Read now to learn how to go about transitioning property management companies
Owning and managing a property by yourself is no easy task. That’s why many owners turn to property managers to help manage some aspects of their property such as rent collection, marketing, inspections, and more.
However, sometimes the property management you originally chose to manage your property no longer fits your needs or you become unhappy with their services for any reason.
Switching property management companies can be stressful, but it doesn’t have to be, as long as you remain professional and go about it in the right way as outlined in your agreement with your current property manager.
Continue reading to learn how to switch property management companies.
Look for new property management companies
One of the most important steps to transitioning property management companies is finding a new company that you want to work with and aligns with your goals for your investment properties.
Here are some crucial aspects to look for in a property management company:
1. Experience. A professional property management company that has years of experience managing the various types of properties will help to ensure your property’s success. It’s also important to know whether a company has managed your type of property before. If you own a multifamily property, look for property management companies that have experience with them.
2. Professionalism. A professional approach is essential for any property management company. Property managers represent your property, interact with tenants, hire contractors, and more. It’s important that they’re professional at all times, in-person, on the phone and online. A professional property management company will have an up-to-date website, professional marketing materials, an organized office, and prompt communication with you and your tenants.
3. Efficient operations and processes. For both your convenience and your tenant’s, it’s important that a property management company has efficient operations and processes in place. These include paying rent and signing documents online, an online portal for tenants and the owner, a thorough tenant screening process, transparent pricing, and more.
Once you’ve narrowed down your list of potential property management companies, contact them and ask them any questions you feel are important to making your decision. If the reason you’re leaving your current property management is due to a specific problem, such as poor communication, make sure to ask questions related to that issue to avoid the same problems with a different company.
Carefully read your agreement
Before you begin contacting other property management companies, read your agreement you have with your current property management company.
Look for the termination clause to see what exactly needs to be done to end your partnership with your property manager.
Depending on the agreement, you may have to pay a fee or go through a lengthy process. You may also be required to give 30 to 90 days notice for canceling.
Give the required notice
Once you’ve read your agreement carefully, give your current property manager notice that you plan to terminate your agreement with them.
If you do not give the required warning, you may risk breaching the contract you have with your current property management company. This could cause penalties, like fees or even a lawsuit.
It’s a good idea to write the notice and send it through certified mail. If possible, also request a return receipt so you have it on record that the notice was sent and received.
Check for hidden costs
Even if you do provide the required notice on time, some property management companies may still charge a termination fee.
Before paying this fee, check your agreement again to make sure this fee was outlined in the original contract.
Notify your tenants
It’s crucial that your tenants are informed of the change of property management companies well in advance,
As soon as you sign your new agreement with your new property management company, notify your tenants in writing of this change. It’s important that tenants know who will manage them and receive their rent payments.
Choose the right partner in property management
At Rental Heroes, we are property investors, just like you! We understand what’s most important — a well-managed property that generates a steady, reliable source of income. Our local knowledge helps us to proudly manage hundreds of units across Central Florida, and we’re committed to doing everything to keep your tenants happy by handling maintenance requests quickly and responding to potential tenant issues.
Our comprehensive property management services include:
- Tenant screening
- Marketing and showing your property
- Property inspections, maintenance and repair
- Tenant evictions
- Rent collection and remittance
- Prepare rental units for new tenants
- Manage relationship with HOA
- Monthly financial statements, and
- Expert advice on how to maximize your return on investment
Ready to learn more?
Contact us today!