Are you having issues with your current property managers? Many landlords who have issues with their current property manager, are not aware that they can transfer the management to another agency during a tenancy. The common belief of many property owners is the current property manager signed the current tenant, so therefore you are locked into an agreement with them for the duration of the tenancy.
This is not the case. You are not locked into any contract or agreement with your property manager and there should be no exit fees. The ‘Exclusive Leasing Authority’ is only enforceable during the specified leasing period of a new authority. Outside of this period, you have the right to change the management of your investment property if you feel your property could be better managed with another agency.
What is the process if you choose to change property managers?
The agency that you have selected to take over management, should be able to take care of the entire change over process for you. Once you have signed the managing authority documentation, the transfer of tenancy documentation will be requested by your new agency. Most agencies will then arrange a time to meet with the tenants. At this initial meeting, your property managers will introduce themselves and advise them on the new tenancy procedures. It is also best practice to have any overdue routine inspections conduced immediately. Your new property managers will advise you of the current condition of the property and present you with a detailed inspection report.
Will there be any changes to the tenancy agreement?
This will depend on the type and length of agreement that has been previously set in place. Your new property managers will conduct a rent review to determine if a rent increase is warranted.
The transition should be a smooth and easy process with the assistance of your newly appointed property manager.
