Updated: Jan 7
Changing property managers doesn’t need to be painful. While it may be a lot easier to just throw it all in the ‘too-hard’ basket, making the switch can give you peace of mind and save you a lot of money, or gain more value for the service you are receiving.
If you’re thinking of changing property managers, then it’s safe to assume that you are not happy with your current manager. If you aren’t happy or satisfied, then why stay put? You are engaging a business to perform a service for you. If you are unhappy with the level of service or value they are providing, then it’s time to start shopping somewhere else.
As Qualified Property Investment Advisors, Investeps Property aren’t only focused on your property’s performance, but as a family owned and operated business, we are driven to build strong and lasting relationships with you. Helping advise you each step of the way. We are passionate about ensuring our landlords are well looked after. Unfortunately, it’s not uncommon to come across some average property managers out there. Whether it’s through a lack of care or knowledge. To help you change managers we have pulled together our 5 Tips for painlessly changing property managers. Making your investment property a stress-free investment again in no time.
1. Is Your Current Property Manager Performing?
It’s important to realise what it is about your current management company that is not suiting you. Whether it be a lack of communication, inaccuracy or poor attention to detail. The following are all standard expectations of good property managers. If you answer no to any of the below questions, then you should be weigh up your options.
· Are you, as the landlord, responded to promptly & efficiently without having to constantly follow up from emails and phone calls?
· Are you offered flexible disbursements to suit you?
· Does rent come into your account reliably and consistently every month?
· Are you provided with routine inspections?
· Are repairs attended to promptly by registered tradespeople who provide a high standard of workmanship, a warranty and insurance?
· Are you confident that everything is being done to efficiently have the property re-tenanted with a quick turnaround time when vacant?
· Are potential new tenants being properly screened for credit history and prior tenancies?
· Are the fees you are charged in accordance to your initial agreement?
2. Understand Your Current Agreement
If your management is currently signed on a Form 6 – then you will be required to give 30 days’ notice unless the agency and yourself agree on a shorter timeframe (this can be immediately if both parties agree).
3. Select Your New Agency
Do your research, understanding the people who are actually looking after your property and their qualification. Learn what you can expect in each company’s service and what you will be charged. You can then book an interview with the Business Development Manager at each company that you think might be a fit.
The ability to show value for the Commission they are charging. Value for money is different to being cheap. Cheap equals cutting corners to make a profit!
4. So, you’ve made a choice. Now what?
This is where a great agency can be invaluable. Saving you time and offering you a stress-free, professional service! All of the necessary paperwork can be prepared and once signed your agency should contact the previous agency to book in a date for a smooth transition over to their agency.
Will I have to contact my current agent? It is not necessary for you to contact your current agent. All you will need to do is provide written notice, often using a standard letter written by your new agency. Your new agency will handle the whole process for you. They’ll ensure all the necessary documentation is completed and your tenants are notified of the change.
5. That’s All
Yep! Your property will be taken over on the due day, tenants will pay directly to the new agency and you are notified that all has gone ahead smoothly!
Your new property manager should arrange their own inspection of the property and prepare a report for you. At this stage, your manager should look to check for any issues that could cause a future problem. You can then plan to attend to any potential risks over time and alleviate the need to pay for emergency call outs.
Now that you’ve taken the step and made the switch, you can relax. You can finally have comfort in the knowledge that your investment is in safe, expert hands.
Whether you already own property or you’re looking at buying your next home or investment property here’s 3 ways, we can help you:
Strategic property advice – Allow us to build a Strategic Property Plan tailored for you and your family. Planning brings the future into the present so you can do something about it! This will give you clarity, direction, results and more certainty. Click here to find out more
Buyer’s agency –Our highly skilled and trained on the ground team in South East Queensland brings you years of experience and perspective. We’ll help you find your next home or investment property. Click here to find out more
Property Management – Our stress-free property management services help you maximise your property returns. As Qualified Property Investment Advisors, we will ensure you understand how your property is tracking from all aspects, value not matched in the market. Click here to find out more