We often speak with investors who are unsatisfied with their current property manager, but have not yet taken action to make a change. Usually, the reason is that they are simply unaware of the level of freedom they have to change, and how easily this can be done (and without a difficult conversation with their current provider!).
In this article we'll go through some common questions around changing property management companies, and clarify the simple process of ending an existing management agreement.
1. Can I change property managers mid-lease?
Yes! You can easily change property managers even you have have a tenant in your property in the middle of a lease period.
Why? The lease is the agreement between the landlord and tenant which clarifies their rights and responsibilities while the tenant is living in the property.
The Management Agency Agreement is an entirely separate document outlining the services provided by the agency (i.e. the property management company or property manager), and the associated rights, duties and fees in managing the property on behalf of the landlord.
The lease period start and end dates have no bearing whatsoever on who manages the property.
As an investor you simply need to adhere to the notice period required to terminate the agreement with your existing agency. 30 days notice to terminate is common, however the period may be different, so check your Management Agency Agreement to confirm the notice required.
Right, so you know you can change property managers mid-lease and you know how to confirm the notice period required. What next?
2. Do I have to talk to my current agent if I want to change property management companies?
No! If you would rather avoid a difficult conversation with your existing property manager, the great news is you don't even have to speak with them to end the agreement.
We know this is a welcome relief to many property investors, who have avoided making a change simply because they have been with their current property manager for so long, and "breaking up is hard to do" (as the old song says...).
So if you don't need to make a call, how do you end the existing arrangement?
3. How do I end the agreement with my current property management company?
To end the agreement with your current property manager, the only thing you need to do is give them notice in writing.
To help with this, simply complete our downloadable change of property manager letter template, replacing the red text with the details relevant to your property. This text is also provided below. This can then either be emailed or posted to your current agency.
As far as you're concerned, providing this written notice is all you need to do!
Change of property manager letter template (copy and paste)
[Your Postal Address]
[Suburb] [State] [Postcode]
Dear [Current Agency],
RE: [INSERT ADDRESS OF YOUR RENTAL PROPERTY]
Please be advised that I will be transferring the management of the above-mentioned property from your agency to Carnelian Property Management, effective from [Insert Date].
Accordingly, I request your assistance with the smooth transfer of this property.
A representative from Carnelian Property Management will contact you shortly to arrange collection of the files, keys, remotes and any other relevant documentation relating to the property.
Thank you for your services to date, and I appreciate your full cooperation in ensuring a smooth transition.
[Your name and signature]
4. What happens after you give written notice to your current property manager?
In short, you can leave the rest to us. Once this notice is provided to your current agent, we can start the process of managing your property for you.
The first steps include:
Do You Need To Change Property Management Company In Newcastle?
Contact us today to discuss your investment property and our approach to property management, or if you have any questions around completing a change of property manager letter to your current agent.
The process of changing property managers is simple, and need not be stressful or awkward.
We are sure you will find our professionalism, accessibility, and interest in genuinely helping you a refreshing and welcome change!
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.