re agent sold us

[fernfurn]

Our existing re agent has sold her rental list to another agent. We dont wish to go with this new agent. Our original signed agreement with her states "we have to give 90 days notice in writing to rescind the contract" and "she can assign the appointment to another re agent without changing the terms of the appointment"
Does this mean we have to go with the new agent but also send a letter at the same time cancelling the arrangement (effective within 90 days)

 

[The Fence]

Looks like it to me. Find another or DIY.

Love it how they just treat you as a commodity, a number etc.

 

[Scott No Mates]

Of course an REA can sell their rent roll, it is generally their only business asset (sales aren't a given but your rent roll is).

If the agent has sold their rent roll, you will be required to sign a new agency agreement (as you don't have an agreement with the new agent to take commission, they don't have the right to deduct any, at least under the NSW PSBAA).

You can serve notice on the current agent and it will remain valid. If you are sourcing a new agent, advise them of the situation that you have served notice on the current managing agent.

 

[fernfurn]

Property is in Qld. There are long term tenants with never any problems and as I self manage other properties I am thinking of making this self managed. If I send a letter to existing re giving them 90 days notice, then because they have onsold the rent roll, would she just continue to operate as our pm until the 90 days is up? Have you any idea how this would work. We are thinking of selling this property within 6-12mths and didnt want the original or the proposed new re to carry out the sale.

 

[Scott No Mates]

Don't let the agent know your intentions about the pending sale, lots may change between now and then. Just provide the 90 days notice, let them know you will be self managing (they may let you out earlier esp if you ask though it will affect the price the agent gets for the rentroll but this isn't your problem).