Your property manager is a crucial factor behind the success of your investment. As their key duties include attracting and securing tenants, setting the rent and keeping your property well-maintained, they will directly impact your rental returns in many different ways. Great property managers not only solve problems as they arise, but they will also be able to prevent them before they even occur. Giving you peace of mind that your investment is in safe hands.
Trusting someone to protect your most valuable asset is a huge deal. So what do you do when you’re not sure your property is in the right hands? In this article, we’ll explore some of the factors that might indicate it’s time for a change and outline the simple process of switching to a new property manager.
Signs you need to change property manager
There are many different reasons property investors may be considering changing their property manager ranging from poor management and maintenance issues to a simple mismatch in their service offerings. It can be difficult to know what makes a property manager a good fit for your needs, especially if you’re just starting out in your investment journey. To help, we’ve put together a checklist so you can determine if yours is up to scratch. Find out how to ensure your investment is in safe hands here.
How to change your property manager
Unfortunately, it’s a common misconception that switching your property manager is a huge headache. This leads to many investors staying with poor quality service that isn’t meeting their needs. The process is not as time-consuming as many think. Often, it’s as simple as giving written notice. Once you have signed on to a new property management agency, they will generally handle the changeover from start to finish. You can avoid any awkward conversations, and there is less risk of being pushed into staying with a bad fit for another term.
- Inform your current property manager that you wish to terminate their services ensuring you are outside the dated terms of the agreement. You will need to give written notice as per the terms of your current contract, usually 28 days.
- Sign on with your new property manager and fill out the required documentation. This will allow them to act on your behalf and take care of all communication with your tenants and current agency for handover.
- The changeover will then be handled by your new property manager, including picking up the property file and keys.
- Your tenants will then be notified of this transition and welcomed to the new agency. Some property managers will choose to meet them in person and discuss any issues with the rental.
Switching property managers FAQs
How do I find a new property manager?
Although choosing your property management strategy based on price alone can be tempting, there are many factors to consider. While searching for a property manager, keep an eye out for those with the experience to make informed investment decisions and knowledge of the Perth property market. You may also want to learn about their property management approach and get to know their team. Things to consider might be, are they relationship and service based? And do they keep the full management inhouse or do they outsource?
Can I change my property manager mid-lease?
Absolutely! Most management agency agreements do not coincide with the fixed term of a tenancy agreement. You can change your property manager at any point during their tenancy, and they will not be disrupted in any way. A good transition process considers the well-being of tenants, and in many cases may lead to happier tenants particularly if there have been communication issues.
What can I do if I am locked into a contract?
Before making any decisions about your property manager, you will need to review your agreement to check the terms. In Western Australia, if your Management Authority has expired, usually 28 days’ notice is sufficient to end the contract. However, if you are on a fixed term your contract can’t be cancelled without written agreement from both parties unless there was a breach of contract or they did not fulfil their obligations.
How much will changing property managers cost me?
You will also need to check your agreement to prepare for hidden costs. Even if you do give the required notice some agencies charge a fee if a landlord terminates early. Usually, as long as you are outside of the term of your agreement, there are no costs involved.
You can trust us with your investment
To reach your long-term investment goals, finding the right property manager to support you is a must. They should provide high-quality service and be willing to work with you to maximize your rental returns. At Access Property Management, we have your best interests in mind and will leave you with peace of mind that your property is being looked after.
Looking for a tailored property management approach to help you reach your investment goals? Request a free rental appraisal here, and we’ll be in touch with some tips. We can also let you know about your options for switching property managers and walk you through the handover process if you’re ready to make a change.
Article Source: How to switch your property manager