Switching property managers
Sometimes, landlords choose a property manager only to find they aren’t quite the right fit. This isn’t unusual!
Whatever difficulties you’re facing with your current agent, read on to learn what your options are, and how you can change property managers.
The most important considerations are:
- What isn’t working with your current property manager?
- When does your management authority expire?
- What can you do if you’re still under contract?
- What’s the process to change property managers?
1. What isn’t working with your current property manager?
A great property manager takes a weight off your mind, and should never cause you extra stress.
Yet, some clients have told us that their last property manager:
- was hard to contact
- spent money on the property without asking
- did not follow up promptly on late rent payments
- didn’t carry out property inspections on time or didn’t provide a property condition report
- recommended tenants without proper screening or
- didn’t look after the client’s best interests.
Property managers must do what they agreed to in their contract with you – whether that’s finding good tenants, collecting rent on time, or carrying out scheduled inspections.
The agency must respect tenants’ legal rights under the Residential Tenancies Act, but their primary duty is to act in your best interests.
If you feel your property managers’ work isn’t up to scratch, don’t worry – there are things you can do. Make a list of your concerns – this will help you either resolve the issues, or know what to look for in a new property manager.
2. When does your management authority expire?
Before you decide whether to stay or switch, here’s an important first step: check your contract.
Your agreement (or “management authority”) will be with the real estate agent who employs your property manager. It will usually have a fixed term.
3. What if you’re still under contract with your current property management company?
If you aren’t happy and your management authority is near expiry, then great! You can give your agency notice and change property managers.
If your management authority doesn’t expire for a while, you have a few choices.
You can try and resolve difficulties by contacting:
- a) your current property manager
- b) their employer (the property management company or real estate agency)
- c) the Real Estate Institute of WA (REIWA) if your agent is a member
- d) the Department of Mines, Industry Regulation and Safety (DMIRS)
DMIRS may be able to help resolve the issue with your current agent or even help you to terminate the contract if a resolution is not possible.
At We Love Rentals, we value our landlords and want to resolve any problems as soon as they arise. Give any agency you’re engaged with the same opportunity – contact them first.
4. What’s the process when switching property managers?
Check your management authority so you know exactly how much notice you need to give – it could be up to 90 days.
If you don’t give the required notice, you risk breaching your contract which can be costly.
Before the management authority expires, give written notice to your real estate agent to let them know you won’t be renewing your contract with them.
If you’re moving your property to We Love Rentals, then you’re done! We’ll take care of the rest.
- Contact your current property manager to arrange handover of records and documents we need to manage the property, including:
- rent and bond records
- tenant contact details
- Contact the tenant ahead of the handover to:
- introduce our agency
- provide contact details for their new property manager
- provide bank details for the rent to be paid
- advise on our procedures (for example on after-hours emergency maintenance and inspections.)
Before switching agencies, check out the changeover procedure for the agency you are considering – make sure it covers these types of issues.
For more information on what makes We Love Rentals different from other property management companies, click here.
What to do next?
Now that you know how to change property managers, we hope you feel more prepared to make a choice.
At We Love Rentals we make the process of switching over as easy as possible – our one-time letting and management fees cover everything, and we take the stress off you by managing your rental property day-to-day.
We are a ‘rentals-only’ property management company. Our property managers are efficient, experienced, and care about giving you personalised service.
If you think we can help you to manage your rental property, call Sarah Leahy on (08) 6254 6300, or send us an enquiry here!