All Topics / General Property / rental management

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  • Profile photo of qsilverqsilver
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    @qsilver
    Join Date: 2003
    Post Count: 7

    Hi,

    Are rental management fees fairly standard or are there cases of being charged higher rates if the agent knows that you live far away or interstate and will need to rely on their services a lot more[?]

    also is rental management worthwhile overall[?]

    chris

    Profile photo of RodCRodC
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    @rodc
    Join Date: 2002
    Post Count: 335

    They’re usually pretty standard within the one area.

    Often you’ll get discounts if you have multiple properties managed by the one agent.

    I pay between 5% and 10%.

    Rod.

    Profile photo of qsilverqsilver
    Member
    @qsilver
    Join Date: 2003
    Post Count: 7

    Thanks

    Do you own any IP interstate if so is it still in the 5% – 10% range? How reliant on the managers are you and how often should I check my properties myself?

    chris

    Profile photo of RodCRodC
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    @rodc
    Join Date: 2002
    Post Count: 335

    The 5% is local, standard rates in the area are 7% but I managed to get a lower rate as I purchased through the same agent and there’s 2 properties. I have some interstate ones at 6%, standard rates for that area are 7-8%. I got lower due to having 2 IPs. The 10% ones are further away, but once again standard for the town.

    Rod.

    Profile photo of RodCRodC
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    @rodc
    Join Date: 2002
    Post Count: 335

    Sorry, I only answered half your question. I’m equally reliant on the local agents as the interstate ones. For the local properties I may go with the agents when they do there inspections (but not always). For the interstate ones I usually check them myself once a year. I generally call the agent about once a month to keep in touch.

    Rod.

    Profile photo of qsilverqsilver
    Member
    @qsilver
    Join Date: 2003
    Post Count: 7

    That answers my question, Thanks Rod

    Keep up the good work I am only just rediscovering this wonderful world of investing and every bit of info helps.

    Cheers

    chris

    Profile photo of MichaelYardneyMichaelYardney
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    @michaelyardney
    Join Date: 2001
    Post Count: 616

    quote:


    Hi,

    Are rental management fees fairly standard or are there cases of being charged higher rates if the agent knows that you live far away or interstate and will need to rely on their services a lot more[?]

    also is rental management worthwhile overall[?]

    chris


    Property managers fees vary from state to state and also within the state. In general you woul dthink fees vary with the level of service you receive, but that is not necessarily correct.
    If you want to know how to find a good property manager have a look at this report:-

    http://www.metropole.com.au/reports/bonus_report2.htm

    Michael Yardney
    Metropole Properties
    http://www.metropole.com.au

    Profile photo of OzpatinQ8OzpatinQ8
    Member
    @ozpatinq8
    Join Date: 2003
    Post Count: 40

    Dont forget that all their fees are negotiable too

    J

    “Success comes from having the proper aim as well as the right ammunition”

    Profile photo of RodCRodC
    Member
    @rodc
    Join Date: 2002
    Post Count: 335

    Absolutely negotiable, always ask.

    Profile photo of Jake_HeinemannJake_Heinemann
    Member
    @jake_heinemann
    Join Date: 2003
    Post Count: 25

    rental managers are great especially if you want to make a fairly decent sized portfolio.

    less hassle for you.

    jake.

    =======================================================
    “Your Profit is made when you buy… not when you sell” (Rich Dad)

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