What happens when I sell my Managed Property?

The below will explain the process you should follow if you sell a property that you currently manage with @realty Rentals.

IMPORTANT: If the below process is not followed, this will likely result in the previous Owner(s) receiving rental income payments instead of the new Owner(s)

Since the relationship you have is with the Owner(s) and not the Property, you will need close off the existing Management Record.

To do this, go into the Property (Property Record, not Listing Record) that you have sold and click on the Managements tab.

Open the Management Record by clicking on the edit (pencil) button. Then change the status from Active to Lost and select the Lost Reason as Sold.

You will then need to create a NEW Management Record against the same Property. This will include the details of the agreement you have with the new Owner(s) and you will need to upload the Management Agreement you have signed with the new Owner(s).

This will send a notification to the Head Office Rentals team and they will update the records in Property Tree.

If the Property is Tenanted

Rent held past settlement

If the property is tenanted, the purchaser has a legal obligation to assume the responsibilities of the tenancy agreement, as the landlord.

Once you advise a management is being sold & it is not being retained, the HO Rentals team will enter a rent charge to date in line with the date of settlement. This means the HO Rentals team will only receipt rent until date of settlement. Any rent paid past date of settlement will be held in the tenancy funds. 

You will then need to provide the new managing agent (or owner's if they're self managing) trust account details & contact information. Upon settlement, HO Rentals team will pay the tenancy held funds to the new managing agent/owner. 

Changing the Managing Party for the Bond

The residential bond will also need to be transferred to the new agent or owner. This is completed by notifying the respective bond authority in your state that there has been a change of managing party. 

Requirements for transferring bond to new managing agent (by state):

QLD - RTA 'Form 5 Change of managing agent' needs to be completed & signed by the HO Rentals team. This form will be provided to the new managing agent. 

NSW - You will need to provide Head Office Rentals with the email of the new managing agent. HO Rentals will then initiate the managing agent change for the bond through the RBO Portal online.

VIC - You will need to provide Head Office Rentals with the email of the new managing agent. HO Rentals will then initiate the managing agent change for the bond through the RTBA Portal online.

WA - HO Rentals team will provide you/ new managing agent with a Variation of Security Bond form signed by an @realty Rentals team member. The new managing agent will then complete the form & send it to to WA Bonds Administration.

TAS - The HO Rentals team will require the new managing agent's ID number to initiate the bond transfer through the online portal.

SA - The new managing agent will need to initiate a Bond Import request through the online bonds portal. This request will then be accepted by HO Rentals team.

ACT - ACT Rental Bonds 'Change of Lessor or Managing Agent Form' needs to be completed by the previous agent. HO Rentals team will then complete the form & send it to the bond authority to action the change