property management

From: Terry O


Hi all,
if my property manager sells business to other party but same business name is retained does this make the agreement null and void,or do i still have to give 30 days notice to agent.I now want to manage IP myself.
thanks
TerryO
 
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Reply: 1
From: Simon St John


Terry

You'd need to take a look at the agreement, presumably it is in writing.

Does it contain a clause allowing the property manager to assign his/her interest in the agreement? If so, does the assignment have to be with your agreement or without?

I would imagine most agreements would allow for assignment so as an agency could sell it's business without the consent of the owner of each property it managed.

I'd be interested to know if it is silent on the matter of assignment.

Simon
 
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Reply: 1.1
From: Joanna K


It would really depend on how the sale of the business was conducted. If the purchaser of the business was buying the Company (eg. XYZ Pty Ltd trading as Real Estate Name) that is running the business then you would still need to give the required notice to terminate their services. If however, a new company is buying the rent roll (eg ABC Pty Ltd trading as Real Estate Name) then you would be required to sign a new management agency agreement, at which time, you would not want to sign the new agreement allowing you to take over the management yourself.

Hope this helps


Kind regards
THE RENTAL SPECIALISTS

Joanna Karavasilis
Principal

www.rentalspecialists.com.au
rentals@rentalspecialists.com.au
 
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Reply: 1.1.1
From: Michael Yardney


Terry
Just a little word of caution from someone who has managed a lot of his own properties (and NOW does not!)
It may hurt a little to pay 5- 7% of your rent to a managing agent,but I consider it an essential and tax deductible cost of doing business.
Firstly the rules and regulations surrounding documentation, leases, bonds etc make it hard for the beginning investor to manage their own property. It's sometimes hard to individuals to keep up with market rentals and I've found that agents often achieve higher rentals at review times than private owners.
Remember that you have to be available when problems arise and managing you property can be time consuming and need a good network of tradesmen when problems arise.
Carefully consider you options.
Michael Yardney
Metropole Properties
 
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Reply: 1.2
From: Terry O


The agreement doesnt contain any clauses to do with ownership so i guess the agreement no longer stands.The current tenant is fantastic so i figure i might as well save myself 20 bucks a week and do it myself.Thanks for the help.
TerryO
 
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Reply: 1.2.1
From: Greg Mitchell


TerryO

I've been down that track ,had a great tenant (husband & wife) and a bad agent so I managed the property my self for about 3 years until the tenants separated , things soon turned bad (with the help of the bottle)and I had to end it, after a lot of abuse and an offer to "pay him a visit" he vacated.

So I now use agents, and hassle the agent if thing are not going right. better to have them at court then me.

cheers

GregM
 
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