As a general rule to follow when looking at property management fees in Australia, a property manager will generally take around 1 – 4 weeks rent as an initial fee for managing your property followed by a fee of 5 – 10% of the monthly rent as a recurring fee. This may vary depending on location and property prices, and are entirely dictated by the supply and demand of the free market.
Properties in rural or regional areas of the country tend to endure higher property management fees, as fewer agents in competition with each other allow unchecked pricing, and lower property values mean that a property manager may need to take a larger percentage of an otherwise smaller sum. In metropolitan and inner city areas, the opposite tends to be true. This is owed to their typically higher property prices and a greater competition amongst agents.
When choosing a property manager, don’t just consider their property management fee as the only important factor; there are many things a property manager needs to be able to handle to be beneficial to your property. A great property manager has management experience with properties of a similar type and value, in a similar neighbourhood, has the right demographic in mind to lease to, and an effective marketing strategy to get your property the attention it deserves. These qualities are essential to making the most out of your property.
An excellent way to find the right property manager is to compare them directly with AgentsCompare. It’s a no obligation, 100% free online service where you can easily request free quotes from local agents. Register your details online now to get the edge in the competitive property market.
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