Property Management - A Guide To Changing Your Property Manager

Property managers have the core duties of marketing a property, screening suitable tenants, handling rental income and maintenance expenditure as well as a wide range of other duties. 

When landlords and property investors appoint a property management company to manage their property, they expect that property manager to preserve their property’s capital value while maximising return on investment.

There are a whole range of reasons why landlord might consider a change in property management however, often, it may not even be a single reason but rather a combination of reasons over time. 

While changing property managers may seem like a challenging process, the reality is that changing property managers is incredibly easy. In fact, when you choose us to take over the management of your property, we take care of the entire changeover process for you. 

From liaising with the outgoing property manager to engaging with your tenant to ensure the transition is as seemless as possible, we are here for you. 

 

Why do landlords change property managers? 

 

1. Trust is eroded with your current property manager 

2. No correlation between management fees and value for money 

3. Lack of service offerings

4. Lack of local market knowledge 

5. High staff turnover 

6. Poor communication

7. Not being easy to deal with 

8. Irregular or inadequite routine inspections 

9. Constant late rental payments 

10. Untimely property maintenance 

11. Lacking a proactive approach 

 

What misconceptions keep landlords from switching? 

 

1. Property managers are all the same (which they are not) 

2. Switching will just be a hassle (we handle the entire changeover process for you) 

3. Changing process managers will be expensive (generally there is no exit fee) 

4. Switching is not possible mid-length a lease (but it is) 

5. Switching will disrupt tenants and rental income (it definetly won't) 

 

 

How to change over property managers? 

 

When you decide to change property managers to us, we take care of all the details for you. 

Our end-to-end process includes (but is not limited to): 

• Liaising with the outgoing property manager
• Completing a smooth transition with the tenants
• Resolving any outstanding maintenance or current disputes 

 

We handle all communication and collect all important documents for you. What documents does the old agent hand over to the new agent?

There are some standard requirements in documentation and other items which need to be taken care of in the transition from one property management firm to another. These include:

• All lease and bond documents
• Applications
• Entry report & images
• Signed Form 5
• Tenant ledger
• All keys and remotes
• Smoke & Water Compliance

 

Some common questions: 

 

Does the tenancy need to expire before I can switch to new property management services?

Anytime is a good time to switch agents if you are unhappy. However, we ideally recommend changing managing agents mid lease cycle. This allows your new agent the opportunity to view your investment and re-appraise in preparation for the renewal.

 

Will changing agents disrupt or inconvenience my tenant?

Not at all; in fact, making the move will benefit both you and your tenant. If you’re having trouble communicating with the outgoing agency, it’s possible the tenant is having similar issues as well. All that will change for the tenant is where they pay their rent to.

 

Do my tenants need to sign a new lease?

No, the existing lease stays in place and so do your tenants. Basically the only thing that changes is the agent who manages your property.

 

What should I know before transferring to a new agent? 

As we’ve mentioned above, it’s surprisingly easy to move onto better property management. The first step is to choose an agent that fits your criteria.

We recommend not always choosing the least expensive agent. This is because the cheapest is sometimes the most costly in the long run. It’s important to be mindful that inadequate management might lead to unexpected expenses that can be fairly large, depending on the circumstances.

 

Things to expect from the professional process

Your new property manager should follow a professional process, and this includes some fundamental property management duties and/or assistance. You should expect the following protocols and procedures in this order:

1. Sign the new Management Agreement
2. That same day your new agent will call and email the outgoing agent to thank them for their business to date.
3. The outgoing Agent may request a 30 day termination period.
4. We will liaise with the outgoing agent and work with the tenants to ensure a smooth transition.
5. There is an option of the new agent to pay out the management fees to take over the management immediately. We strongly recommend this.

 

Ready to make the switch? 

 

If you want a proactive property management team that knows how to accelerate your return on yoru investment, connect with us today. 

To discuss how we can help you take a holistic approach to yoru property investments, contact us today!