What do you do it you’re not satisfied with the current agent managing your investment property? It may be time to transfer to a new agent with the skills, quality of service and commitment that will best support your investment.
So is switching agents difficult? Indeed, no! A very common misunderstanding existing is that once you’re signed with a property manager you are then bound to them. This is simply not the case. In fact, it just takes a few simple steps to switch managers and – good news – most of them can be done by your new agent, saving you the hassle of dealing with any paperwork.
Many landlords aren’t aware that changing management agencies is basically a matter of giving their current manager notice. In Australia, the management agreement that you originally signed will include a statement that there is “no exclusive period for the ongoing management of a property”. This means you can give notice to your agent at any time during the agreement.
Here’s how the process works:
Give notice to leave your existing agent:
As the owner, the only thing you need to do is give written notice stating that you want to terminate your arrangement with the existing agency. This can be done in a simple email, CCing the new agent into the email. Most professional agents will organise the handover for you and take care of the legalities and finer details.
In Queensland, the standard notice period required when terminating an agreement with a property agent is 30 days. However, you may be able to negotiate the notice period depending on the time of year or if the tenancy agreement is ending.
Sign on with the new agent:
You will need to sign a new ‘Managing Agency Agreement’ with the incoming agent of your choice. Your new agent will then take over and be in touch with your outgoing manager to arrange the details of the transfer. Contacting the current agency via phone and in writing will ensure the transfer of all relevant documentation pertaining to the tenancy will be handed over at the agreed date.
Current tenant notified:
The new agent will also contact your tenant/s in writing to inform them of the impending change of management. It’s also a good opportunity to make personal introductions and welcome the tenants to their new property manager. The new agent will provide all of the standard information to them regarding how to pay rent, the procedure for dealing with repairs and maintenance etc. The incoming property manager will
The incoming property manager will meet with the outgoing agency on the agreed date to pick up the keys and important documents relating to your property.
Arrange the first inspection:
The new agent will go to the property as soon as is practical to meet the tenants and perform a ‘condition inspection’. This will allow the new property manager to address any issues and ensure their records are up-to-date.
One last tip:
You should personally ensure you receive copies of the leases, details regarding repairs & maintenance, records of bond lodgements and any other statements for your own records. After all, it’s your investment and you want to make sure you’re being kept up to speed. Any professional agent will keep you in the loop, but if they don’t make sure you ask.
As you can see, your new agent will assist you to make the handover process run as smoothly as possible so it’s business as usual for your investment. The long-term management of a rental property requires considerable time, resources and expertise; that’s why appointing a property manager is a good move for savvy investors. We help you build wealth and stay on top of the day-to-day details and legalities to make sure that owning your investment property is a pleasant experience. By having a professional working to act on your behalf, the process becomes more straightforward and easy to navigate.
Please contact us to discuss your property portfolio and see what our Red & Co property managers can do for you.