Changing Property Managers?

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.

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.

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.

We are based at Norwest and manage properties from the East to the West. Give me a call if you want to speak to a pro-active property manager in Sydney.

Cheers

Chris