QLD Cheapest and good property management company in logan crestmead area ?

Discussion in 'Property Management' started by showtime94, 30th Jul, 2021.

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  1. showtime94

    showtime94 Well-Known Member

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    I have been with my current property manger for 5 years and they charge 8.8%
    Which property managers have the cheapest prices and are they decent ?
    Any1 with ips in logan use any cheap ones that they recommend?
    Thanks
     
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  2. Michael Mitchell

    Michael Mitchell Well-Known Member

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    @Tom Rivera is down that way, remember though the old adage:

    upload_2021-7-30_16-9-1.png
     
  3. skater

    skater Well-Known Member

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    I'm not one for spending more than I need to on things, however just looking for the cheapest could very well be a false economy.
     
  4. Tom Rivera

    Tom Rivera Property Manager Business Member

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    I always ask clients to look at their net return- does the Property Manager provide value that exceeds their fees? Will another Property Manager provide the same value for a lower fee? Will another agent provide MORE value for the same fee? I have seen fantastic Agents for 5.5%, and I've seen shocking ones for 10%+, but as a general rule discount agents will be compromised. For example- Are they managing significantly more properties per staff member, resulting in a lower quality of service, or is the business owner operating at a loss just trying to build an asset to flog off in a couple of years?

    If you're paying 8.8% and don't see value, because you're not getting great service, a lot of people will immediately think they may as well pay less if they're going to get average. Consider a better net return is likely to be achievable by finding a great agent, regardless of the fee.

    The properties around here are mostly old (maintenance intensive) with a lower socioeconomic demographic (more time intensive), all whilst we derive the fee from a percentage of a lower rent. Average rent in Logan is around 30% lower than Greater SEQ, so that's 30% less income! Great agents can manage a stable high yield investment without unnecessary repairs, but poor/ignorant agents will just invite disaster.

    I'll get off my soap box now and answer your question :D Quite a few agents around Logan will do 7.7% for one Investment Property, very few less than that, though there are a couple (who aren't particularly highly regarded).
     
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  5. D.T.

    D.T. Specialist Property Manager Business Member

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    Logan area typically lower rents as well so can’t charge much less and still run a business.

    Talk to Tom in the post above me ^^
    We have some mutual clients who I know rave about him.
     
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  6. showtime94

    showtime94 Well-Known Member

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    Who are the agents that charge 7.7% . Im currently paying 8.8% nothing wrong with em although i don't think they push much for market rent. But if i can get the same service for abit less management cost then why not
     
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  7. Rich2011

    Rich2011 Well-Known Member

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    The difference between 7.7 and 8.8 is about $200 a year on a $350 per week property. Be careful looking for a cheaper property manager as $200 a year can EASILY be eaten up in a badly managed property with poor quality tenants. I have no issue paying 8.8% if the property manager is at the top of their game.
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Price
    Quality
    Service

    choose any two

    ta
    rolf
     
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  9. showtime94

    showtime94 Well-Known Member

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    Very true i agree
     
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  10. Truly Exotic

    Truly Exotic Well-Known Member

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    avoid all those online only property managers, recipe for disaster, no matter what cheap rate they are offering

    also in my opinion 1% doesnt makes zero difference in quality of property managers, find a good one and stick with them
     
  11. Pumpkin

    Pumpkin Well-Known Member

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    Such simple logic and yet so few people see through this.
     
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  12. charlie01

    charlie01 Well-Known Member

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    Not easy, to be honest.
    I would appreciate it if anyone here can recommend a good one to me.
     
    Last edited: 1st Aug, 2021
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  13. craigc

    craigc Well-Known Member

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    As per above recommendations @Tom Rivera is great
     
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  14. VKeen2Learn

    VKeen2Learn Active Member

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    I wholeheartedly endorse the other comments, go and talk to @Tom Rivera
     
    Last edited by a moderator: 23rd Aug, 2021
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  15. Tom Rivera

    Tom Rivera Property Manager Business Member

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