Western Sydney Property management fees

[mumbai]

I am about to get possession of my first IP (in Girraween, nsw) and looking for PM to manage it. One of the PMs got back with these fees:

Leasing fee: one week rent + gst
Tenancy agreement: $15 + gst
Management fee: 5.5%
Statement/admin fee: %5.50 per statement

Applying for tribunal: $37
appearing at a court: $55/ph

Are these normal or should I shop around? Also, the PM asked to get property checked for water efficiency and recommended (not compulsory) a landlord insurance at cost of $345 per year with EBM Insurance.
Suggestions please.

 

[Blurbman]

Those rates are pretty standard, if not a little cheaper than some.

The recommendaiton to get the landlord insurance is good advice. Accept it. That type of policy, is i think, an essential part of owning an investment property. When you do need it you will appreciate it. For some claims EBM will cover up to 52 weeks of lost rent. Could you survive without rent for that long without the insurance.

 

[devank]

Leasing fee: one week rent + gst
Tenancy agreement: $15 + gst
Management fee: 5.5%
Statement/admin fee: %5.50 per statement

Applying for tribunal: $37
appearing at a court: $55/ph

You want cheaper than that?

 

[rawna]

I am about to get possession of my first IP (in Girraween, nsw) and looking for PM to manage it. One of the PMs got back with these fees:

Leasing fee: one week rent + gst
Tenancy agreement: $15 + gst
Management fee: 5.5%
Statement/admin fee: %5.50 per statement

Applying for tribunal: $37
appearing at a court: $55/ph

Are these normal or should I shop around? Also, the PM asked to get property checked for water efficiency and recommended (not compulsory) a landlord insurance at cost of $345 per year with EBM Insurance.
Suggestions please.

That's good deal.. I have PM with higher fees..

 

[chilliblue]

Fees are not the most important thing to review.

What services are they offering:

- number of inspections per year
- inspections photographed
- who and what experience does your PM have
- how long has that PM been with that agency
- what is their arrears policy
- who are their contractors and what are their rates

and so on

 

[mumbai]

You want cheaper than that?

No, just wanted to know if that's average. This is my first IP, so dont have much experience.

 

[mumbai]

Fees are not the most important thing to review.

What services are they offering:

- number of inspections per year
- inspections photographed
- who and what experience does your PM have
- how long has that PM been with that agency
- what is their arrears policy
- who are their contractors and what are their rates

and so on

Thanks Chilliblue, I will raise these questions with the agency.