Property Management Fees

[Shebwetebs]

Hello,

What is the going rate for property management fees (Western Sydney)?

I have been quoted at 5.5% and the real estate agent is also the Strata Manager which I think is a plus?

First IP with my partner, tenant currently on month to month but want to stay. Settlement is in early June.

Thanks in advance.

 

[Rixter]

5.5% is correct.

 

[mumbai]

5.5% sounds good. I pay that much as well.

 

[Domus]

Whilst the amount of the fee does play a part in deciding, the real question is what service (or quality of service) are you receiving for the fee.

At a minimum your property manager should; regularly review your rent, carry out routine inspections, follow up on repairs and maintenance, communicate with you and devote proper time to your property. If your property is handed to an overworked property manager who does not have time to do this and you have to chase them, then it does not matter if you are being charge 5.5% or 7.7% you are not getting value for your money.

A premium property manager will do the above, plus discuss with you related property issues e.g. depreciation, insurance, adding rental value to the premises, discuss future maintenance etc.

If you can get proper service at 5.5% this is a good price

 

[MichaelGilbert]

Hi Agree with Domus.

Also take note of any other fees:
- Marketing/Advertising costs
- Admin / Stationary
- End Of Financial Year Statement
- Routine Inspection
- Lease renewal fees

Some agents can really stuff in some ridiculous hidden fees so don't forget to the look into those.


If your property is in a Unit Complex (where strata skills might be handy) it is beneficial otherwise It would not fuss me either way. I'd be asking, How many years experience as a senior PM have they had, How many properties do they manage themselves.

 

[Jamie M]

Whilst the amount of the fee does play a part in deciding, the real question is what service (or quality of service) are you receiving for the fee.

Spot on.

We all like to get a good deal - but I'd much rather pay a few % extra (which would prob amount to less than $10 per week) and use an excellent PM rather than go for the cheapest.

The question I'd be asking is "can anyone recommend an excellent PM in West Syd"

Cheers

Jamie

 

[mumbai]

Well, thats a million dollar question. Some of the excellent PMs in Western Syd might also be one of the cheapest AND the some so-called 'expensive' PMs might do a shitty job.

It all comes down to each individuals experience, I suppose.

 

[Shebwetebs]

Thanks for taking the time for the responses and insight.

Ok then.. "can anyone recommend an excellent PM in West Syd"?

Thanks again

 

[mumbai]

I am using Best Real Estate, wentworthville and spoke to Marilyn. She seems good.

I have heard good things about 'Tracy Hartwell, from Lang and Simmons, King Langley' from some SSers.

 

[DaveM]

I have been quoted at 5.5% and the real estate agent is also the Strata Manager which I think is a plus?

Raine and Horne St Marys?