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What is your % rental IP Management Fee in Melbourne & Brisbane?

Discussion in 'Property Management' started by JK200SX, 20th Sep, 2015.

  1. JK200SX

    JK200SX Well-Known Member

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    Melbourne
    hi,
    I'd be keen to know what you are paying for your RE PM to manage your property in Melbourne or Brisbane?

    To kick things of my 4/2/2 house in Brisbane has a 7.7% management fee.
     
  2. HUGH72

    HUGH72 Well-Known Member

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    Between 5.5 and 8.8% in Brisbane
     
  3. Coota9

    Coota9 Well-Known Member Premium Member

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    I am paying 8.8% on my brissy properties but rate is not an issue for me,it's quality of service from my property manager that I look for..
     
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  4. Greyghost

    Greyghost Well-Known Member

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    5% in melb, 7.5% bris for ours
     
  5. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    7.7% in Bendigo.. not really melb tho :D
     
  6. mcarthur

    mcarthur Well-Known Member

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    ACT
    8.5% in Brisbane
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    Location:
    Melbourne
    5.5% ~ 7.7% (inc gst) in Melb

    The Y-man
     
  8. srirang

    srirang Well-Known Member

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    Melbourne
    5.5% across 4 IPs in Melbourne.
     
  9. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Sydney
    7.15% Brisbane.
    1/2 week rent letting fees, no lease renewal fees.
     
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  10. mcarthur

    mcarthur Well-Known Member

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    Wow. Well done.

    I couldn't find much under 8% and chose 8.5% since they're good PM's.
     
  11. skater

    skater Capitalist Premium Member

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    Ask not what their fees are, but if they are worth it. There are some very cheap PMs that give a very cheap service, but don't be mislead to think that the fees alone will determine the service you get.

    I've got fees ranging from 5% to 9.5% across the Country. My cheapest PM is also my best PM, but I'm on a special deal with that one for a variety of reasons. I would pay this PM double, if I had to. Thankfully I don't have to.
     
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  12. adrian_christian

    adrian_christian Well-Known Member

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    Location:
    Mauritius
    6.6% inc GST for Melbourne. Given the issues I had with my previous PM, I'd pay more :)

    As the old saying goes, price is what you pay, value is what you get.
     
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  13. D.T.

    D.T. Adelaide Property Manager Business Member

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    It's funny how many people complain about PMs yet still use price as their first criteria.

    It's sorta the same as talking about interest rates on a loan; services, serviceability, structure, strategy etc come first.
     
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  14. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    I got quite a few properties with them which is the reason for the discounted rates.
    The 1/2 week letting fee is nice compared to full week, whenever a new tenant is needed once in a while.
     
  15. skater

    skater Capitalist Premium Member

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    I always ask the price, and I am usually successful in getting the fees to a level that I want. As a Business owner, you need to look at your bottom line, and keep expenses to a minimum. BUT in saying that, the price isn't the only thing I'm looking for. Like I said in a previous post, my cheapest PM is my best one, and if she asked for more, then I'd rather pay it than go to anyone else. I want a Property Manager, not just a rent collector.

    In all of this though, I think that a decent PM should be able to do a decent job without the fees being excessive. If they are any good at their job, then most of the tenants they put into a property should be almost set & forget with little to do each month other than to maybe pay a bill or two and transfer the rent, less fees. Of course, I did say MOST, and I am very aware that sometimes good tenants turn bad, and there is more work to be done in this instance, just as I'm aware that even with good tenants, inspections have to be done, and maintenance attended to when needed.
     
  16. JacM

    JacM VIC Buyer's Agent Business Member

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    To put it into perspective, a difference of 1% management fees on a property that leases at $350 per week equates to just $182 for the whole year. Rate is important but so are terms. For instance, let's say you'd haggled rate down but were paying say 1.5weeks rent plus gst for re-tentanting. Ouch. At $577.50 that'd hurt. Or let's say your property manager wasn't overly proactive in holding open for inspections when your property was seeking new tenants. Each week vacant costs you another week's lost rent.
     
  17. charlie01

    charlie01 Active Member

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    Australia
    5% (including rent collection and management,no inspection fee)but I'm looking for a new PM who does rental only. I am in brisbane.
     
  18. Indi

    Indi Member

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    Sydney
    Hi there, who did you chose in the end? Are you happy with them?
     
  19. Shoryuken

    Shoryuken Active Member

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    26th Oct, 2015
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    Location:
    Sydney
    8.8% for a couple of central coast properties. The rate is all up, nothing extra to pay. I'm very happy with the Pm.
     
  20. D.T.

    D.T. Adelaide Property Manager Business Member

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    Central coast of Brisbane or central coast of Melbourne? :p:D