If you’ve decided you’re ready to make the move and appoint a new property manager, there are a few things we recommended you do beforehand to ensure your switch goes without a hitch.
Give the required Notice.
Check the termination clause of your management contract. Most management contracts require between 30‐ and 90‐days’ notice to terminate a contract. If you don’t give the required notice, you risk breaching your contract and may be exposed to pay out the current agent with their management fees.
Put your notice in writing.
Notification to terminate a management agreement must be in writing. If arranging the termination yourself, we recommend sending the notice via email and follow up with a phone call to your property manager. That way you have it on record it was sent and received. Of course, if you personally don’t want to get involved, we can do this on your behalf.
Do not make it personal.
If your experience has been upsetting or you’ve been treated poorly, it can be hard to keep the emotions at bay. Once you’ve made your decision to leave, remember this is a business decision. Just focus on the transaction and look forward to this new stage for you and your property.
Check for any hidden Costs.
Even if you do give the required notice, sometimes there are agencies who will charge a fee if a property owner terminates early. Check what your agency is entitled to before giving notice, so you’re prepared. You can then take the responsibility for paying the manager all fees they have incurred up until the contract termination effective date.
Ensure you receive Copies of important Paperwork.
Always ensure you or your new agent receives copies of the current rental agreements, condition/inspection reports, rental or bond deposits and a statement of all income and expenses from your former agency for the current financial year. These documents should be sent to you or your new agent immediately upon take‐over of the management of the property and kept for your records. In NSW licensed agents must keep financial and legal records for any transactions for a period of 3 years of any former client they dealt with and/or collected rent on behalf of.
