Changing to self-management

[Tweety]

Hi everyone,

I own an investment property in NSW and both myself and the current tenants haven't been happy with the behaviour of the property manager lately. The tenants have been there for a few years and I have an excellent relationship with them, so rather than switching to another PM I'm thinking of self-managing. I've got as much information as I can from places like Fair Trading and I'm up to speed on the rights/responsibilites aspect, but nothing deals specifically with the actual procedure for changing.

The tenants are on a continuing agreement, and we'd both prefer to continue with that. I believe I need to give notice to the current managing agent and submit a form to Fair Trading to advise them of the change for the purposes of the bond, but can the tenancy continue under the existing agreement that was originally signed by the tenant and PM, or do I have to prepare a new one? If it can continue under the existing agreement, do I just need to advise the tenants of the change in writing and provide new account details for paying their rent?

-tweety

 

[Raddles]

Hi there
we did something similar with a property we have - had reasons to give notice to the PM and did so via a letter (there was a 30 day notice) period - changed the bond info - and advised the tenant of the new bank details.
We have just been reviewing the existing lease each 12 months via a 1 page document which refers to the original lease agreement and just specifies the new term and the new rent.
You will need to review your lease agreement if there are any different requirements and just be aware of what fair trading has required when rent is increased. Otherwise just undertake the property inspections on a regular basis - once again in accordance with the fair trading requirements.
thanks