How to protect yourself when Property Managers go Bust! RentWellington.co.nz Director Niall Heeran explains
Guide to getting control of your buisiness again.
The common theme for Awol property managers seems to be
- Rent not paid to property owners
- No action taken to rent out vacant properties
- Principle not answering phone and voicemail box is not accepting new voicemails as it's full
If you are concerned feel free to give me a call on 0800 567 5633 or email us with your situation here.
For those who want to take control of their properties themselves we're recommending you prioritise the following:
1. Inform the PM that they are no longer working for you, with immediate effect, in writing. Deliver using recorded delivery mail.
2. Get control of your future rent. Write to, phone and if possible visit the tenant. Inform them in writing that the PM is no longer their landlord, you are, and give them in writing the bank account details for their rent to be paid into. You'll need to start a regime of checking the rent daily (as there are bound to be niggles in the changeover).
3. Get control of the bond. Sign a DBH change of landlord form with the owner and send to DBH along with a copy a recent rates notice with the owners name on it to confirm ownership. If possible a copy of the title to the property also identifying the legal owner.
4. Get control of the tenancy. If you don't have a copy of the Tenancy agreement, see if the tenant has and take a copy. If not, write an agreement of your own with the tenant and sign the new agreement on the previous terms.
5. Get control of the physical security. Change the locks, give tenant a set of new keys and bill the old PM (but don't rely on ever actually seeing the money).
6. Now you can fight your battle with your old PM for costs and missing rent without jeopardising the cash-flow or tenancy. You'll be asking for the old keys, a full rental and owner payment history, any missing rent, and any other costs you incurred in the changeover.
If you need any help or have any questions please feel free to call us.
Director at RentWellington.co.nz
0800 567 5633
ps Call now to receive 3 months free management as well as a hassle free investing.
Or Click here to contact us via email.
Contact RentWellington.co.nz today on 0800 567 5633 to solve your property problems and recieve the first 3 months management free. Click here to contact us via email.