Sometimes just the very the thought of doing something, is enough to put you off actually doing it. Going to the gym, changing your bank or your super, for example. Even though you know it’s the right thing to do, your mind throws up all kinds of barriers to action. “I’m kind of busy this month, I’ll do it next week… is it really that bad..?”
So if you’re considering changing property managers allow us to tackle the imagined barriers in your mind, right now, with cold hard facts.
It’s very easy to change property managers, you simply cancel the contract you have with your existing property manager, and sign another contract with your new property manager.
It’s as simple as that.
Here’s what to do:
1. Read the termination clause in the contract
You’re looking for any hidden fees, and the notice period required for termination. 30 days is generally the norm, but it can be up to 90 days. If that’s the case please let us know, we might be able to get you out of the contract earlier.
2. Provide written notice of termination
This can be done in email, or an actual letter if you wish. You don’t have to give a reason, and you don’t need to get into an argument over the situation.
3. Get the keys and the paperwork
They’re legally obliged to give you the following:
- Lease agreement
- Inspection reports
- Bond deposit details
- Income and expenditure for current financial year
Make sure you get your hands on it all, and the keys of course, and you’re done!
If you’re appointing a new property manager, of course, they generally take care of all this for you.
If I change property managers, do my tenants have to do anything?
In a word, no. The legal agreement your tenants have signed doesn’t need to be changed,
or altered in the least. That remains as a tenancy agreement, exactly as it was when it was put into place. It’s an agreement between you and your tenant, the agent was acting as a mediator only.
In fact, if nobody contacted them, your tenants wouldn’t even know you’ve changed your property manager. You do need to tell them, of course, because you’ll need to give them the details of your new property manager, and who to contact in case of an emergency. If you’ve engaged the services of a new property manager, however, they’ll take care of all of this for you.
Signs that it’s time to change property managers?
Well, apart from that fact that you’re reading this article, here’s a few more red flags
to watch out for:
1. Your property is sitting empty for too long
This should never happen. Your property manager’s most important job is finding good, reliable tenants for your property. It’s not ‘the market’, it’s not the ‘environment’, it’s failure to do their job properly, plain and simple.
2. Property managers slow to return your phone calls
Now and again is fine, but poor communication between you and your property manager on a frequent basis, well, it hardly inspires confidence that they’re looking after everything else very well.
3. Frequent call outs for maintenance repairs
If your tenant has to call for repairs on a constant basis, it’s because your property manager doesn’t know how to perform basic maintenance. This costs you money, and it really annoys the tenant who’ll eventually look elsewhere for a property that’s not falling to pieces.
So what do you think? Is it time to change your property managers?
If you’re still not sure, we’ve created a Property Management Checklist that gives you every single thing a property manager should be doing for you. Use it to help select your next property manager, if you want, and make sure you don’t end up here, reading this all over again in a year or so.
Help changing your property managers?
If you really want to change property managers, but you can’t face contacting them just let us know, and we’ll take care of it all for you.