- PerseumParticipant@perseumJoin Date: 2012Post Count: 5
I’m not very happy with my current property manager- I wanted to know, is it hard to change a property manager during a tenancy, or do you have to wait until your tenants leave before you can change?
Also, reccomendations for good Western Sydney property managers would be most appreciated.Jacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
It’s easy. Check the agreement you have with your current property manager as it probably ties you into a minimum term with them.
To move to a new property manager, just select the new one, sign forms with them and they will send their authority to the old manager thereby relieving them of their duty. The new manager would go and collect the file and keys from the old manager, and the new manager would contact the tenant advising them of the new arrangements, how to pay rent going forward etc. Keep an eye on the rent during the changeover to ensure that any rent the tenant pays to the old manager either gets paid directly to you, or across to the new property manager’s trust account.Ben WParticipant@benw72Join Date: 2015Post Count: 1
What suburb is your property in? Western Sydney is a vary large area.Walking to runParticipant@alisdair-horgenJoin Date: 2014Post Count: 68
Its a piece of cake, i did it and told my old guys to eat the sh.t theyd been giving me themselves. You dont need to do much, the new agent will take care of it for you. My new guys were better and cheaper, wish i did it earlier.D.T.Participant@dtraegerJoin Date: 2014Post Count: 128
– Review your current management agreement in terms of costs or notice periods to terminate.
– Notify your current PM in writing.
– Get management agreement in place with your chosen PM , in some states they’ll also do a letter of authority to allow them to deal with the existing PM.
– Have PM collect keys and documentation from current PM such as tenant ledger, ingoing inspection report, lease, etc
– Have PM do a bond transfer so that it’s registered against their agency so that they can disburse it at the end of the lease if need be.
As you can see, it really only takes a signature or 2 from you and a bit of collecting by the PM on your behalf.StannisParticipant@ben-stanton0Join Date: 2015Post Count: 23
Yeah + 1 for DT.
I’ve sacked a few property managers, isquared, guardian, ark etc.
Check your management agreement (between you and the property manager (real estate agent)) – dont get this mixed up with the tenancy agreement, which is between the real estate and the tenant.
It’ll say in there the terms for termination. Most of the time it is 30 days, or can be “less if agreed”. Typically the property managers will not take the termination well, and can get real nasty, I’ve seen it happen a couple of times.
Before you give notice for the RE agency termination, make sure you have another property manager lined up – interview them on the phone – tell them whats happening, why you are not happy with the current property managers etc. Set your expectations from the start, I always ask potentials about the market where my property is, when there is more rental activity through the year, what they would do with a tenant that didnt keep the place clean, what they would do if the tenant didnt pay etc. Make sure they know the law inside and out, breaches, notices, civil and administrative tribunal etc.
Do this with a few and you’ll get a feeling for them. Also get a copy of a property management agreement with the new agency (not to sign – to look over the schedule of fees).
In terms of recommendations:
I sacked two real estate managers and took all my business to Eric Muriniti at RestOnRealEstate. He does Western Sydney (pretty wide scope) and is awesome. He got in touch with me as an owner when some dodgy stuff was going down in the complex that I owned an apartment in, the real estate agent at the time couldnt care less when I called and asked them about it.
Eric is the man in Western Sydney, he’s also helped me successfully sell two properties there. He’ll sort you out and understands the demographics – critical.
I dont have any affiliation with the real estate agency or anything like that, this is just my humble opinion. Good property managers are worth their weight in gold and should be rewarded with more business.
Anyway, getting off track, find your replacement PM, have them help you through the process.
Best of luck and happy investing.DSBPMParticipant@dsbpmJoin Date: 2015Post Count: 1
As a new Property Management Agency on the Fraser Coast, every owner I speak to are not aware of how easy it is for them to get out of their current management agreement. While it’s by no means the fault of the owners, but more on the agency who signed them up, by not supplying the information at the signing up stage. With the new breed of property management agencies starting up all over the place, times are a changing and I truly believe property investors will benifit so much more. Good luck DiChris WhiteParticipant@chris-whiteJoin Date: 2006Post Count: 65cassie12Participant@cassie12Join Date: 2012Post Count: 6
I understand your frustration as it is hard to find a good property manager – even one that will just provide the basic minimum service without you having to chase them up to do their job.
I have sacked so many over the past 5 years that I have lost count.
I have found that most will promise you everything you want and then fail to deliver.
I have found a reasonably good one in Liverpool if that’s close to your property.