Today we are talking about how to change property management companies. There are usually some common reasons that people are not happy with their current management company. Many companies become complacent in their relationship with you, the owner, and they begin to take your business for granted. This means they may not perform as expected.
Reasons to Change
Your current property manager might put off property inspections or send you financial statements that are late or inaccurate. To compound that frustration, your phone calls, texts and email messages are probably going unanswered. That property management company may not be keeping up with current technology or perhaps they simply cannot provide adequate management. That will result in a high tenant turnover. These are some of the reasons that owners change property management companies.
Property Management Agreement
Once you have made a decision to leave, review your property management agreement to determine how much notice you have to provide to your current company. Most property managers will require 30 days notice, and you need to be prepared.
Finding a New Company
Research other companies and make a list of questions and concerns that you would like to have addressed by those companies. Call and interview a property manager or one of the principles. Remember that the person who answers the phone is probably going to be a marketing professional and that person’s main objective is to close your deal and sign you on as a client. Before you do that, ask for a copy of the management agreement. Review the management agreement and speak to at least one of the company’s references.
Once you have chosen a new company, you will need to sign and return a copy of the property management agreement. Inform your old property manager that you are working with a new company and provide the contact information for that new company. Your new property managers should coordinate with the old company and handle the return of spare keys. The new company will also contact your tenant and get a copy of the lease as well as any owner or tenant funds that are being held.
Your new property management company should tell you how to use the owner’s portal that they manage. Here, you’ll be able to access statements, notes and inspection histories on your property. If Crest is the property manager you choose, we will establish you on your online portal within the first month. All of your information will be inputted and we’ll provide the same for your tenant. We’ll do an inspection during the first month and give you a condition report. We also do a market analysis to see if you can increase your rent.
Please contact us at Crest Premier Properties if you are looking for a new property management company in Tempe, Arizona.