Changing Your Property Manager; It’s Easier Than You Think
I want to change my property manager. How do I do it?
A poor property management experience is something you, as a landlord, should not put up with. But there is a common misconception that you can’t change agents during a lease or can only change when the property is about to be advertised again after a tenant moves out.
This is not the case, as a landlord you have complete freedom to change your property management agency whenever you see fit. The only time you can be held in a leasing and managing authority is if you’ve just signed the authority, the property is for lease and you are still within the exclusive period noted on the authority.
All you have to do to change agent is sign an authority with your new chosen agent, and they’ll do the rest. You don’t have to call your current agent, you don’t have to pick up files and you don’t have to inform your tenants. Your new agent will do all the work on your behalf.
Changing agent has no cost and no implications to your investment property. All files need to be provided to the new agent including important documents such as the lease and initial ingoing condition report. So don’t be scared to change agent to ensure you’re getting the best service.
Your property manager should have strong communication skills, work hard to get results, give relevant advice to maximise the potential of your investment and maintain a good relationship with not only yourself, but also the tenants.
Tenants often feel like the underclass, and like they are constantly being watched by their property manager. This can cause a high turnover of tenants which in turn means more letting fees charged to you as the landlord. Therefore, it’s important that your property manager treats your tenants well and tries to negotiate for the best outcome in difficult situations before taking the legal route. Further, a tenant that is treated well is more likely to pay rent on time and treat the property well.
Many people say, no news is good news. But not hearing from your property manager every now and again just for a simple update can make a huge difference. For example, at Savoy, landlords receive regular updates on their property, including rent amount and paid to date, estimated times for routine inspections and rent reviews and just a simple check in to ensure everything is running smoothly. We hope that this keeps our landlords informed and comfortable about their investment at all times.
The key points about changing your investment are:
- Don’t put up with poor service
- You can change your agent at any time
- There is no cost to change your agent
- There are no implications in terms of document loss to change your agent
- Your new agent will complete the transfer for you
- Communication and being informed is paramount to successful investing
- Ensure your tenants are treated well
Want to have a chat about changing your property management agency to Savoy? Feel free to contact Jess at Savoy Real Estate on 0417 787 985.