Changing Property Managers – Fast!
Changing property managers doesn’t need to be painful. In fact, a professional, well organised and proactive agent can make this a simple process. The switch really can give you peace of mind, restore confidence and even save you a lot of money.
If you’re thinking of changing property managers, then it’s safe to assume that you are not happy with your current provider. You may be finding that your property manager is always changing, inspections not being done, or rent being behind, whatever the issue may be you are engaging a business to perform a service for you. If you are unhappy with the level of service they are providing then it’s time to look for an alternative.
Paul, and his team, regularly assists many owners with rental issues to move their property to All Properties Group. They are a passionate team and work tirelessly, ensuring their landlords are well looked after.
It’s unfortunate that other rental businesses let things slip, that’s why Paul Tooze has shared with us his Top 7 Tips for painlessly changing property managers. By following his straightforward guide, you’ll be able to return to enjoying the rewards of a stress-free and profitable investment in no time.
Here are Paul’s Top 7 Tips To Change Property Managers – Fast!
1. Understand what you don’t like at the moment – And write it down
What exactly is causing you concern? What isn’t suiting you?
Is it be their lack of communication, poor record keeping or allowing late rent payments. Paul has put together a number of questions you may ask yourself concerning your current situation. What should you expect of good property managers? If you answer no to any of the below questions, then shopping elsewhere is definitely warranted.
- Are you responded to promptly & efficiently?
- Do you have a mobile number for your manager?
- Is your payment regular every fortnight?
- Are you provided with regular inspections and given reports?
- Can you view your statements online, when you want?
This information can then be used when you question any new agency. They should be happy to describe their service and results!
2. Prepared? You bet, Form 6 at the ready!
Have a copy of your Appointment of Agency form on hand so you know when you can terminate with your current agency. A POA Form 6 will enable you to end the agreement after 30 days written notice. However, if your agreement was under the older PAMD Form 20a then you may need to wait 90 days to change. You can terminate a lot sooner if both parties agree to the termination.
3. Ask for a visit from their Business Development Manager
They should supply:
- Company Prospectus
- A rental Comparative Market Analysis (CMA) to give you an indication of what is happening around your investment.
- Marketing suggestions for your investment
- An opinion of the rental value of your property, based on evidence and local knowledge
- The ability to show value for the Commission they are charging. Value for money is different to being cheap. Cheap equals cutting corners to make a profit!
4. The choice is made, what now?
This is where a great agency can be invaluable. Saving you time and offering you a stress-free service! All of the necessary paperwork can be prepared and once signed your agency should contact the previous agency to book in a date for a smooth transition over to their agency.
5. Do I have to contact my current agent?
It’s not necessary for you to contact your current agent. Your new agency can handle the whole process for you if you wish. They’ll ensure all the necessary documentation is completed, your tenants are notified of the change and bank details are set up..
6. Changing Property Managers! Well, that was easy, Is that it?
Sure is! Your property will be taken over on the due day, tenants will pay directly to the new agency and you are notified that all has gone ahead smoothly!
7. Meet Your Manager
Plan a follow-up meeting with your new manager to ensure everything is going smoothly, to plan and as promised. Build a great relationship to ensure smooth sailing long into the future.
Changing Property Managers can be a stressful decision, and we're sure that you've tried to make it work, but when it's time to move on you can rest assured that the All Properties Group Rental Team are here to support you, 100% of the way!
Please feel free to chat with our Investor Services Manager and see the difference.
Find more info here!