I’m looking for a new agent. My current/perhaps soon to be previous agent charged 10% to manage fully-furnished properties. They gave me 8% as I purchased the property through them.
One company I have talked to specialise in Executive type rentals, they seem very good but they charge 15% for management (fully furnished).
What is the going rate for a good manager?
rgds mcdirt
Which state are you in?
Interestingly management fees differ considerably from one state to another.
Michael Yardney
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FREE subscription http://www.metropole.com.auWe have a company mangaing two places (unfurnished houses) in Perth, WA for us. I think their fee structure is a little high, but they have done a very good job so far so am reluctant to change. They charge as follows:
– 9.9% of total incomings (such as letting fees, rents etc.)
– $10 / month – postage and sundaries
– $55 / quater – routine inspection reportOn top of this we have letting fees and advertising for new tenants which usually wipes out a months rent. Not to mention any repairs that may crop up. The PM ortganises all payment of bills, rates, insurance etc. and organises all repairs (with a pre-determined authorisation limit).
All this adds up pretty quickly. Having said this. I value the spare time I do have (which is not much); too much to take this job on.
Look forward to some more experiences in this thread…….
I am from Melbourne and i am charged 7% management fee with a 50cent monthly charge to have the monthly statement emailed to me. The only additional charges is a letting fee which is the equivalent to one weeks rent.
Cheers,
I’m on the Sunshine Coast of Qld (fantastic place to live!) and the fees vary greatly – anywhere from 6.5% to 8.5%.
It appears the more experienced and better respected charge 8.5% with a statement fee and one week’s rent as letting fee + advertising all extras.
there are definately a lot of “monkeys” out there so paying peanuts is generally not recommended. An extra 1% or so is not a great amount when you have an investment worth hundreds of thousands of dollars being managed for you.
Good luck
Yasna & Simon
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