Hi all,
Have been talking with REA’s recently, trying to sort out the management of property in lower north shore.
Their charges seem a little high (7-8%) or is it me ?
Has anyone got actual property managers for this area ?Not sure if you require any more info, I am new to the game.
This is currently my PPOR and I will be moving out shortly.
Thanks
Originally posted by Need2Succeed:Their charges seem a little high (7-8%) or is it me ?
I believe 7-8% is the going rate in most states. A good PM is hard to find, unfortunately I don’t know of any that I can recommend in that area. Goodluck in your search [
]You are wise to check out different REAs. I also think that is a reasonable rate, but then you might want to negotiate with the one you choose. Be aware of what the managing agent will be doing for you, that is what you are paying them for. Ask about such things as –
-sending you a monthly or mid-month statement (we get a mid-month on one house as the tenant was getting behind)
-the number of inspections yearly, 3 or 4
-a report following each inspection (that way you know if eg. paint is peeling or some such thing and you might want to have it attended to)
-specify how much the agent can spend, if any, on a repair without contacting you. This is on the management agreement. I like to be contacted first so I know what is going on and can give the ok or do the work ourselves, and for ‘doing the figures’.
-do they review the rent 6-12 months
-pets allowed or not
-tenants to mow or do you get a contractor monthly etc.Anna
Need2Succeed,
I just wanna say hello and welcome.
Which suburb are you talking about?
I am paying 4.5% in the SW Sydney.
Warm Regards
ChanDollars
[Keep going, you’re on your way to financial freedom]I definately wouldn’t be paying over 7%. We pay 7% for one of ours in north west Sydney and 5% for 2 (managed by different agents) in the Eastern Suburbs. Negotiate as much as you can.
Sorry, can’t help out with a PM on the North Shore.
Cheers,
Karen[]Thanks all,
Have done the rounds with 6 REAs and all seem to be 7-8%.
Will be seeing people from http://www.huhq.com.au later this week.
Its in Lane Cove, chan$.
Scully the 5%, you mention is that all inclusive or are there “hidden” charges. One REA came over charging 5.5%, but looking through their doco, it had additional charges for things like sending you a statement or organising repairs …etc.
Again thanks,
N2S
If it’s a newly bought property, maybe you can negotiate with the agents that handled the sale. The agents that sold me my property in Glenelg North in SA also had a property management branch so I negotiated almost 2% off the property management fees. I’m a bit weary of paying 5% or lower because ‘you get what you pay for’ in most cases. When you look at the big picture 1% or 2% in fees doesn’t work out to a lot of money in most cases. Also, finding a PM whose office is close to your IP would be a good idea too. It’ll make visits for inspections/emergencies which may arise a lot easier.
Cheers
Our 5% is all inclusive, no hidden charges. We found the best way to get a property manager was to select a handful of agents, and make appointments for them to come and view the property, 15mins apart from each other. They basically had to sell themselves to us, and they quite often meet each other as they are coming and going. They really do feel like it’s a competition to get our business, and will generally offer more competitive rates/services to get our business.
Cheers,
Karen[]
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