We have just had a letter from our property management company basically giving us one month's notice to terminate the management of our two rental properties. No explanation given, although I expect its because I have questioned the cleaning company they used recently, I wasn't happy with the cleaning that was done. I also like to accompany the property manager on inspection visits and we use our own tradesmen which means the property management company can't charge us 11% on top of the tradesman invoice just for ärranging" collection of keys etc for the tradesmen etc. Overall we are very proactive landlords and I don't think this has gone down well with the management company.
Anyway, bottom line, as of the middle of April, it would seem we will be managing our own properties. Overall, that thought doesn't put me off but there are some things I really feel I don't understand so any advice and help would be greatly appreciated.
The letter from the management property states "We will arrange a transfer of the tenants' bond to you".
So my first question is: - What do I legally have to do with the Bond?
Second question: Is there a template for a tenancy agreement that I can use for the two sets of tenants that are in the two properties?
Most worrying question: What is the procedures/process I need to follow if the tenants don't pay the rent? I would of course first contact them to enquire what the problem is, get an assurance of when to expect the late rent etc. My concerns are around what to do if the rent just isn't paid.
That last worry is the main reason we have always used a management company but I think this is now our opportunity to save on management fees but just worried about late rent etc.
Appreciate all advice, comments etc in advance.
Thanks
Anyway, bottom line, as of the middle of April, it would seem we will be managing our own properties. Overall, that thought doesn't put me off but there are some things I really feel I don't understand so any advice and help would be greatly appreciated.
The letter from the management property states "We will arrange a transfer of the tenants' bond to you".
So my first question is: - What do I legally have to do with the Bond?
Second question: Is there a template for a tenancy agreement that I can use for the two sets of tenants that are in the two properties?
Most worrying question: What is the procedures/process I need to follow if the tenants don't pay the rent? I would of course first contact them to enquire what the problem is, get an assurance of when to expect the late rent etc. My concerns are around what to do if the rent just isn't paid.
That last worry is the main reason we have always used a management company but I think this is now our opportunity to save on management fees but just worried about late rent etc.
Appreciate all advice, comments etc in advance.
Thanks
Comment