All Topics / Overseas Deals / Comparing – how much does your rental agency charges for renewing an agreement?

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  • Profile photo of CasaHunterCasaHunter
    Join Date: 2011
    Post Count: 27

    I would like to compare: how much does your property manager charges you to renew a contact with an existing tenant in Florida?
    And apart from creating the new contract what else do they do to justify the charge?

    thank you!

    Profile photo of DeanCollinsDeanCollins
    Join Date: 2015
    Post Count: 376

    $44 in Sydney (carlton) to renew a 12 month lease.

    Its a bit of a joke….but I’d prefer to pay this rather than a higher management fee. For what they do I think 5% is too high……

    Profile photo of Judith OttosenJudith Ottosen
    Join Date: 2014
    Post Count: 36

    There is a great deal more to property management than just taking a commission. Like any business there are overheads for a start like computers, printer, telephone and internet, electricity, management software monthly fees and if you run an office, rent. Then there are accounts, bank reconciliations and the hours spend monthly keeping this all in order. Add to this driving past a rental on a regular basis to make sure lawns are mowed and property is tidy, arranging and carrying out internal inspections, being available 24/7 for maintenance issues, delivery of late notices and follow up etc. If you need an eviction there can be hours of work involved. You also need to be properly licensed which is a 60 odd hour course and follow up compliance hours to keep your license, Association fees and dues and the list goes on. My clients have just had their fees increased to 10% and pay first month rent for a new tenancy and 50% of one month rent for a renewal of lease. I always thought property management fees were way too high until I found out just what it takes to do the job well. Admittedly, not all property managers do a good job but it is not an easy job either.

    Cheers Judith

    Judith Ottosen | Outback Realty LLC
    Email Me

Viewing 3 posts - 1 through 3 (of 3 total)

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