Are you looking to put up your residential property for rent in 2022? Consider contacting a real estate agent specializing in rentals and will oversee your property rental for a property management fee. Let's learn more about property management fees and what to expect in return.

What Does a Rental Agent Do?

What are the services can you expect from a residential rental property agent?

A good real estate agent will handle the following duties and responsibilities:

• Assess the rental value of your property.
• Advertise to prospective tenants.
• Timely inspect the property and keeping you informed
• Ensure timely rent payments.
• Repairs and maintains your property.
• Deal with any tenant complaints or difficulties.
• Deal with troublesome renters, if required.

Advantages of Hiring a Rental Agent

Advantages of hiring a property manager to manage your residential rental property

• Choosing a property manager allows you to take a step back and free up more time for yourself, reducing stress and allowing you to rely on their knowledge and expertise.
• Fees for property management are tax-deductible
• In the event of an emergency, you can rely on their knowledge and network of contacts and suppliers

Rental Agent Cost

How much does a residential rental property manager charge?

The cost of rentalmanagement varies depending on where you reside and which company you hire. In general, you should anticipate paying a commission of 7% to 10% of your weekly rent + taxes.

However, the services covered by this commission differ from one agency to the next. For example, this charge may cover two property inspections per year, weekly rent collection, and maintenance for some agencies.

It's worth noting that the smaller your agent's commission fee %, the fewer services are likely to be included in your package. So before hiring a property manager, make sure you understand precisely what services you'll be paying for and what will be extra.

You might have to pay extra to cover things like:

• Letting and lease renewal fees are based primarily on the property's weekly rent.
• The fee for monthly administrative services is usually between $5 and $10.
• The cost of a tenancy database check is usually $12 per person.
• File preparation and tribunal attendance fees (in case of conflicts between tenants and landlords) range from $100 to $200.
• The end-of-financial-year statements could range from $25 to $50.
• Transferring a lease varies between $0 to $500.

Before you determine whether or not prospective property management is ideal for you, get a detailed breakdown of their commission and what it covers.

How to Choose a Rental Agent?

What factors should you consider when choosing an agent? Well, to begin with, the agent's experience, success rate, negotiation skills, and of course, strategic approach to marketing.

Some property management agencies dealing with residential property for rent demand a flat cost for their services. There's always the possibility that this flat fee will increase to keep up with inflation in the future, and the agency has no incentive to ensure that the weekly rent charged on the property keeps up with the rest of the market.

Finally, when hiring property management, make sure you understand exactly what you'll get for your money.

Conclusion

When looking for a property manager to help you put up your residential property for rent, the most important thing to remember is to choose an agency that provides good value for money. Someone with a lot of expertise in managing similar properties won't be able to provide personalized service and attention. Take your time to decide - compare several property managers and interview the best prospects.