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The average rating for Bark Property Managers is 4.78, based on 9,943 reviews
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Are you thinking about hiring a property manager to manage your rental property? Read our handy guide to find out how much you can expect to pay for property management services.
Some landlords are happy to manage their own rental properties, sourcing their own tenants and collecting their own rent. However, some landlords prefer to hire a property manager to manage the letting process for them, allowing them to take a more hands-off approach.
Property managers are experts when it comes to the rental market. They can help you to find the right tenants, collect weekly or monthly rental payments and manage the day-to-day running of the property including inspections, repairs and maintenance.
Whether you’re new to being a landlord or you own a whole portfolio of rental properties, hiring a property manager to manage your rental property can save you both time and stress, as well as maximising your rental income.
Hiring a property manager can save you both time and effort as a landlord. But how much does property management cost?
The price of property management is influenced by the level of service you require and the rental price of your property. Although there is no fixed rate for property management services, a breakdown of average costs of property management based on Australian letting agents is given below.
| Average cost (per month) | $125 |
| Minimum cost (per month) | $80 |
| Maximum cost (per month) | $250 |
The cost of hiring a property manager will depend on several different factors including:
Level of service
Location
Rental price
There are different levels of service to choose from when you hire a property manager. These service levels include tenant-find only, tenant-find and rent collection, or a fully managed service.
| Level of service | Average cost |
| Tenant-find only | One-off fee (a percentage of your rental rate) |
| Tenant-find and rent collection | 7% of the monthly rent |
| Full property management | 10-15% of rental payment |
A tenant-find only service involves marketing the property, showing prospective tenants around, checking references and drawing up tenancy agreements. This service comes with the lowest fee, which is typically a one-off fee calculated as a percentage of your rental rate.
If you decide to opt for a tenant find and rent collection service, your property manager will help you to find the right tenant, as well as collecting their rental payments on a weekly or monthly basis. This service generally costs around 7% of the monthly rent.
Many people opt for a full property management service so that their property is comprehensively managed by the letting agency. This includes finding a tenant, collecting rent and managing the day-to-day running of the property, including repairs and maintenance. They will chase up missed payments, deal with contract renewals and renegotiate rent rates with existing tenants when required.
If you decide to take a hands-off approach with a fully managed letting service, you’ll find that it comes with the highest price tag. This can generally range from 10-15% of your rental payments, although it may vary depending on your location.
The cost of property management will also depend on your location, with prices varying by state. Prices in New South Wales and Victoria can be as little as 5% of the monthly rental price, whilst in South Australia you could be looking at up to 15%.
The rental price of your property will also influence the price of hiring a property manager. Many property management companies base their prices on a percentage of the monthly rental income of your property. Therefore, the higher the value of your property, the higher the property management fees are likely to be.
Many people choose to manage their rental property themselves, and it is perfectly possible to do so. However, it can be time-consuming and you’ll need to do your research to make sure you remain legally compliant.
A property manager will be responsible for finding the right tenant for your property, completing credit checks, drawing up their rental contract and checking their references. This helps to reduce the chances of running into problems later down the line.
They will also deal with collecting rental payments, chasing up any late payments to take a weight off your shoulders. Not only that, but your property manager can also deal with communication from your tenant, organising inspections, repairs and maintenance.
If you don’t live locally to your rental property, or if you have several properties to deal with, hiring a property manager can take the load off. You’ll get the perks of being a landlord, without any of the hassle.
It can be difficult to find the right property manager to manage your rental property. We understand the challenges you face. That’s why, when you search for a property manager on Bark, you can browse the profiles of companies that meet your requirements and read reviews from genuine clients before requesting a quote.
The average rating for Bark Property Managers is 4.78, based on 9,943 reviews
5/5
based on 9,943 reviews
