A STEP‐BY‐STEP GUIDELINE HOW TO SWITCH REAL ESTATE AGENTS
You might think that switching agents is an enormous time‐consuming headache. It’s not!
What many property owners don’t realise is, switching agencies can be as simple as giving written notice and the rest can be handled by your new agent on your behalf.
Majority of management agency agreements run month to month. This means you’re free to go at any time by serving notice on the current agent. Typically, it’s 30 days’ notice required. CPM Property Managers can handle the changeover from start to finish; the whole process really is easy and stress‐free.
The last thing a stressed‐out landlord wants is to have an uncomfortable conversation or to risk being persuaded to stay for another management term with their current agent. A handover process will be quick and painless with minimal involvement for you.
HERE IS THE PROCESS OF HOW WE GO ABOUT IT
- You inform us that you’d like us to take over the management of your property.
- You need to find out how much notice you need to give to your current agent. The notice period is written in your current agency agreement.
- You fill in and sign our pre‐ written notice template to terminate your current agreement.
- We or you forward the notice to your current agency and arrange to pick up your property file and keys from their office.
- We become your new management agency (as of the agreed date) and life carries on as normal.
- We arrange a property inspection to familiarise ourselves with the property.
- We notify all guests of your bookings taken by your current Agent but commencing after the date of termination of the changeover and welcome them via phone and email by providing them with a CPM induction.
SOME TIPS BEFORE DOING A HANDOVER
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.
1. 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.
2. 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.
3. Don’t 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.
4. Check for any hidden costs
Even if you do give the required notice, sometime 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.
5. 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.