Thinking about switching agents? It's easier than you think.
Landlords often believe that changing property management agents is a complicated and time-consuming ordeal. However, it's not as daunting as it seems. What many landlords don't realise is that the process can be quite straightforward. In most cases, all you need to do is provide written notice, and your new agent will take care of the rest on your behalf. Typically, property management agreements are month-to-month and don't align with the fixed term of the tenancy agreement, giving you the flexibility to make the switch whenever you wish by giving 30 days' notice.
At Equity Property Management, we ensure a seamless transition from start to finish, without causing any disruptions to your tenants. The entire process is designed to be easy and stress-free. We understand that the last thing a stressed-out landlord wants is to have uncomfortable conversations or be persuaded to stay with their current agent. Our handover process is quick, and your involvement is minimal. So you can relax knowing that you, your investment and your tenants are being looked after.
Here's how we make the transition smooth:
w You inform us that you want us to take over the property management.
w Find out the notice period required in your current agency agreement.
w Fill in and sign the pre-written notice to terminate your current agreement.
w We will send the notice to your current agency and pick up your property file and keys from their office.
w We inform your tenants of the changeover date and welcome them through phone and email, providing them with an Equity Property Management induction.
w We become your new management agency as of the agreed date, and life continues as usual.
w We arrange a property inspection to familiarise ourselves with the property and meet the tenant face to face.
Before making the switch, here are some tips to ensure a smooth handover:
Give the required notice as per your management contract to avoid potential fees.
w Review the termination clause in your management agreement. Typically, such contracts stipulate a notice period of 30 to 90 days for termination. Failing to provide this required notice could lead to a contract breach and potential obligation to compensate the current agent for their management fees.
Put your notice in writing, preferably via email, and follow up with a phone call.
w To end a management agreement, it's essential to provide written notice. If you're handling the termination personally, we suggest sending an email and then following up with a phone call to your property manager. This dual approach ensures you have a documented record of sending and receiving the notice. If you prefer not to be directly involved, we can take care of this on your behalf.
Keep the process professional and business focused.
w If your prior experience has been distressing or you've encountered poor treatment, controlling your emotions can be challenging. However, once you've decided to part ways, it's crucial to treat it as a business decision. Concentrate on the practical aspects and anticipate a fresh beginning for you and your property.
Be aware of any hidden costs or fees.
w Although you've provided the necessary notice, it's worth noting that some agencies may impose fees for early termination by the landlord. It's prudent to understand the agency's entitlements before issuing notice to be well-prepared. In such cases, you may be responsible for covering the fees incurred by the manager up to the effective date of the contract termination.
Ensure you receive copies of important paperwork, including leases, inspection reports, and financial records from your former agency.
w It's essential to guarantee that you or your new agent receive copies of the existing lease, condition/inspection reports, rental bond deposits, and a statement detailing all income and expenses from your previous agency for the current financial year. These documents should be promptly provided to you or your new agent when taking over property management and should be retained for your records. In Queensland, licensed agents are required to maintain financial and legal records for a minimum of (5) five years and Victoria minimum of (7) seven years for any previous clients with whom they had transactions, including rent collection.
If you're ready to make the switch: Click here to get started