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Typical fee for property management??

  • 19-03-2012 10:31am
    #1
    fruitpunch
    Closed Accounts Posts: 2 ✭


    Hi,

    What is the typical fee to be paid to an estate agent acting as property management? Mine are sourcing tennants and managing the property for me and are charging 8% to do so.

    However, my tennants are renewing the lease and the estate agent is still charging 8%. Should it not be less since they don't need to find new tennants???


Comments

  • #2
    ProudDUB
    Registered Users, Registered Users 2 Posts: 11,569 ✭✭✭✭ProudDUB


    Not really. The 8% is the monthly fee that they charge to manage the property for you and do things such as collect the rent, forward it to you, deal with any issues the tenant may have, deal with any maintenance issues etc etc. That is not going to change much whether you have new tenants in the place or the old ones.

    If the current tenants moved out and new ones had to be found, the EA would have probably charged you a finders fee for doing so. That covers once off things such as advertising the property, showing it to viewers, drawing up a new lease and inventory of contents, registering the tenancy with the PRTB etc etc. That fee is normally separate from the monthly property management fee. Did you not have to pay that fee when the first tenants were found for the property? Was advertising the property and finding tenants included in the 8%? Check your contract that you have with them and see what (if any) the stipulation is for finders fees.

    You could of course ask them for a reduction in the fee based on the fact that you are giving them your business for the term of another lease. Ask them how much "work" they have had to do over the past year dealing with the property and its tenants. Was it a high maintenance tenancy or a relatively trouble free one? They may or may not give you a discount to you to keep you happy. My guess would be that they would not as 8% is the lowest that I have seen estate agents quote to do property mgt. But it can't hurt to ask.


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