Residential Property Management services can range dramatically in and vary depending upon the service provided.
In Queensland your property management fees and charges are divided up in three seperate categories. There is the rent collection charge, the management fee and extra charges.
Two traps to be aware of when comparing agencies are the budget or discount property management services and the hidden charges property management service and these are the Budget or Discount Property Management Service and the Hidden Charges Property Management Service.
We strongly recommend a full service or Premium Property Management service and when comparing agencies you need to understand the differences.
Budget or Discount Property Management Service
Some agencies offer a budget service with a low rate that seems attractive but can cost owners more in the long run. With minimal or no interim inspections the potential for the condition of the property to deteriorate well beyond what a bond would cover is a very real risk
Budget property management services can also endanger your coverage under landlord insurance policies which have strict requirements that must be met.
Quite simply you cannot provide a professional premium property management service on just 4 or 5%.
If you are after the cheapest property management service you can find, we will not be able to assist you.
Hidden Charges Property Management Service
A tactic sometimes employed by agencies is to have a low upfront management and rent collection fees so as to entice investors into using their service however the extras charged can be substantial.
Some agencies charge up to 2 weeks rent for a letting fee, 1 weeks rent for a relet, bond inspection fees up to $250 per time, interim inspection reports up to $80 per time, postage and petties up to $10 per month, court attendance fees up to $260 per time and statement charges up to $30 per year.
Just the let fees and bond inspection fees under this sort of arrangement can skyrocket what seems like an attractive 5% property management charge to an a very unattractive equivalent of over 12% and more.
You should always get a full schedule of charges that are applicable rather than just relying on percentage management fee that can often be misleading.
Premium Property Management Service
First National Real Estate provides a premium property management service for a fair and reasonable price. We even provide a discount on our services if you have landlord protection insurance.
Please contact us for a full schedule of our property management services by completing the Property Management Proposal Request Form below so you can make an educated decision on one of your biggest assets.