To change or not to change?

We have recently bought a house and the current tenants will be vacating at the end of the month. Would love some advice on whether to change PM or stick with the same one.

During the process of buying, both the selling agent and the PM were confident that the current tenants would sign another 12 month lease. However, the current tenants have decided to move on and we need to find new ones.

While it would have been good to know the tenant's intentions sooner, the PM wasn't to know until he received notice so no foul. However the tenants gave notice a few weeks ago yet I didn't find out about this until a full week after they had given notice. Even then, the PM or anyone at their office hadn't called to tell me, I was calling to find out what was happening with the current tenants.

I gave approval to have the property listed straight away and although it is currently listed on the PM's website, it is not listed on the major real estate sites. I have pointed this out to the current PM but it has not been fixed. We are now into the third week after the tenants have given notice and there are only a couple of weeks until the house is vacant.

I understand this time of year can be busy, with people on holidays and such, but I wonder whether another PM would do a better job managing this property. Problem is that the current tenants are quite messy and I doubt we would get good photos with them in. Also, as the rent is quite high as it is a big house, I am unsure whether another PM will be able to get the high rent that the current PM has.

 

Instruct your PM to list the property immediately on realestate.com.au and any other you want.

If they fail to act on your instructions - switch.

A two week vacancy can cost you more over a year than a $10-$15pw lower rent.

But first check the notice you have to give. Always check time frame on any agreement you sign - 4 weeks maximum. Some try to sneak in 90 days, far too long when performance is unsatisfactory.

 

It sounds like these PMs lack a sense of urgency and focus on minimising vacancy. It depends on nif you're happy to push and check on them, but I would personally find a more proactive PM who understands that each day of vacancy impacts your cashflow.

This half of January is a really good time to rent out properties and I would be making the most of it.

 

@Laurenlauren it's a sign that your agent hasn't been keeping up with the game. If the current Tennant are messy, it could be your agent hasn't been doing regular inspections.

If tolerable, try to get a renter to get in first by working with them closely as any change of management might extend your vacancy further out. Once you have someone in, and that you found a reliable agent either by referral or someone you already know, give your current agent the notice(depending on the state) and move on. If they are really bad, then just move on and cop the cost and risk.

 

Thanks for the advice. I had been instructing the PM via email to list the property immediately, to which they kept saying it had been listed. Turns out the PM was looking at the history listing and not a current one So it has finally been listed this morning.

 

Thanks for the advice. I'm leaning towards staying with the current agent while we find a tenant, then switching. We had an agent who was great with our first investment property, so I'd be confident switching to her. It feels too risky to switch with only two weeks to find a new tenant.