Owning an investment property in today’s real estate market can be an excellent addition to your portfolio. However, it does require effective property management services to ensure optimal returns. Unfortunately, many agencies fail to deliver the level of service that you, as a landlord, deserve.
If you find you’re not happy with your current property manager in Queensland, is it time to consider looking for a new property manager?
At Position One Property, we offer a Free Rental Appraisal and are happy to answer any questions you may have about us as a property management company.
Although switching your property manager is not a decision to be taken lightly, there are potential benefits, such as:
- improved service,
- tenant satisfaction, and
- peace of mind.
These benefits can certainly make the change a worthwhile endeavour. In fact, we get many landlords contacting us wanting to change their property manager because they are simply unhappy with their current managers, and can see we offer a better solution.
Why Change Your Property Manager?
As a landlord, your investment property is a business, and your tenants are your customers. As with any business, it’s important to treat your property management seriously. If your current agency is falling short in terms of communication, attention to detail, routine inspections, not checking a tenant’s credit history, or other essential aspects, it’s time to take action. Find a new agent!
Furthermore (and even more of a concern) is that if your tenants are unhappy with the service they are receiving, they may leave. That means higher turnover rates and potential financial losses for you. By switching your property manager to a dedicated property manager, you can ensure your investment is in capable hands. You can also be sure that your tenants get the service they deserve.
The Process of Changing Property Managers
Many landlords think that switching agencies mid-lease will inconvenience their tenant. This is not true. However, the whole process can be somewhat involved, requiring an uncomfortable conversation with your current manager, written notice, finding a new agent, signing a new management agreement…
We’re often asked the following questions about switching property managers:
Can I change property manager mid-lease?
Yes you can. Whilst your tenancy agreement with your tenant is on a fixed term arrangement, most management agency contracts are month to month. So in Queensland, you can switch your property manager without waiting for the lease to expire. Just be sure to serve them the mandated amount of notice.
If I change property managers, will it disrupt my tenant?
Changing property managers doesn’t have to disrupt your tenant’s living situation at all. Proper communication and coordination ensures a smooth transition. When selecting a new property manager, ensure they have a reputation for seamless handovers as this means a hassle-free experience for both you and your tenant.
Will it mean finding new tenants?
Changing property manager doesn’t necessarily mean finding new tenants. Your current tenants can continue their tenancy with the new property manager. The key is to keep them informed about the change and provide them with the necessary contact information for the newly selected property management company.
Will my tenant have to sign a new lease?
There’s no need for your tenant to sign a new lease when changing property managers. The existing lease remains valid, and the terms and conditions agreed upon with the previous property manager carry over to the new one.
Assessing the Current Situation
Before you switch property managers, carefully evaluate what aspects of your current agent or property management arrangements are unsatisfactory. Consider factors like
- communication,
- management fees,
- rent collection,
- property inspection,
- maintenance response time, and
- adherence to your property management arrangement.
Researching Potential Property Managers
Seek recommendations from friends or fellow landlords who have had positive experiences with property managers in Queensland. Online reviews and testimonials of any management agency you’re considering can also provide valuable insights.
You’ll notice Position One Property has many 5 star reviews from both owner clients and tenant clients.
Compile a short list of reputable property management companies that have a track record of delivering exceptional service.
Conducting Interviews
It sounds formal, but to make the effort to personally interview your short list of potential new property management companies. During these conversations, ask relevant questions about their communication practices, rent collection procedures, property inspection frequency, maintenance handling, and fee structures. Ensure that the new management agency aligns with your expectations and requirements.
Terminating the Current Agreement
Be sure to check on the terms of your current agreement – particularly the ‘required notice’ period. If your agreement is on a Form 6, you must typically give 30 days’ notice. However, agreements on older forms, such as PAMD Form 20a, may require a 90-day notice.
Do familiarise yourself with the specific requirements so you know exactly how much notice you must give. This all helps ensure the transition is smooth in the handover process to your new property management company.
Notifying the New and Current Property Manager
Complete the Change of Property Manager/Owner (Form 5) , which is a form provided by the Residential Tenancies Authority (RTA) in Queensland. Simply download the Change of Property Manager/Owner (Form 5) from the RTA.This form must be signed by both the old and new property managers/owners. Then, it is to be submitted to the RTA. Take care to also let your current agent and tenant know (ideally in writing) about the change. Also provide the tenant with the contact details for the new property manager/owner. In fact, Position One Property will do this step for you, if you are uncomfortable doing it yourself.
Benefits Of Changing Your Property Manager
When you change your property management company to Position One Property, you stand to benefit from:
Improved Service
By selecting a reputable rental property management agent, you can expect a high level of professionalism. If you take care to choose a company who value good customer service, you’ll enjoy prompt communication and efficient handling of tenant and property-related matters. This leads to greater satisfaction for both you and your tenants.
Improved Tenant Retention
Happy tenants are more likely to renew their leases and stay longer in your property. Switching to a property manager who prioritises your tenancy agreement and tenant’s needs can make all the difference to your property’s performance as an investment. Engaging Position One Property can contribute to improved tenant retention rates, which will reduce the frequency of vacancies and all the associated costs that go along with changeover of tenants.
Peace Of Mind
Entrusting an investment property to a competent and reliable property manager provides peace of mind to property investors. When you know your property is being competently managed, you can focus on other aspects of your life. You’ll even have time to look at expanding your real estate portfolio!
Expertise and Experience
Reputable property management companies have years of experience. Like Position One, they’ll have extensive knowledge of local regulations and market trends. Leveraging their expertise can help you maximize rental income, minimize vacancies, and keep on top of any legislation complexities.
Choose Position One Property To Manage Your Investment
Changing property managers in Queensland can certainly be done. We suggest that it is not a decision to be taken lightly. However, if your current property manager is not performing as you’d like, it may be time to explore alternative options. It is well worth contemplating to change property managers for better service and confidence in your rental property’s care!
Servicing much of South East Queensland
Since we’ve been in the real estate and property business in Queensland for over 20 years, we now manage property for clients over much of South East Queensland, including the Sunshine Coast and the Gold Coast. For a comprehensive list of the suburbs we service – as well as suburb profiles for many of them – check out our We Service These Suburbs page!
To help ensure you follow the right process, and don’t risk breaching any REI regulations, we can handle the entire process free of charge for you. This includes organising paperwork, giving notice to your current agent, obtaining your property file, organising inspections, and taking over management from an agreed date. In other words, we’ll ensure life carries on with less stress and no rental property hassle for you!
For further information on how to become a client of Position One Property, please check out our article How to become a client.
Don’t be a stressed out landlord! Contact Position One today.