NSW Changing PMs due to performance. What do I need to know

I have never had to change property managers before but I am with the property manager that is quite unbelievably bad in both the the ethical and performance sense.

What is the process?
What do I need to consider to manage risk?
How do I minimise impost on tenants?

Thanks everyone

 

Check the termination period in your management agreement so you know what the timeframe will be. Your new manager should be handling the file takeover and will have experience in the documentation and files they need. Hopefully they will also manage the tenant relationship. I've found tenants are usually quite happy to move from a poor PM to a better one.

Also it helps to give a copy to your new PM of all rates/levies so they can change the address for future payment plus compliance certs like smoke alarm, recent maintenance invoices and any warranties for appliances.

 

The new PM would be able to takeover the contract and it does probably happen from time to time and most PM agencies are aware of the steps involved and if the new PM is a competitor they may potentially have been through similar process before.

You may have to review your existing PM contract and review any relevant clauses to terminate your contract - e.g.Waiting Periods, Financial Implications, etc.