Browse Forums Real Estate 1 Jan 29, 2010 12:14 am Hi I was woundering if anyone has used a property manager, if so roughly how much do they charge. We are western australia if that makes any differance (never done this before I have no idea) Thanks My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 2Jan 29, 2010 12:19 am Property Managers can come in quite handy Camy I used one when i had my investment property. I can't think at the moment of what the cost was (it wasn't a lot), a percentage of the rent or something i think, HOWEVER, you can claim all those management fees/expenses back at tax time which is always nice viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: property managers 3Jan 29, 2010 7:52 am Hi Jodes, So you think it was a % of the rent then uuuum . My youngest son dropped in and gave me the idea that we keep half of this house and he buys the other half and we rent it out, but I wounldnt rent it out without a property manger so hence the question. I might dive in deeper to this idea Thnks Jodes My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 4Jan 29, 2010 8:51 am camyperth Hi Jodes, So you think it was a % of the rent then uuuum . My youngest son dropped in and gave me the idea that we keep half of this house and he buys the other half and we rent it out, but I wounldnt rent it out without a property manger so hence the question. I might dive in deeper to this idea Thnks Jodes We have 2 rental properties, both bought new approx 8 & 9 years ago. Big deal for us, but best thing we ever did. Both have been rented with an agent & while I get irked at seeing their fee for doing absolutely jack they come in handy when it's time to re-rent but other than that they are pretty useless As far as your son renting out next door, I wouldn't go through an agency You can draw up your own paperwork (google landlord association or something ) as we did that with one lot of tenants who we knew quite well. Agents will most likely suggest between 5-7% of rent for their commission, altho we have been given 2.5% because we have 2 properties with them - it's open for bargaining really Why give an agent percentage of rent, especially when it's family. Still get a bond & get papers signed - you should be ok unless you think things will go bad (not sure of relationship with son ), I think you are wasting your money. If he moves out, then go through an agent to get someone back in if you want to rent it out again. good luck Jazz Life is like a lolly, suck it and see Re: property managers 5Jan 29, 2010 9:02 am Thanks Jazz the info on the agents was great, but I must not explained too well about the son side. We are selling as we are building, My son already has his own house, but would like to buy 1/2 of the house we are selling, so we would keep 1/2 and together we would rent it out. So that is why I am looking into this.(we cant afford to do this by ourselves) My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 6Jan 29, 2010 10:20 am I have a quote for 6.6% a couple of years ago,from a local RE agency, it comes out from my monthly rental income. My current quote from a Property Manager is 9.9%. I haven't really shopped around. I am just looking for performance from past known experience of the PM and that particular RE agency. Through my own observation/research and positive comments from long term tennants. Re: property managers 7Jan 29, 2010 4:18 pm camyperth Thanks Jazz the info on the agents was great, but I must not explained too well about the son side. We are selling as we are building, My son already has his own house, but would like to buy 1/2 of the house we are selling, so we would keep 1/2 and together we would rent it out. So that is why I am looking into this.(we cant afford to do this by ourselves) I get it now camyperth Explore all concepts of renting out the property as 'part owners'. It's the blind leading the blind here when it comes to this stuff We negative gear both rental properties, so at tax time, claim all expenses, interest, agents fees etc (no principal is paid, only interest). If and when we sell, we will pay capital gains tax Hopefully someone here can give you the correct advice or better still, do you have any friends who are accountants Get the right advice, you can't go wrong - sounds like a pretty good idea (then again, my credentials aren't that good ) good luck Jazz Life is like a lolly, suck it and see Re: property managers 8Jan 29, 2010 4:27 pm perthhomelover I have a quote for 6.6% a couple of years ago,from a local RE agency, it comes out from my monthly rental income. My current quote from a Property Manager is 9.9%. I haven't really shopped around. I am just looking for performance from past known experience of the PM and that particular RE agency. Through my own observation/research and positive comments from long term tennants. Thanks perthhomelover, So in other words you say shop around, That seem to be quite a big jump in 2yrs, If we try and work out a few things and say pms are 10% we would know we could cover ourselves (work on worst case in other words) My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 9Jan 29, 2010 4:32 pm Jazzie camyperth Thanks Jazz the info on the agents was great, but I must not explained too well about the son side. We are selling as we are building, My son already has his own house, but would like to buy 1/2 of the house we are selling, so we would keep 1/2 and together we would rent it out. So that is why I am looking into this.(we cant afford to do this by ourselves) I get it now camyperth Explore all concepts of renting out the property as 'part owners'. It's the blind leading the blind here when it comes to this stuff We negative gear both rental properties, so at tax time, claim all expenses, interest, agents fees etc (no principal is paid, only interest). If and when we sell, we will pay capital gains tax Hopefully someone here can give you the correct advice or better still, do you have any friends who are accountants Get the right advice, you can't go wrong - sounds like a pretty good idea (then again, my credentials aren't that good ) good luck Jazz Thanks Jazz, I know that there is not much in the way of claiming on our half of the property, as we have lived in this property. So we could maybe claim Pms insurance etc My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 10Feb 03, 2010 8:07 pm I used to use a manager in Brisbane..they all seemed to charge around 8.8% + fees to send you a statement etc. I found it a waste of time..they made problems that shouldn't exist. We look after them ourselves now. The RTA have all the forms you need and have found it LESS work now the middle man isn't playing chinese whispers and making our tenants angry. Built Liberty 42 - Handover 26th Feb 2010 forum thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=17243 Re: property managers 11Feb 03, 2010 8:29 pm Nightshade I used to use a manager in Brisbane..they all seemed to charge around 8.8% + fees to send you a statement etc. I found it a waste of time..they made problems that shouldn't exist. We look after them ourselves now. The RTA have all the forms you need and have found it LESS work now the middle man isn't playing chinese whispers and making our tenants angry. Thanks Nightshade. We are still looking at all different things at the moment, but its good to hear the good and the bad side of peoples experences. My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 12Feb 03, 2010 8:31 pm Nightshade I found it a waste of time..they made problems that shouldn't exist . . . have found it LESS work now the middle man isn't playing chinese whispers and making our tenants angry. I know someone who would completely agree with you! Re: property managers 13Feb 07, 2010 12:46 am Hi Cammy We had a agent when we first bought our place. Got rid of the agent that worked for the real estate agent we bought our house from. I had met a property manager while looking for a rental to live in. She was the type you would want looking after your place but not renting from lol. We gave her our place to look after and they were great. In the end we looked after our place ourselves as we had tenants that didnt trash the place and paid their rent 3 months in advance. A good property manager is great for looking for tenants so that you dont end up with those you see on A Current Affair. Think they are worth the weight in gold. PM me if you want the name of the company we used. Caz Re: property managers 14Feb 07, 2010 10:36 pm shackonthehill Hi Cammy We had a agent when we first bought our place. Got rid of the agent that worked for the real estate agent we bought our house from. I had met a property manager while looking for a rental to live in. She was the type you would want looking after your place but not renting from lol. We gave her our place to look after and they were great. In the end we looked after our place ourselves as we had tenants that didnt trash the place and paid their rent 3 months in advance. A good property manager is great for looking for tenants so that you dont end up with those you see on A Current Affair. Think they are worth the weight in gold. PM me if you want the name of the company we used. Caz Thanks for that info. We are still tossiing up what we are going to do with house, sell or rent out My building thread viewtopic.php?f=1&t=25279 NEARLY DONE. KEYS ON 5/11 AT 1PM Re: property managers 15Feb 07, 2010 10:49 pm camyperth shackonthehill Hi Cammy We had a agent when we first bought our place. Got rid of the agent that worked for the real estate agent we bought our house from. I had met a property manager while looking for a rental to live in. She was the type you would want looking after your place but not renting from lol. We gave her our place to look after and they were great. In the end we looked after our place ourselves as we had tenants that didnt trash the place and paid their rent 3 months in advance. A good property manager is great for looking for tenants so that you dont end up with those you see on A Current Affair. Think they are worth the weight in gold. PM me if you want the name of the company we used. Caz Thanks for that info. We are still tossiing up what we are going to do with house, sell or rent out Hi Camy, i have been in this rental for 9ish years. I have had hmmm at least 5 different property managers. The one I have at the moment has been managing this place for at least 3 or 4 years. She inspects every 3 months to the day. She is thorough, I would recommend her just because she actually does do a good job and I am the blooming tennant Oh I hate inspections so much Building with Homebuyers Centre El Questro! My building thread..viewtopic.php?f=31&t=19421 Brickies started 5/10 You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 16145 Ask for some kickplate to be added and also for tradies to be requested to use lanyards on tools on that side of the building. Be respectful and have the discussion… 1 1689 The setback from the kerb is 4m. It is council land to provide an area for services like sewer main, gas mains, water mains, underground power or poles for overhead power,… 4 2394 |