switching property manager
switching property manager
buying your first home switching property managers

Easy Landlords Guide To Painlessly Switching Property Managers

Switching property managers doesn’t need to be painful. While it may be a lot easier to just throw it all in the ‘too-hard’ basket, making the switch really can give you peace of mind and save you a lot of money.

If you’re thinking of switching property managers, then it’s safe to assume that you are not happy with your current provider. If you went out for dinner and ate the worst meal of your life, you’d never go back to that restaurant again, would you? Or if you paid for your car to be cleaned at a professional car cleaning place and they left a great big dirty smudge mark all over your windscreen, you wouldn’t go back there either, would you? The same should be thought about property managers. 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 grab the bull by its horns and start shopping elsewhere.

switching property managers property management tips calculate rental yield tenant target market quick tenancy turnaround landlord insurance Property Management TipsOne of Calibre’s top Business Development Managers, Daniel Gow has come on board to help get your ducks in a row. Dan and his team enlist dozens of new property managements on a regular basis. They are passionate about ensuring their landlords are well looked after. Unfortunately however, for the real estate industry, there are a few ‘bad-egg’ property managers out there who are not servicing their landlords as well as they should be. That’s why Dan has shared with us his Top 5 Tips for painlessly switching property managers. By following his straightforward guide, you’ll be able to return to enjoying the rewards of a stress-free investment in no time.

Dan’s Top 5 Tips for Painlessly Switching Property Managers

  1. 1. What Don’t You Like About Your Current Property Manager?

    It’s important to really understand what it is about your current management company that is not suiting you. Whether it be their lack of communication, inaccuracy or bad attention to detail. Dan has prepared a few questions you should ask yourself about your current property manager. These are all standard expectations of good property managers. If you answer no to any of the below questions, then shopping elsewhere is definitely warranted.

 

  • Are you, as the landlord, responded to promptly & efficiently without having to constantly follow up from emails and phone calls?
  • Does rent come into your account reliably and consistently every month?
  • Are you offered fortnightly or monthly dispersal’s?
  • Are you provided with 4 routine inspections per year?
  • When your tenants vacate, are you confident that your property management are doing everything they can to efficiently have the property re-tenanted in quick turnaround time?
  • Are potential new tenants being properly screened for credit history and prior tenancies?
  • Are repairs attended to promptly by registered tradespeople who provide a high standard of workmanship, a warranty and insurance?
  • Is there a sophisticated tenant booking system in place?
  • Are the fees you are charged in accordance to your initial agreement without any nasty surprises?
    With this information you can then have a list of questions to ask your new agency when interviewing them.
  1. 2. Be Armed And Ready

    Have a copy of your Appointment of Agency form on hand so you know when you can terminate with your current agency. A Reappointment of an Agent Form  (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.

  2. 3. Select Your New Agency.

    Best place to start is to ask your friends for any recommendations. Also, check their Google reviews. You can then book an interview with the Business Development Manager at each company that you like the look of.
    Expect to receive, as minimum :
    a. Company Prospectus
    b. A rental Comparative Market Analysis (rCMA) to give you an indication of what is happening around your investment.
    c. Marketing suggestions for your investment
    d. An opinion of the rental value of your property, based on evidence and local knowledge
    e. 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!

For help on choosing the right property manager for you, click here.

  1. 4. So, you’ve made a choice. Now what?

    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.

    Will I have to contact my current agent?
    It is not necessary for you to contact your current agent. You new agency will handle the whole process for you. They’ll ensure all the necessary documentation is completed and your tenants are notified of the change.

 

  1. 5. Is that it?

    Yep! 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!

 

  1. Dan’s Extra Tip

    Your new senior property manager should arrange their own inspection of the property and prepare a report for you. At this stage, it is great to ensure that your manager looks to check for any issues that could cause a future risk. You can then plan to attend to any potential over time and alleviate the need to pay for emergency call outs e.g. a plumbing health check can be booked.

 

 

Now that you’ve made the switch, you can put your feet up and relax. You’ve done the hard yards, now you can finally have comfort in the knowledge that your investment is in safe hands. There’s now a great agency working to ensure your investment is well cared for.

 

Quote provided by one of Calibre Real Estate’s Business Development Manager –
Daniel Gow
0411 582 871
daniel.gow@calibrerealestate.com.au

 

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If you have a property in Brisbane that you would like to consider engaging in a new property management team for, please feel free to contact the friendly team at Calibre Real Estate (07) 3367 3411  or lodge an enquiry on the “Property Management” page on our website . Otherwise, we hope you have enjoyed this insider advice to a quick tenancy turnaround.

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