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
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.
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
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.
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.
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
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.auDont forget that all their fees are negotiable too
J
“Success comes from having the proper aim as well as the right ammunition”
Absolutely negotiable, always ask.
rental managers are great especially if you want to make a fairly decent sized portfolio.
less hassle for you.
jake.
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“Your Profit is made when you buy… not when you sell” (Rich Dad)
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