What Is The Notice Period To End A Managing Agency Agreement With My Property Manager?

We often hear from landlords who are disappointed with the service they have been receiving from their current property manager. Keen to make a change, we advise of the minimal steps involved in changing property managers.

The first of these steps is to identify the notice required to give the current real estate agency, as per the notice period included in the Managing Agency Agreement. 

But how long should this notice period be?

​How Long Is The Notice Period To End An Agency Agreement?

​There is no requirement which specifies what the notice period is, and it can vary widely between agencies. 

Our notice period to terminate a property management agreement with our agency is typically 30 days. However, if an owner wishes to end their agreement with us we are open to negotiating this to a shorter period to assist. 

In contrast, we have seen in recent years an increasing number of investors who have been locked into management agreements which require a 60 day, 90 day, or even 180 day notice period to terminate management!

It is not uncommon to find that investors who want to make a change from their current agency are faced with such a long notice period that they end up taking no action to leave at all. 

What a shame! Simply because an agency imposes a notice period of up to half a year (!) if you wish to leave them, you end up taking no action at all, and continue to put up with the poor service you're provided. 

We think this is ethically terrible, and hope that very few readers of this post find themselves in such an agreement. 

We have seen an increasing number of investors who have been locked into management agreements which require a 60 day, 90 day, or even 180 day notice period to terminate management!

​Advice Before You Sign A Property Management Agency Agreement

​If you are reading this post while looking at a Managing Agency Agreement from a real estate agency, we offer this advice: if the notice period is longer than 30 days, ask the agency why. 

There is no need for the notice period to be longer, and it serves only the agency (not you, the investor) for this notice period to be longer. 

Before you sign a management agency agreement, ask the agency: "If I am unhappy with the service you provide after signing, and I tell you so, why would you force me to continue working with you for more than 30 days?". 

If you ever heard a good answer to this question, post it in the comments below! We're yet to hear one. 

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