How it works
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.
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Disclaimer: The information and material contained on this page may not be updated regularly and we do not guarantee or warrant the accuracy or currency of that information and material. To the maximum extent permitted by law, our officers, employees, agents and associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on the information and material contained on this page or any opinion, conclusion or recommendation in the information and material, whether the loss or damage is caused by any fault or negligence on the part of our officers, employees, agents and associates or otherwise.
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.