11 Oct How To Change Your Property Management Company in the Next 60 Days
- Choosing a condo rental property management company that best suits you and your investment needs can be the difference between a stressful and smooth experience
- A lot of people think they are locked in with a property management company, but it’s easier to switch to another company than you think
When you’re looking for a property management company to oversee your condo rental investment, it’s good to work with a company that will be a good fit for the long term and operates in a proper and professional manner. But sometimes, over time, you might find that your needs are no longer being met. If this happens, it’s time to consider switching to a new company.
Here are a few things to keep in mind when you’re making the change to your new property management company:
1/ Starting by planning the transition
Hiring the wrong property management company can be a headache. Even more stressful is switching to a new company. Most agencies require 30 days’ notice, via certified mail, email, or fax. You must also ensure that your tenants are properly notified and secure copies of your lease documents, deposits, and keys from the previous property management company.
If all of this sounds like a lot of work and information to remember, here is a quick list of a few things to consider when going through this process:
- Send notice to the current property management company via certified mail, email, or fax
- Ensure that tenants are properly notified of the change
- Create and gather the proper leasing documents, deposits, and keys from the previous property management company
- Contact the new property management company and get to know the new company’s policies, operating style and procedures
2/ Assess the new property management company questions
Switching property management companies can feel like a big decision, but it can be a very worthwhile endeavour for your investment portfolio. You want to find a company that you trust to help you reach your goals for your investment property.
Here are some things to look for when you’re considering a new property management company:
- Their experience
- Their knowledge of the area
- Their screening process
- Their management technique
- How they operate with the tenants
- Their support line – do they offer 24/7 services
3/ Get your paperwork in order
To ensure a smooth transition from one property manager to another, the new company you choose should obtain all relevant documentation that you have available to share. This includes financial records, leases, renewals, and applications, as well as spare keys and photos. It’s a good idea to store all your documents in a digital file library so nothing will get lost during the transition.
The new property management company will need copies of your leases, information on where the security deposit is being held, and any other notes you have such as inspection reports, maintenance histories, and payment records.
Documentation is key when it comes to a new property management company taking over your property. By having the right documentation on hand, it will be much easier for them to hit the ground running and efficiently manage your property.
4/ Put together communications needed to your existing tenant
Part of switching to a new property management company involves transitioning your unit r tenants well. As soon as you sign on the dotted line, ensure that your new property management company will also reach out to your tenants for a warm welcome and provide them with an understanding of how the new company supports the tenants during their tenancy period. This is a great opportunity for your tenants to ask questions if they have any so that they’re able to cooperate with the new property management company.
5/ Assess your timing and make the switch!
The timing of transitioning from one property manager to another is important. It’s generally best to avoid introducing a new manager during rent collection or at the beginning of the month. Additionally, you may not want to switch managers in the middle of a major renovation, or during an eviction of a tenant.
Plan the transition when you’re confident everything can be handled professionally and efficiently, so there’s no stress on your renters. You may also ask your new property manager about the best time to step in. Ideally, you’ll be working with a company that has dealt with this before many times.
Del Condominium Rentals, Inc., a Member of The Tridel® Group, was formed in 1986 in response to the needs of property owners who recognize their investment as a vehicle for financial rewards while opting to invest their own time to pursue other interests. Since then we have been setting the standard in condominium rental property management.
Our Rental Management Program was designed to provide the skills and know-how of professional property management whereby we oversee every step of the rental process seamlessly from successful leasing to rent collection on behalf of the owner.
Are you looking to transform your principal residence into a passive income generator or looking to switch your property management company to one that better suits your needs?
Contact DelRentals today to learn more.