How to break-up with your agent…
We’ve heard that a lot of property owners are ready to switch property managers or cut ties with their agents due to excessive fees, lack of communication, poor follow-up of late rent or not responding to urgent repairs…
Renting out your own property is certainly not rocket science, and RentBetter is here to guide you through the self-management of your property.
We know it can be awkward and confronting to break-up with your existing agent, so we have outlined the basic steps to make this as seamless as possible.
- How Do I Terminate My Real Estate Agency Agreement?
- How Can I Get My Keys Back?
- How Can I Transfer Management Of My Rental Property?
- How Do I Tell My Tenant I Am Switching Management?
- How Can I Privately Manage My Property?
If you’re familiar with the steps and are ready to cut ties ASAP, get our ‘Agent Break-Up Kit’ here.
1. How Do I Terminate My Real Estate Agency Agreement?
Do you have an existing or ongoing agreement with an agency or property manager? Let’s make sure your break-up is compliant with any agreements in place. Most agreements will have a termination clause that requires a notice period of typically a 28- or 30-day notice period, but the agreement can vary by agency and location and we always recommend checking your original agreement or following up with your agency to confirm the notice period.
Even if the management agreement has expired, the notice period may still apply if the property is still tenanted. It’s always good to double check.
2. How Can I Get My Keys Back?
As part of the break-up process with your agent, you would typically request copies of:
- Original lease agreement (you might like the application and any checks conducted)
- Condition report
- Tenant ledger
- Maintenance and expense reports
- Signed transfer of bond form
You can ask for these items by sending a formal letter to your agent, notifying them of the termination of your contract.
How Can I Transfer Management Of My Rental Property?
Attach the filled-out form to the Management Transfer Letter to ensure it gets signed by your agent. Once signed, it needs to be sent by post to the relevant bond authority via post.
Also be sure to double check that the agent has provided the requested items and documents!
3. How Do I Tell My Tenant I Am Switching Management?
Ensure that your tenants are aware of the switch and reach out to introduce yourself and let them know about the change. If you aren’t able to get their details from the agent, you can always drop a letter in the mailbox.
4. How Can I Privately Manage My Property?
Follow the easy steps below to get started.
What we do? Our management platform helps you take control by automating a number of tasks related to managing your property to make your life easier. You can find more information about the Management Platform here.
- Go to RentBetter.com.au and click on ‘Get Started’
- Create an account by entering your details
- Since you already have a tenant, select the ‘Manage Tenant’ option
- Enter your property information and click save/submit at the bottom of the page
- Once you have put in your payment details, the tenant will receive an invitation so that everything can be set-up, and RentBetter can help you manage your property.
We know it can be awkward to break ties with your agent, but RentBetter offers the perfect platform for those property owners wanting to cut out the middleman and maximise their return on investment by renting out or selling their property themselves.
We’ve designed a kit to help you achieve a smooth break-up and easy move to self-management.
In this kit you will receive:
- A comprehensive checklist
- A formal termination letter template
- Instructions on how to start self-managing through RentBetter