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PM Fees

Discussion in 'Property Management' started by Big Will, 10th Jul, 2015.

  1. Big Will

    Big Will Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,546
    Location:
    Melbourne, Australia
    Hi All,

    Thought it would be interesting and was just wondering what PM fees you currently get charged.

    Probably the best format would be

    Fee:
    Rent (p/w):
    Location: (City/State)
    Letting/Reletting:
    Advertising:
    Other Comments: (e.g. they manage 3 properties).
     
    yuefu likes this.
  2. MJS1034

    MJS1034 Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    113
    Location:
    Sunshine Coast

    Fee: 8.8% including GST
    Rent: $440 (p/w)
    Location: Maroochydore/QLD

    Plus the usual weeks rent fee for finding the Tennant.

    Not to sure how these fees stack up against others in QLD but by all reports seems to be pretty standard.

    MJS
     
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  3. Big Will

    Big Will Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,546
    Location:
    Melbourne, Australia
    Got a price yesterday which was

    Fee: 6.6% inc
    Rent:430-440 pw (it isn't rented)
    Location: Melbourne/VIC

    The standard fee was 7.7% but because I knew one of the girls there they said they would discount it.
     
  4. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    970
    Location:
    Melbourne
    Standard fee in Brisbane is 8.8%
     
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  5. aussieshorter

    aussieshorter Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    104
    Location:
    Brisbane
    Fee: $1249 + GST (fixed cost, regardless of rent)
    Rent (p/w): $390 (as above, fee doesn't change with increased/decreased rent)
    Location: (City/State): Brisbane
    Letting/Reletting: One weeks' rent
     
    bobbyj likes this.
  6. Roosterman

    Roosterman Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    53
    Location:
    Brisbane
    Fee: $1249 + GST (fixed cost, regardless of rent)
    Rent (p/w): $370
    Location: (City/State): Clayfield/Qld
    Letting/Reletting: One weeks' rent

    Fee: 7.3%
    Rent (p/w): $450
    Location: (City/State): West Ryde/NSW
    Letting/Reletting: One weeks' rent

    Looks like I am using the same agency as aussieshorter in brissy - fixed price
     
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  7. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,578
    Location:
    Australia
    Fee: 5.5%
    Rent (p/w): Varies between $280 pw to $380pw
    Location: (City/State): Artarmon, Bomaderry, Lake Illawarra, Nowra, Orange
    Letting/Reletting:1/2 week
     
  8. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,576
    Location:
    Adelaide, SA
    I'm curious how many of you are also paying for things like monthly admin/sundry/postage fee, annual statement fee, initial inspection fee, routine inspection fee, tribunal fee, renewal fee, etc etc etc. Some of these things can add another percentage point on, at least!
     
  9. Oscara

    Oscara Member

    Joined:
    24th Jun, 2015
    Posts:
    18
    Location:
    Melbourne
    Marketing fee $265 (inc GST) Not negotiated but if I tried I believe it would have been lowered.
    Tenancy database search $33 (inc GST) Not negotiated
    Admin fee $4.40 monthly (inc GST) reduced from $8.80
    Annual Statement $33 (inc GST) reduced from $55
    leasing fee 1.5 time weekly rent (plus GST) reduced from 4.4% of annual rent
    Management fee 6.6% (inc GST) reduced from 7.7%
    Re-leasing fee 1.1% of annual rent (inc GST) reduced from 2.2%
    Registered mail $4.40 standard
    Outside duties fee $110 hr
    VCAT attendance and presentation $110 hr
    Tribunal application fee $55.60
    Warrant of possession fee $133.70

    Hope that helps a little.
     
  10. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    My partner and I own several IPs and our rates vary - our own experiences highlighted how important it is for investors to be able to budget without all the add ons - we have since established our own boutique PM agency servicing Brisbane with a flat percentage rate of 7.5% plus GST and the usual one weeks rent to source new tenants - no add ons for admin, attending tribunals etc - finding that owners value this as noted with some posts with flat rates
     
  11. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,576
    Location:
    Adelaide, SA
    Good on you :)
     
  12. Kael

    Kael Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    277
    Location:
    Sydney, NSW
    Great thread idea! :) Mine are below:

    Fee: 7.7%
    Rent (p/w): $290 (increasing to $310 at beginning of Aug)
    Location: Brookfield, Melbourne
    Letting/Reletting: 1 weeks rent
    Advertising: $100 (haven't paid in 3 years though due to continuous tenant)
    Statement Fees: $40(includes monthly email statement and end of year statement)
    VCAT Notices/Attendance: $132.83
    Other Comments: Manage one property

    Fee: 7.7%
    Rent (p/w): $430
    Location: Quakers Hill, Sydney
    Letting/Reletting: 1 weeks rent
    Advertising: $100
    Other Comments: Manages one property
     
  13. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    193
    Location:
    Sydney
    I got quoted 8.5% and i don't think GST has been added to that.
    North Brisbane area.
     
  14. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    193
    Location:
    Sydney
    For my Sydney properties, all are with one agent:
    Rates are 3.3-4.4%
    Rent is $300-800/week across the properties
     
  15. Kael

    Kael Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    277
    Location:
    Sydney, NSW
    Wow, that's a cheap rate! Is the service good? Do they charge high letting fees or advertising?
     
  16. C-mac

    C-mac Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    789
    Location:
    Sydney
    I average 7.7% in qld and 5.5% in nsw. Nsw has no trimmings (I have to pay the sneaky extras when they pop up), but qld covers most of them for their 7.7%
     
  17. Ger

    Ger New Member

    Joined:
    6th Jul, 2015
    Posts:
    4
    Location:
    Melbourne
    3.5% on 4 ip's same agent all 4 properties +$1.50 per statement
    1 weeks rent for new tenants no other fees
    7% 1 ip another agent
     
  18. swanqueen

    swanqueen Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    53
    Location:
    Melbourne
    7.25% vic, 2 properties with the same agent.
    2.75 sundry fee, 2 weeks letting fee.