Property Management Termination QLD

[spooky]

Hi All

I wish to terminate my current property manager and assign another.

I have been led to believe that in Qld a notice of termination is req'd of possibly 30 or 60 days but I cannot lay my hands on the original contract with the agent to confirm this.

Can anyone confirm or advise on this.

Thanks

 

[marg4000]

Unless you change it, most managers insert a 90 day termination notice period in their agreements.

You will be bound by what you have signed. If you cannot find your copy, request a copy from the PM.
Marg

 

[russellpeter]

most agents will manage the property for free for the 90 days so there shouldn’t be any cost to change over for you.

I normally do all the work email the old agent telling them of the change of agency and pick up the keys and paperwork. all you should have to do is pick a new agent and sign the PAMD 20a.

And let the agent do the rest.

 

[liverpoolharryk]

Most agents will have a termination clause, we don't but 99% will and it is usually 90 days.

If you wanted to change PM it is no real problem, you can give your current agent the required notice and let your new agent sort it out. Strongly recommend to bring it over ASAP to your new agent they will normally pay our your notice period and not charge any commission unitl that period has expired.

That way you are not left hanging.... Good luck

 

[Ed Barton]

most agents will manage the property for free for the 90 days so there shouldn’t be any cost to change over for you.

I normally do all the work email the old agent telling them of the change of agency and pick up the keys and paperwork. all you should have to do is pick a new agent and sign the PAMD 20a.

And let the agent do the rest.

in that case do they require 90 days on the new agreement.

 

[russellpeter]

in that case do they require 90 days on the new agreement.

The agreement will state min of 30days max of 90days

I have put mine to 7 days written notice as a service guarantee

I would recommend if signing a new agreement with a new agent to change the 90 days to 30 and initial

99% of agents will leave this section as the 90days to terminate

 

[Ed Barton]

The agreement will state min of 30days max of 90days

I have put mine to 7 days written notice as a service guarantee

I would recommend if signing a new agreement with a new agent to change the 90 days to 30 and initial

99% of agents will leave this section as the 90days to terminate

so you would take on a client from another agency and manage for 90 days free with a 7 day termination clause?

I would interpret that as a very strong signal that you're going to be a good PM, although a little unfair if you get the nightmare client who changes PMs every couple of months over petty matters - get's their 90 days free off you and moves on.

i hope you screen your clients well. i could imagine the only thing worse for a PM than a bad tenant is a bad LL.

 

[russellpeter]

so you would take on a client from another agency and manage for 90 days free with a 7 day termination clause?

I would interpret that as a very strong signal that you're going to be a good PM, although a little unfair if you get the nightmare client who changes PMs every couple of months over petty matters - get's their 90 days free off you and moves on.

i hope you screen your clients well. i could imagine the only thing worse for a PM than a bad tenant is a bad LL.

Hi Ed Barton

I have not had a problem yet (Touch wood) and with my Flat management fee, Most owners come to me because of the savings and the fairness of our management fees. I put the 7 days notice to help portray that our service is as good if not better than most of our rivals. That plus all the testimonials we are currently getting helps. so must be doing something right.

I have Dropped only 1 Owners so far but that is due to them not wanting to deal with major maintenance issues.

 

[brendio]

[...] with my Flat management fee[...]

How does your flat management fee work? I think that would be fairer. Mum is looking into listing with a PM, but I find the fees quite high. I also think a percentage fee doesn't really correlate well with the amount of work required by the PM. A nice, well-maintained house will command a higher rent, and hence higher percentage commission, and generally attract better tenants that cause less work for the PM, than a cheaper, run down house, which earns less rent and lower commissions for the PM who is more likely to have to deal with problem tenants.

 

[russellpeter]

How does your flat management fee work?

I have attached a Spread Sheet to help work out my management fees as a % of your weekly rent.

We work the same as a normal agency and our fees are taken out of the weekly rent, if no tenant is in place we do not change for that weeks management fees. same as a normal office. only other fee is a let fee of one weeks rent. to help cover marketing costs)

well-maintained house will command a higher rent, and hence higher percentage commission, and generally attract better tenants that cause less work for the PM, than a cheaper, run down house, which earns less rent and lower commissions for the PM who is more likely to have to deal with problem tenants

This is the reason I started a Flat management fee. Managing 1 property or 100 my costs are the same and do not increase with the amount of rent the tenant pays. so why should your management fees?