Join Australia's most dynamic and respected property investment community

How do you change PM

Discussion in 'Property Management' started by Lone_Wolf, 17th Nov, 2015.

  1. Lone_Wolf

    Lone_Wolf Active Member

    Joined:
    1st Jul, 2015
    Posts:
    40
    Location:
    King's Lading
    Not too happy with one of PM's that is currently managing one of our IP's, it is leased at the moment.

    How does one go about changing PM, but keeping the same tenants?
     
  2. MattA

    MattA Well-Known Member

    Joined:
    14th Oct, 2015
    Posts:
    54
    Location:
    Central Coast NSW
    Pretty easy really...

    Find a new PM, and then send a letter to the old PM telling them that you are moving agencies. The new PM will most likely have a templated letter that you can sign and they will then send it on your behalf.

    Only catch is you will need to stay with the existing agency until the notice period has been fulfilled, normally 30 days.

    The fact that the property is under lease is not an issue. The lease is between you and the tenant only. Just in case you're concerned the existing tenants cannot break lease etc just because you change agencies. The lease simply continues on as per normal :)
     
    Last edited: 17th Nov, 2015
    D.T. likes this.
  3. SeafordSunshine

    SeafordSunshine Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    373
    Location:
    Sydney
    Just a few thoughts for you. Have you hunted around for a better one? How do you know you wont go from the 'frypan into the fire". How do you know the new one will be better?
    What was wrong with the old one? (Just so everyone can learn from you )
    thanks
     
    MattA likes this.
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,576
    Location:
    Adelaide, SA
    Review your agreement as to whether there's a notice period.

    Find a new PM that you get along with well and think is more capable of handling the job. Sign an agreement with them.

    New PM then organises:
    - Collection of documentation (if any) such as lease, file notes, ledger, etc
    - Collection of keys
    - Transfer of bond to be under their care
    - Introduction to tenants and provide them with rent payment details

    Pretty basic.
     
    Last edited: 17th Nov, 2015
    DiligentPM and MattA like this.
  5. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,343
    Location:
    4/136 The Parade Norwood, South Australia
    The new property manager will do it all for you. Like changing electricity companies, we are used to doing all the work behind the scenes - no need for you to get involved, transfer and appropriate notice and negotiations of early transfer is done between the 2 property management agencies. This is done on a daily basis in our industry - easy peasy.

    Find a new pm and ask them to initiate the transfer - they do the rest. ( or should)
     
    MTR, monalisa and DiligentPM like this.
  6. Lone_Wolf

    Lone_Wolf Active Member

    Joined:
    1st Jul, 2015
    Posts:
    40
    Location:
    King's Lading
    We started with a local PM whom we purchase this IP off and we've kept this IP for many years without any hassles with our PM.
    For some reason, that PM sold off their business and had transferred our business over to this new agent. During that time we were too focused on other priorities so probably didn't pay too much attention on this change so we signed up with them. By all means these new PM are doing a OK job, just that sometime I feel these PM are working for the tenants rather than us.

    You are right, we'll never know whether the next one will be better, but atleast I want to find someone who we feel more comfortable with and someone who can mange our property, rather than a messenger for tenants.
     
  7. Lone_Wolf

    Lone_Wolf Active Member

    Joined:
    1st Jul, 2015
    Posts:
    40
    Location:
    King's Lading
    Thanks guys for all other suggestions, we'll hop on it asap. Have a great day guys
     
    SeafordSunshine and Xenia like this.
  8. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney
    Helpful info as I have just had to do this myself.
    A question if someone wouldn't mind helping, the pm I have just given notice to managed a couple of properties for me, 2 of them became private rentals ( family I manage) and she stopped managing them. I have asked her for copies of in going and outgoing property reports for the time she managed them, she is being difficult and not providing them.
    Am I entitled to the reports or not?
    Thanks for the help
     
  9. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,343
    Location:
    4/136 The Parade Norwood, South Australia
    yes you are. Is there are reason you are not getting them?
    sometimes us agents have trouble getting bits and pieces from other agents too.
     
    MTR likes this.
  10. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney
    Our relationship has declined in the last month, we had a few issues and I've decided to change agents. Small town, we kind of became friends I guess, I find her attitude intolerable and I've lost faith and trust in her due to some issues. Now I'm asking for reports, names of tradespeople she said have done jobs and she's being very difficult.
    If we can't resolve it am I able to lodge a complaint with Fair Trading?
    Thanks @Xenia for your help
     
  11. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,578
    Location:
    Australia
    What did your managing agency agreement state. If the reports were listed on their schedule of works then yes you are entitled to them.

    If they are being difficult make a formal written request to the licensee of the business requiring them within 5 business days.
     
    Teddy likes this.
  12. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,576
    Location:
    Adelaide, SA
    You can go to fair trading if they don't provide them after written notice.

    At a minimum you need:
    - lease
    - ledger so you know where its up to financially
    - ingoing report so you can use it during any disputes. Routine inspections would be nice to have.
    - bond info so you can arrange a transfer
     
    Teddy likes this.
  13. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,343
    Location:
    4/136 The Parade Norwood, South Australia
    That's unfortunate and it doesn't make it easy if you were also friends.
    A new property manager may be able to assist and get the information required for you.
     
    Teddy and MTR like this.
  14. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,335
    Location:
    Perth, Melbourne, USA
    Hi L
    Hope its not the same one I had???
     
    Xenia likes this.
  15. Teddy

    Teddy Active Member

    Joined:
    19th Jun, 2015
    Posts:
    37
    Location:
    Sydney
    Thanks for the help, really appreciate it.
     
    Xenia likes this.