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Townsville Landlord Held To Ransom by Property Manager!!
Property Manager Warns Townsville Landlords To Check Their Management Agreements Notice Periods.
The head of a local property management business has issued a warning to landlords who have the rental properties managed by real estate agents.
Shaun Podbury, Principal of Coral Sea Property Management said today “There is a clause inside the Standard Management Agreement that allows for the amount of notice time needed to change your property manager.”
“You and your agent can agree on any amount of notice time that is put into the agreement – but many agents “automatically” put amounts like “90 days”. This means that if you want to change agents, then officially you have to give them 90 days notice – no matter how bad your experience with them has been.” He said.
“We had a case recently where we were approached by a landlord whose property had recently been vacant for over 4 months, who naturally wanted to change. Their current property manager – who is a multinational, franchised organization – said she must wait for 90 days before leaving them. I understand she has approached the REIQ Ethics Committee, as well as seeking legal advice.” Mr Podbury said.
Mr Podbury said “This landlord approached us because we have a Vacancy Guarantee that kicks in when your property has been empty for 14 days. We are meeting lots of landlords with horror stories about vacancies and their treatment by some property managers.”
Mr Podbury said that it would be wise for landlords to review their agreements, and to alter the notice period to avoid being stuck with a dud property manager.
“Our notice period is 60 minutes. If a client wants to have someone else look after their properties, then we will have their file ready for them in an hour. ”
About Coral Sea Property Townsville
Based inFlinders St West in Townsville,Coral Seais an independent specialist property management service that guarantees service levels, vacancy rates and landlord satisfaction.