CHANGING PROPERTY MANAGERS
Sometimes your current property manager isn’t a good fit. Maybe they can’t deliver the service they promised or maybe your personalities and communication style are not a match. For whatever reason you are looking to change property management companies here are some important things to keep in mind.
REASONS YOU SHOULD CONSIDER A CHANGE
- You cannot trust them to do what they say there are going to.
- Excuses about why your rent is not being paid to you each month.
- Poor or no transparency on income and expenses.
- Not returning your calls or emails. Failing to enforce policies with your resident.
- You’re not happy.
WHAT YOU SHOULD EXPECT WHEN YOU CHANGE
- Expenses for maintenance and repairs (if previously legitimate) won’t go down. Homes are like cars and need both maintenance and repair.
- Resident compliance with the lease won’t change right away. Ultimately your resident is an adult and responsible for their own actions.
The Manager can try to influence how they behave, but can’t always change it. Be prepared for your new manager to terminate the poor performing tenancy.
- The new manager doesn’t always know the history of the property or previous repairs.
A lot of times the source of frustration is a breakdown in communication. If you’ve tried to talk with your manager about the difference between your expectations and what you are getting and things have not improved, it’s time to change.
- Read your Property Management Agreement (PMA).
What does the agreement say about terminations?
- Interview a new Property Management Company (PMC).
Select one you want to work with.
- Give your Property Manager notice in writing of your intent to terminate.
Provide company with the news of the new management company.
- Communication is Key. Your new Property Management Company should contact the old Property Management Company and collect the following:
- Copies of all files
- Residents Security Deposit(s) - If occupied
- Your property reserve fund
- Any outstanding invoices that will need payment.
- Let your new Manager take the reins and get back to doing what you do best.