- 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.
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.
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.
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.
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.
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.
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Need more information and assistance?
Find out how to know when it’s time to change Real Estate Agents and contact us for assistance!