The most common reason landlords put up with a property manager they're unhappy with is that changing sounds like a hassle. It's less work than most people think, and it doesn't involve your tenant doing anything at all.
1. Read your current management agreement
Look for the notice period (often 30 days), whether the agreement has a fixed term, and whether there's a fee for ending it early. If you can't find your copy, your current agent has to give you one.
2. Choose your new manager first
Don't give notice until you've signed with someone new, so the property is never without a manager. Ask the new agency who would actually look after your property, how many properties that person manages, how often they inspect, and what they charge, in writing.
3. Give notice in writing
Your new agent will usually prepare the notice for you to sign. It goes to your current agent and sets the date the management changes.
4. The file is handed over
Your current agent passes the new one everything about the tenancy: the lease, the condition report and photos, keys, the bond details, the rent ledger and any maintenance in progress. The bond stays lodged with NSW Fair Trading; only the managing agent on the record changes.
5. The tenant is told
Before the change takes effect, the tenant receives a letter with the new agent's details and how to pay rent. Their lease, their rent and their rights don't change.
What it costs
Many agents, including us, don't charge to take over a tenanted property. Your current agent may charge an exit fee if your agreement allows it, which is why step one matters.
