Have you made the big financial commitment of buying an investment property in Mandurah or the surrounds? As exciting as it is, now that you’ve made the leap you are going to want to protect your investment and ensure you get a solid and reliable service from your chosen local agent.
Managing your investment property can quickly become overwhelming. That’s why many savvy investors are turning to the professional services of The RealEstate Co. But, what exactly does a property manager do and how much are property management fees?
The average fee for property management in Mandurah is between 7% and 10% of all rental income, plus GST. However, the amount is generally determined by the local market which means you could be paying anywhere between 5% and 10%, with lower fees generally meaning a reduction in quality of service, it is like anything you pay for what you get.
The two most common property management fees that apply are:
- Management fee (in Mandurah this can be anywhere between 5% all the way up to 10% in outlying areas)
- Letting fee (typically 2 week’s rent)
Depending on your agency, other property management fees you may need to pay include:
- Internet marketing fee ($0 – $200)
- Lease renewal fee (typically 1 week rent plus GST)
- Monthly administration fee ($5 to $10 per month)
- Court or tribunal attendance (billed per hour)
- Photographers fee ($75 – $150)
- Tenancy database check ($10 – $12 per person)
- Property condition report ($100 - $250)
- Routine inspection fee ($55 a $130)
- Annual statement fee ($25 to $50)
- Lease transfer fee ($0 to $500)
Here at The Realestate Co, the fees are nothing like the above. We do not have a one box fits all approach, every client is different and has different needs.
Don’t underestimate how much time and energy it takes to manage your investment property. An experienced and capable Mandurah property manager will save you a lot of hassle, and bring you peace of mind.
A managing agent’s responsibilities include:
- Sourcing the right tenants
- Ensuring the tenancy agreement is completed and signed
- Collecting rent and ensuring you receive it
- Lodging the rental bond
- Liaising with tenants and coordinating repairs to the property
- Conducting regular property inspections
- Handling disputes with tenants, including attending court and tribunals
- Paying rates and bills on your behalf
- Keeping on top of late rental payments
No two property managers are the same. A brilliant manager will be worth their weight in gold. We have brilliant property managers hand picked and have been with us for years and will be for years to come. Make sure to interview them thoroughly to see they are up to scratch.
Ask the following questions:
- How long have you been a property manager?
- How many properties do you currently manage?
- Does your business also handle sales?
- How do you handle requests for repairs from tenants?
- Do you check and monitor repairs to my property?
- How do you find and screen tenants?
- How do you handle a tenant who is late with rent payments?
- What are your fees and how are they structured?
- What is included/excluded in your fees?
Property management in Mandurah is unlike any other place in Perth or Australia, you need a local expert looking after potentially your biggest asset. Call The RealEstate Co today for more information