Terminating Agreement With Rental Manager

Viewing 4 posts - 1 through 4 (of 4 total)

Ryan McLean
Participant
@ryan-mclean
Join Date: 2010
Post Count: 547
September 22, 2014 - 2:15 pm
Hey guys,
My dad is looking to terminate his agreement with his rental manager so he can self manage the property.
I know he needs to give notice as per his contract with the rental manger (30 days).
My question is around getting the tenants to pay him rent
Should he
A) Get the tenants to pay him rent immediately and then simply pay the agents their monthly fee out of that?
B) Continue to get the tenants to pay the rental manager until the contract is complete?
He doesn’t know much about this stuff (thus getting me to do it). I guess he is scared that the tenants will overpay the agents or that the agents will be dodgy and not pay him what he is due.
Thank for your advice
Ryan McLean | On Property
http://onproperty.com.au
Email Me
Adrian Cahill
Participant
@adriannqld
Join Date: 2003
Post Count: 128
September 25, 2014 - 8:34 pm
I had to change Agents a few times due to neglected properties. It was always a simple process though Ryan.
Collecting the rent himself before their contract is up could lead to more complications then required.
PS. I signed up to one of your newsletters/mail campaigns a year or so ago. Nice work.
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone Me
Here since 2002, however things have evolved over the years.
thecrest
Participant
@thecrest
Join Date: 2004
Post Count: 992
September 30, 2014 - 10:58 pm
Hi Ryan.
Simple to structure the termination for say end of month so REA can wind up same time and do a full accounting to your Dad.
REA needs to write to tenants to advise change of rent situation so thet don’t pay the agent again after termination.
Then get copies of all docs and rent records and all inspections reports and letters and correspondence with anyone by REA on Dad’s behalf to complete his files.
Hope it runs smooth.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Me
selling motels in NSW
Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
October 1, 2014 - 2:16 pm
Get the tenants to pay property manager until end date, then agent can provide statement of accounts for hand over.
Good luck to your father self managing, switch over is the least of his worries!
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone Me
Investment Focused Finance Strategist - servicing Australia-wide