fees for management QLD

Discussion in 'Property Management' started by mikesplace, 29th May, 2013.

  1. mikesplace

    mikesplace Member

    Joined:
    29th Mar, 2011
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    Location:
    Perth
    Hi, what are the typical fees for ongoing management of an investment property in QLD? I have been quoted 5% to collect the rent and 3% to manage

    the 5% seems rather high, its not some crappy house in a dodgy area, aren't there defined legal procedures for non payment of rent and all the agent really does is bank cash and pass it on?

    can you do that part yourself?
     
  2. jenni_nextplace

    jenni_nextplace Member

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    16th May, 2013
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    Location:
    QLD
    Hi, the average is 8.25%

    5% commission plus GST and 2.75% Inc GST management fees.

    5% is the industry standard, you can negotiate on the 2.75%.

    Depending on your rent but when you work out the figures there are only a few $$ in it. Pay a bit more for a better job.
     
  3. Bigtone

    Bigtone Member

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    the professional tenants will be lined up a mile deep to rent from you.
     
  4. Peterw

    Peterw Member

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    Collect the rent and pass it on. Yes, bring on the day when that is all we do :)
     
  5. russellpeter

    russellpeter Member

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    Im finding the average is getting closer to 7.5%+ GST

    whats the weekly rent for your property and ill tell you what our fees would work out as a %.
     
  6. jenni_nextplace

    jenni_nextplace Member

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    Oh for others to see what its really like inside the day of a Property Manager.
     
  7. Dbz_Vic

    Dbz_Vic Member

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    Location:
    VIC
    Has the fees changed much of late? Just been quoted 8% incl gst as well, and another $40 for quarterly property inspection = another $160 pa :confused: Over here in VIC you will be lucky to get 6 monthly inspections but its inclusive. Seems like everything in QLD is more expensive, rates, fees, premiums, so a warning to others don't be fooled by GROSS yields, it goes into negative territory pretty quickly. My rental appraisal btw would be between $530-$550pw but looking at more than that.
     
  8. nomadic

    nomadic Member

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    Your figure of 8% inc GST doesn't sound right. That means you're paying 7.2727272727273 before GST which seems like an odd amount. In Qld I pay 6.6% (6% + GST) to 8.25% (7.5% + GST).
     
  9. Dbz_Vic

    Dbz_Vic Member

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    Location:
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    Its a negotiated amount. Was 5% + 3.3% originally and a whole lot of other fees. Property manager said they can do 8% inclusive of everything apart from inspection costs. Still sound a bit high to me but i am comparing it to VIC.
     
  10. HappyCamper

    HappyCamper Member

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    I negotiated 5.5% incl GST but I have 2 managed by them. Logan area.
     
  11. Dbz_Vic

    Dbz_Vic Member

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    Thats a good rate, but is that all inclusive though? All the fees such as leasing fees, advert fees, etc can add up to more than the couple of percentage discount.
     
  12. Beanie Girl

    Beanie Girl Member

    Joined:
    8th Jun, 2011
    Messages:
    873
    Location:
    Melbourne
    Hiya Dbz,

    Ask for this deal :D
    Good luck!!!!!


    Letting commission: Equivalent to one week's rent
    Rent collection commission: 5%
    Management fee: 3% (incl GST)
    Lease negotiation/Renewal fee: ($0 for beanie)
    Maintenance/Repair fee: included in management fee
    Periodic inspection fee: $25
    End of financial year statement fee: included in management fee
    Mediation/Tribunal hearing fee :$65
    (including preparation):

    Other fees:
    Vacate fee - ($0 for beanie)

    Administrative expenses (e.g. postage, STD phone calls, fax transmissions and bank fees.): $5.50 (gst inclusive) sundries per month
     
  13. citystar

    citystar Member

    Joined:
    25th Sep, 2007
    Messages:
    161
    Location:
    Gold Coast, QLD
    Negotiated 5.5% plus GST with four properties in Southport with the one agent. All properties are well maintained and looked after with good long term tenants. Negotiated good conditions with the other features/expenses of the rental agreement contract. I can honestly get a cheaper deal with another agent however I've been with the current agent for several years and even purchased two of the four properties from them so I won't change to save half a percent on commission. The other investment property in Brisbane is costing 8% plus GST, with less attractive conditions in the contract.