Typical Brisbane PM Fees

No direct experience myself with Pure Rentals, but have had dealings with @Andrew Hancock and if I had a property his way he'd be my first choice!

 

anyone used Nathan's PM...think it was called Blink or something? any experiences?

 

7-8% is quite common

 

Same here - very good experience with @Andrew Hancock.

I am looking for another property in Brisbane now on the back of a very good property management experience for the first one.

 

Haven't but there was a big thread on Somersoft , search for Blink

 

yeah that was a while ago and wasn't all good feedback.. I think they made a big entrance in the Brisbane market about 12 months ago..

 

I was with Pure Rentals, very bad services, bad communication, and cost me a lot of money due to maintenance rip off. Never think about them any more. They are worst to me. You pay for what you get.

 

I have the same experience as yours. Maintenance is a big issue and costly. Their communication is too bad. Clearly, they are too busy to many a heap properties and careless about customers.

 

I am shortlisting PM for my IP now, anyone has ideas about below PM

About us | 4069 Real Estate
Why Us? | Prorentals flat rate
DB Realty | Commercial & Residential property management & development | Queensland/Victoria
Landlords - Managed Property | Managed Property
http://spmbrisbane.com.au/property-management-offer/
http://www.cartwrightpg.com.au/helpful-Information

 

6.6% inc GST. That's on the south side and my PM is pretty good. They do quarterly inspections and help me out with little things when I need it.

 

Can I have PM name?
Thanks

 

A new client came from Blink Logan at some stage last year and I had to clean up a HUGE mess- the house had to be fully renovated and the agency had so little paperwork that an insurance claim wasn't possible, from memory it was Terri Scheer too.

The same client had another property with Blink on the Gold Coast and the dealings I had with them on taking over their other property was very good, so it's quite possible it might have just been the staff at Logan at that time.
___________________________________________________________________________

Back to the original post,

Given how hard it is to find a quality Property Manager and the importance of their effective operation in relation to the cost of the fee, I would strongly advise not to shop primarily on fee. It really needs to be towards the bottom of your priorities.
Also keep in mind that although a low fee (e.g. 5.5-6.6%) indicates that business model is likely to bring you poor service, it's not always the case. Conversely, high fees don't always mean good service...! I know terrible agents charging over 12%!!!!

Interstate clients often mention to me that our QLD 8.8% is high, but keep in mind our rents tend to be much lower than Sydney and Melbourne.

On a side note, It's also oddly counter-intuitive that agencies operating in lower rent areas (e.g. Ipswich) seem to be more likely to discount than those in more expensive areas (e.g. Indooroopilly). Given it takes much more effort to effectively manage a poorer quality home with a more difficult or unstable pool of potential tenants, one would think fees should be higher in these areas.

 

Ray White in the southern suburbs quoted me 9.35% inclusive of GST as well as a $5.50/month account fee. A bit pricey I thought.

 

That's not too bad. Ray White in Sydney's inner west mismanaged my first property purchase when I was green and knew nothing about property ownership and managemenet. They put in a drug addict hooker whose pimp OD'ed in the apartment, and regularly had gangs coming by to get money owed to them. Cost me a lot in damage when we finally got them out. So charging 9.35% vs 8.8% is not a significant problem compared to the real price of going with Ray White.

 

lol....you still paining on that one Tony?



You can do a lot better than 8 and have the PM doing the right thing

Amd Tom, Syd rents used to be a lot

 

Late to the party but Cooper Jackson Property Management Brisbane
run 7.7% plus give a $500 pre-paid visa card to the owner if they are switching from another agency. cooperjackson.com.au

 

Can we spend the pre paid visa on tenant abuse and damage within the first month or so ?

 

They also give free landlord insurance for the first 14 months so that will take care of the damage so the $500 can go towards alcohol which will make the other problems not go away but not feel as bad for awhile.

 

They were when I posted that Hopefully looks like that market is on the way to recovery.

 

Every contract with PM is up for negotiation, regardless of the state.
I evaluate each contract and go through all the fees to calculate the overall cost as well as state my own contract terms.
In BRI I too am on 6.6% and one weeks letting fee plus tribunal costs if necessary, that's all. In addition I alter term with them to say 30 days instead of 60 or 90, costs for minor repairs, even when to communicate with me prior.
However I do hold many IPs with them (Ray White Aspley).
For others I am also with are Ray White Alderley.
I like couple of agents for number of reasons, to compare and negotiate against each other, to have the option to switch if say my good manger of one agency leaves and the agency lets me down, also for proximity of location of some of my IPs.
What is important to me is not just the fee, but whether they maintain the properties, they understand the processes and follow them (water usage collections, claims, repairs and fixes, reports, etc...).
I have had few good managers leave and hence the agency which was good turned out actually a nightmare when that happened. Luckily, I knew where I could switch to my IPs.
The lesson to me for the last 20 years is that sometimes we need to manage even our manager! However, I let them know I am an active landlord as some choose to be passive landlords instead.