What is reasonable for PM fee?
- Thread starter s050399b
- Start date
Don't forget, some agencies try the "...oh, we only charge 8%..." but then bang on GST...
clever people these agents....
What I don't get is the associated "mailing fee and sundries" ...WTF is that??? Just email it for crying out loud.
Oh, and charging a "re-letting fee" ....I call BS....
clever people these agents....What I don't get is the associated "mailing fee and sundries" ...WTF is that??? Just email it for crying out loud.
Oh, and charging a "re-letting fee" ....I call BS....
glenda70..
I got called away from my post.
Ok - this piece of legislation only relates to the collection of rent.
In Qld, the collection of rent and the management fees and expenses - are all separate matters.
Generally, agencies charge let fees - 1-2 weeks plus gst.
Rent collection - 5% plus gst
Management Fees - anywhere from 0% - 5% (max 5%) plus gst.
Then they list all the other charges that they provide and it is up to you to decide and negotiate.
In the Qld Appointment of Agent - Form 20A:
Part 5 deals with Commission - this area is governed by the piece of legislation above.
Let commission and Rent Collection Commission - normally expressed as percentage of the weekly rent.
Part 6 - deals with Fees and Charges: covers items such as management fees, lease renewal fees, maintenance/repair fees, periodic inspection fees, internet listing fees, End of financial year statement fees, mediation/tribunal hearing fees...and any other fee they can get away with
Property Management Schedule Part D - as attached to standard REIQ Form20a.
Part 7 - deals with Expense: This is generally where the sundry fee falls under as well as Advertising/marketing and any other fees e.g. title search (generally passed onto owners at cost and at carried at the start of each new management)
I hope this clarifies some of the issues in this discussion.
I got called away from my post.
Ok - this piece of legislation only relates to the collection of rent.
In Qld, the collection of rent and the management fees and expenses - are all separate matters.
Generally, agencies charge let fees - 1-2 weeks plus gst.
Rent collection - 5% plus gst
Management Fees - anywhere from 0% - 5% (max 5%) plus gst.
Then they list all the other charges that they provide and it is up to you to decide and negotiate.
In the Qld Appointment of Agent - Form 20A:
Part 5 deals with Commission - this area is governed by the piece of legislation above.
Let commission and Rent Collection Commission - normally expressed as percentage of the weekly rent.
Part 6 - deals with Fees and Charges: covers items such as management fees, lease renewal fees, maintenance/repair fees, periodic inspection fees, internet listing fees, End of financial year statement fees, mediation/tribunal hearing fees...and any other fee they can get away with
Property Management Schedule Part D - as attached to standard REIQ Form20a.
Part 7 - deals with Expense: This is generally where the sundry fee falls under as well as Advertising/marketing and any other fees e.g. title search (generally passed onto owners at cost and at carried at the start of each new management)
I hope this clarifies some of the issues in this discussion.
5.5% with all my properties in Melbourne.
