Switching agents

When switching over agents with an existing tennant, where are the boundaries in terms of rent? This is assuming the lease agreement is drawn up by the old agent.

Is this understanding correct?
Say the agent switchover date is 15/4 and the rent cycle is once at the end of the month. In this case, would the old agent get the rent up to 30/4. Take their cut of management fee up to the 15/4. And then disburse the rest to me? I then transfer the management fee from the 16/4 to 30/4 to the new agent?

Is there a situation where I have to pay both agents management fee on the same rental days?

 

It's very simple and it's done all the time. Regardless of the tenant's payment period or your disbursement period, rent is calculated daily. When the file is transferred an adjustment is made to the day and each agent receives their management fees accordingly. You don't have to do anything. You do not have to pay both managers simultaneously.

 

Ok thanks

 

Another question, so do I also have to have the new agent sign a new lease with the tennants or does the current one from the old agent carry forward?

Just to clarify on this, I'm talking about paying management fee to the old agent and the new agent for the same week of rent (ie double paying the management fee). Is this what you mean - that this will not happen?

 

One will finish up and the other will begin the next day.

The property managers should be sorting all these things out between themselves. Honestly, all the things that are concerning you should be taken care of between the 2 agencies. This is not a unique or tricky case, everything you presented in your posts is fairly standard stuff.,

 

Correct.

 

A new lease is not required only a new management agreement between the new agent and yourself.

You will need to give the current agent notice (30/60/90 days but it is in your current management agreement).

The new agent may take over without charging until the notice period expires

 

Thank you all

 

Just clarifying, the new agent can't take over before the previous agent ends. It's not a question of paying or money, it's a question of authority. They would have no contract agreement to act on behalf of the client so can't charge anyway.
What they can do is get everything ready including advertising if required and negotiate the termination of the existing management agreement - including paying it out if necessary to take it on sooner.