PM protocol at end of lease period

[Rockstar]

Hi All,

3 mths ago all of our IP's were handed over to a new PM after our long term PM sold their rent roll.

Our old PM always contacted us 1 mth prior to a lease term coming to an end to discuss whether we wish to lock in another term, let it go to continuing agreement, raise weekly rent, etc.

Is this a standard expectation a LL would have from their PM?

I've not heard a whisper from our new PM and 3 of our rentals are at the end of their terms. The Agency Agreement is a little obscure in this regard.
In the Agent's Authority it states - Refer to Principal for instructions concerning releasing and advertising/promotion.

 

[Burramys]

Good management suggest that a PM should advise the owner, and be making plans well in advance of any legal requirement by the tenant to notify of their intentions. The LL-PM agreement should be clear on who does what when. Consider putting something in writing advising of questions and intentions. Emails are good as there can be an independent record of what was said. Sometimes I send a blind cc to another address of mine to evidence receipt. In the meantime you can only hope that the tenants stay.

 

[liverpoolharryk]

Yes the agent should always contact you prior to the lease expiring asking what you would like to do....Is is something that just should be good agent practice. We need to give the tenant 2 months notice now in QLD, so we contact our owner around this time...

 

[Lil Skater]

Don't know NSW legislation, but in Vic it's 60 days notice of a rent increase so I usually do everything at a bare minimum of 10 weeks in advance to allow notices to be sent, follow ups etc. also allows plenty of time to get into contact with LL's that are hard to catch.

Most agencies will have an automated system that shows all properties due for renewal, so it really should be a daily job for them.

 

[Ed Barton]

Don't know NSW legislation, but in Vic it's 60 days notice of a rent increase so I usually do everything at a bare minimum of 10 weeks in advance to allow notices to be sent, follow ups etc. also allows plenty of time to get into contact with LL's that are hard to catch.

Most agencies will have an automated system that shows all properties due for renewal, so it really should be a daily job for them.

My PMs contact me well in advance of the minimum notice periods with their recommendations about renewal and increases and ask what I would like to do.

If my PMs weren't doing that I would be looking for a new one. Of course there is always the odd case of human error, which is acceptable. "Sorry we're 3 weeks late in contacting you for renewal direction, but your normal PM, Betty has been on sick leave for the last two months with a severe case of the xxxx and I've only just been handed the file. "

 

[mattysavager]

Yep,

We start emailing owners with our recommendations around 2.5 months out from end of lease dates.

It sounds like your PM is pretty slack - if they have your correct contact information then there's no excuse for missing all 3 of your tenants' lease end dates.

 

[Rockstar]

I appreciate the replies.

We signed the properties over on Aug 20. The agency purchased a whole rent roll and employed extra staff to deal with the increase. Maybe we have been handed over to an inexperienced newbie PM.

Time to ask for a "please explain".

 

[SeafordSunshine]

60 days!

Dear Rockstar,
I seem to be having the same issue!
I contacted the agency regarding this matter 3 months before the end of lease to discuss, and arrange an inspection. the tenants have paid their rent on time, but some minor damage was caused by them moving furniture..
my IP is in Inner city Sydney.
I have contacted the principal of the agency, and still I have no response
I have been waiting for ever(joke)
I can commiserate with you..
Cheers
Seaford Sunshine