Owning a rental property in Sydney can be a great investment, but managing it on your own takes a lot of time and effort. Hiring a property manager can take care of the countless responsibilities that come with owning a rental property. But how much does it cost to hire a property manager, and how do property management fees Sydney compare to those in other cities?
There are typically two types of property management fees Sydney property owners will incur. The first is a management fee, which is a percentage of the monthly rent. This fee covers the property manager’s work and can range from 6% to 12%. The second fee is leasing fee or tenant placement fee, which covers the property manager’s work to find a new tenant. This fee can range from half to one month’s rent.
While property management fees Sydney may seem expensive, they can actually save you money in the long run. A property manager can help you avoid costly mistakes, such as not screening tenants properly, which can lead to late rent payments or property damage. They can also deal with any issues that may arise, such as maintenance requests and lease violations.
When hiring a property manager, it’s important to do your research and choose a reputable company with experience in Sydney’s rental market. Look for a company that offers a competitive fee structure and has a strong track record of managing properties like yours. With the right property manager, you can enjoy the benefits of owning a rental property without the stress of managing it yourself.