A property manager can save two important resources – time and money, but how much does a property manager cost? And how can you be sure they are giving great value?
Property Management Costs In Townsville
Property management fees are usually quoted as a percentage of the weekly rental value. The fees vary from state to state with the industry average sitting somewhere between 5% and 13%.
In Queensland, the average rate is between 7% and 12% of the rental figure.
Costs vary from company to company, and from property to property, so it’s hard to give a definite figure – but we’d advise caution if your potential property manager offers a service for more or less than these average rates.
What Kind Of Thing Is Covered By A Property Management Fee?
Again, this is something that can vary, so it’s important that you have a clear picture of what is included in the fees. You should expect to see the following things included as part of the services offered.
Letting Fees
This fee covers the costs of finding a tenant for your property. Things like organising viewings, completing paperwork, and thorough applicant checks should all be part of this service.
Marketing Fees
This will cover all aspects of finding a new tenant. Things like photographs, advertisements and social media marketing should all be covered by this cost.
Management Fees
These fees cover everything involved with the day to day running of your property, such as:
• Rent collection
• Repairs and maintenance
• Routine inspections
• Payment of fixed bills, like water rates or council charges
• Handling any tenant complaints
As well as these basic costs, you may find the cost of property management includes things like a lease renewal fee, which comes into play if your tenants are staying beyond their initial term and the cost of producing an annual statement for your records and tax purposes.
Benefits Of Using A Property Management Service
It’s easy to think that these tasks can be done yourself – and indeed they are fairly straightforward, providing everything is going smoothly.
The smooth running of a rental relies on quality tenants and a sound understanding of all aspects of the rental business. A property manager has knowledge of both the tenants’ and landlord’s interests and understands how the law works to protect and serve both parties.
A good property manager will know how to find the best quality tenants thanks to sound vetting procedures, plus they’ll have a solid understanding of the rental market so they’ll make sure rent is competitive as well as lucrative.
When it comes to managing all those niggly maintenance issues, a quality property manager will have a list of trusted tradespeople up their sleeve, so you can be sure you’ll get a top-notch repair at a sensible price and in a timely manner.
Get In Touch
Our team at Kingsberry are happy to talk through all aspects of property management.
To find out more about how we can help you let your property without any hassle, just get in touch by calling 07 4772 2022, email kingsberry@tsvharcourts.com.au or complete our contact form.