How do I change PMs?

[jennyn]

I'm determined to either manage my IP unit myself or get a new PM after what happened with my tenant, which I've outlined in my previous posts.

How does the change over actually occur? I have to give 30 days notice to current PM.

Do I just find a new PM, give the old one notice and let the new PM pick up the keys and the lease etc?

 

[crest133]

Find new one first, do a deal, sign new managing agency agreement to take effect 31 days hence, then give notice in writing to old PM. New PM will do the rest viz pickup keys, lease, condition report, rent record, copies of files/ letters to tenant, bond number, send letter to tenant advising change of agent, there's a bit of paperwork for the PM to do. Make sure you are not slugged for ads, high re-let fees or long notice to end agreement. Good opportunity/excuse for new PM to do an inspection and assess rent level.
good luck, hope you find a good PM.cheers
crest133

 

[geoffw]

Check your contract with the existing PM to ensure there is no charge on termination of the management agreement. It's an unusual clause- but it was included in my PM's agreement. (I had it waived because the agreed they did the wrong thing)

Also, even if you're just thinking of self managing, check out forumite Investorgirls's book The Real Estate Rookie's Guide to Property Management

Also remember that it's possible to engage a PM to select a tenant for you- you can then pick up, at the time you have a new tenant.

 

[dwyerfam]

Jennyn,

Thanks for sharing your 'drama' re your current PM. Just makes us all a bit wiser etc.

In Qld, the Office of Fair Trading have a Property Management form (attached) which I think you might you useful. There's a section in this form which relates to 'ending' an agreement with the agent.

It says "If the appointment is a continuing appointment, you may revoke the appointment by giving 90 days notice in writing to the Agent, unless you and the Agent agree to a shorter notice period (but it must not be less than 30 days).

Danny D.

 

[dwyerfam]

http://www.consumer.qld.gov.au/OFT/...A97A3D84A256B4400359355?OpenDocument&L1=Forms

Can't attach the form due to it's size (but it's only three pages?).