Question regarding management fees

Hi there,

I have just decided that i will need to rent out my apartment for the next 12-18 months. It is an apartment in melbourne CBD with a value of around 700k. I will be renting it out fully furnished for approxiametly 750-800 per week.

I have had 2 real estate agents around to view the property, each with very similar fee structures. These are 4% leasing fee, 7% montly management fee and 1% re-leasing fee. Upon departing, the 2nd agent hinted that these fees were 'negotiable'. I just wanted to check on this forum exactly which of the above fees would be 'negotiable' ( i.e. just the management fee or both)and from past experience can anyone shed any light on the lowest anybody thinks that i could get the fee for?

There is also an advertsising fee of $155 which seems pretty fair?

Any feedback would be greatly appreciated.

Thanks, James
 
Thanks for the feedback. The first real estate agent (Agent A)refused to negotiate on anything despite their fees being 7.7. management fee and 4.4 monthly leasing fee. Is this normal to not even budge a bit?!
I took you're advice and asked the 2nd agent (Agent B) to drop the management fee from 7.7% to 6% but i am not sure if perhaps this drop is too big as far as they are concerned? (they still charge a standard leasing fee of 3.3 on top).

If anyone has any further comments on this it would still prove extremely helpful to me.

many thanks, James
 
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