How to Change Property Managers
Property managers act as a representative for a rental property owner. These property managers manage and maintain the rental property. Property managers submit ads in newspapers to generate rental contracts when the rental property is vacant. These managers sign and approve rental contracts when prospective tenants meet requirements of the rental property owner.
- Evaluate your contract with your current property manager. Determine the process stated in the contract for termination. Most rental property contracts possess a termination clause. This termination clause prevents rental property owners from terminating the contract without fulfilling the terms.
- Follow the required process for terminating your contract with the property manager. Most termination clauses require the rental property owner to contact the property manager in writing of this change. Strict termination clauses require rental property owners to compensate property managers if terminating the contract early. In these cases, the rental property owner has the right to terminate the contract due to late payments or frequent vacancy of the property. Violation of the contract terms by the property manager cancels out a compensation requirement.
- Evaluate property managers in your local area. Conduct a web search via your preferred search engine to find local property managers or property management companies.
- Evaluate each property manager. Read reviews on Angieslist.com and eliminate any property manager with multiple negative reviews. Ask colleagues for recommendations.
- Contact each property manager to schedule a meeting. Evaluate each property manager and their services. Establish which property manager has the highest success rate for renting and maintaining rental property.
- Select a property manager and then draw up a contract. Evaluate the contract to ensure your requirements are included.
- Schedule a meeting with the property manager to sign the contract.