I have finally lost my patience with my property manager on one of my properties. They are slow and incompetent. I am now one year and 6 months into the 2 year contract. I would like to leave. About six months ago I discussed this with the PM and was told I could pay my way out, but that was it. This is not an issue about money, it is about keeping my tenants happy and my property well maintained. The fence started falling down over a year ago and I am still discussing it with the PM! I have discussed this issue with my tenants and they are happy to deal direct with us.
If I just leave and get the tenants to pay me directly, what can the agent do? They have $738 owing in management fees if I was to continue to the end of the contract. I'm assuming it would not be financially worth their while taking me to court.
Does anyone have any stories of sacking their PM? What did you do? Any advice gratefully received!In the first instance, contact the licensee of the business, they may not know you have an issue with the property manager (unless the PM is the licensee).
Discuss the matter with the office of fair trading, they may be able to take action on your behalf on the basis that the PM is incompetent.
Hi
is there anything in the wording of the contract regarding the type of service being provided, their obligations as property manager, such as attending to issues of maintenance promptly, carrying out regular property inspections etc. if there is and they have failed to meet their obligations you may have grounds to terminate the contract early.
cheers
Sonya
Good luck with everything. It sounds like you are in a difficult situation.
It would be painful to pay them out and then have your good tenants leave and have to find a new PM. But if your good tenants stay long term then you could cut out the middleman and become the PM yourself. You wouldnt have to pay your commission fee.
I would only do this is you have really good tenants, because being a PM with bad tenants would be way too hard and time consuming for me, and wouldn’t deliver enough profit.Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeI always advise my clients to cross out the "assignment" clause and also to change the 90 day period to cancel the agreement to 30 days and initial it. You may start with a manager that is awesome and lock in your business, but if they go off to have a baby, or go to a better paid job with a different agent, you are left with the dregs and this is sometimes when we as owners get very piaaed off.
So when you sign a contract, always check all the clauses where practical. Getting stuck with less than great service has let me move on in several cases. I would imagine you are stuck.
When you find a new agent, maybe a good idea would be to get them then to forgo your first months management fees to transfer the property to them. This means that if you had changed the initial conditions to 30 days, a one month earlier transition to a new agent is now possible.
Either way good luck.
DD
louisepaul wrote:I have finally lost my patience with my property manager on one of my properties. They are slow and incompetent. I am now one year and 6 months into the 2 year contract. I would like to leave. About six months ago I discussed this with the PM and was told I could pay my way out, but that was it. This is not an issue about money, it is about keeping my tenants happy and my property well maintained. The fence started falling down over a year ago and I am still discussing it with the PM! I have discussed this issue with my tenants and they are happy to deal direct with us.
If I just leave and get the tenants to pay me directly, what can the agent do? They have $738 owing in management fees if I was to continue to the end of the contract. I'm assuming it would not be financially worth their while taking me to court.
Does anyone have any stories of sacking their PM? What did you do? Any advice gratefully received!What esactly are you discussing to your PM about the fence?
Is there not usually a clause in the contract that gives either party the right to give a month's notice?
If your tenants are good, manage the property yourself and save $$$$.
Good Luck.
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