The Process of Switching Agencies

 

We are specialist property managers on the Sunshine Coast. Our focus is on helping maintain a high return on investment for our landlords. As such, we are often asked about the process of switching property managers, so have complied this list of steps and tips below.

• Notice Period: Most management agency agreements have a notice period of 30 days, which means you can terminate the agreement with your current agent by providing 30 days’ notice.
• Switching Assistance: The new property management  agency will handle the entire changeover process. It should be a relatively smooth and stress-free for you as the landlord. They will communicate with the current agency, inform tenants of the change, and manage the transition seamlessly.
• Tenant Continuity: The transition is designed to ensure minimal disruption to your tenants. They will be notified of the changeover date and welcomed by the new agency. 
• Handover and Inspection: The new management team will arrange a property inspection to familiarise themselves with the property and meet the tenant in person.

 

Tips Before Changing Your Property Management Agency

 

• Give Required Notice: Check your current management contract for the termination clause. Most contracts require a notice period of 30 to 90 days. Failing to provide the required notice might result in a breach of contract and potential payment of management fees to the current agent.
• Put Notice in Writing: Official notification to terminate the management agreement should be in writing. It’s recommended to send the notice via email and follow up with a phone call to ensure it was received.
• Professional Approach: While negative experiences might have prompted your decision to switch, it’s important to keep emotions in check. Approach the transition as a business decision.
• Check for Costs: Be aware of any potential fees associated with early termination. Some agencies might charge fees. So, it’s wise to understand your obligations before giving notice.
• Document Collection: Ensure that you or your new agent receive copies of important documents. These can include the current lease, inspection reports, rental bond deposits, and financial statements. These documents should be provided upon the takeover of the management.

 

If you are considering a switch to a different property manager on the Sunshine Coast. the first thing to do is review your current management agreement. Understand the required terms and notice period, and communicate politely but effectively with your current management team. Once you have done this, then you should let the new property management company know, so they can start the process.

 

Always keep in mind that switching agencies should ideally be conducted in a professional and well-documented manner to ensure a smooth transition. The timing of a switch does not matter often. You do not have to wait until a tenant moves out, or for the end of a financial year for example. You own the property and can always switch managers as long as you follow the terms of your contract.

If you want to speak to an experienced property manager about switching your property, then simply contact us today.