Swapping Property Managers Properly
What happens when you have a conflict with your property manager that can’t be resolved or when personalities no longer fit? Swapping property managers is a decision that should be handled with professionalism and courtesy. After all, there’s no sense in burning a bridge if you don’t have to. Here’s how to politely trade out property managers:
1. Review the Current Agreement: Before you can do anything, review your current property management agreement. There may be a clause that has terms related to termination notice, contract duration, and any fees associated with ending the agreement early. Understanding these terms will help you plan the transition accordingly.
2. Choose a New Property Manager: Research and identify a new property management company that aligns better with your goals, personalities, etc. Consider factors such as their experience, reputation, services offered, fees, and any references or reviews from other property owners. Ask them about contract terms just in case! Don’t just rely on your internet research, ask them for references, grab lunch together, etc.
3. Communicate Your Decision: Reach out to your current property manager to inform them of your decision to switch. Be clear and concise in your communication, and provide a brief explanation for your decision. Express your appreciation for their services while indicating that you’ve decided to make a change.
4. Notify Tenants and Contractors: Inform current tenants, contractors or vendors working with the property about the upcoming change in property management. Provide them with the contact information for the new property management company to ensure a smooth handover of responsibilities.
5. Coordinate Transition: Work with both your current and new property managers to coordinate the transition. Provide necessary documentation, keys, access codes, and any relevant information about the property and tenants. Ensure that all financial records, leases, and tenant information are transferred securely.
6. Set Up Introductions: Request an introduction between your current and new property managers to facilitate the transfer of information and ensure a smooth transition with your current tenants. This will allow the new property manager to understand the specifics of your property and tenant relationships.
7. Complete All Documentation: Make sure that all necessary paperwork, contracts, and agreements related to the change in property management are completed and filed appropriately. This includes terminating the current property management agreement according to its terms.
8. Communicate with Tenants: Send a communication to your tenants introducing the new property manager and providing their contact information. Assure tenants that the transition is designed to ensure uninterrupted services and that their needs will continue to be met.
9. Stay Involved During Transition: Stay involved during the transition period to address any questions or concerns that may arise from tenants or the new property manager. Your continued support can help facilitate a smooth transition for everyone involved.
10. Express Gratitude: Once the transition is complete, express gratitude to your former property manager for their services. A simple thank-you note or message can go a long way in maintaining positive relationships in the industry. Again, no sense in burning a bridge if you don’t have to!
By double checking agreements, putting new ones in place, coordinating new contacts and maintaining open and respectful communication with previous managers, you can ensure the best case scenario for making the swap!
