It is much easier and much more beneficial than we might think!
Many Landlords are dissatisfied with their management company; though, they do not make the change, fearing from the complexity through the process.
Instead, they tolerate that they do not receive the money on time, or just simply do not get an answer.
However, the switch is much simpler, than it seems at first glance, and the new management company does the bigger part.
Step 1 – Agreement and authorizations
After the agreement, the most important step is the signing of the documents:
- Property Management Contract
- Authorization / Power of Attorney documents
A good management company completes everything correctly in advance, since the Hungarian authorities are quite bureaucratic. Incorrectly filled authorisation can be an obstacle in the future.
At first, we would need a proper authorization for the take-over from the previous management company.
Good to know:
- The required documents can be signed at home; there is no need to travel to Hungary
- We can switch companies even if our apartment is rented out (you may read more information on this here)
Step 2 - Termination letter
If you have the new property manager, the final step is to end the relationship with the previous one.
The new management company can be of help with the writing of the right termination agreement. In some cases, they may write it instead of us, only requiring our signature.
If the property is rented-out, it is recommended that we write an informative letter to the tenant regarding termination - but this can also be done by the new agent, so that we just have to sign the documents.
After the withdrawal, we have to wait 30 days, until the notice period ends, and the new management can take the keys and all the documents.
The old manager prepares the final accountings towards the Landlord and in certain case transfers the tenants caution to the given account.
The new manager will get in contact with the tenant and give them information in regards of the properties status, in cases, on outstanding debts as well.
There is no need for travelling to Hungary and arguing with the tenant.
As it can be seen in the process above, the Landlords job is just to provide a signature and the return of the proper papers.
Source: Towerbudapest.com
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