Firing your property manager is a Landlord’s right and many do it without a second thought. Landlords have the power to do it whenever they choose to and for some, they get a lot of joy out of saying ‘you’re fired’. Landlords taking back the management do so to increase their cashflow. However as we know, “good times don’t last” and landlords managing their rental properties while juggling other tasks like a full time job wonder if they’ve made the right choice.
Property managers come into their own when issues crop up and landlords using them breathe a sigh of relief. On PropertyTalk discussion forums a user recently requested information on how to take back the management of his rental property.
“We have fired our PM and now wish to take over the management ourselves, Have been trying to find out information about what we need to do to take over the management.
I can find info about starting and tenancy agreements etc but I can’t find how we take over the management from someone else.
Can anybody tell us or maybe provide a link to information about what procedures we need to follow to take over the management as it is already tenanted.
Really appreciate any help.”
Outsourcing the property management of residential properties is a no brainer in 2017. It’s a lot more complex now. There’s the Residential Tenacy Act 1986 (RTA) and the amendments to it e.g. Residential Tenancy Amendments Act 2010. Who really wants to spend hours reading and understanding legislation and there’s no escaping it either as tenants will surely know their rights and the person managing the property needs to as well. As one user on PropertyTalk replied:
“Read the RTA, read the RTA again, read the RTA a third time. Then read it ever day for a few weeks until you understand it inside out.”
A spokesperson at this Auckland property management firm said knowing the RTA inside and out is not optional, it’s fundamental for managing rental properties in 2017 and changing property management firms would be the recommended action for landlords to take if they’re unsatisfied with their current provider.
This blog article was written for PropertyBlogs by Mobilize Mail.