Find & Compare the Best Property Management in Melbourne
Compare the Fees & Commissions of multiple property managers in Melbourne to find the best deal.
RealConnect provides a simple and effective way to find & compare Melbourne's best property managers. We provide quotes from multiple real estate agencies to help you find the best property manager to rent your property or to provide a free rental appraisal. If you’re here to find a new reliable property manager, compare property management fees or to get a free rental appraisal, RealConnect can help you.
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Handing over the management of your property to a property manager may be one of the most important decisions you will make as an investor, especially when it comes to protecting, not only the income but the condition and value, of your asset.
Many investors spend their time and effort examining property markets and determining what the most profitable investments are. However, they rarely take the role of a professional property manager into consideration when it comes to maintaining the property’s capital value.
Since the property market is growing rapidly, without any shortage of tenants, most landlords overlook developing good relationships with their property managers, and choose them based on their fees, rather then the additional services they may offer to, not only maintain their rental income, but to maintain the on-going value of the property.
When choosing your property manager, the first step is collating a list of potential property managers. Look for someone who not only has experience in the property market, but the market in the area where your property is located. Also, understand the services offered by property managers and ask some specific questions to determine just how well they are going to look after your property, its maintenance and preservation, for you.
It helps to be armed with some questions that will help you to determine exactly what your fees are paying for and what they are not, and how to ensure you are not only getting good value from your property manager, but good value for your investment.
Below are 10 specific questions that you should ask the prospective property managers:
1. Does the company have a dedicated property management department and who is responsible for looking after your property?
Ensure that the company you decide to work with has a dedicated property management department in Melbourne and the staff has some professionals who can work on behalf of the property manager in the case of their absence or illness.
2. Does the director/owner of the agency play the role of day-to-day management of the property management department?
Due to the fact that most agencies have rental and sales departments, it a wise idea to look for an agency that has its director being involved in the property management department to ensure that seriousness is undertaken in every aspect and they have a good understanding of how their department operates.
3. How long has the property manager been working in the real estate industry for?
This is specifically for the property manager who is going to be managing your property and not the agency as a whole. The number of years that a rental property manager has been in real estate will determine their understanding of all of the property management duties.
4. What duration has the property manager been in an agency?
Check on the number of years that a property manager has been with an agency and you are unlikely to have any issues relating to management. Good agencies generally have low staff turnover and if a property manager has been with an agency for a long time, they are more likely to have a good understanding of the way their department is run, the location and their tenants.
5. Does the property manager present a written proposal?
Work with a professional who makes a good impression by presenting a well-written proposal. This will give you a hint of whether the property manager will be able to look after your property or not and the additional services, if any, they offer.
6. What geographical region does your property management service cover?
It’s a good idea to look for a manager who has a sound local knowledge of the area that your property is located in. Beyond this, consider how your property portfolio will look in the future. Choose a rental property manager who will look after your entire property portfolio and your future needs.
7. Does the property manager attend the property inspection with a tenant or simply hands out the keys?
If you discover that a property manager just gives out keys when a tenant inspects a property, then look for another agency. Personal inspection with the tenant gives the property manager the opportunity of promoting the property, as well as getting to know the tenant better.
8. What number of properties does the manager look after?
Look for a manager who does not look after a large number of properties. The more properties they have to manage, the less time they will have to devote to your property.
9. Does your agency have sufficient staff to show all of your properties to all interested tenants, six days a week?
Due to the heavy advertisement of rental property over the internet 24/7, an agency must have enough staff to show the property to the tenants at any time. If the agency does not have sufficient staff numbers to be able to do this, you may miss out on finding a tenant for your investment property quickly and easily.
10. Does your agency have a system in place to check the prospective tenants about past rental history, creditworthiness, and their current employment?
It is important to ensure that prospective tenants can not only fulfil their rental obligations but that they have a history of looking after the properties that they live in and maintain positive relationships with both the property manager and the neighbours. Make sure that the manager has subscribed to a major tenancy database and is able to screen all prospective tenants carefully.
Choosing the right property management company in Melbourne is important, and these questions are critical to avoiding unnecessary future problems that can make the rental process a nightmare for an investor.
Don't forget to ask them all of these relevant questions.
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For those new to the Melbourne rental market, property managements fees can have so many hidden extras it can be difficult to keep track of them and know what they are all for. Which ones should you pay for? Which ones are just extra charges? These questions should be asked if you want to get the most out of your money and your rental return.
Here are some of the most common property management fees that you should know about:
In most instances, property management commission fees are a percentage taken off the total rental income of the property. It's perfectly normal for the agency to take the commission off the total rent that is collected from the tenants. Therefore, the forwarding balance already has the rental commission fee taken out of the balance before being sent to the owner.
These deductions are usually a percentage of the rent in total. In the Melbourne area and around Queensland, the typical percentage rate for property management fees is somewhere between 7 to 9 percent. These commission fees can be negotiated with the agency and reflect the services they include.
Letting fees constitute the work that property managers do in order to find the right tenant for the property in Melbourne. This includes the preparation of the letting documents for the new tenant and finding a tenant in the first place. One thing to keep in mind is that the letting fee may vary depending on the agreed length of stay written into the rental contract.
Fair Trading has defined the maximum allowable fees regarding property management fees, but the numbers could vary, depending on what was specified in the agreement. Letting fees are usually deducted from the first rental payment and is payable to the property manager once the rental contract is signed.
Lease Renewal Fee
A lease renewal fee may be charged by the property management if the current tenants agree to a lease renewal. This fee covers the costs associated with processing the lease papers. These fees can be deducted as either a percentage of the tenant's weekly rent, or as a one-time, fixed fee.
Property management agencies in and around Melbourne may charge a nominal fee called "Administration fees" that you see every month on your statement. This fee covers costs associated with postage, phone calls and trust accounts.
End Of Year Financial Statement
This fee is charged at an agreed and fixed rate. It covers the preparation of the end of year financial tax statement.
The property management agency may see the need to advertise your property via print media or on the Internet in order to fill the tenancy. The advertising fee is usually charged at a fixed rate and depends on how the property is promoted and advertised.
Repairs and Maintenance Fee
Property management agencies may charge a maintenance and repair fee where needed. This type of fee is not added automatically – property owners should sign a written agreement defining such maintenance work and repairs. In this agreement you can define what sum is an acceptable amount to be authorised without approval. For instance, you may approve for the property managers to undertake necessary repairs for under $200 without approval. If the repairs are more substantial you may specify alternative instructions. This allows managers to act in the event that you are unavailable for approval or in the case of an emergency. Maintenance and repair fees are important as it ensures that your property is maintained and any issues are addressed, especially in the situation where it may compromise the safety of the tenant. Allowing these automatic repairs are very helpful if you aren't personally based in Melbourne as it allows you to get your property taken care of without travelling.
Holiday Accommodation Fee
Holiday accommodation fees may vary slightly from normal property management fees. As occupants may change more frequently, there may be additional fees or commissions as well as booking, cleaning and maintenance fees, depending on what is offered as part of the rental agreement and the terms and conditions.
We hope you found this information useful and don't forget if you need help connecting your rental property to the best property managers available, use RealConnect's free service to compare your local property managers.
Here at RealConnect we aim to simply and streamline the process of finding the best property management to rent your investment property. Our online system automatically notify's many of Melbourne's best managers of your request upon you completing your application. They'll then get back to you with quotes and proposals, so you can select the right one for you.
Our goal is to save you the time and hassle of having to contact, speak with, and apply to multiple agencies. Our system is more convenient effective, and efficient, allowing you the time and flexibility to focus on other tasks.
No, our service is 100% free to customers such as yourself looking to sell, buy, rent or find the right tenant.
Yes it does. We have a wide network of property managers in the Melbourne area ready to help you find the right tenant.
Getting started is simple. Click on the 'Compare Property Managers' button on this page, and complete the online form. Take some time to ensure you fill your details out as accurately as possible, then once its ready, click 'submit. We will then notify local property management companies, and real estate agents of your request. You will then be able to login to the site and review all of the response's and proposals that agents send through.
Generally you will hear back from them within an hour. At times it may take a couple of days to hear back from all of the agents.
Our goal is to do just that. Most of our users are finding the best property management deals through our system.