If the building is managed by a big management rights company whose name includes a number, then a word of caution – avoid them like the devil! As others have mentioned, they will screw you over with all types of expenses you never imagined. At the end of the day (after body corporate fees and council rates)you’ll be lucky to get 2.5%.

And if you decide to take it out of their letting pool so as to put in a permanent tenant, they will absolutely make life miserable for you. Agents will have a nightmare trying to get access to show the apartment to potential tenants.

Their objective is to keep the number of units in the letting pool high, rip the owners off, and keep their shareholders happy.

Juan