If youre buying the property as an investment and intending to rent out your property, you have two options.\rYou can either manage the property yourself or you can use a property manager.\rProfessional managing agents will look after every aspect of your tenancy.\rTheir job includes collecting the rent, maintaining financial records, conducting regular property inspections, handling any disputes and arranging all repairs.\rMost property managers charge a percentage of the weekly rent as a management fee, usually around 5-10% (this is negotiable).\rYou should also expect to pay additional one-off fees when they find a new tenant or negotiate an extension on the lease.\rMany property managers are reactive and do not increase the rent when the market rent increases.\rHowever, we recommend that you contact them once a year and ask them if the rent should be increased. If you have a good property manager, then they'll be contacting you each year with a recommendation.\rLast but not least, please make sure that the managing agent you are interested in using is licensed by the Office of Fair Trading (or state equivalent) before you enter into any formal agreement.\rTheir licence will be displayed in their office or on their website.