property management %

[evand]

Can someone let me know what the standard property management fees are around Brisbane. I have been on a low rate (5.5% inc GST) as i have had a bunch of properties with one RE and they gave me a discount.

I'm now looking for a new PM and being quoted fees up to 8.8% (in GST).
is this about the standard up there? I was expecting somewhere around 7.7%.

Also, can anyone recommend a decent PM around Caboolture/ Burbengary/ Morayfield? Would be much appreciated.

 

[wylie]

Why are you leaving the 5.5% agency, if you don't mind being asked.

 

[beekay]

I pay 5.5% but mainly because my PM was incompetent and couldn't handle a situation with a tenant.

In a few months when the exclusive lease ends, I'm happy to pay 6% or more and take my business elsewhere.

 

[Qlds007]

I have numerous properties on the northside of Brissie including the suburbs you mention.

I use Mayfair in Clayfield and find them excellent with communication and professionalism.

The PM i deal with is first class and has over 15 years industry experience.

Give the principal Keith Clarke a call on 0411 516 259. Tell him i sent you and see what he can do for you.

They have 20 of my Brissie properties so i get a good rate but Keith has always looked after fellow forum members in both rate and service.

 

[evand]

Not at all. One stuff up that cost me money too many. They just cant seem to get decent property managers. Either that or they are too tight to put in extra staff to help with the work load.

Either way - after giving them multiple chances - i'm off.

Whats the standard rate up there?

Why are you leaving the 5.5% agency, if you don't mind being asked.

 

[wylie]

Standard rate for me is "0" because I manage ours.

I would highly recommend Harringtons. Don't know what they charge, but we have been impressed with their efficiency when dealing with them in a "let only" situation.

 

[Gools]

Evand, can you give us a bit more information regarding the property? The management fee for a $150/week unit is fairly different to that of a $1000/week house.

Gools

 

[evand]

Bog standard 3/4br single story brick veneer houses renting for $280 -$300 pw. Do you have any in the area?

Evand, can you give us a bit more information regarding the property? The management fee for a $150/week unit is fairly different to that of a $1000/week house.

Gools

 

[Qlds007]

You are probably looking at around 6.5% for a number of properties.

 

[Lukey13]

Where I live the standard seems to be 8% plus GST for high quality property management. I don't know if some of the "less reputable" agents charge less though.

 

[MissMuffitt]

I pay 8.8% for our Agnes Water property.

I am in the middle of changing PMs. This is the first time I have had to change one and she was not happy.

I will probably get a phone call from the principal on Monday about why we want out.

I wrote and said I was giving then 30days notice. (our contract says 90 but I thought I would try for less)

I feel that there has been a lack of communication from there side most of the way through there time letting our property.

No Exit report sent to me when last tenant left on the 25/3/08, then new people move in on the 24/4/08 were supposed to sigh a 6 month lease, but changed it at the signing to 3 months

Also receive on the 13/5/08 a maintenance report about broken tile, but no entry report from when they moved in??
Am I being to particular about these things? I would have thought that was what I was paying them for??
Now I am chasing the MP up about signing another 6 month lease, and I get "Oh they don't know what they are doing yet... Husbands work" ETC.

Sorry... End of Rant.

 

[Gools]

MM, your concern sounds justified in this case. You're paying them a reasonable management fee, I would expect them to have done everything you were expecting at the very least.

Some figures for others reading this thread:
Wayville SA unit - 9% fee.
Lewisham SA detached house - 5.5% fee.

Gools

 

[lura]

Give Emma Russ a call on 0438744309 - she looks after all that area for a lot of owners. More importantly, she will give you owners contacts for you to speak to some of her owners so you can ask them your own questions.

Price is what you pay, value is what you get....

 

[Xenia]

For agencies that are accepting 5 or 6% management fees are these on $1000 per week properties? Are there other fees ie letting, lease renewals, lease preparation fees, condition reports etc????

The numbers just don't stack up to support a business unless I'm missing something!

 

[evand]

Thanks guys, will chase up a couple of the leads and see how i go.

 

[jaycee]

For agencies that are accepting 5 or 6% management fees are these on $1000 per week properties? Are there other fees ie letting, lease renewals, lease preparation fees, condition reports etc????

The numbers just don't stack up to support a business unless I'm missing something!

Xenia, surely you know the anser to that ... At 8.5% I still paid extra for lese renewals/ preparation fees / condition reports.... In fact the percentage forto include all in the management fee was much more than 10%, cna;t remember exactly

perhaps we pay more in Perth, but can't be THAT much more surely

 

[firstmillion]

Hi,

We pay 9.9% incl GST + $5.5 per month as other expenses. Bit on the higher side but our PM is very good, just needs reminders sometimes though.

Cheers

 

[travelbug]

Hi,

We pay 9.9% incl GST + $5.5 per month as other expenses. Bit on the higher side but our PM is very good, just needs reminders sometimes though.

Cheers

VERY good but needs reminders?? I'd want better than that at 9.9%

My IP1 we pay 5.5% When we got the contract from the PM of IP2 (tenant already in place) it had 7.7%. I rang and said that is too much as we are only paying 5.5% on our other one. He said "OK just change it and fax it to me".
That was easier than I thought.

When you think of it though PM's should be willing to negotiate. They rent places a lot easier and quicker. AND rents have gone up considerably which means they are now getting more money for the same amount of work.

We are very happy with the first PM and so far the second has been great. Keeping us informed etc.

 

[evand]

They probably would negotiate if they could also charge more when tenants are hard to find and require more advertising and/or when rents are low.

When you think of it though PM's should be willing to negotiate. They rent places a lot easier and quicker. AND rents have gone up considerably which means they are now getting more money for the same amount of work.

 

[kyliej]

You Get What You Pay For

Basically if an agent is only charging 5% they cannot be making enough money to be paying the best property managers, who are few and far between. As well as fees you should be taking a close look at the experience and reputation of the individual property managers that will be looking after your property.