Have you ever received a change in property management notice from your chosen managing agent to say that the management of your investment property has been transferred to another agent?
In this video we discuss what it means when a rent roll is sold by an agency, and what it means for you as a landlord. We outline what you can do and what are your rights as an investor.
If you’re ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence.
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Receiving a letter or email from your chosen managing agent to say your investment property has been transferred to another agent can be difficult. You have spent valuable time researching the right agent to manage your asset, only to find out that their business is no longer. Essentially, what it means is that they have sold their rent roll to another real estate agency- a real estate business that you may not know anything about.
So what can you do?
You should know that it is OK for you to make your own decision as to who will manage your investment property. You don’t have to have that decision made for you and have your property transferred to another agent if the rent roll has been sold. You can make your own inquiries , and complete your own due diligence on selecting the right managing agent for you.
When a rent roll is sold by a real estate business, and the properties are transferred to a new agency, new Managing Agency Agreements will need to be signed by you as the property owner. This will establish the agreement between yourself and the new agency. This is your opportunity to ensure that this new agency is the right choice for you. If you feel a connection to this new agency and agree with their services on offer, then we encourage you to sign your agreement with them.
If not, we encourage you to look around and establish your own new managing agent, ensuring you are prepared with questions to ask your property manager. You should note that you are able to change your property manager mid lease. Once you have signed your agreement with your new managing agent, they can make contact with the old agent to advise, give appropriate notice, and collect necessary files, paperwork, and keys. You don’t have to worry about the uncomfortable situation of having to tell someone that you are moving are moving your properties – your new agent should be able to do that on your behalf, giving you peace of mind.
If you are a property investor who has had their property transferred to another agent and would like to know more about your rights, reach out to us to see how we can help provide you with confidence with renting out your investment. Let’s chat.
If you’re ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence.
YES, DOWNLOAD MY CHECKLIST
I hope that has helped you today, but if you have any questions whatsoever I’d love to talk to you. My number is 0426 264 771. I look forward to talking to you soon.
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