Recommendations for Property Manager Perth?

Hi Everyone, I'm renting out my PPR for a couple of years while I relocate to another state, plus in a few months my triplex development will be complete and I will need someone to manage those.

Any recommendations on a great property manager in Perth?

Also, what is the "going" rate? I had one agent give me:
9.9% management fee
2 weeks rent + gst letting fee
numerous other extra charges
Total cost on an estimated 500pw property would be over 5K pa, or just over 20% of the rental income (by the time you add the extras to the management fee).
Seems a little high?

Cheers

I pay 7.5% and 8% with one week's letting fee. Cheapish extras on top of that.

I probably wouldn't want to pay more than 1 week's letting fee.

Unfortunately most property managers in Perth charge about 18-21% when you include all the extra charges. This is what has put me off investing in Perth. Send a message to that bum if you want to find someone a bit cheaper.

You can search previous threads for my reccomendation, or else pm me and id be happy to discuss a couple of options with you.

I searched prior to making this post and only came up with one recent thread. Mostly comments were similar to here though, just all of us complaining about the price

Unfortunately decent property management at a decent price seems to be near on impossible to find in Perth.

I can only say that I have had much greater success managing my own properties rather than two local mobs.

Personally I would look at managing them myself as so much can be done over the phone and the internet. Obviously inspections etc would require someone on the ground but I would be looking for a trusted friend or relative to perform these for me.

Just my two cents.

Check previous threads... including recent ones... there are some reasonable PMs in Perth such as the one I recommended.

I use Joyce Property Investments since 2004. They are not cheap but very professional and I have no issues with them. I suppose every Property Management Contract is negotiable, but it depends whether your priority is the price or the professional service they provide, right? If you can have both then you are doing great!

MIW said:

I use Joyce Property Investments since 2004. They are not cheap but very professional and I have no issues with them. I suppose every Property Management Contract is negotiable, but it depends whether your priority is the price or the professional service they provide, right? If you can have both then you are doing great!

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The problem is that the two are not necessarily correlated. Some of the worst PMs I have used over the past 20 years were also the most expensive. Often the x factor is the person who is actually managing your property, if such person is dedicated, generally they can be working in any PM office irrespective of what they charge for services.

MIW said:

I use Joyce Property Investments since 2004. They are not cheap but very professional and I have no issues with them.

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Anecdotally I've heard (2nd hand) quite the opposite about Joyce Property. Shrug.

thatbum said:

Anecdotally I've heard (2nd hand) quite the opposite about Joyce Property. Shrug.

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So what you heard is an opinion or a fact? I am stating a fact but I suppose you don't know that, right?
As I said I had no issues for over 10 years and I have dealt with other interstate agents. I suppose it depends on our expectation and the knowledge we have when dealing with any person, or agent.
I suppose it is like a contract agreement, so when both parties know what one expects from the other then a mutual relationship is formed, otherwise conflict will arise.... They have been professional, reports have been done, change overs too, but I am always more proactive when dealing with agents, so maybe that helps....

MIW said:

So what you heard is an opinion or a fact? I am stating a fact but I suppose you don't know that, right?

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If you're trying to test how reliable my anecdotal evidence is, well you probably don't know what part of my job description entails.

To give you some idea, I literally hear thousands of WA tenants every year. So any one individual anecdote - not necessarily that credible. But after quite a few similar stories from unrelated sources - perhaps there's something to them.

Shrug.

Just updating regarding my experience so far:
aiming to lease a property SOR (current PPOR) expected rate ~500/week.

So far have had contact with:
Investors Edge
deFreitas and Ryan
Thane Property management (yet to meet)
Momentum Wealth (yet to meet)
Pulse Realty (not going to meet)

Investors edge as mentioned has several service level guarantees for piece of mind. Their effective rate is 17%, not including any court charges, including petties/letting fees/advertising/property condition report/inspections/etc. They allocate the advertising, showing tenants through and leasing to 'leasing specialists' who are flexible as required to show tenants through after hours at request. I would then be allocated a property manager (and property assistant - training wheels) to deal with on an ongoing basis. Assured me the property condition report pre-lease would be very thorough, up to 50 pages with hundreds of photos. Routine inspections are done aided by an iPad, with a checklist that is checked off during the inspection. Managers undergo 'video training' (read: watched a video?) on inspection. No contract as advertised. Arrears dealt with breach and then termination. About 100 properties per manager.
meeting with actual manager pending.

as mentioned in several posts, deFreitas and Ryan charge a 10% fee.
Advertising, showing tenants through and the leasing process is actually shared by all property managers as they have too many listings to allocate individually. Property management falls under a team of 3 it seems: a senior and 2 assistants. Property condition reports 10-15 pages, some photos. Written checklist that is checked off during inspection. 28d contract. Arrears dealt with termination straight up after 2 days. 220 properties for the managing team of 3.

Pulse Realty have a 9.5% fee or 11% furnished fee. They charge lots of fees that to me seemed overlapping/double dipping. Effective rate 19%.

Thane property management have a 10%+GST policy and 2wk+GST letting fee. Meeting with them soon(ish)

Momentum wealth don't have a schedule of fees online and haven't sent one to me. Meeting with them soon(ish) too.

Should I aim to advertise as furnished or unfurnished? I don't really have a need for the furniture there (will be moving back to parents') but have been warned it may become troublesome (eg if supplied TV stops working, what to do)

Is there any significant info missing from the summaries of the services provided? Also if you have any feedback see http://somersoft.com/forums/showthread.php?p=1251080#post1251080 list of things I try to ask PMs on meeting them.

Cheers

Marie at Ray White Mirrabooka was amazing, and now my friends use her and say the same.

From memory 8.5% plus fees.

make sure you avoid LJ Hooker Kwinana.

boeman said:

Marie at Ray White Mirrabooka was amazing, and now my friends use her and say the same.

From memory 8.5% plus fees.

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Yes, I have used her, she is excellent, and does not take any cr@p, and a very hard worker

South of the river...


try One Residential, Palmyra

Richard Thurtle, been in the game for I think of 25 years, excellent service, competitive rates etc. However you will need to ask for the best rate, not a given.
Let me know what you think????

Just an update, investor's edge have recently increased some fees and introduced a fixed rate payment option. Is 13.5%+GST management fees with letting fee of 2 weeks' rent + GST. equals about 18.85%.

Jeremy

jerodwg said:

Just an update, investor's edge have recently increased some fees and introduced a fixed rate payment option. Is 13.5%+GST management fees with letting fee of 2 weeks' rent + GST. equals about 18.85%.

Jeremy

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Totally unjustified fees. They should be reducing rather than increasing the already high rates. This is Perth though and many landlords appear ready to pay above market odds which hurts competition.

jerodwg said:

Momentum wealth don't have a schedule of fees online and haven't sent one to me. Meeting with them soon(ish) too.

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Jerodwg: by any chance have you met with Momentum Wealth? Can you let me know the full schedule of fees charged by them? Specially interested in the letting and renewal fees.