Update - 15th September 2017: The processes in this blog are now outdated. Check out the new post here.
With the existing push for Property Managers to manage more and more properties in less time the quality of the management of your property can be sacrificed. Meaning small details can go unnoticed that could have a major impact on your property over time. Everyone has different experiences which alters their perspective; but for whatever reason you have for taking back the control your property deserves these simple steps will help ensure its a smooth transition. These particular steps are focused on property owners who have current tenants residing in their property and want to change from using a Property Manager to using Cubbi.
Give notice to Agent
Once you have made your decision the first step is to give written notice to your agent; via email is generally acceptable. Depending on the State or Territory your property is in you may be required to give 30 days notice however check your Managing Agency Agreement that you signed with your agent when you first appointed them to manage your property as to the exact number of days.
Keep your tenants in the loop
As soon as you’re aware the Property Manager has received your notice to end your agreement and the date is confirmed you should immediately call your tenants so they are aware of what's is happening. This step is important because poor communication is why a lot of tenants get so frustrated with their Property Manager. It is also a great chance for you to set the scene to ensure a smooth business type relationship with your tenants. While you're talking to them its a good time to just prepare your tenants that their rent payments will soon need to be paid directly to you.
On the day you officially take back control of your property, there are a number of documents you must get from your Agent, these are:
- Lease - all leases relevant to the current tenants
- Application form - completed by your tenants when they first applied for your property
- Keys - ask them to be photocopied before you sign for them
- Condition Report - this should include all photos and videos of the property
- Change of owner Bond form - ensure this is signed by the agent.
- Tenant Ledger - this report must show all the money the tenant has paid (or been refunded) throughout the tenancy and what the tenants are currently paid up to.
D-Day part II
After you pick up the keys and relevant documents from the Property Manager, you should officially inform your tenants they need to pay the rent into your nominated bank account (put this in writing). You must also inform them who the main contact person is for any issues surrounding the property like maintenance and lease extensions for example. This is a great time to organise a Routine Inspection (check the legislation in your State or Territory however 7 days notice in writing is generally required) to check things out for yourself - they should also appreciate the care and attention someone is now putting into the property.
Get the bond in your name
One last thing you will need to do is complete the Change Of Owner Bond Form (which can be identified by a different name depending on the State or Territory) that you received from your agent on D-Day. Complete your details on the form, sign and post it to the relevant bond authority in the State or Territory of your property. A copy of this bond form is available in your Resources section of your Cubbi account.
Using Cubbi to manage your property gives you the opportunity to use the types of services only available to Real Estate Agents while giving you the control and attention your property deserves. Sign up now and start managing your properties with ease.