Can you switch property managers mid-lease?
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There are many myths around property management – and with 48 years experience helping Melburnians with their investment properties, it feels like we’ve heard them all. One of the most common things we hear about is people feeling that they are stuck with a property manager that doesn’t suit their needs, with no means of exiting the arrangement.
This simply isn’t the case. Here are some signs your property manager might not be the best fit for you, and what your options are if you want to make a change.
Signs you might need to change your property manager
How often do you analyse your relationship with your property manager? While everything may seem to be running fine on the surface, there can be signs that suggest it’s time to switch. Asking yourself these questions can be a good start to evaluating the quality of your property management service:
- Are your communications responded to promptly, or do you have to follow up emails and calls?
- Does rent come into your account consistently, or do you find it being transferred at different times each month?
- When tenants move out, how long does it take for the property to be filled?
- Are tenants being screened for credit history and prior residencies?
- Are you being charged fees that you didn’t know about initially?
- Are repairs seen to promptly by quality, registered tradespeople?
Any of these points could be enough to give you pause – you deserve the very best service from your property manager. If you feel you’re not getting that, it might be time to change. But how can you do this?
You can change property manager at any time – with the right process
Switching property managers may seem difficult, but as Consumer Affairs Victoria notes, the process is not strenuous.
“In most cases, you can terminate your estate agent’s management of your rental property, effective immediately”
“In most cases, you can terminate your estate agent’s management of your rental property, effective immediately, by written notice to the agent,” the authority notes.
There may be fees involved depending on your existing contract, but you can give this notice at any time – even in a fixed term contract. Best of all, you can have a professional do this for you.
How to change property manager quickly and efficiently
When you feel you aren’t getting the service you require from your property manager, switching to a new team will often be your best option. Many agencies, us included, can take care of this with as little as a phone call.
If you’re thinking about switching property managers, the team at Nelson Alexander will handle the entire process free of charge (excepting fees in your existing contract). Everything from organising paperwork and contacting tenants to picking up the keys, notifying new tenants and organising inspections can be done simply, professionally and efficiently – you just need to give us a call.
Sometimes, it pays to take a step back and evaluate the quality of the property management you’re getting. You can try our property appraisal service to see if your property management arrangement is paying the dividends it should. If it isn’t, or you’re simply unhappy with your property manager, we’re here to offer a better solution and take all of the stress out of the switch.