Changing your property manager could be very stressful and critical for your real estate investment.
It doesn’t matter what is the reason for you to switch from one management company to another, you need to act professionally.
So, what can you do in order to gain full control on the process and ensure that the transition from your current property manager to the new one will not pose a risk on your investment or degrade the performance of your property?
The first step is selecting the right company for you:
- Interview several companies and ask the hard questions
- Don’t let them confuse you and ensure that everything is known to you and there are no hidden fees or agendas
- Understand the processes they have in place and the support systems they have
- Ask what kind of reports you will get
- Don’t judge by price only, the price is not everything. You might want to pay more if you see the value
Once you have selected your new property manager it is time to orchestrate the switch:
- Handle the switch like a project
- Confirm the timeline with both management companies and follow up on the timeline
- Be involved in the process and mediate between the 2 companies
- Get to know the different roles in the new management company so you will have direct access to the right person if you will have questions
- Don’t be afraid of asking questions
- Follow up with your new manager closely on the first couple of months
If you will follow those steps, the change of management will be effective and manageable.
Let us know if you have any questions, comments or if we can help you with your management needs.
The KERRA team.