Changing PM whilst under contract

Just wanted to know what are the implications and possible fees involved in changing property management whilst under contract. I signed a contract with selling agent to manage my property not long ago but I’m starting to realise it’s more stressful than it’s worth. I believe the contract states I’m tied to them for 3 months (sadly this is not until end of next month). When I bought the property the tenant seems to be a few days behind on some of their payments and recently they have been behind for over two weeks. I’m not sure if they have been issued a notice to vacate yet but I have contacted the agent to clarify this as I haven’t been informed at all (I just didn’t receive the fortnightly payments). But with all that have happened before and now, I do not trust the current agent to manage my property. If tenant vacates- does the arrear get deducted from their bond? This is in Victoria. What should I do next?

 

There's no time frame of exclusivity on tenanted properties in Victoria. Is it a standard REIV authority?

I'd just find a new agent and get them to do the change over, but be upfront about the tenancy as well so you can ask the agent what they will do about it.

 

Thanks for your response. Stupid question- How do I know if it’s a standard REIV authority?

 

It will say REIV at the top and all the way through.

 

If it’s not standard, check for special clauses- some have file termination fees. One of the franchise agents in my area charge $220 to prepare a file. They get away with this under contract law (they aren’t supposed to hold files when a new agent is appointed, but short of going to VCAT to order the file... even the estate agent resolution service / consumer affairs couldn’t help)