Join Australia's most dynamic and respected property investment community

Recommen me a PM in 5112 please

Discussion in 'Property Management' started by mini2, 23rd Jun, 2015.

  1. mini2

    mini2 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    376
    Location:
    NSW
    Bought a place and haven't got off a great start with the current PM. It helps to address me with the right name then confirmed she didn't want to speak to me after I've identified myself as the soon-to-be owner and now claims she couldn't get hold of me LOL.

    Is 8.8% the going rate here? 1.1 weeks for renewal and 2.2 weeks for a new lease...am I missing anything here?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,596
    Location:
    Adelaide, SA
    When does your property settle, or has it already? You mentioned on the other forums a Smithfield property too, did you get both?

    8.8 is slightly above average in my opinion, but not too terrible. It really depends on how much of the fruit they make you pay for on top, eg monthly admin fees, renewal fees, statement fees, inspection fees, etc. Remember to judge more than on price though.
     
  3. mini2

    mini2 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    376
    Location:
    NSW
    Haven't settled, just bought the one in Smithfield Plains not the "don't you want to make lots of money" block that splurgey was also interested in.

    $5.50 sundry per month, 2.2 weeks letting fee, 1.1 week renewal...AND pay for advertising. Maybe I'm too used to NSW but the letting/renewal fee looks huge.

    The fact that they have managed to let rent fall below market ($20 increase in the space of 7 years!) is a worry.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,596
    Location:
    Adelaide, SA
    Not a fan of all the additional stuff like "sundry" myself, should be included in the fee imho.

    They should definitely be maximizing their clients return though, quite often a result of coming from receptionist vs investor background. What type of property is it and how much is it for currently?

    I had one that was similar in Craigmore. Bought it with tenant in place paying 220pw, bumped it up to 250pw as soon as legally allowed.