What is the most popular misconception about the management of your rental property?

Often when a property investor calls me to enquire about looking after their property for them, they tell me the lease doesn’t expire for a while so they will have to wait until then to change Property Managers.

This in fact is not necessary.

The Lease or Tenancy Agreement is independent of the Property Manager and the Owner, it ties the tenant to the Property, regardless of who the Property Manager is and/or Landlord is.  So, you can change your property manager at any time whilst the lease is in place provided you give the current agent the correct notice period which, in most cases is 90 days but can be as little as 30 days if both parties agree.

You can also sell your rental property whilst a lease is in place provided you the tenants are served with the appropriate notices. The new owners are bound to the terms of the tenancy agreement but are not bound to the Property Manager, upon settlement they are free to choose and appoint their own property manager or remain with the previous owner’s choice.

Paula Fysh, 5 March 2013