Property Managers are a crucial piece of your investment puzzle. Tasked with the responsibility of ensuring your asset stays in good condition, is rented by good tenants and ensuring limited vacancies, it is an important job that can cost you money and valuable time – if it isn’t done correctly.
There are numerous reasons why your property manager may not be up to scratch. If you’re experiencing long periods of vacancy, little or no communication regarding your tenants or the condition of your property, or if you feel you are doing the jobs that your property manager should be doing then it’s time for a change!
There are some myths as to whether you have to wait until the property is vacant or the current Tenancy Agreement ends to make the change however this is not the case. Realistically the Landlords relationship with the Agent does not affect the Tenancy Agreement at all, so the relationship with the Landlord and tenant will continue to stay in place.
If you’ve decided you’re ready to make the move and appoint a new property manager, it is quite an easy process.
Firstly, check the requirements on your Agency Agreement. Do some research to make sure you are aware of what time frame is required to provide to terminate the Agreement. Most management Agreements require between 30 ad 90 days notice to terminate the contract.
Don’t fall into the trap of thinking that you can only change Property Managers at the end of the Tenancy Agreement.
Once you are aware of the required notice period to terminate, you will require to put your notice in writing to the current Property Manager.
From there, arrangements with your current Property Manager must be made to collect the file and ensure all Documents required are provided ie. Lease Agreements, Ledgers, Ingoing Condition Reports, keys, Accounts etc are provided.
At RMC Real Estate we specialise in the process of switching Property Managers.
If you are a Landlord who is considering making the switch from another Property Manager, contact Elinore at RMC Real Estate today on 0402 148 373