Terminating Your Property Management Agreement in NSW: A Guide

As a property owner in New South Wales, you may have entered into a property management agreement with a real estate agency or a property management company to manage your investment property. However, there may come a time when you wish to terminate your agreement with them for various reasons, such as unsatisfactory service, breach of contract, or a change in circumstance. In this article, we will guide you through the process of terminating your property management agreement in NSW.

Review Your Agreement

The first step in terminating your property management agreement is to review the terms and conditions of your contract thoroughly. Your contract should state the notice period required to terminate the agreement, the method of giving notice, and any penalties or fees for early termination. Understanding your contract`s terms and conditions is crucial to ensure that you follow the correct procedures and avoid any unnecessary expenses.

Give Written Notice

Once you have reviewed your agreement and determined the notice period, you must provide written notice to your property manager or real estate agent. The notice should be in writing, clearly stating that you intend to terminate the agreement and the effective date of termination. You can deliver the notice by hand, mail, email, or fax, depending on what is specified in your contract.

Ensure all Accounts are Settled

Before the termination date, all outstanding accounts, including fees, rent, and expenses, must be settled. You should also ensure that all keys and security devices are returned to the property manager, and any necessary documentation is handed over to the new property manager or yourself.

Plan for the Future

As a property owner, terminating a property management agreement is just one step in managing your investment property. It is essential to plan for the future and consider your options for managing your property. You may choose to self-manage your property, engage a new property manager, or sell the property altogether. Whatever you decide, ensure that you have a plan in place.

Final Thoughts

Terminating a property management agreement can be a significant decision, and it is essential to follow the correct procedures to avoid any legal repercussions or financial penalties. Always review your agreement thoroughly, provide written notice within the notice period, settle all outstanding accounts, and plan for the future. By doing so, you can ensure a smooth transition and continue to manage your investment property successfully.