In this video, Jarrad Mahon Managing Director of Investors Edge Real Estate explains when and how you can change property management companies.
G’day! Jarrad Mahon here from Investors Edge Real Estate.
Now we get asked all the time, How do you change the property manager that you’ve got? What matters first is whether or not you’re in a current management authority?
Most property managers have an authority that lasts for two years, some last for three years. And a lot of owners think that it coincides with the lease and something to do with the lease.
Very often if you’ve had a number of lease changeovers and a number of extensions on your lease, it may not coincide.
So you need to go back and check the management authority when is it valid to and that’s going to be the biggest factor as to whether you can look at changing managers.
Now if your current property manager has done a bad job with their service, do check with us because there’s every chance that you’ll be able to get out of your contract especially if they’ve been negligent.
And if you’re getting towards the end of your management authority we may be willing to help with some of the termination cost that is payable.
Often the management authority would require a 50% of the remaining fees that could be collected to be paid in order for you to terminate that contract.
So if it’s only got six months or four months to go let’s chat and we may be able to help you with that. And if the manager has been negligent let’s chat because we may be able to help you get out of your contract.
Most managers if they know they are in the wrong, will release you but then again there’s one in every ten manager that’s done bad service and also wants to hold you for every last dollar unfortunately.
So, check with us if you are thinking about changing managers and lets see if we can help. We provide property services across WA including Perth, Joondalup, and more.