Changing PM At Settlement

I have another IP settling 19th April. However unlike other purchases I am not getting vacant possession as I dont have time to do a reno and re-tenant afterwards for at least 6 months.

The selling agent is also the managing agent and given the state of the place at open houses, I dont want to use them as PM's since they are obviously not doing any proper inspections.

At settlement, can I just engage my own PM or does the current owner need to give their PM notice, or does my soli give the vendors soli notice that their client needs to arrange handover of ledger and pro-rated credit rent on settlement day to my PM?
 
Dave, as a PM, your post raises 2 thoughts. Sadly I have experienced that the state of properties at opens have been an extension of the tenants dissappointment that the property is being sold, rather that the capacity of the PM. Add to that, untideness is not breachable under Act's that I am aware. My second thought, is the difficulty a new PM has trying to enforce a previous PM's entry condition report. The current one may (being a strong person ) be able to say 'NO" I saw the property, and this is what my comments refer to etc. Perhaps making enquiries (even on SS) as the whether the current PM is uo to scratch. Hope that helps, but the best of luck with the new IP
 
Thanks Peter

Tenants have been there 8 years and will continue on for the interim till I renovate.

The state of the house, its like a PM hasnt come near it in a few years for an inspection. Bathroom ceiling covered in black mould, lawns waist height, walls and carpet and kitchen filthy. Inspection report, dont really care, house will be gutted when I reno.

Selling agent didnt seem to believe presentation was a problem, tenants say it was that grotty when they moved in. I know from another forum member that the agency is not very good.

If I had the time to reno now I would get it vacant possession. I want my PM to manage the rent and future eviction process prior to reno, and the retenanting process afterwards.
 
Hi Dave

My two latest purchases came with tenants however we changed PM from day one of settlement.

All we did was let the new PM know that we wanted them to manage the property and they arranged to pick up the file from the old one.

After settlement my new PM made an appointment with the tenant to inspect the property and discuss payment.

From memory it didnt seem that hard at all.

Don't forget that when you renovate you can claim some money back in tax on things you throw out seeing as you have a tenant in there before you renovate. Talk to your quantity surveyor
 
I have another IP settling 19th April. However unlike other purchases I am not getting vacant possession as I dont have time to do a reno and re-tenant afterwards for at least 6 months.

The selling agent is also the managing agent and given the state of the place at open houses, I dont want to use them as PM's since they are obviously not doing any proper inspections.

At settlement, can I just engage my own PM or does the current owner need to give their PM notice, or does my soli give the vendors soli notice that their client needs to arrange handover of ledger and pro-rated credit rent on settlement day to my PM?

As other posters have said you can organize your own property management without worrying about the vendor's arrangements.
 
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