Role and Responsibilities of Property Management
Responsibilities of a Property Manager include locating and screening suitable tenants, completion of Tenancy Agreement and lodging rental bond, collecting rents, pursuing late rent, repairs, periodic inspections (providing you with a fully detailed report) and if required, evicting tenants on your behalf.
Property Management Agreements
If entering into an agreement with a Property Manager the Terms and Conditions are binding, therefore it is in your best interest to keep the agreement termination (written) notice to a short time-frame i.e. one month.
Landlords generally allow Property Managers to handle small repairs within a set / agreed budget. For costlier repairs your permission is required.
Agency Fees
Agencies charge a commission for managing the property that is usually between 5–12% of the gross annual rent. The account is set up and sent to you on a monthly basis. The account statement will show the amount of rent paid to you, the Agents commission and any other costs deducted.
Costs deducted for minor repairs will be received as a separate item.
Varying from Agent to Agent additional fee’s charged to Landlords may include:
- New Letting fee
- Lease renewal fee
- Administration costs
- Postage and petties
- End of financial year statements
- Routine inspection fee
- Entry / Exit inspection fee
- Property Owners manual
- Data base checking of all new tenants
- Property Advertising and Marketing
- Co-ordination of repairs
All fees and charges are negotiable so be sure to compare a few agents in your area.
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