- Ryan McLeanParticipant@ryan-mcleanJoin Date: 2010Post Count: 547
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
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 adviceAdrian CahillParticipant@adriannqldJoin Date: 2003Post 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.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
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.
thecrestCorey BattParticipant@cjaysaJoin Date: 2012Post 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!