Thinking of Sacking Your Agent? Common Misconceptions and What You Need to Know
So the relationship has soured. When you think of your property manager you feel compelled to roll your eyes, mutter some curse words and reach for a glass of wine. It’s time for a change. You know it and on some level they probably know it too. Here’s what you need to know:
Notice periods – Depending on your agreement with the agency, the notice period will generally be 30 or 90 days. If your agreement is a Form 20a, the notice period can be 90 days unless you wrote in otherwise. If your agreement is the new and improved Form 6, your notice period is 30 days.
Can you leave earlier? Yes but only by mutual agreement and many agencies will insist you wait out the required period.
Should you leave while tenants are in place or wait until the property is vacant?
You should leave the agency as soon as you are dissatisfied with the level of service you are receiving and your concerns are not being met with any improvement. There is NEVER a good time to leave and the longer you stay, the higher the chance that the problems you have experienced will get worse.
What do you need to do if you want to leave?
Give your notice in writing. Never advise your property manager over the phone. Preferably write an email so that you have proof of it being sent. If you choose to write a letter instead, make sure you hand deliver it and have somebody in the office sign a copy of the letter as receipt.
Does your property manager have to give all documents to the new agent?
Technically, no. Which is why you should ensure that you have copies of everything. If you think your agent might play hard ball, request copies of the entry condition report and photographs and the lease agreement prior to giving your notice.
You and your investment property should be treated with the utmost care and attention. If you’re not clicking with your property manager, chances are they don’t like you too much either so you are best to cut ties and go before you lose money.