Affordable Property Management in Melbourne
Our fee structure is straight forward and is the same for all clients of My Rental. Our business model is based around providing the best property management service at the lowest price. There are three fees associated with the management of your investment property:
4.4% Management Fee
Collecting monthly rent and offering accounting services.
Providing comprehensive advice around the rights and responsibilities of landlords and tenants, as per the Residential Tenancies Act.
Routine Inspections, which will be conducted at no additional cost every six months. Updates will be sent via the mobile app, keeping you updated with the overall condition of your property.
Payment of property outgoings from rent collected (if requested). This includes payment of council rates, water rates, body corporate fees, etc.
Dealing with rental arrears, as per the Residential Tenancies Act.
Arranging all property maintenance, including sourcing quotes and payment of invoices from rental income
How is the management fee charged?
The management fee, also referred to as commission, is deducted from your rental income. Our fee is charged based on your rent per week, fortnight or calendar month. For example, if your tenant pays $2608 per calendar month, our management fee of 4.4% ($114.71) will be deducted from your rental disbursement.
$330 Letting Fee
Conducting thorough market analysis and setting rents based on current properties available and overall market trends.
Selecting appropriate marketing budgets.
Conducting open for inspections, as well as private inspections where relevant.
Thoroughly screening all potential applicants by conducting rental and employment reference checks, obtaining relevant ID, and reviewing documentation.
Conducting a National Tenancy Database check on the applicant (once we have selected our preferred tenant). This check will show court appearances, bankruptcy notices, etc. While not mandatory, we highly recommend utilising this Database to ensure we secure the best possible tenant.
Conducting an Entry Condition Report – this report will include photos of your investment property, as well as comments on the condition of the property and is used as a guide when it comes time for the tenant to vacate.
$110 Re-Letting Fee
Includes preparation of paperwork and documentation.
This also covers the negotiation of terms (rent increases etc).
How Do We Offer Such Affordable Property Management Fees?
While the needs of renters and landlords are constantly shifting and adapting to changes, the property management industry has often lagged behind in both technology and innovative thinking. This has led to a lot of agencies charging sizeable fees for a service that does not meet the needs of their clients. That’s where My Rental steps into the picture.
With our My Rental app, we have been able to lower our business overheads, automate administrative tasks, streamline our communication with landlords and tenants and manage all maintenance requests in real time. By automatically keeping track of all relevant property information through our app, we minimise the need for unnecessary manual input and lengthy phone discussions. This has allowed us to maintain a premium property management service and pass on our savings to our clients.
What is the Average For Property Management Fees in Melbourne?
On average, property management fees in Melbourne are between 6% and 8% of rental income, with GST on top of that. This is a considerable amount of income that is being lost unnecessarily to rental agent costs, which is why My Rental is dedicated to offering a more reasonable alternative.
What’s the Cost of My Rental’s Property Management Fees?
The efficiency of our app-based system has allowed us to significantly reduce the overall cost of offering property management in Melbourne. So, naturally, we’ve passed those additional savings onto our clients. My Rental provides a management fee of only 4.4%, which is almost half the industry average, without compromising or sacrificing any aspect of our services.
To learn more about how My Rental can assist you, speak with one of our property management specialists today.