We often get asked the question: “What happens if I already have a property management company working for me and I am either dissatisfied with the service they are providing or the direction in which that company is heading?”
Well, before we get to that answering that question, it is important to first understand the following:
Contractual Agreements
There is actually two separate contracts that are likely to be in place with your investment property:
- A contract between the landlord and the tenant (the lease agreement) and
- A contract between the landlord and the property management company or agency (the Exclusive Authority to Act as Managing Agent)
So why is this important? Well should you decide to change property managers, this decision to change will not affect your tenants lease which will continue regardless of who is managing your valuable investment.
When Should You Leave An Agent?
We also hear many landlords asking: “When should you leave your current property manager / agency”. In our opinion, the answer is as soon as you are dissatisfied with the service they are providing. If you are dissatisfied there is a fair chance your tenant may also be feeling the same way towards the property manager and/or agency – so, why risk prolonging the inevitable and in doing so lose a perfectly good tenant in the process.
Our Advice
Our first piece of advice is to simply have a very open and frank discussion with your property manager about all of your concerns, preferably via a face-to-face meeting. However, if that is not possible try mixing up your communication style, if you normally email, try picking up the phone and vice versa.
If you have a current contract with the property manager / agency, you still need to communicate your concerns as there could be financial ramifications for getting out of that contract early, or they may try and hold you to some terms of that contract.
So put simply discuss your concerns with them in a firm but professional and fair manner, letting them know that you have been dissatisfied with the ongoing service being provided and are now ready to make some changes. Highlight that you would like them to be on board with your decision to change as you don’t want to be a dissatisfied customer and it is simply time to part ways. Taking this approach, they are more likely to assist you with making this change.
After all, if they do agree to release you from your contract or you’re already out of contract and you decide to come across to Wellington & Reeves then we still need the current property managers assistance with transferring the various pieces of information, documentation and of course the keys – which can be handled entirely on your behalf. The only thing you need to do is to have the chat and follow it up with advice of the change in writing as agreed during the meeting.
So if you are looking for a change, then please give us a call or email as we would be happy to walk you through the process in more detail – we would love to have your business.
