What is the standard procedure for changing PMs?

F

FelixL

I have a PM that is not really doing his job well (should have known better it since hes also the director, sales agent of the agency...), so I am thinking of changing PM. Never done that before, wondering what the standard practice and procedure for doing so?

I have read the original management agency agreement, it has a clause that the agreement can not be terminated no less than 90 days, is that mean i have to give notice to the PM and wait 90 days? Can I talk to a new PM and ask him/her to take over from there?

I didn't made a copy of the keys when the IP is settled, I think currently the tennants have the only set of keys.... what happens if 1) tennant won't move out and won't open the door 2) if PM is angry about the termination and not giving the keys back?

I am very inexperienced in all these, any help would be greatly appreciated :)
 
Hi there
you will need to give written notice of the termination in accordance with your agreement.
You can start talking to a new PM because if there is a bond to be transferred - there will need to be notice of the transfer of management.
There shouldn't be an issue with the keys - but if all else fails you can change the locks and claim the expense against the bond.
I note that we have changed PM's on 2 occasions because we were not happy with the service.
The first time - because the PM knew how unhappy we were - we did not have to wait the notice period - everything was basically dumped in our laps when we pulled the plug.
The second time - everything was transferred after the notice period and the appropriate forms were provided. We did have to follow up the PM for more material from their file - and did start quoting privacy legislation to make sure we had everything we needed.
Incidentally both changeovers occurred with PM's in Canberra which is one place we have had problems - otherwise we haven't had to change any others.
thanks
 
Thanks for the helpful advice Riddles, calms my nerves a bit :) I will start calling other PMs in the area and send out a notice to the current PM
 
I've changed PM's once...gave the appropriate notice, and at the end of that period collected all my stuff from them. Meanwhile I interviewed 3 other PM's before I got someone I was happy with.:)
 
Raddles said:
Hi there
you will need to give written notice of the termination in accordance with your agreement.
You can start talking to a new PM because if there is a bond to be transferred - there will need to be notice of the transfer of management.

There shouldn't be an issue with the keys - but if all else fails you can change the locks and claim the expense against the bond.
.....
Click to expand...

I don't imagine so? Why should the bond, which is the tenants money, be affected because you have a disagreement with the pm you have appointed?
 
After the notice has been given and you have decided upon who the new PM will be, you simply instruct the new PM to collect your management file and keys etc etc from the old PM.

Thats all I do.

Hope this helps.
 
Hi there S T
was actually addressing the first aspect of Felix's query when he was talking about a tenant not moving out and not opening the door (as to changing locks and claiming from the bond).
Whilst a PM might be disappointed about losing the management, I can't imagine any of them refusing to hand over keys if the appropriate notice has been given and they have been paid their rightful commission.
thanks
 
OK understand where you are coming from. It is just that the OP also asked what happens if pm wont give keys back.

So for the OP,
1. Tenant refuses to return keys - change of locks could be charged from bond. Of course you would have to get them evicted and go through tribunals and all sorts of fun stuff first......Let you new pm handle it if it arises....
2. Pm refuses to return keys - never heard of it happenning; extremely unlikely; wear the cost yourself!

Basically advise the pm in writing you are terminating there contract. Find new pm and organise for them to take over in 90 days. You could just instruct them to get all the stuff from the original pm I imagine.
 
I'm thinking of changing PM's… Bnut atm, the tenant just gave notice (2 weeks ago) that they are leaving . So the PM has advertise dthe property on the net.

Timing (due to complacency) at the moment makes it a bit more complicated doesn’t it ?
 
Dave Hooper said:
  1. Become annoyed with PM
  2. Post on Somersoft Forum
  3. Get lots of advice
  4. Send letter to current PM
  5. Choose alternate PM
  6. Repeat
:D
Click to expand...

haha I hope I don't go down that path :)

I called the PM yesterday, was just trying to see where things are before writing that termination letter. Shocked to find that the tennants haven't paid rent for 2 months! and the PM already put in an application to the tribunal to evict the tennant! Oh well changing PMs will be the least of my concern for a while I think...
 
and when you're the tenant

I'm renting a property in Sydney on which my rent is due on the first of the month. I paid April's rent (actually on 2 April - I don't make a habit of paying late) to the PM at the time. On 7 April, I got a letter from a new PM saying that they were taking over as of that date. I also got an email on the same day from old PM saying that new PM was taking over.

Then I get a phone call from new PM saying that my rent is in arrears. I explain that the rent was paid, and new PM says that she will take it up with old PM. Today I get an email from new PM telling me that my rent is in arrears, that I have caused the owners "considerable financial discomfort", and that I risk being served a Termination Notice.

I do genuinely feel for the owners if they have not been paid, particularly in the present climate. They, like me, are the victims of incompetent management. I really do hope the new PM doesn't turn out to be as incompetent as the old.

Any advice as to how to progress?

For the time being, I have sent an email reminding new PM of our telephone conversation, but my (generally appalling) experience with Sydney PMs leads me to fear that this will not be the end of the matter.
 
Hi there
how do you pay the rent - by cash - deduction from a bank account etc?
show the evidence of the payment to the new PM and suggest once again they take it up with the outgoing PM
if you didn't receive the notice until after the current rent was paid - it is the new PM problem (they can't expect you to have a crystal ball)
It is usual for there to be a 30 to 90 day lead time - you should have been provided notice at that time.
I note that when we gave notice to our PM - at the same time we also notified our tenant that arrangements would be changing - that after the # the new arrangements would be...
thanks
 
Finally getting a call from the current PM, I am quite speechless right now

1. Non-paying tennant just simply moved out, no trace
2. Doesn't seem to have damage to the property (PM's word)
3. No need to go through tribunal
4. New tennant already moved in last friday!!!
5. New rent raised from $190 to $220

while I am happy to hear that the tennant is gone and the new rent pushing over 8% yield, but totally uncomfortable with the fact that I was kept totally in the dark, no control whatsoever on the whole scenario...and have a gut feeling something similar will happen with the new tennants very soon
 
Sounds very similar to what I have just gone through. Changed property manager as they were unprofessional, rent hadn't been paid for 2 months holes in walls etc tennnant did a runner. New manager took over with no notice (suppose to give 90 days) New PM paid out old (commission ) It took 1 week to get keys off old PM excuses after excuses. Old PM got the bond paid out to them?? New PM got new tennants within a week and sorted out my insurance claim. Old PM still can't provide receipts for where bond money has gone. So I made a complaint through the Ministry of Fair Trading.
 
You must log in or register to reply here.

Similar threads

B
Change Property Managers
Replies
5
Views
2K
Xenia IM
Xenia IM
Dazzakun
Property Manager - ceasing service
Replies
2
Views
1K
Xenia IM
Xenia IM
D
What should PM fees reasonably cover?
Replies
6
Views
2K
Scott No Mates
Scott No Mates
B
Q on changing PM
Replies
7
Views
2K
Salvatore1
S
Banvard
Correct me on the exact process and timeline for NSW Rental Arrears?
Replies
12
Views
3K
crest133
C
Back
Top