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People,
I'd like to know how much is the standard normal cost in average for managing a rental property (my IP) in NSW ?
Im yet to buy an IP and am also wondering what the costs are.
When people quote "5-6%" etc does this mean a percentage of the rent paid per week? ie 5% of the $300 p/w rent so the agent gets $15 per week for their trouble?
Cheers, Mick
I pay 6.6% - 7.7% in ACT, SA and NSW (GST inc) - 1 week letting fee - no admin fees, no statement fees and no condition report/inspection fees + 50% re-letting fee. Pretty happy with my agents for the past few years and what is included. Termination is standard 30 days - no termination fees.
You just sign over the rent you receive to the PM...so 100%.
This includes organising to have the batteries changed in the smoke alarm.
Also includes suggesting to the tenant they will receive a discount because they are being inconvenienced for "something"...and any wrong advice they give you, or any forms they incorrectly fill out..you will be responsible for.
For me its Nowra 8%+GST and my mate is Dapto 7%+GST both 400pw so its $32vs$28pw commission which is $4pw or $208pa so even less after tax rebate so in the big scheme of things the difference is not really worth the stress to save 1 or 2%. I find its better to find a PM you get along with and works hard for you not the tenant and charges only the 1 week for new lease and a set fee ($50) for a re-lease. Also a PM willing to have a 14 day termination clause. All other things seem to be about stanard between all PMs I checked.my friend in Epping NSW got 5% while me in Wollongong NSW regional area got around 6 - 7%
When people quote "5-6%" etc does this mean a percentage of the rent paid per week?