When purchasing property as an investment it is always wise to choose a real estate agent who really knows the inns and outs of property management.
For your investment to return successfully as a whole you not only need a good rent return, you also need a happy tenant.
When renting your property you should always try to negotiate a 12 month lease, and make sure before taking on the tenant that there references have been checked out fully. Most agents will use a computer screening system called RP Tenant search which keeps a data base Australia wide of tenants that have been a problem in the past.
Sometimes we tend to get that little bit desperate if our property is experiencing a vacancy situation and tend to be a bit lenient on the screening of our tenants.
I cannot stress how important it is to be patient and wait for the right tenant, as a problem tenant can really cost you a lot of time and money. A reasonable Management fee to pay an agent to look after your property would be in the vicinity of 7% of the yearly rent return and make sure that they are reviewing the rent every 12 months, and that regular inspections are done ensuring your property is being looked after.