ending managing agreement with PM

[tang]

my managing agreement requires 3 months notice to terminate with this agency.
the tenants lease also runs out 3 months tommorow.
what do I need to ensure so as to have a smooth handover from old agency to new one and will the old agency be up for any payments from me?

 

[Joe D]

Let the new PM handle the changeover.

But most importantly make sure that you strike out the requirement for "3 months notice to terminate" when you sign the new Management Authority. (ie. either party should be able to terminate the agreement at any time with written notice.)

 

[Alex M]

Hi Tang,

If I was in your situation, I would get all signed up with your new Agent in the interim and have all advertising ready for the handover.

If you live near the property, arrange for the outgoing inspection to be completed on the last day of their lease. Arrange to attend the inspection and ask your current agent to bring all sets of keys and any relevant information so you can do the complete handover on the day. You will also be able to see with your own eyes the condition of the property and sign off to return the tenants bond on the spot.

That way you know there will be nothing outstanding and you can start with your new agent on a clean slate.

The only down side is that you may have an extra week or so of vacancy as the property won't be shown prior to the tenants vacating.

Hope this helps!

 

[handyandy]

As per Joe D let the new PM handle the changeover and don't agree to a 3 month term again.

I would also get new PM to take over now hopefully the new PM will fore go the management charges in the changeover period.

The reason you want to changeover now rather than when tenant has left is that all the property management work is when the tenant has left. Generally there are condition issues the bond issues and other claims to deal with. You want your new PM to deal with these issues rather than have it suddenly dumped in their lap with no track record with the tenant.

Cheers

 

[Jamie M]

If I was in your situation, I would get all signed up with your new Agent in the interim and have all advertising ready for the handover.

Good post.

This is what I'd be doing.

Provide your written notice that you're terminating the agreement.

Sign up with the new PM and have them ready to go as soon as the other lease ends. Hopefully they'll already have some prospective tenants on their books ready to look at the home the day it becomes vacant.

Cheers

Jamie

 

[PaulF]

As above!
Did the same a month ago. Signed up with the new PM and let the old PM know that i'm terminating the agreement in writing. The new PM took care of the rest.

Cheers and good luck

 

[tang]

thanks everyone.
i will do just that.
im upset i have had to chase up for every little thing that i pay the PM to do.
have a good weekend