2 Easy Steps to Change Property Manager
Many investors, both new and seasoned, are often unsure of the rules and regulations regarding changing managing agents. It is a common misconception that the current lease must end for you to change agents, however this is simply not true. The tenant’s lease is with the property regardless of who your chosen managing agent may be.
Queensland Legislation stipulates the timeframes for termination between an owner and a managing agent as 30 days, less if both parties agree.
Previous legislation allowed this timeframe to be up to 90 days. If your current management authority states the period of notice to terminate is greater than 30 days, this can no longer be enforced as the new legislation overrides previous legislation.
Should you decide to engage a new managing agent, your current agent may agree to terminate as soon as they complete their end of month procedure rather than waiting 30 days. If your property is currently vacant, your managing agent may even agree to terminate immediately as this will relieve them of the task of finding a new tenant for your property. Changing managing agents is a simple process;
Step 1 – Choose and sign an authority agreement with your new agent
Step 2 – Provide written notice of 30 days’ termination to your current managing agent (this can be in email format).
Your new managing agent will coordinate the process and ensure that the entire file is handed over without disruption to the tenants.
If the time is right for you to change your managing agent, feel free to use our “New Beginnings” form to help you get the ball rolling.