Changing property managers

Ive read a few posts on here saying "find a new manager" etc, but what are the exact steps involved?

My current PM is failing me and its giving me the *****s. Not updating me, not answering questions, me having to call up instead of them to find out information etc. This is at quite a high rate as well, 8.9%. Do I just file for termination (contract says 28 days) and just find a new PM, and they will take over everything, including rent, keys, taxes, rates...everything?

Any nightmare stories when switching PMs?

Also any Somersoft recommendations in Perth to manage two IPs? 1 house and 1 townhouse, both within 10k to the city.
 
Ive read a few posts on here saying "find a new manager" etc, but what are the exact steps involved?

My current PM is failing me and its giving me the *****s. Not updating me, not answering questions, me having to call up instead of them to find out information etc. This is at quite a high rate as well, 8.9%. Do I just file for termination (contract says 28 days) and just find a new PM, and they will take over everything, including rent, keys, taxes, rates...everything?

Any nightmare stories when switching PMs?

Also any Somersoft recommendations in Perth to manage two IPs? 1 house and 1 townhouse, both within 10k to the city.


Hi Jebb,

The process of changing PM's is actually very easy. I have done this a number of times. All I have done is to write a letter giving permission for the new PM to manage my properties. The new PM then sent the letter to my old PM, and collected the files, keys etc. The new PM then met with my tenants, signed them up a new lease and organized for the tenants to pay rent to the new agency. I gave the new PM my bank account details, and all was taken care of.

For one of my IP's I had a higher turn over of PM's than tenants!! In fact one of our tenants had to endure 3 PM changes!! :eek:

Make the change- you'll be happy you have! :) I tend to seek out experienced PM's now. Currently have a lady PM with over 20 yrs experience in property management. Such a wonderful change to the 18 yr old blonde bombshells that are so prolific in the industry. :eek:

Regards Jason.
 
Hi Jebb,

The process of changing PM's is actually very easy. I have done this a number of times. All I have done is to write a letter giving permission for the new PM to manage my properties. The new PM then sent the letter to my old PM, and collected the files, keys etc. The new PM then met with my tenants, signed them up a new lease and organized for the tenants to pay rent to the new agency. I gave the new PM my bank account details, and all was taken care of.

For one of my IP's I had a higher turn over of PM's than tenants!! In fact one of our tenants had to endure 3 PM changes!! :eek:

Make the change- you'll be happy you have! :) I tend to seek out experienced PM's now. Currently have a lady PM with over 20 yrs experience in property management. Such a wonderful change to the 18 yr old blonde bombshells that are so prolific in the industry. :eek:

Regards Jason.

Jingo,

I am a bit curious.

As you mentioned that the tenancy agreement changed, was this only the managing agents information? If you change property managers, the original tenancy agreement between you and the tenant is still binding.

Also Jebb,

As Jingo says, it is very easy. Most PM's have the relevant form for you to fill out. All you do is fill out the form, hand it back, and they will do everything on your behalf.

Cheers,

F
 
Jingo,

I am a bit curious.

As you mentioned that the tenancy agreement changed, was this only the managing agents information? If you change property managers, the original tenancy agreement between you and the tenant is still binding.

Hi Fudge,

Yes, that is correct. If there is a tenancy agreement in place when you change manager, it still remains. One of my tenants was on a month to month when I changed pm. The new pm signed them up to a lease.

Regards Jason.
 
Ok, seems pretty breezy, cheers. Do I actually have to terminate the agreement with the original PM first, or does the new PM organize that? I imagine I need to let the original PM know 1 month in advance.

I think I might be like jingo in a few months, more PMs that tenants, if I don't get what I expect. Im becoming a fussy butch after reading somersoft recently. If I was local, it probably wouldn't be such a worry, but being overseas, I need to know Im getting what Im paying for.

Cheers.

J.
 
Ok, seems pretty breezy, cheers. Do I actually have to terminate the agreement with the original PM first, or does the new PM organize that? I imagine I need to let the original PM know 1 month in advance.

I think I might be like jingo in a few months, more PMs that tenants, if I don't get what I expect. Im becoming a fussy butch after reading somersoft recently. If I was local, it probably wouldn't be such a worry, but being overseas, I need to know Im getting what Im paying for.

Cheers.

J.

Hi Jebb,

Out of courtesy you could let your original PM know. In my case I raised concerns with my previous PM's well before the change, and only changed out of necessity (ie due to very poor management) - then contact your new one and they will handle the whole process for you!


Regards Jason.
 
Ok, seems pretty breezy, cheers. Do I actually have to terminate the agreement with the original PM first, or does the new PM organize that? I imagine I need to let the original PM know 1 month in advance.

You can let your new PM handle that as Jingo said - they tell you in most cases any way - "Ok, we'll get in touch with current PM and sort it out blah blah...".

You may then get a call from your current PM saying "Oh, why are you leaving us? etc etc"


Cheers,

The Y-man
 
Changing property managers is extremely easy.
We actually take care of this on behalf of the client, as most people are understandably uncomfortable with terminating their current agency.
A letter stating the changes is all that is needed.
Good luck
 
Ok all seems very smooth.

The PM is taking their time finding a new tenant at the moment (Perth vacancy% isn't helping), should I wait until they find one to change PMs, or change while they are still looking? Im thinking if I tell them Im gonna terminate the contract before they find one, they probably wont be fvkcarsed to find a new tenant, then that's another few weeks without rental income.

The PM is also chasing up bond and outstanding monies from an old tenant, as per the thread I posted here a couple of weeks ago. Will this complicate matters?

any other recommended PMs in the perth area also welcome, already received one Private Message about it.

Cheers

J.
 
Jebb

I looked at changing PM's about a year ago when our previous tenants moved out and then didn't answer calls, sign bond form, etc etc.

I was unhappy with the way our PM had handled the situation so made some enquiries with another agency.

The prospective agency stated that they would not / could not take on the management until the previous outstanding matter was sorted out. They advised me to let the current PM sort this out and re-let the premises and then come back and see them. Stupidly I didn't, and have put up with 12 months of inefficiency since. :rolleyes:

I'm sure someone else would be able to advise you further, as this simply may have been the policy of this particular company.

Good luck
 
Ok all seems very smooth.

The PM is taking their time finding a new tenant at the moment (Perth vacancy% isn't helping), should I wait until they find one to change PMs, or change while they are still looking? Im thinking if I tell them Im gonna terminate the contract before they find one, they probably wont be fvkcarsed to find a new tenant, then that's another few weeks without rental income.

The PM is also chasing up bond and outstanding monies from an old tenant, as per the thread I posted here a couple of weeks ago. Will this complicate matters?

any other recommended PMs in the perth area also welcome, already received one Private Message about it.

Cheers

J.

At the end of the day Jebb, It is a business, so I would go see a couple of other agents and get the low down (i.e. management rates, fees, etc, and also their thoughts as to the rent vacancy in your area). You might be blinded by what your current PM is telling you.

I was initially going to say 'pinch pennies' and see if the current rental managers reletting fees is cheaper to another agents letting fees, and if so, wait until the current one finds a new tenant......but, in hindsight, the best thing to do is to find an agent you are comfortable with and who will 'manage your house as though it was there own', and from reading your post, it doesn't suggest that your current agent is doing this.

I say find another agent and do it now.......who knows, you may be able to negotiate on rent and management commissions and work out even cheaper than your current one.:)

If not cheaper, there is nothing wrong with paying a little bit more for a professional management company looking after your asset, than another one who doesn't give two hoots about it. (I would prefer to pay a good agent a few bucks more than some of the ones I have currently got in management contracts, as this would save me approaching them to let them know when periodic inspections are due, rental statements aren't coming in, give notices to tenants, etc, etc......maybe thats what I will have to look at soon)

After rereading your initial question, I say find an new agent and do it ASAP.

Cheers,

F
 
I have a similar question to the original one asked but I want to take my property off the current PM & self manage it,

What do i need to do (Bond transfer what else?)
How do I go about doing this? (I'm in Victoria)

Spud
 
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