One of the most common misunderstandings in property management is that once a landlord has paid a property manager to manage their property they are bound to them. However, that is not the case, in fact, it can be quite a simple process to make the switch to another management company. Let’s talk you through it.
Many landlords don’t realise that changing management agencies can be as easy as giving their current managers notice. If your agreement has expired, it is perfectly acceptable to give an agent the required 28 days notice for termination at any time throughout the management of the property.
At C-Vue, we can handle the property management switch on the landlord’s behalf. The last thing a landlord wants to do is risk being persuaded to stay with an underperforming management agency. Especially when the process to switch can be as painless as signing some paperwork.
Generally this is how the switch plays out:
1. The landlord informs the new agency that they would like them to takeover the management of their property,
2. The landlord fills out a standard letter which can be sent through to their current agency giving the required notice period to cease the contract arrangements,
3. The landlord completes a new agreement with their new agency and sends that through for completion,
4. No other work is required by the landlord, it is all up to the new agency to take over now,
5. The new agency picks up all the relevant information from the old agency, including tenant details and property keys,
6. Tenants are notified of the changes, the new agency contacts them and are the property managers from there forward.
What if we’re locked into a management agreement you ask?
Landlords are committed to the agency for the length of the managing authority, but you are never completely locked in. It is worth noting that some agencies charge a fee for early agreement termination, so check if the agency is entitled to anything before requesting the switch. C-Vue is happy to check individual situations to work out any costs of transferring management to ensure a seamless and stress-free handover.
One of the major benefits of switching to C-Vue Property Managers is our unique fee structure. We believe there should be no difference in the delivery of exceptional service whether the landlord has a $500 per week property or a $1400 per week property. With us, the property is charged at one transparent fee that the team at C-Vue have calculated, allowing them to provide you with top-quality service. It’s an almost completely unique service structure in Australia, but landlords value it.
Previously C-Vue has charged traditional fees and below is an estimation on our old fees, annually charged, based over 2 years.
$600 rent pw = $4,379 pa
$700 rent pw = $5,005 pa
$800 rent pw = $5,630 pa
$900 rent pw = $6,255 pa
$1,000 rent pw = $6,881 pa
$1,300 rent pw = $8,757 pa
$1,500 rent pw = $10,008 pa
But with C-Vue’s new structure, the flat fee is $4,260 pa including GST regardless of the rent, so landlords could potentially save thousands annually by making the switch. This fee includes all costs throughout the year and is charged on a monthly basis when your property is leased.
C-Vue is equipped with the team and knowledge to help landlords understand the fees they are being charged, and they also provide a free comparison service. Why pay more when you don’t have to? Enquire today.