There’s a right time for everything and you already know your existing property manager is no longer performing. So when is it optimal to change property managers?
- When renewing a lease?
- Signing new tenants?
- Or when the property manager is no longer meeting your expectations?
Let’s take a look at two instances when you should consider ending your contract with your previous property manager and hiring a new one:
1. Expectations are no longer being met
A well managed tenancy is more likely to be renewed if your property manager is able to meet your expectations. A working relationship between a property manager and your tenant is necessary for the success of your investment. Most of the time, such a relationship will solve many problems before they arise. If your property manager is not meeting expectations, look for a new one as soon as possible.
2. Your contract is about to expire
If you are not happy with your current property manager and their contract is about to expire, break the chain sooner rather than later. This ensures there is sufficient time to make the transition smooth. If you haven’t found a replacement property manager, you should begin looking for one immediately. If you have, it also gives your new manager time to get familiar with your property, make suggestions and prevent the same mistakes from occurring.
Tips to make the transition a smoother process
- Secure the start date for your new property manager.
- Notify your existing property manager by phone, email or letter of the changes to your business. This is typically a 30-day process but may vary between agencies.
- Inform your tenants that you’re hiring a new property manager. The manager can then liaise with your tenant about new rental payment methods and so forth.
If your current property manager is not performing to your expectations, it is best to end the working relationship and hire a new one. By taking the initiative you can avoid the same mistakes being repeated, build a better relationship between property manager and tenant and feel comfortable that your business is in the best possible hands.
Need help finding a new property manager in Sydney?
Contact K.G.Hurst Real Estate to find out why we are Sydney’s property management specialists.