Considering a change in Property Management companies?
Choosing the best condo property management company for you and your investment needs can mean the difference between a stressful and a pleasant experience.
Many people believe they are stuck with a property management company, but switching is easier than you think.
When looking for a property management company to oversee your condo rental investment, choose one that will be a good long-term fit and operates in a proper and professional manner. However, you may discover that your needs are no longer being met over time. If this occurs, it is time to consider changing companies.
Here are a few things to consider as you transition to your new property management company:
#1: Begin by preparing the transition.
Hiring the incorrect property management company can be a pain. Moving to a new company is even more stressful. Most agencies require 30 days’ notice, which must be sent via certified mail, email, or fax. You must also notify your tenants and obtain copies of your lease documents, deposits, and keys from the previous property management company.
If all of this seems like a lot of work and information to remember, here’s a quick list of a few things to keep in mind as you go through this process:
- Send a notice via certified mail, email, or fax to the current property management company.
- Make sure that tenants are properly informed of the change.
- Create and collect all necessary leasing documents, deposits, and keys from the previous property management company.
- Contact the new property management company and learn about their policies, operating style, and procedures.
#2: Evaluate the new property management company.
Switching property management companies may appear to be a major undertaking, but it can be a very worthwhile endeavour for your investment portfolio. You want to find a company that you can rely on to help you achieve your investment property goals.
When looking for a new property management company, consider the following:
- Their experience
- Their understanding of the subject
- Their selection procedure
- Their management role
- How they interact with tenants
- Is their customer service available 24/7?
#3: Prepare your paperwork.
To ensure a smooth transition from one property manager to another, the new company you select should obtain all relevant documentation that you have on hand. Financial records, leases, renewals, and applications, as well as spare keys and photos, are all included. To ensure that nothing is lost during the transition, keep all of your documents in a digital file library.
The new property management company will require copies of your leases, information on where your security deposit is held, and any other notes you have, such as inspection reports, maintenance histories, and payment records.
When it comes to a new property management company taking over your property, documentation is essential. It will be much easier for them to get started and manage your property if they have the necessary documentation.
#4: Examine your timing and make the change!
Transition timing from one property manager to another is critical. It’s best to avoid introducing a new manager during rent collection or at the start of the month. Furthermore, you may not want to change managers in the middle of a major renovation or during a tenant eviction.
Plan the transition when you’re confident that everything will be handled professionally and efficiently, so your tenants won’t be stressed. You should also consult with your new property manager about the best time to intervene. You should ideally be working with a company that has dealt with this numerous times before.
Prince Property – Condo Management services!
Prince Property provides management functions for Condominiums in Edmonton Alberta, and the surrounding areas. If your Condominium operation needs a Management Company – we would love to talk to you.