negotiating with a new RE agency and want to get a feel for fee structure.
Property will be rented for $1000 pw.
Posted 30 November 2012 - 04:28 PM
On 500 a week we pay around $170 a month in management fees
Posted 30 November 2012 - 04:35 PM
One of our properties is 8% the other (rent is > $1000) has a normal fee of 7.7%, but we get it for 5.5% as we purchased the property through the same real estate agent.
Posted 30 November 2012 - 04:49 PM
We've had quotes ranging from 8.5% to 16%. The 8.5% was rubbish - we had 4 PM's in less than a year and they were all useless, as was their finance dept (who never paid our lawn mowing man) and maintenance dept (who didn't fix things even after we approved it). The next one charged 10% all inclusive, but then we sold that property and moved interstate. Our current PM charges 9.5%, plus letting fee, postals and the odd extra charge (but no letting fee for lease renewals, only for new leases) OR 16% all inclusive. On the rent we're getting, 16% works out over $1,000/year more expensive.
Posted 30 November 2012 - 04:55 PM
At $900 a week I would hope you would be able to get lower fees than those that have quoted.
Our properties are between $1,500 and $2,000 a week and I think the agents charge around 5%. Most of the agents charged or thereabouts for their "corporate" rentals.
I think many of them started the "corporate rentals" at about $1,000/wk
Posted 30 November 2012 - 05:22 PM
Thank you everyone for your replies. Interesting the difference.
DH is at the property as we speak and going through details with this particular RE agent that we have in mind for PM of the rental.
This particular property is a 3 bedroom family home 8 kms from the Sydney CBD. We're not ready to let it just yet - reno's still happening but near completion and so should go to market within 3 weeks.
RE agent says he has people waiting - we shall see... (I'm sure we've all heard that statement before).
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