I've been having problems with my PM acting on repairs and maintenance for sometime, and I've been extremely frustrated at the inaction and limited communication from them, not to mention stuff ups that have cost me $100's, and REDICULOUSLY overpriced quotes they get to fix their mistakes... anyway I wont go on. I have voiced this with them several times which brings me to my question. Can I break the lease which was resigned in in April, and go with a new PM?Or do I need to wait till the end of the contract? The tenants are good and long term and I know they are not satisfied either. Any advice on the best way to do this?
Want to ditch my PM
- Thread starter quirkquirk
- Start date
Hi - I was forced to do similar - same story, ridiculours repair quotes, no communication etc & had good long term tennants in place so I didn't want to upset them. I found a new manager through recommendations & they handled the whole agent change over mid-lease without my involvement, apparently it is reasonably common. Negotiated a better rate with the change also which you should be able to do pretty easily as you are bringing them new business. By chance I met one of the tennnants & they are happier with the new agent also. Key I think is finding a new PM first before doing anything (eg. telling old agent etc).
The agreement with the PM is separate to the lease.
Check the papers you signed to tell you the amount of notice you have to give. Agents usually put 90 days unless you alter it.
Give notice, appoint new PM then the new PM will take care of things once the notice period ends, i.e., collect the keys, contact the tenant with new payment details etc.
Marg
PS: Ensure your new agreement allows for a maximum of 30 days notice. Less if leglislation allows.
Check the papers you signed to tell you the amount of notice you have to give. Agents usually put 90 days unless you alter it.
Give notice, appoint new PM then the new PM will take care of things once the notice period ends, i.e., collect the keys, contact the tenant with new payment details etc.
Marg
PS: Ensure your new agreement allows for a maximum of 30 days notice. Less if leglislation allows.
No minimum notice required in Nsw.
There is no min. notice prescribed in the RTA, however, the PM agreement will specify a notice period (covered by contract law) of anywhere from 0 - 90 days depending on what was agreed to by both parties - the LL & the PM.
most agents will manage the property for free for the 90 days so you are not out of pocket.
Just a couple of points to add to what other had already said- Standard contracts have a clause of 90 days notice (if you haven't changed it at the time of signing the agreement) thus, it is a 90 days notice or the equivalent in commission $. As someone already mentioned, most agents will manage your property for free for 90 days to allow for the breaking penalty. A new property in their books has two financial components: a P&L and a B/S item. Thus, they gain a new source of income (with no liability attached to it) and an asset as well. Usually the value of their rental roll goes up by approx 3-5 times the value of 1 year of agent's commissions for the property in question. The opposite is true for the agent that loses the property from his rental roll.
Hope this is of help in your negotiations.
??? So there's no min in the RTA, but the agent can over ride that with their own agreement....that just makes the RTA pointless?
When i swapped i had to give 3 weeks notice, in writing!
Regards
Michael
??? So there's no min in the RTA, but the agent can over ride that with their own agreement....that just makes the RTA pointless?
Hi Michael,
The RTA (residential tenancy act) is more about the rights of a tenant and the responsibilities of a landlord than it is about the appointment of an agent by a landlord. Although related, they are really about 2 separate issues.
Unless I have missed it in my reading, the NSW RTA is silent on the issue of disputes between landlords and their appointed agent. Although, interestingly enough, if there is a dispute, it can (as I understand it) be brought before the same Tribunal which hears tenant / landlord disputes.
The PM agreement should stipulate the conditions.
That said though, if the service has been that bad, then I'd argue that they haven't kept their part of the deal and should let you end the agreement without any penalty.
Cheers
Jamie
Great thank you all for the great advice. Time to move forward!
This is what you can use. Kudos are welcome
-------------------------------------
To: <The undesired REA>
Date:
Subject: <1 High Road, Best Suburb> - Notice of Termination of Agency
Dear <name>,
Due to the need to <insert your civilised excuse here>, we have decided to assign <new agent eg. Barry Plant> as managing agent for our property above. The authority has been signed and delivered on <date>.
Pursuant to *Item 2* <or whatever the termination clause # in your agency agreement> of the agency agreement between us signed on <date of your agency agreement>, I hereby terminate the agreement, effective on <date>.
<New agent eg. Barry Plant> will contact your agency soon to arrange for the transfer of property file and keys.
We would like to thank you for your assistance to date.
Regards,
<sign here>
<your name>
-------------------------------------
To: <The undesired REA>
Date:
Subject: <1 High Road, Best Suburb> - Notice of Termination of Agency
Dear <name>,
Due to the need to <insert your civilised excuse here>, we have decided to assign <new agent eg. Barry Plant> as managing agent for our property above. The authority has been signed and delivered on <date>.
Pursuant to *Item 2* <or whatever the termination clause # in your agency agreement> of the agency agreement between us signed on <date of your agency agreement>, I hereby terminate the agreement, effective on <date>.
<New agent eg. Barry Plant> will contact your agency soon to arrange for the transfer of property file and keys.
We would like to thank you for your assistance to date.
Regards,
<sign here>
<your name>
I recently changed agents!
The new agent gave me a form letter, I put in the name and emailed it to the company I no longer wanted to do business with!
The new agents were more patient (much nicer than me as I had enough of them!)
I hope this helps
Cheers
Seaford Sunshine
The new agent gave me a form letter, I put in the name and emailed it to the company I no longer wanted to do business with!
The new agents were more patient (much nicer than me
as I had enough of them!)I hope this helps
Cheers
Seaford Sunshine
