Thinking of Changing Property Managers? It’s Simpler Than You Think
Considering a new property manager or real estate agency but worried it might be a hassle? The truth is, the process is very straightforward — just two easy steps for you:
- Sign a new management agreement with your chosen agency
- Share the contact details of your current manager or real estate agency with your preferred agent or agency — they’ll handle the termination notice and collect all necessary documents
That’s really all it takes! Want more information? Let’s go through some common questions and tips to ensure a seamless transition.
What to Keep in Mind
Feeling awkward about giving notice?
No need to stress. Your newly appointed property manager can take care of this for you. They’ll issue the formal notice and manage the transition process professionally. If you prefer to do it yourself, remember: you’re not obligated to give a reason for the change.
Are there exit fees involved?
Generally, property management agencies don’t charge exit fees. Instead, they require a notice period — usually 30 days and sometimes up to 90 days (refer to your agency agreement). It’s a good idea to ask about this in advance, and you might even be able to negotiate a shorter notice period for more flexibility.
What if the tenant accidentally pays your previous agency?
No problem. Your new agent can coordinate with the previous one to have the funds transferred. Strict laws around trust accounting mean this process is usually smooth and well-handled.
Do I have to pay another letting fee after switching?
No — changing property managers doesn’t trigger another letting fee. At YellowPM, there are zero costs for switching agents.
Can I change agents during a fixed-term lease?
Yes, you can switch agents regardless of your tenant’s lease status. The agreement with your tenant remains valid and unaffected.
What happens if the property is vacant when you switch?
Some management contracts include exclusivity clauses, which might entitle the old agency to a leasing fee — even if the new agent finds the tenant. While this isn’t always enforced, it’s worth reviewing and negotiating these terms when signing with a new agent to avoid potential double charges.
Will my tenant be affected by the change?
Tenants often appreciate a switch if service improves. The only real difference for them is where to pay rent and who to contact for maintenance. At YellowPM we ensure a smooth transition and maintain tenant satisfaction.
Behind the Scenes: How the Changeover Works
Here’s what goes on when you switch to yellowPM:
1. Notice is given to your current property manager
Once you sign with YellowPM, we'll handle notifying your current property manager. This includes giving the required notice based on your existing agreement — usually 30, 60, or sometimes 90 days.
2. The handover is organised
YellowPM will liaise directly with the previous property manager to gather all necessary paperwork and property details. These typically include:
- The lease and any past agreements
- The ingoing condition report and photos
- Signed condition reports from the tenant
- Routine inspection records
- Rent review and increase notices
- Bond transfer documents
- Property keys
- Up-to-date tenant ledger
- The original tenancy application
- Any additional records (e.g. pet approvals or maintenance requests)
3. Your tenant is contacted
On handover day, YellowPM will reach out to the tenant to introduce themselves and provide the updated rent payment details. At YellowPM, we also schedule a routine inspection early on to view the property, address any maintenance concerns, and personally meet your tenant.
Ready to Make the Move?
Switching property managers doesn’t have to be stressful. With YellowPM and a bit of planning, the process is quick, easy, and beneficial for both you and your tenants.
When you’re ready to switch, we’ll guide you every step of the way.
