How do I change my Property Management Agency?

Are you looking at changing Agencies but aren’t to sure what is involved or how to go about the change?

Is it difficult or disruptive to my tenants? How much notice do I have to give? How do I advise my current agency I am leaving?

These are the most common questions I am asked by Landlords who are looking at changing the management of their investment property.

Chances are if you have grown frustrated with your current agency so have your tenants. The only disruption to a tenant is the change of trust accounting banking details for their first rental payment, which can be easily changed and will only need to be actioned by the tenant once.

Changing agencies is a simple process, below I have listed the steps involved for you.

1. Check your signed Managing Agency Agreement for the notice period for termination, the industry standard is 30 days. However if your property is vacant most agencies will allow you to terminate the agreement immediately in good faith.

2. Ask your new agency if they have a template letter you can fill out providing your current agency with your 30 days notice, advising them who your new agent is and what day they will collect your tenant file (if tenanted) and keys. This letter can be emailed to your current agency and therefore starts your notice period from that day.

3. You will need to provide your new agency with a copy of your licence, property insurance details and a rates notice so that your new Managing Agency Agreement can be signed.

4. Your new agency will send out the new banking information and a welcome pack to your tenants ready for handover.

5. Your new agency will collect the file on the expiry of the termination. Your previous agents will most likely have one last payment disbursement for you after this date, however your tenant will immediately start making rental payments into the new agencies trust account.

It is that simple!

If you have any questions about changing agencies or the process that we have not listed and you would like further information on, please do not hesitate to contact Kate on 0413 358 521.

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