We have decided to let out our current apartment. Since this is our first time, we thought it would be best to leave it in the hands of the real-estate agent to deal with the tenancy nitty gritty. And the first real estate we contacted was of course the one that we bought our new house from.
So the agent came over this evening to our place to inspect it. We had the apartment all cleaned up and shining bright. I had high expectations of how much rental return we would get but turns out I just loved my apartment too much. The recommended price was much lower than expected. And then deduct from that the long list of service fees:
- a whole week’s rent – every time the tenancy lease is renewed
- a residential tenancy agreement preparation fee
- a monthly admin fee
- a weekly management fee of 5.5% of rent
These fees itself accumulate to nearly $2k per year – Heart Break (again). Damn these agent fees.
Having said that, its a relief that they will be managing all tenancy stuffs including rent collection, tenancy contracts, the outgoing bills & any disputes with the tenant if any. And we already have an open house arranged to start marketing our apartment for tenancy!