Many landlords assume that they must wait until the current lease on their property concludes before they are able to change management. This is one of the biggest misconceptions in real estate and quite a costly one. If you know that your asset isn’t being protected properly by the agent you’ve hired, then waiting around to change them will only lead to a larger repair bill at the end.
It’s important that you understand, you can change management at any time. Generally, the only exclusivity a property manager has, is usually during the leasing period while they’re seeking and placing a tenant. Once the tenant is in, that leasing agreement expires, and you are free to do as you feel fit. Plenty of landlords leave things, whether it’s because they’re misinformed or sometimes just lazy to start looking for the next agent, but if a property is being neglected by the agent, who knows what’s happening there and in many cases, a tenant left to their own devices ends up leaving you a hefty clean up bill at their disappearance.
The best part of all this is it’s simple to change management. All you need to do is interview new agents, appoint the right agent for you and they will do the rest. They will contact your current property manager and give them notice that you have passed the management over, they will then organise for all relevant documentation be ready for pick up or sent via post. These documents will include ledgers, condition reports with photos, tenancy agreements and any other paperwork that tied to your property, they will also hand over all sets of spare keys.
It’s so easily done and the only time you need to invest is during the interviewing stage. Once you’ve gotten past that, it’s smooth sailing from here and you should feel confident, going forward, that your asset is being taken care of the way it deserves to be. On an ending note, act swiftly and make changes immediately, this will save you heartache and money.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.