Be wary of those property management companies offering fixed fee property management services.

It may not save you money!

Although it may sound compelling, in fact when you do the sums, the cost of the service being offered is not cheaper and may even cost you more than if you pay a fee based on a percentage of the rental income.

A justification for a fixed fee is that it costs no more to manage a higher rent property. But is this really true? For example, do you want your 4-bedroom, 2-bathroom smart rental to be managed with the same degree of management input that a studio apartment receives?

You get what you pay for

Property management involves a wide range of tasks. It is not just about collecting the rent. Tasks include:

• finding suitable tenants and signing them up

• ensuring that rent payments are made on time and chasing up tenants when the rent is not paid

• making payments to and on behalf of owners

• doing regular inspections

• dealing with maintenance and repair issues as required

• managing disputes

• keeping you informed.
  
  

All of these services take time. Do not believe that you will receive the service you want for your property if you are not prepared to pay for it!