Reappointing a property agent

Hi all,
Have recently purchased my first investment property and the current tenants have a lease (until November 2019).

The current property manager has sent through a 'Reappointing a Property Agent' (Form 6). (QLD)

Before I sign, what are the things I need to be aware of?

At this point in time I've not seen the lease documents of the tenant, a list of what the management agent actually does, or anything like that. Is it reasonable to be asking for those things first before agreeing to reappoint them?


Many thanks for any help in this area
Cheers, Forward

 

@Forward

Your should have requested/received a copy of the lease as part of your due diligence when purchasing the property.

You are free to appoint any agent as your property manager (unless there is some exclusive management agreement for a strata property with on-site management). The Agency should be putting a proposal to you for consideration (this will contain all of their capabilities, duties to be undertaken, reportings, key staff & escalation point, experience, contactable references, notice period for termination (not more than 30 days), any costs eg commission/management fees, postage, inspections, letting fees, project management costs etc).

 

Keep in mind theres no obligation at all to go with the same property manager as the previous owner used. Feel free to suss them out as to what their working philosophies are and talk to others too to compare.

 

Hi @Forward,

As stated above, no obligation at all to go with the current agent who sold you the property. There are normally two probable reasons that they haven't tried to "sell" their services to you. First, it could be just arrogance and operating on the assumption in their mind there is no reason to sell the service to you because you will just go with them by default. This is often the case and you will often hear that investors "inherited" their PM when they bought the property. Secondly, if they do try to "sell" their service it may alert a new owner to the fact they do in fact have a choice!

Either way if it were me and they didn't even bother to try and sell their service to you and just assumed you will sign an agreement with them by default, that would be enough to look elsewhere! Having said that if you were happy with the agents during the purchase process and think they might be a good fit for you, then requesting a proposal from them for PM services will at least put them on notice that it is not a lay down misere and they will have to work to secure your business.

Cheers,

Luke

 

Guys thanks so much for the replies.
I will get in touch and ask for both the lease agreement and PM services.