Property Management

What is a property management? 

Property management refers to the oversight and maintenance of a piece of real estate. Property managers are typically hired by property owners to manage responsibilities on their behalf. 

Property management fees 

Property management fees typically comprise a letting fee and management fee. The letting fee is a one-off payment that typically amounts to 1-2 weeks' rent and is paid to the agent for securing a new tenant at the lease's outset.

A management fee is paid regularly and usually ranges from 5% to 12% of the weekly rent (in states such as NSW), covering the day-to-day management of the lease.

Responsibilities of property managers 

Property managers take care of everything related to renting out a property. This includes: 

• Finding and screening tenants
• Collecting rent
• Conducting routine inspections
• Liaising with trades people

They essentially act as a middle person between the landlord and the tenant, making sure that both parties are satisfied and that the property is well-maintained.