When you have a rental property, you have two potential management options – self-manage or invest in a professional Property Manager. While self-managing the property might save you money or seem easy in the short term, there are valuable benefits to working with a professional Property Manager with a team of experts to back them up. Read our article ‘Why an experienced property manager is a landlord’s secret weapon’ to get a breakdown of how a professional Property Management team can add value to your investment.
It can be daunting and confusing to understand the breakdown of costs, responsibilities and rights of both the tenant and the owner – with letting fees, ongoing fees and ancillary fees all starting to add up. Here’s our breakdown of what these are and what to expect from a Limnios Property Management partnership.
Letting Fees
A letting fee is charged when your agent sources a new tenant for a vacant property. This fee covers the costs of holding rental inspections with prospective tenants, reviewing and processing applications, executing the new lease and processing and lodging the bond for the property. Your letting fee will usually be equivalent to 2 weeks rent – but we’ll discuss the fee for your property when we carry out your free rental appraisal.
Ongoing Fees
When you come to Limnios for a free rental appraisal, you’ll receive a breakdown of property management costs specifically designed around your property portfolio as well as our realistic estimation of an appropriate rental price. We work out your property management fees based on your unique requirements, so you know you are only paying for what is relevant to your situation.
Every appraisal or listing is carefully considered by assessing the condition of your premises, size, location as well as the current market and recently leased properties that are similar to yours. We would be more than happy to look at your specific situation and give you an accurate representation of what your Limnios property management fees would be – feel free to give us a call to discuss your needs.
We can provide the following services for your management fee:
- Rent collection and following up on arrears, ensuring that you receive your funds promptly
- Paying the water bills (and any other relevant utilities) as well as recovering costs from the tenant
- Dealing with the council if required
- Responding to maintenance requests and organising repairs. We can work out the best system for you whether you prefer to be kept in the loop about these or prefer us to carry out repairs up to a certain cost each month
- Ensure all legislation is carried out accurately and clearly communicating the responsibilities to you and your tenant
Administration or Ancillary Fees
These are costs for things like court appearances, insurance claim administration or extra maintenance project management costs. We’re always transparent about any extra costs prior to works carried out if anything additional is required.
Partnering with Limnios for your rental management
We are passionate about property – that’s why we’ve had a stronghold in the Perth real estate scene for over 52 years. We’re not happy with the status quo and will always strive for better outcomes for our clients and their tenants. Our team of Property Managers are experienced in the administration, marketing and delivery of property management – ensuring you get the most out of your investment without having to do any of the heavy lifting yourself.
If you want to have a complimentary chat about your rental property, we’re here to help you make an informed decision that suits your requirements.
