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Making the switch to Momentum Wealth

Switching property management agencies is easier than you might think! At Momentum Wealth, we’re dedicated to making the handover process as efficient and smooth as possible, ensuring a stress-free and easy transition for you and your tenants.

How it works

  • Obligation-free discussion

    If you’re thinking about moving to Momentum Wealth, we will arrange a confidential, obligation-free discussion to identify key areas of concern with your current management. We’ll take you through our own property management procedures and approach so you can ensure we’re the right fit for you.

  • Your New Management Agreement

    Once you’ve confirmed you’re ready to make the switch, we’ll draw up a new Management Authority agreement. At this point, you will need to inform your outgoing agency of your decision – we’ll help you put together the required notice to make this switch as easy as possible for you. Once the standard 28 days’ notice is given, we will then contact the agency on your behalf to arrange handover of all the necessary documents.

  • Document Collection

    During the notice period, we will liaise with your outgoing agency to ensure all relevant documents are prepared prior to the agreed handover date. Formal management of your property will commence at the end of the 28 day notice period, and we’ll pick up all the necessary documents and keys on your behalf to ensure a stress-free handover process.

  • Tailored Rental Strategy

    In preparation for your new management with us, our leasing specialist will conduct a thorough property analysis and work with you to develop a tailored rental strategy. This will include detailed recommendations on how to maximize your property’s performance and a full compliance check to mitigate risk to your portfolio.

  • Tenant Introduction

    If your property is tenanted, we’ll get in touch with your tenant to inform them of the change in management and introduce them to their new property manager. We’ll provide them with all the necessary information to ensure a smooth onboarding process, and arrange a date to conduct an inspection to ensure everything is on track with your property.

FAQs

Will I incur penalties for switching property managers?

No, if your Management Authority has expired and you follow the correct procedures, you shouldn’t incur any expenses for switching agencies. If you are in an existing contract and  wish to terminate your agreement early, you may incur charges, referred to as liquidated damages, which can be up to 50% of the management fees on the remaining term of your agreement. However, in some circumstances – such as if you’re existing property manager is deemed to be neglecting their duties – owners may have the right to terminate this agreement early without incurring penalties. For more information, visit the government website.

Do I need to wait for my property’s lease to expire before switching property managers?

Good news – you don’t need to wait until the end of your existing lease to switch agencies. Once your Management Authority has expired, you can change property managers at any time. As part of the handover process, we’ll make sure all necessary documentation is transferred and reconciled ready for your new management with us.

How long will my existing Management Authority remain in effect?

A Management Authority agreement will typically specify a term of one to three years and may be extended for a further period as agreed by you and your property manager. Once the term of the agreement has come to an end, unless extended, it will remain in place until either party provides the other with 28 days’ notice of their intention to terminate the contract.

We’re excited to work with you!

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The information on this page is intended only as a summary and general overview  and it is not intended to be comprehensive nor does it constitute legal, financial or taxation advice. Many factors unknown to us or dependent on your circumstances, may affect the applicability of any statement or comment that we make and consequently, you should seek appropriate advice before acting or relying on any of the information contained on this page. The information contained on this page is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs.