All Topics / Help Needed! / Terminating Agreement With Rental Manager

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of Ryan McLeanRyan McLean
    Join Date: 2010
    Post Count: 547

    Hey guys,

    My dad is looking to terminate his agreement with his rental manager so he can self manage the property.

    I know he needs to give notice as per his contract with the rental manger (30 days).

    My question is around getting the tenants to pay him rent

    Should he
    A) Get the tenants to pay him rent immediately and then simply pay the agents their monthly fee out of that?
    B) Continue to get the tenants to pay the rental manager until the contract is complete?

    He doesn’t know much about this stuff (thus getting me to do it). I guess he is scared that the tenants will overpay the agents or that the agents will be dodgy and not pay him what he is due.

    Thank for your advice

    Ryan McLean | On Property
    Email Me

    Profile photo of Adrian CahillAdrian Cahill
    Join Date: 2003
    Post Count: 128

    I had to change Agents a few times due to neglected properties. It was always a simple process though Ryan.
    Collecting the rent himself before their contract is up could lead to more complications then required.

    PS. I signed up to one of your newsletters/mail campaigns a year or so ago. Nice work.

    Adrian Cahill | Personal Development Expert
    Email Me | Phone Me

    Here since 2002, however things have evolved over the years.

    Profile photo of thecrestthecrest
    Join Date: 2004
    Post Count: 992

    Hi Ryan.
    Simple to structure the termination for say end of month so REA can wind up same time and do a full accounting to your Dad.
    REA needs to write to tenants to advise change of rent situation so thet don’t pay the agent again after termination.
    Then get copies of all docs and rent records and all inspections reports and letters and correspondence with anyone by REA on Dad’s behalf to complete his files.
    Hope it runs smooth.

    thecrest | Tony Neale - Statewide Motel Brokers
    Email Me | Phone Me

    selling motels in NSW

    Profile photo of Corey BattCorey Batt
    Join Date: 2012
    Post Count: 1,010

    Get the tenants to pay property manager until end date, then agent can provide statement of accounts for hand over.

    Good luck to your father self managing, switch over is the least of his worries!

    Corey Batt | Precision Funding
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.