You’ve decided it’s time to make a change. Your current property manager just isn’t cutting it anymore. But how do you go about finding and switching to a new property management company? Don’t sweat it. The process is actually pretty straightforward if you know what steps to take. In this blog, we’ll walk you through everything you need to do, from vetting new property management companies to making the transition, to ensure changing property managers is as seamless as possible. With a few key tasks checked off your to-do list, you’ll be well on your way to finding the right property management fit for your rental property or properties.

Deciding It’s Time to Change Property Managers

Lack of Communication

One of the first signs it’s time for a new property manager is poor communication. If it’s difficult to get ahold of your current manager or they don’t return calls and emails promptly, that’s a major red flag. As a landlord, you need a manager who will keep you in the loop about your property.

Unresolved Maintenance Issues

Another indicator you need to make a switch is if there are ongoing maintenance problems that never seem to get fixed. Things like leaky faucets, broken air conditioners, or shoddy landscaping should be addressed quickly. If current management is dragging their feet on essential repairs, your tenants will likely start complaining or even move out.

High Turnover

Excessive tenant turnover at your property is usually a sign of mismanagement. Good property managers keep tenants happy so they want to renew their leases. If you have a new batch of renters every few months, your manager is probably not properly screening applicants or following through on required maintenance. This constant churn costs you money and headaches.

Poor Accounting

As a landlord, you rely on your property manager to collect rent, pay bills, and provide accurate financial reporting. If you find discrepancies in the books, late fees on your bills, or Tenants complaining rent hasn’t been collected, it’s time for a change. You need a manager you can trust to handle the money side of things responsibly.

Making the switch to a new, more competent property management company will save you frustration, money, and time. Do your research, check reviews, and make sure any candidates demonstrate excellent communication, maintenance, tenant retention, and accounting skills. With the right management partner, being a landlord can be rewarding rather than aggravating. Your rental property and your bottom line will thank you.

Researching New Property Management Companies

So your current property manager just isn’t cutting it anymore. Don’t worry, finding a replacement is easier than you might think. The key is doing your homework.

Check online reviews from other property owners in your area. See what they loved (or hated!) about different companies. Did they resolve issues quickly? Handle tenant complaints professionally? Collect rent on time each month? These little details can make a big difference.

Once you have a shortlist of promising candidates, meet with them in person. Pay attention to how they present themselves and ask lots of questions. Do they understand your specific needs and concerns? Do they have experience with properties similar to yours? How do they handle emergencies and what is their availability outside of normal business hours?

You should also get references from current clients and call to ask about their experiences. Has the manager lived up to their promises? Are tenants generally happy and long-lasting? Are properties well-maintained? Speaking with real customers is the best way to determine if a company will be the right fit.

Don’t feel pressured to sign a long contract upfront. Start with a trial period of 3-6 months to ensure they meet your standards before committing to a long-term partnership. And make sure you understand all fees and billing structures clearly before signing on the dotted line.

With some time and patience finding the perfect property manager for you is absolutely attainable. Do your research, ask the tough questions and don’t settle for anything less than excellence. Your investment properties deserve the best care, so take your time and choose wisely!

Interviewing Potential New Property Managers

Once you’ve decided to find a new property manager, it’s time to start interviewing candidates. Schedule meetings with at least three different companies to compare. Come prepared with a list of questions about their experience, services, fees, and availability.

Ask how long they’ve been managing properties and what types of properties they handle. An established company with experience handling properties similar to yours is ideal. Inquire about their full range of services to ensure they can handle all your needs, from marketing and tenant screening to maintenance and accounting.

Discuss their fees and payment policies up front. Property managers typically charge a percentage of the rental income, often between 8 to 12 percent. See if there are any additional charges for placing ads, background checks, or handling maintenance requests. You want a company with a clear and competitive fee structure.

Determine their availability and responsiveness. As a property owner, you need a manager who can handle issues quickly if something comes up with your rental. Ask about their office hours, emergency response policies, and how long it usually takes them to respond to calls or emails. Look for a company that emphasises prompt communication and service.

Once you’ve interviewed the candidates, compare them carefully based on your priorities. If needed, schedule follow-up calls or meetings to ask any final questions. When you’ve selected a company you feel confident can meet your needs, you’re ready to officially hire your new property manager. With the right manager in place, you’ll gain more time to focus on other investments while your property is in good hands.

The interview process may require some time and effort, but finding an experienced and reputable property manager will give you peace of mind that your rental property and tenants are being well cared for. Take your time to find the right match, and you’ll reap the rewards through better service, fewer headaches, and smoother operations.

Property Management FAQs: Answering Common Questions About Changing Property Managers

Changing property managers can bring up a lot of questions for landlords and property owners. Here are some of the most frequently asked questions about making the switch.

Will it be difficult to change property managers?

Changing property managers is typically an easy process and can often be done in 30-60 days. The key is finding a new property manager you want to work with, giving your current manager proper notice as stated in your contract, and ensuring a smooth transition of documents and records to the new manager.

How do I find a good new property manager?

Start by getting recommendations from other landlords in your area. Check online reviews of property managers in your city to find well-rated options. Interview 2-3 of the top candidates, asking them about their experience, fees, and specific policies. Get references from current clients if possible. Look for a responsive, trustworthy manager with experience handling properties similar to yours.

What fees are typical for property management?

Property management fees typically range from 8-12% of the monthly rent. The fees cover services like marketing and tenant placement, rent collection, maintenance, reporting, and more. Some managers charge additional fees for placing tenants, lease renewals, or major repairs. Make sure you understand all potential fees upfront before signing a contract.

How much notice do I need to give my current property manager?

Check your existing property management contract to determine the required notice period, which is typically 30-90 days. Provide formal written notice to your current manager that you wish to terminate your agreement on a specific date. Be prepared for them to potentially show the property to prospective new managers during this time.

What records will the new property manager need?

The new property manager will need any records related to your rental property like leases, tenant information, maintenance records, insurance information, owner’s manuals, and financial reports. Gathering these documents ahead of time will help ensure a smooth transition to the new manager.

With some preparation and by asking the right questions, changing property managers can be an easy process. Finding an experienced, reputable manager that suits your needs is worth the effort for the peace of mind and maximised returns they can provide.

Ultimately, changing property managers doesn’t have to be a major hassle. By knowing your rights, being proactive, and staying organised, you can take control of the process. Don’t let your community get pushed around or taken advantage of during this transition. You know what’s best for where you live. Trust your gut, stand up for yourself and your neighbors, and you’ll find the right fit much faster. The key is staying calm, communicating clearly, and not being afraid to ask the tough questions. With some patience and perseverance, you’ll get there. This is your home – you’ve got this!