NSW Letting Fee and Management Feeeasonable

Discussion in 'Property Management' started by Reynard, 19th Dec, 2019.

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  1. Reynard

    Reynard Member

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    Hi,

    Just wondering what people on PC consider reasonable for Letting Fee and Management Fee charged by property agents, in particular in NSW (Sydney)?

    1 week rent for letting fee?

    5% for management fee?
     
  2. Bradley Peet

    Bradley Peet Well-Known Member

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    Depending on the weekly asking rent, that sounds incredibly reasonable.
     
  3. balwoges

    balwoges Well-Known Member

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    It was 1 weeks rent letting fee and 7% when I was PM c1990, remember you get what you pay for ... :eek:
     
  4. Propertunity

    Propertunity Well-Known Member

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    Sydney is a big place. Whereabouts please? Reason being you can get 4.4% in some parts.
    Overall though 1st week's rent (+GST) is usual for here as is 7.7% (inc GST).
     
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  5. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Sydney is a competitive market - however with most things, you get what you pay for. Also watch out for hidden fees - the percentage might be low but once you add on admin/statement/re-letting/lease prep etc fees it could be an extra 2-5% on top.

    We charge between 5.5%-6.6% without extra fees depending on the weekly rent.
     
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  6. Pumpkin

    Pumpkin Well-Known Member

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    Sounds too cheap to me. How much is the rent?
     
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  7. TMNT

    TMNT Well-Known Member

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    you might have a heart attack if you check out the rates in NT, SA, WA
     
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  8. Reynard

    Reynard Member

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    Thanks for the responses.

    Rent is about ~600pw, for unit in Pyrmont. Same rate offered by the agent for other properties in Sydney. Heard the neighbour getting 3%, did not verify if it's true, that's why I am curious. Seeing the responses, might be fake news :D
     
  9. MWI

    MWI Well-Known Member

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    Look at the overall contract, any other hidden fees (lease renewal fee, postage/stationary cost, advertising {will it be priority listed}, etc...
    No reasonable IMO, it depends on the area and the agent's contract and obviously what you get for it. Many things can be negotiated....