Purchased my first investment property in St Kilda and looking for an agent to manage the property. Any recommendations and what should their fee be?
same as all the other agents in St Kilda? 6-7%????
I would focus on level of service and ability to act when your tenant has issues. A shitty agent can sour a perfectly happy tenant, and a sour tenant is not something you want ever let alone in your first investment property
for example, if you screw your agent down to 5% on a $600/week property, you are talking maybe $15/week. If $15/week is going to drop you to the bottom of the property managers "to do list" its not a good investment.
Imagine how happy your tenant is going to be when the leaky tap drips for a month before a plumber finally arrives.....
the plumber cops a spray from the tenant , who has had no sleep.....
and the plumber files this address away in the "shitty tenant-AVOID AT ALL COSTS" list......
the plumber gives the property manager a spray because of the verbal he copped from the tenant....
so the next time something needs doing......no-one is highly motivated to do anything for you at all.
Now this is an example of property management "Fawlty Towers" style.......but if you are going to try to screw your agent down on price, you might find you lock yourself out of the players who perhaps conduct themselves more professionally than some......
have fun with it. I hope you dont end up with a plumber from Barcelona:)!!!!!
I have a few clients who have used Pathway Asset management & are very happy.
Their property managers only look after a relatively small number of properties so the service is great.
All the best.
You will find most agents will quote fees between 5% to 8%. As a rule it cost us as an agency approximately $25 per week to manage a property.
We manage rental properties throughout the East and South East of Melbourne, if you would like me to send you across some more information or have any further queries you would just like answered please feel free to give me a call on 0451 760 351 or email me at firstname.lastname@example.org.
Business Development Manager
I can second Pathway Asset Management. The co-owner Anna is fantastic
I’m sure they are around 8% but as Brendan has pointed out you will get the service you deserve in the end.
A well chosen tenant from an experienced caring manager is worth the extra couple of bucks a month