Property management fees cover the costs of various services provided by property management companies. These services are crucial for maintaining your property, finding and managing tenants, and ensuring your investment remains profitable and well-maintained.
While property management fees shouldn’t be the sole factor in selecting a property manager, they are an important consideration for property owners. Fees can range from 3% to 15% of the weekly rental income, but not all property management companies offer the same quality or scope of services. It is essential to review a company’s structure, service delivery, and included services carefully to ensure your investment asset is going to be looked after the way it should be.
In Brisbane, reputable property management companies usually charge between 7% to 10% (plus GST) for management. Additionally, there would likely be some standard extra charges for advertising, letting and renewals, and administration costs (software services, bank fees and so forth).
A good property management service will not necessarily be the cheapest and cheap fees can be a false economy when you find your property is not being well looked after.
To give you an idea of the differences in fees, the weekly management fees on a property earning $700 per week rent at 7% commission rate are $49, whilst the the weekly management fees on a property earning $700 per week rent at 7.5% commission rate are $52.50, so shopping for an extra half a percent off is often not worth it if you have a to compromise on quality and service.
Frequently Asked Property Management Questions
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Property management fees in Brisbane most frequently range between 7% and 10% of the weekly rent. Property management fees do vary, however, based on level of service and the type and location of the property.
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The Property Management fee cover the ongoing tasks of property management, such as rent processing, routine inspection and coordination of maintenance and tenancy related enquiries and issues.
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Yes, additional standard costs can include lease renewal fees, inspection fees, advertising and letting fees, tribunal attendance fees, and sometimes administrative charges. It’s essential to clarify with the agency upfront about all potential costs.
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A letting fee is charged at the commencement of a new tenancy. This is one weeks rent and covers the additional tasks associated with finding a new tenant such as open for inspections, application processing and tenant selection and preparation of initial lease documentation and entry condition report.
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Although we have a standard fee structure, we will provide you with a proposal based on your property. We take into account factors such as the expected weekly rent of the property and if you have multiple properties with us. Please reach out and contact us for a proposal. We’d love to assist you.