How To Change Property Management Companies
Managing a rental property requires a great deal of resources, time and know-how, to run smoothly. That’s why appointing a property manager is a smart move for investors.
Having a professional on your side with the knowledge required to act on your behalf, makes the process a simple and straight forward one.
But what happens when it isn’t simple?
What happens when you know you’ve made the wrong decision?
When you’re dissatisfied with the agency you’ve chosen, or regret not doing the research to find an excellent management company who gets the results…?
That’s when you know it’s time to look elsewhere.
Often for landlords, just the thought of switching agents, is an enormous headache.
Making the time to do the research and applying the energy required to scout around and screen agencies, feels like climbing uphill.
It’s no wonder many unhappy landlords put it off and continue suffering the consequences.
The good news is, changing to a new property management company doesn’t have to be hard at all!
What many landlords don’t realise is, switching agencies can be as simple as giving notice. And most property management companies, will handle the entire change on your behalf.
For instance, here at DJ Stringer, whenever an investor wishes to transfer their portfolio to our care, we handle the changeover from start to finish – all they have to do is sign some paperwork. They don’t even have to step into our office!
The whole process really is easy and stress-free for the client. 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.
A handover process should be as quick and as painless as possible.
Here’s a sample of how we go about the process for new landlords:
✔ You inform us that you’d like us to takeover the management of your property portfolio
✔ We forward to you a Management Agreement with DJ Stringer and a termination letter addressed to your current agent for your signature
✔ We forward the notice to your agency and arrange to pick up your property file and keys from their office
✔ We notify your tenants in writing. Then, their new Property Manager welcomes them personally via phone and walks them through a DJ Stringer orientation
✔ DJ Stringer Property Services becomes your new management agency (as of the agreed date) and life carries on as normal
✔ We arrange a property inspection to update the existing condition report (if required) and keep you informed each step of the way
✔ We also review the rental as often we find that the rent can be increased in accordance with current market conditions
But What If I’m Locked Into An Agreement?
Many agents want you to believe that a management agreement locks you in for the term of your tenants lease.
This is UNTRUE!
It is legal to transfer the management of your Investment Property, even if there is a fixed term lease of 12 months or more in place.
There are no costs incurred and your current agent can’t apply any penalties. Don’t be told otherwise!