SWITCHING PROPERTY MANAGERS: IT’S EASIER THAN YOU THINK

Switching property managers isn’t as hard or costly as many believe. There are many misconceptions that cause owners to stick with poor management, waiting for their agreement to end or for tenants to leave.

Don’t settle for a subpar property manager! If they’re not meeting their obligations, it’s time to consider a switch. Remember, it’s a partnership, and you shouldn’t pay for poor service.

Maintaining your property’s value is key to maximizing its sale price. Poor management or bad tenants can cause wear and tear, potentially lowering your property’s value by tens of thousands.

COMMON MISCONCEPTIONS ABOUT SWITCHING

  • You must wait until the lease ends to switch managers
  • It will cause major disruption for tenants
  • You’ll need to find new tenants
  • A new lease must be created

Many believe switching will upset tenants, but with good processes in place, a switch can actually lead to happier tenants.

CAN YOU CHANGE YOUR PROPERTY MANAGER MID-LEASE?

The short answer is YES!

Switching your property manager during a lease typically doesn’t cost anything. All you need to do is sign a new management agreement with your new agency, and they’ll handle the rest.

Your new property manager will:

  • Contact your old property manager to collect the necessary paperwork and keys.
  • Reach out to your tenant.
  • Notify the Residential Tenancy Bond Authority about the change in management.

The Truth About Switching Property Managers

Remember: You can switch property managers anytime, with minimal disruption to both you and your tenants. Ending your contract with your current manager only affects that relationship, while your relationship with your tenant remains unchanged.

Most property management agencies require a notice period of 30-90 days, depending on your location.

Looking After Your Tenants from Day One

At Dynamic Residential, we prioritize your tenants' well-being. We safeguard your property and your interests, knowing that happy tenants are key to success. And don’t forget: you can switch property managers whenever you’re ready, with minimal disruption to everyone involved.

How to Know When It’s Time to Evict Your Tenant

The thought of dealing with ‘problem tenants’ can unsettle even the most seasoned property owner.

Whether it’s a tenant consistently paying rent late or one who disturbs the neighbors, eviction might be the best option if they’re causing you stress.

This article outlines the legal reasons for eviction, the process involved, and essential details like tenants’ rights, costs, and where to seek help.

Reasons to Evict a Tenant

There are many reasons to evict a tenant, but it’s crucial to be clear about your motives. Why?

First, the reason must be valid enough to justify eviction; otherwise, you might not have a strong case. Additionally, different rules apply depending on the reason for the eviction.

Signs You Need to Change Your Property Manager

How do you know if your property manager is doing a good job?

A good sign is regular communication, at least every three months. If your property manager is actively reporting issues, managing repairs, organizing routine inspections, and giving you feedback, they’re on the right track. Remember, no news isn’t always good news.

Properties Sitting on the Rental Market Too Long

A successful leasing campaign should find a quality tenant within 2-3 weeks; otherwise, it’s costing you money. If it’s taking longer, your property manager should be suggesting ways to improve your campaign.

Frequent Changes in Your Property Manager

It takes time for a new property manager to learn their portfolio and build rapport with you and your tenant. This rapport is crucial for resolving disputes and getting the best outcome for you as a landlord. Frequent changes might also indicate high turnover in the company, suggesting deeper issues.

The Surprise Repair Bill

A sign of a poor property manager is receiving unexpected repair bills that seem unusually high. A good property manager should inform you of an issue before arranging a repair, providing photos and a detailed description. This gives the landlord the chance to handle the repair or let the property manager take care of it.

Tradespeople can often inflate quotes when dealing with someone who isn’t concerned about keeping costs low. If you’re faced with a large repair bill, it’s wise to call a few tradespeople and ask what they would charge for the job.

Late Rent?

Late rent can happen occasionally, so it’s good to be lenient sometimes. However, regular late rent could be a sign that it’s time to change your property manager. Here’s what to watch for:

  • Ask your property manager how they handle rental arrears.
  • Poor relationships between tenants and the property manager can cause issues.
  • The property manager should provide reasons for late rent.

Rental Increase for No Reason

Raising rent without a valid reason can drive away good tenants. This often happens with large real estate agencies that rely too much on automated reminders.

A good property manager will do a rental appraisal based on similar properties and offer their professional opinion on whether a rent increase is justified.

 

MOST COMMON EVICTION REASONS FOR PROBLEM TENANTS

  1. Non-payment of Rent

This is the most frequent reason for evicting tenants. It’s usually not just a one-time issue. You should try all reasonable options before considering eviction. Your property manager should attempt to set up a payment plan or work directly with the tenant to resolve the issue. Property managers prefer to keep tenants if possible. If issues persist despite efforts, eviction may be necessary.

  1. Failure to Maintain the Property

Tenants must take reasonable care of your property to avoid excessive maintenance problems. Eviction might be necessary if they make unauthorized changes or cause damage through negligence or deliberate actions.

  1. Breach of Agreement

Repeated failures to follow the rental agreement could lead to eviction. Common breaches include:

  • Nuisance behavior (e.g., disturbing neighbors)
  • Subletting without permission
  • Non-payment of utility bills
  1. Engagement in Illegal Activity

If a tenant is involved in illegal activities on your property, you have valid grounds for eviction. Examples include:

  • Using the property for illegal purposes (e.g., storing stolen goods or drug manufacturing)
  • Threats, abuse, intimidation, or harassment
  • Domestic violence

At YES Real Estate, We Do Things Differently

We achieve great results faster. With our up-to-date database, we know where your current buyers are and also reach out to potential buyers outside your area. This increases buyer competition and boosts sale prices. We use targeted marketing based on buyer statistics, so you only spend on what works, saving you money.

Our wide network, market insights, and aligned goals mean our sales, marketing, and customer service teams work together for the best results. We’re committed to transparency and prosperity across the board.

At YES Real Estate, our door is always open.