Guide to Changing Your Property Manager

There is a misconception that you have to wait for a lease to end to change property managers. You may be surprised to learn that this is not accurate. 

Continue reading to learn more about upgrading your property management services.

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. 

Why do landlords change property managers?

Due to inadequate communication, a lack of market expertise, and a high staff turnover rate, a landlord may exit an agency. This is more than fair enough as these factors are likely to have a detrimental impact on both the investment and the tenants.

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.

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

How long should the change-over period take?

Once you have decided to move your management over to another agency the new agent should have an outcome with the date and time of collection of two to three days. 

Who handles the ‘break up’ with your old agent? 

Your new incoming agent will handle the process from start to finish, whilst keeping you updated every step of the way. This means you can feel totally comfortable about the entire situation.

How we can help you get the most out of your investment

At Ray White West End, each of our Landlords is assigned a Business Manager. This is a specialist who is exclusively focused on your real estate demands and expectations. 

You don’t have to worry about dealing with multiple property managers if you own property in different parts of Brisbane. For all property management needs, your Business Manager will be your primary point of contact. 

Plus, there are extra benefits and important factors associated with our management: 

• Gain access to the Ray White Group’s influential global network — take advantage of competitive loans, insurance, and unrivalled market intelligence.
• The combined strength of our network’s 700 offices — the assurance that your requests will be met on time and that property managers’ roles and responsibilities will be well-resourced and carried out properly.
• Keep in mind that in the 19/20 financial year, we sold over $44 billion worth of property across our networks.
• Ray White West End achieves 36% higher rental return than the industry standard. 
• Also at Ray White West End our vacancy rates are 4 days on the market — compared to the industry average of 9 days.

Get to know your West End Property Managers

Ray White West End is known for being a group of professional locals who are incredibly passionate about real estate. For unrivalled customer service and excellent results, contact Fleur McLean our New Client Consultant for Property Management on 0400 763 630.

Ultimately, the property management firm you select will have a substantial impact on the overall success of your real estate investment strategy. That is why it is always a good idea to upgrade your management services. We hope the information provided above aids you in achieving this important objective, 

For more information on this topic and related matters you might like to read our article Top 10 Questions to Ask Your Property Manager.

Call Ray White West End on (07) 3844 4244 in order to find a new and improved experience with a property manager today.