How To Make The Change To A New Property Management Service
Smart investors realize that outsourcing the management of their investment portfolio to a professional property management company is a wise decision. Nevertheless, investors may inadvertently make the wrong choice and find themselves dealing with an agency or property manager they find less than satisfactory.
When it comes to investment, your choice of a property manager is not something that should be taken lightly. Property managers must have the knowledge and expertise to not only meet your needs as a landlord or investor, but protect your property, manage tenancies, and ultimately help you achieve your long-term financial goals.
So what should you do when you know it’s time to look elsewhere?
Making The Switch
Often for landlords, just the thought of switching agents is an enormous headache. Making the time to do the research and applying the energy required to scout around and screen agencies, feels like climbing uphill. Consequently, it is no surprise that many unhappy landlords put it off and continue to experience negative consequences.
The good news is, that changing to a new property management company doesn’t have to be hard at all! The majority of landlords are unaware that switching agencies can be as simple as giving notice, and that the property management company will be able to handle the transition for you.
Quick And Painless Handover
Here’s a sample of how we go about the handover process for new landlords
You inform us that you’d like us to takeover the management of your property portfolio
We contact your current agency, inform them of your decision and request the required paperwork to be sent to our office
We check and fill in the paperwork on your behalf
You sign your copy along with a written notice to terminate your agreement (which we prepare on your behalf)
We forward the notice to your agency and arrange to pick up your property file and keys from their office
We notify your tenants in writing, then their new Client Relationship Specialist welcomes them personally via phone and walks them through a Taylors’ orientation
Cohen Farquharson becomes your new management agency (as of the agreed date) and life carries on as normal
We arrange a property inspection to update the existing condition report (if required) and keep you informed each step of the way
What If I’m Locked Into An Agreement?
Actually, you’re not. Whilst there are many agencies who would like you believe that any Managing Authority Agreement locks you in for the term of your tenants’ lease. This is not correct.
In Australia, the management agreement you sign comes with a ‘no exclusive period for the on-going management of a property’. This means you can give your agent the required notice at any time during the management. Typically, it’s 30 days notice required (we are also happy to check it for you, on your behalf if you prefer).