Dear Coral Sea Property Team, We would like to express our gratitude to the fast and professional reaction of your maintenance team. We moved in to our rental property after a long wait in last Saturday. There were some issues with the house that needed immediate attention. I called Coral Sea Property office about [...]
Property Management Fees and Charges
In Queensland, property management fees and charges are divided up in three separate categories. There is the rent collection charge and the management fee (these two are normally expressed together as a percentage) and extra charges.
Residential Property Management services can range dramatically and fees often vary (from as low as 5 – 6% to as high as 12 – 15%) depending upon the service provided.
Two traps to be aware of when comparing agencies are the budget or discount property management services 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.
Premium Property Management Service
Coral Sea Property Management provides a premium property management service for a fair and reasonable price. We even provide a discount on our services if you have Landlords insurance .
We also discount for multiple properties managed by us.
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 5 or 6%.
If you are seeking 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, bond inspection fees up to $250 per time, interim inspection reports up to $80 per time, Annual statement fees of $80 or $100 per year, as well as driveby fees of 25 or $30 per time.
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.
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.