Any recommended property managers to manage my Southbank property VIC

Hi all,

Can anyone recommend a decent property manager to manage my Southbank apartment?

The apartment has 2 bedrooms, 2 bathrooms and 1 car park. I am currently living in it, but will be moving out in a month and want to rent it out and make it an investment property.

Will be interested to also hear anyone's experience renting out their apartments in Southbank or surrounding suburbs in terms of growth, tenancy rate, etc.

Thanks!
 
Hi there,

Southbank is predominantly Chinese students - with 2 bedrooms you may have one lease with the student subleasing so be aware of this. Most students haver their daddy's pay for the rent but for extra cash they may sub rent. As I say demographic of the area is heavily chinese or professional travelling and renting paid for by corporates - this will be obvious to you livin there.

For PM give Lil Skater a yarn and she'll take care of ya (http://qura.com.au/).

Cheers
 
Agree! Sam GG at Qura is very friendly and helpful, just send her a msg/email. She'll be more than happy to answer your questions and you can then decide whether you'd like to proceed with her not.

On a side note alexz1011: how are the Southbank apartments in terms of occupancy? And how much are you planning to rent it out for?
 
i rented in southbank for a couple of years. we rented through micm, they did a rather average job for both us and the landlord, always slow with maintenance, the condition report was rubbish when we moved in (they clearly had not been there), and they didn't even really know what the properties strength and weakness was. In the end they had to repaint and recarpet after we left, (was already gone when we moved in) the place was vacant for a decent chunk as they had out priced it on the market.
 
Hi there,

Southbank is predominantly Chinese students - with 2 bedrooms you may have one lease with the student subleasing so be aware of this. Most students haver their daddy's pay for the rent but for extra cash they may sub rent. As I say demographic of the area is heavily chinese or professional travelling and renting paid for by corporates - this will be obvious to you livin there.

For PM give Lil Skater a yarn and she'll take care of ya (http://qura.com.au/).

Cheers
I have been living in Southbank for the past 5 years and agree with what you mentioned - mostly students and professional.

Thanks for the reference to qura. Will give them a call tomorrow. May I know how much % commission you agree with them? Just for my reference when I bargain with them
 
Agree! Sam GG at Qura is very friendly and helpful, just send her a msg/email. She'll be more than happy to answer your questions and you can then decide whether you'd like to proceed with her not.

On a side note alexz1011: how are the Southbank apartments in terms of occupancy? And how much are you planning to rent it out for?
In terms of occupancy, I think Southbank is pretty good. While there are other suburbs with higher demand and lower vacancy rate, I think Southbank still ranks in the "not so bad" category. I don't have stats to prove this, but all my mates are happy with their Southbank apartments.

I guess this is because of Southbank's convenient location, being close to CBD, but can still offer a little bit of quietness as well.
 
Thanks all for the suggestions.

In general, how much is usually the typical commission and management fees for a PM managing an apartment in Southbank? Just wanted to get a reference when I negotiate with them.

Thanks!
 
I have been living in Southbank for the past 5 years and agree with what you mentioned - mostly students and professional.

Thanks for the reference to qura. Will give them a call tomorrow. May I know how much % commission you agree with them? Just for my reference when I bargain with them

They're % PM fees are reasonable - please don't worry about bargaining - like a conveyancer - the cheaper you pay is an indication of quality. Say a conveyancer who charges $500 in Melbourne I would not bother with - same applies for PM below 7% - they need to cover the costs (which includes trust accounts, client interactions etc), they will be reasonable and i'm sure you will be satisfied.

Cheers, Ivan
 
You'll probably find that the average in Melbourne is 5-6% (across the state I presume, not specific to Southbank which was your original qn)

Other states are higher:
http://advice.realestateview.com.au/buying-investing/beginner-guide-to-investing/6/

But agree once again: you want to pay for the service and get someone to look after your IP, than a mediocre PM who can't get tenants & leave it vacant for a long period of time; can't deal with issues that arise.

And my suggestion is really just ask around - if some PMs don't even bother answering your Qns then forget it. Any "service provider" should be happy that you are doing your own DD and ask as many qns as possible to gauge what their services will be like.

Hope all goes well!
 
They're % PM fees are reasonable - please don't worry about bargaining - like a conveyancer - the cheaper you pay is an indication of quality. Say a conveyancer who charges $500 in Melbourne I would not bother with - same applies for PM below 7% - they need to cover the costs (which includes trust accounts, client interactions etc), they will be reasonable and i'm sure you will be satisfied.

Cheers, Ivan

going to have to disagree, i have a couple of PMs on our role at sub 7% and they do an ok job, i have also had above 7% who have been rubbish.
 
i have an investment uni in southbank now which is rented out though an agency. my tennats are croupiers at the casino on shift work and never had any issues with them. been there 4 years, and just resigned for another 2
 
Back
Top