Considering a change of property managers in Reservoir can significantly enhance your property’s performance. This guide will walk you through the steps necessary to switch managers without hassles.
Why Change Your Property Manager?
If you experience communication failures, rent shortfalls, or slow return on vacancies from your current manager, a change may be warranted. It’s important to select a management team that prioritizes owner updates, rent reviews, and tenant quality.
Steps to Change Property Managers
Switching property managers involves notifying your current manager and transferring all tenant records smoothly. Here’s a quick rundown on how to do it:
- Serve written notice as per your agreement terms.
- Appoint a new manager who oversees the transfer of responsibilities and tenant documents.
- Avoid waiting until the lease ends; tenant leases typically remain uninterrupted.
After the transition, you should notice improvements in tenant relations, reduced vacancies, and maximized rental income.
Typical Issues with Property Managers
- Vacancies lasting more than two weeks can reduce your investment return.
- Missed inspections or repairs leave properties poorly maintained.
- Lack of regular rent reviews leads to rent predictability woes.
- Feeling ‘in the dark’ about your investment can be frustrating.
The Process in Victoria
The procedural requirements in Victoria include a 14 to 28-day notice period. During this period, your new manager should handle the transition efficiently, ensuring no disruption to tenants.
Choosing the Right Property Manager
Consider these questions when vetting new managers:
- How quickly can they assume management of your property?
- What are their standard communication practices (frequency and method)?
- What are their average days to lease properties and rent increase records in Reservoir?
FAQs About Changing Managers
- Are there fees associated with switching property managers?
- What becomes of your current tenants during the transition?
- Will you need to manage key paperwork?
Taking Action
Your Reservoir property deserves expert management. Schedule a confidential, no-obligation management review with Collings now! Book your review.
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