hi everyone,
I would appreciate some thoughts and past experiences from people who manage rents on their IP’s.
I’ve recently bought in WA and am flabbergasted at the fees quoted by the Real Estate Agents, app. 20% in total including all the inspections and reports.
I’ve had an IP in Mildura, VIC before and was only charged 7% in total with no other hidden nastys.Is this the norm now?? And is it REALLY hard to manage it yourself, my sister lives nearby the IP and I was going to get her to act on my behalf.
any ideas[?][?]
hi scampush
i’d check the figures again maybe you have added some monthly fees as weekly fees ?
20% just sounds too high to be right[xx(]
at the most 10% is tops i would think.as far as managing the property yourself, i’ve done it and i don’t particularily like it, i’m too soft on the tenants so unless you can be tough and on the ball with the rent comming in i’d find someone else.
one story for you. i own a house about 30km away and rented it out. the young single mum seemed ok and bought her mother with her to inspect the house. the girls mother was very nice also. i did some checking up on her and the local property manager who i know well told me she was a good tenant but not her ex husband. this was fine because he was no longer on the scene. well a few months later it all turned bad. she got back with the ex and he moved in. soon i was getting calls from the neighbours complaining that he was selling drugs from the house all hours of the night and day. eventually i bluffed them and they moved on but not before a few sleep interupted nights.
i think the sister idea is a good one but she needs to know the relevant laws and be prepared for the worst case senario
all the best westanthanks for the feedback Westan,
I don’t have the figures in front of me but (roughly) here goes – flat 9% management fee
$33 every inspection (usually every 3mths)
$39 initial inspection (start of lease)
$39 bond inspection (end of lease)
$8 monthly account keeping, filing, phone calls etc
Leases usually only run for 6mths and one week rent charged,If lease runs for 12mths 2 weeks rent charged
If you want the agent to find the tenant and draw up the lease but you run it from then on – 4 weeks rent charged,
there are only 2 agents in Collie. WA so I will definitely be doin it myself in conjunction with my sister and the Lanlords’ Advisory Service, they supply you with a Do-It-Yourself Management kit (for a fee of course) which hopefully explains all that we have to do??
Has anyone else used the Kit??
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just to add to my last post, i’ll be charging $100 p/w rent, so roughly $970 for the year which is roughly 20%!!
bugger!!
Has anyone else use the Landlords’ Advisory Service (only for WA) before?? I’m a little bit concerned with forking out $200+ for their kit without any feedback…..
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