How do I change property management companies?

SUMMARY:

You can change property management companies by filling in two forms – transfer from and a Department of Housing change of landlord or agent form.

Not all management companies are the same and this may lead you to require changing property management company at some time during the ownership of your property. Your circumstances may change and you may want to take the management role on yourself.

However, more importantly before signing a property management agreement check to see what terms and conditions are in place – many companies will want to lock you in for a fixed amount of time.

Be aware to maintain your insurance policy with a rental property the management company must be checking the property at least 4 times per year.

If you do want to change though don’t let the process put you off as it isn’t hard.

You need to simply fill out the two forms and let the right people know the new details. You must give a copy of the management form to the existing company and the tenants will need to be advised of who will be the new managers of the property with their contact details. The bond centre will be notified of this change too.

TRANSCRIPTION:

Good day, Andrew Murray here from the Apartment Specialists, talking about how can I change my property management company, or change from the property manager I'm using to a new one, or manage it myself.

Now, not all property managers are created equal, and a lot make the service that landlords require, a lot of money on rent, and I see this all the time, and especially ones just don't do the rental checks. So they're not actually checking your property to see how well it's being looked after, and that means in a lot of cases your insurance wouldn't even actually go through, because you have to be checking your property four times a year for your property insurance to actually be able to be viable.

So, the key thing is, if you do want to change, don't let the process put you off, because it's actually very easy. Because you just let the other agency, or the new agency you've been recommended do all the work for you. Or if you want to rent it-- do it yourself, it's still actually quite easy. It's just about filling in a few forms. So, all you need to do is fill out a transfer form, and a Department of Housing Change of Landlord or Agent form, and give that to your agent and they'll do it all for you. Or you can take on that responsibility yourself, and fill out the Department of Building and Housing transfer form, issue that to your old-- now to be old property manager and away we go.

The key things of what will be happening, whether your agent will be doing it, or whether you'll be doing it, is you'll be contacting the old management company and giving them over that transferal and change of agent form, you will be contacting your tenants, or the agent will be contacting the tenants. The tenants will be given contact details, new contact details of who they need to contact if something occurs or something needs to be fixed, and the Bond Centre will be notified of a change of agent or landlord.

Now, it is very important that if you're not happy, that you actually go through this, but the unfortunate thing is the change is not always immediate. A lot of these property management companies, they lock you in, so I've seen them anything from no notice to 12 months notice. So that means when you signed up for a property management company - even if it's a really, really good one, you've been recommended it - look through the clauses and see, okay, how long have I been locked in for, or will I be locked in for? And if you are, strike it out. Because you shouldn't be locked in.

So from that point of view, yes you may change but it may take a few months for it to effect, purely because of those clauses. Anyway, I hope that helps. Andrew Murray, Apartment Specialists.

If you have any questions, flick me an email at [email protected] or call +6421 424 892 and I’ll be happy to answer your queries.

Cheers.