I founded NextGen Property Mgmt in late 2017 because I decided to take ownership of the management of my Sydney portfolio of investment properties. Truth be told, at the time I had been an investor for over 20 years with properties in various parts of South West Sydney but also South and North West Melbourne. Whilst I was always generally happy with the service I received (and sometimes ecstatic), it often felt that there may be a better way to do things. For the record – and if any of them happen to read this – I want you to know that I had been happy with the level of service, which is why I left my properties with you for decades!
So with the business founded, the first problem I had to solve was to make sure I knew exactly how I had to go about moving a property to NextGen. I know it happens all the time because people will often look for better service, or because they are looking for better value for money or because they have lost trust on their current agency.
No matter the reason, it happens and I’ve now come to know that it is actually a pretty straightforward process… a lot easier than you may think especially for the landlord.
It is a 4 step process that goes like this.
Step 1: Giving Notice
The process kicks off with the landlord giving the current managing agent a written notice.
The notice outlines the termination period, which in NSW is usually 30 days as most agents tend to use the REINSW standard agreement. Truth be told though one should check their management agreement as some Property Managers will insert their own clauses.
As well as the termination period, the notice should also outline everything else on the property file such as the current tenancy agreement, condition reports, invoices for repairs, as well as the keys!
Step 2: Informing the Tenant
The next step is to inform the tenants of the change in the managing agent and the date of when it will happen as well as instructions on how and when to pay the rent going forward. It is important to not forget that the tenants are the stakeholders that will be most affected in this process.
3. Making contact and picking up the documents and keys
And so it comes to the big day where you need to pick up all the things that you asked for. With checklist on hand, the incoming property manager will visit the other agency and collect what was asked for. In the ideal world all should be ready for them when they arrive. In the real world, sometimes they are not and lots of chasing may be necessary!
- Transfer of the Bond
The last task is of course to sign and lodge the change of managing agent form which needs to be sent to the NSW bond authority. Confirmation should be received in approximately 2 weeks.
… And that’s it! Done… It is not as hard as you thought and all it really takes for the landlord is to give the property manager a notice which most agencies are more than happy to prepare. The rest is taken care of.
Just remember… If you are not happy with the service you are getting, my suggestion is to look for someone that will give you the service and peace of mind you deserve.
Who we are:
NextGen Property Mgmt is a boutique Real Estate licensed agency that specialises in property management. NextGen Property Mgmt does NOT has a sales team unlike most other agencies that specialise in Sales and have Property Management as a side business.
Our area of focus is residential property and we operate exclusively in South West Sydney. That is St George, Sutherland and Canterbury.
NextGen was created from its infancy to cater for investors as it was founded by investors who quickly realised that in a highly regulated industry like Real Estate – competence, expertise, care and service by property managers varies greatly.
As an investor, you need to have trust for and feel valued by your property manager. You need to know that your property is being looked after with minimal disruption. At NextGen we understand that because we are investors living busy lives ourselves, so our promise to you is that you will no longer have to worry about your most valued asset because we will make sure to take care of it as if it is our own.