PM handing their entire client list to another PM

Discussion in 'Property Management' started by James Bond, 29th Mar, 2020.

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  1. James Bond

    James Bond Well-Known Member

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    Hi, one of my PMs has advised me they are getting out of the PM business and handing off their client list to another PM of their choice. They've asked me to complete some forms to authorise the transfer. I'm guessing that I don't have to go along with this - and I can choose to appoint a different PM or even self-manage.

    Can anyone let me know how easy it is to change PMs as I haven't done this before? The property in question is in QLD.
     
    James Bond, 29th Mar, 2020
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Find a new PM that you are happy with and engage them to manage your properties - they will take care of the rest.
     
    Simon Hampel, 29th Mar, 2020
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  3. Marg4000

    Marg4000 Well-Known Member

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    Do your own research, don’t automatically accept the buyer of the rent roll.

    We did, and regretted it. Unfortunately we were only given a few days notice and were on holidays interstate so not in a position to make a more considered decision.
     
    Marg4000, 29th Mar, 2020
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  4. Danieljk101

    Danieljk101 Well-Known Member

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    Is this a certain Brisbane PM? If so I got the same emails this morning.

    Feels like we are being sold to the highest bidder...
     
    Danieljk101, 29th Mar, 2020
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  5. James Bond

    James Bond Well-Known Member

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    @Danieljk101 can you Private message me? The agent in question does post on here occasionally.
     
    James Bond, 29th Mar, 2020
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    They would be selling their rent roll and assigning their contracts with landlords to another firm. You would be still under the same contract probably and will be able to appoint another agent if your agreement allows termination or if they agree.
     
    Terry_w, 29th Mar, 2020
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  7. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    Yes, just let them know you will be changing to another PM. The termination provision is the same whether the assignment remains with the current PM or is assigned to a new PM - 30 days' notice of termination via writing.
     
    Michael Mitchell, 29th Mar, 2020
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  8. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    wow..
     
    Michael Mitchell, 29th Mar, 2020
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  9. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    Yep, good advice!
     
    Michael Mitchell, 29th Mar, 2020
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  10. Hetty

    Hetty Well-Known Member

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    Yep, I got an email this morning too. I looked the new company up and they’re Melbourne based, opening in Brisbane. Same people?

    I couldn’t find much out about them and I think I’ll find someone else too. I want someone good to lead me through this Covid thing, I have my current tenants asking for much lower rent and I want someone managing this situation well. I’m not impressed that this was so sudden and they’re trying to get us to sign by Wednesday!
     
    Hetty, 29th Mar, 2020
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  11. James Bond

    James Bond Well-Known Member

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    Yep. sounds like it.
     
    James Bond, 29th Mar, 2020
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  12. James Bond

    James Bond Well-Known Member

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    James Bond, 29th Mar, 2020
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  13. Willy

    Willy Well-Known Member

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    Same situation here.

    Is the new PM really just opening in Brisbane?

    If so I'm out.

    Willy
     
    Willy, 29th Mar, 2020
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  14. Hetty

    Hetty Well-Known Member

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    @Willy yep google them/search on Facebook
     
    Hetty, 29th Mar, 2020
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  15. FredBear

    FredBear Well-Known Member

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    Similar thing happened to me - my former managing agent (who was excellent) retired and sold the rent roll to another company. Things went rapidly downhill with the new agency.

    Lesson learnt: don't just go with the flow. Do your due diligence on the new company, and if they are not up to scratch go elsewhere. I waited to find out how bad the new agency was:(
     
    FredBear, 29th Mar, 2020
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  16. Wonderman

    Wonderman New Member

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    @James Bond - I’m in the same boat too. Please let me know if you have any good alternatives in mind, though I couldn’t see too many negative reviews for the new one.
     
    Wonderman, 29th Mar, 2020
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