Hi All, This has probably already been asked but its hard to search for. When you change property managers, who's responsibility is it with the change over? So what I mean is, my sister rang up the PM to find out a new PM was now in charge of the ppty. The Rental bond is with the old PM...some rent was also sent to the old PM. Is it the new PM's responsibility to move the rental bond over to them? and also provide the new trust account details to the tenant? Also, how do you know for sure that the 'new PM' is legit and not scam you?
All responsibilty lies with the new pm. Whether they are scamming you???? Hoping you chose a licensed agent
In my experience, both PMs would need to do their part: Current (Old) PM to advise that they are out, and introduce new PM with contact details etc. New PM then say Hi to you (Clients/Tenants), and provide new bank details for rent money (Trust Account) Old PM transfer Bonds to New PM, and if needs be, transfer rent money too. These are all copied to you. Lease: no need to be re-signed in most cases, but I've seen some who did. Statement: good to ask for a copy of the Rent Statement so that your sister knows all the payments have been received. If the above steps have been followed, you'd know they are legit....
Sounds like you mean a new PM from a different agency was allocated? If so this would mean the rent roll has been sold. In theory the bond should be allocated across to the new PM and rents transferred across also. There are cases however where some money supposedly vanishes in the accounting handover.
I assume you mean going from one agency to another? If so - the new PM should be taking care of everything for you. Cheers Jamie
Hi Jamie, yes thats what i meant. thanks for clarifying. Spoke with my sister and she suspects the landlord has moved PM's to save on fees...new PM is incredibly lazy.
The PM doesn't hold the bond so it can't be transferred over to them as such. They just have the authority to make claim on it by way of the new management agreement. The bond is still the tenant's money, lodged with the relevant state authority and held in trust. At the conclusion of the lease the landlord, via the PM, can make claim on that bond under the relevant provisions before it is released back to the tenant. The holding of bonds is a very common misconception and one which often causes confusion.
In SA we still have to transfer it when we take over a management. The money stays put but we do a transfer of management via Bonds Online and then the old PM has to accept the change. Not sure if this is the same in QLD? Perhaps this is the source of confusion?
