What a Good Statement Shows
Every month, your property manager should send you a statement that accounts for all income received and all disbursements made on your behalf. It is not just a summary of rent collected. It is a complete financial record of your property's activity for that period.
A clear statement will show your opening balance, all rent receipts with the dates they were received, every expense charged including the management fee, maintenance invoices, and council or insurance payments, and your closing balance which is the amount forwarded to your nominated account.
The Management Fee Calculation
Management fees in Queensland are typically charged as a percentage of rent collected, not rent charged. This is an important distinction. If your tenant pays rent weekly and your manager charges eight percent, the fee is deducted from each payment received. If your tenant is in arrears and rent is not collected, no fee should be charged on uncollected rent.
Check that the fee percentage on your statement matches your management agreement. Also check for any additional charges such as letting fees, renewal fees, lease preparation fees, or inspection fees. These should all be disclosed in your agreement, but the monthly statement is where you see them applied.
Maintenance Charges Worth Scrutinising
Maintenance invoices on your statement should include the name of the tradesperson, a description of the work carried out, and the amount charged. If you are seeing vague descriptions like 'repairs' or invoices from unnamed contractors, ask for clarification.
A good property manager will obtain quotes for work above a reasonable threshold and will not authorise work without your approval except in genuine emergencies. If you are regularly seeing unexpected maintenance costs, it may be a sign that routine inspections are not catching issues early enough.
Your statement is your financial window into the property. Read it each month. If anything does not make sense, The Rental Managers' team are available to walk through any line item with you.
