Hi All,
First time poster and am not sure this is the right place.
I am looking for some advice on choosing property manager for leaseWe bought our first apartment in Brisbane inner city couple of years ago and that has been our residence since then. With our daughter growing up, we feel the need for a bigger place and are looking to rent/buy (mostly rent but undecided ) and move there.
The complex we live in has a local property management and I believe they take care of all rentals here. Assuming that is the standard here, I enquired their fee.
This what I got
1 week letting fee
8% commission on rent
Advertisement cost per siteIs this considered standard? high? Am I obligated to lease out through them ? can I lease through someone else? If I let it through someone else, are there be any drawbacks I should consider?
Sorry too many questions :-)
There shouldn’t be a reason why you have to use a particular agency. The fees sound about right. You may be able to get 7%?
Why not ring some of the local ones and talk to them, get their rates and ask about their service. It’s not always about the % fee. You want a good agent. Check out their adds to see if they use photo’s their wording etc. Do their adds make you want to look at their listing?
If one agency takes care of “all” the rentals maybe it’s a good idea to use someone else. Especially if there’s a lot for rent. Why would they push your one over somebody elses?
Speak to a property accountat to make sure you get the proper tax deductions you are entitled to. Also check to see if you need to get a valuation on the property for when you later sell (for CGT purposes). If you do not buy another PPOR you can use the 6yr rule where you don’t have to pay CGT.
Those costs sounds pretty standard.
Do you know anyone renting in the complex? If so – ask them what they think about the property management.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Is this considered standard? high? Am I obligated to lease out through them ? can I lease through someone else? If I let it through someone else, are there be any drawbacks I should consider?
1. Yes, it is standard rate. Some will do it for 7%, some will want 9%.
2. No you are not.
3. Yes.
4. Generally the local property manager will be better than an external company. They know the units, what could go wrong, how to respond, etc.Catalyst is right by saying that if they have many units for rent, why would they push yours first? But if you think about it, the same applies to an external company. They will probably have more units for rent compared to the local property manager.
All the best
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auI have noted that mostly this complex is rentals. Infact I havent met anyone who is a owner living in my block. We used to rent in the same apartment before deciding to buy here (mainly because we didnt know any other place, first home owner grant was running out and wanted to own something instead of just renting)
I kind of feel the onsite guys are pretty straight forward and no mucking around. and get some confidence that house will get rented without any dramas. I will call a few agencies around and check their rates anyway and if there isnt a lot of difference, I will probably go with the onsite guys.Thank you everyone for suggestions.
Thats one less piece to solve in the puzzle I have before me :-) More questions are unravelling as I think about buying or renting my next property.Speak to a property accountat to make sure you get the proper tax deductions you are entitled to. Also check to see if you need to get a valuation on the property for when you later sell (for CGT purposes). If you do not buy another PPOR you can use the 6yr rule where you don’t have to pay CGT.
Are they different to a general tax accountant? Who do they normally charge? Are there any tips/advice to find a good one?
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