If you are sick of ‘managing your property manager’, then read on!

Are you a rental property owner or investor considering a change in your property management company? You might be wondering whether the process of switching property management companies is complicated and fraught with challenges. The good news is that transitioning to a new property management company can be a smooth and straightforward process. In this blog, we’ll explore the key steps to change property management companies and highlight why it’s easier than you might think.

Evaluate Your Current Situation

Before making any decisions, it’s essential to assess your current property management company’s performance. Determine what’s not working for you – are you dissatisfied with their communication, property maintenance, tenant retention, or financial reporting? Identifying your pain points will help you choose a better-fit property management partner.

Research Potential Property Management Companies

Once you’ve decided to make a switch, the next step is to research potential property management companies. Look for ones that have a proven track record, great client reviews, and a strong understanding of your local real estate market. Make a list of your top choices to narrow down your options.

Interview and Select a New Property Management Company

Take the time to interview your selected property management companies. Ask important questions about their services, fees, staff stability and their ability to meet your specific needs. Once you’ve made your decision, review the new contract thoroughly and ensure it aligns with your goals.

Notify Your Current Property Management Company

After selecting your new property management company, it’s time to inform your current management provider. In 99% of cases, you can cancel your current management company with no fees payable, at any time during the relationship/tenancy and by only sending an email.  This change can be immediate and you are not obligated to give any reason for the decision to change.

New Property Management to coordinate the transition

Your new Property Manager will contact the existing Property Manager to arrange for all of the relevant information to be sent across to input into their system.  This will include lease, condition report, spare keys etc.  At this time, the new Property Manager will call the Renters to introduce themselves and arrange a property inspection to familiarise themselves with the property.  A well-managed communication strategy can ease their concerns and maintain their trust. Let them know who to contact for any concerns or questions. A smooth handover will result in happy and stable tenants.  In most cases, if you are unhappy with the property management, the renters are too and welcome the change!

Monitor the Transition Progress

Stay actively involved during the transition process. Regularly communicate with your new property management company to ensure that everything is progressing smoothly. Your ongoing involvement will help address any issues as they arise.

Switching property management companies can seem like a daunting task, but it doesn’t have to be. By carefully evaluating your current situation, conducting thorough research, and maintaining open communication, you can smoothly transition to a new property management company. Make the switch and watch your rental properties thrive under new, more capable management.

The Property Bureau offers a unique approach to Property Management – we have a hands on approach and ensure our Rental Providers know who is looking after their asset at all times. Working as Buyers Advocates for investors allows us to understand the intricacies of what makes a top quality investment at the time of purchase and how to continue this for the life of your ownership. Call Alastair Mairs on 0450 109 243 or Kristy Caskey on 0408 166 944 today to make a change for the better!