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SWTK: Residential Property Managers (Rentals)

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  • SWTK: Residential Property Managers (Rentals)

    For those of you who work/worked in rental property management, or who know a thing or two about this, I'm putting together a bit of a business plan/feasibilty study and need info on the following items:


    - How many properties would the average property manager look after?

    - What is the usual % management fee? (and what other fees are there for things such as repairs, finding new tenants, extra inspections etc if applicable and not built into management fee)

    - Which property management software is the best to use? (for commercial/large-scale operations)

    - What are the most effective advertising mediums for landlords (ie pamphlets, word of mouth) and for tenants (realestate.com.au, company website etc etc)


    any help answering would be fantastic, and any info you can provide on the industry beyond that would be greatly appreciated.

    Cheers,

    Steve

  • #2
    - I've heard of property managers managing anything up to 250 properties. If they're doing that without at least a couple of assistants they're either amazingly organised or not doing a very good job. Around 100-150 seems to be reasonable for 1 property manager and an assistant.

    - Management fees normally ~9% of rent collected. Owners pay for repairs, leasing fees for new tenant (normally 2 weeks rent), property condition report fee (up to about $160 when tenant moves in), final bond inspection (up to about $160 when tenant moves out), routine inspections (around $60 every 3 months). REIWA have a form specifying what can be charged for, this is an agreement between owner and agent.

    - Software I've seen used is REST (made by rockend) and Geedee. Personally I find REST much better.

    - Word of mouth good for landlords, as well as getting the management for properties which have been bought through the same agency. For tenants, realestate.com.au and reiwa.com are the best sites plus having a list of available properties for tenants who drop into the office.
    "There's a time when the operation of the machine becomes so odious—makes you so sick at heart—that you can't take part. You can't even passively take part. And you've got to put your bodies upon the gears and upon the wheels, upon the levers, upon all the apparatus, and you've got to make it stop. And you've got to indicate to the people who run it, to the people who own it that unless you're free, the machine will be prevented from working at all"

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    • #3
      perfect, cheers.

      Keen for more input and experiences from others too.

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      • #4
        I have 2 IPs in T'ville and they're looked after by the one agency. I negotiated lower fees because I give them two properties. I think I pay 8%.
        I can't remember what the other costs are right now but I know I get charged an advertising fee if needed.
        As far as I'm aware I don't get charged for a routine inspection - that's part and parcel of being a manger in my book.

        My other property, north of Brisbane, is managed by an on-site manager. She lives in the complex, can arrange work and meet the tradies in person, inspect at a moment's notice, etc. As far as I know, she only looks after units in that complex. Even if she only looks after 10, at 8-9% of the rent, she's making nearly the same as I get in rent.
        2006 Yamaha R1SP;
        In an interview with the New Scientist magazine marking his birthday, Stephen Hawking was asked what he thought about most during the day, and replied: "Women. They are a complete mystery."
        Amen, brother. Amen.
        My nemesis; Barfridge

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        • #5
          That is an interesting point with the apartments/complexes - getting involved in strata management does not sound appealing but sorting deals and group discounts for all of the owners via an alliance/arrangement with strata companies could be an interesting concept.

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          • #6
            seeing as there are probably a lot more investment property owners here rather than rental managers, keen to find out what % your management company charges you on average. (as well as other fees)

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