Turnkey Property Management

[Andrew Kewley]

If you purchase a turnkey and are not happy with the property management company in place, how difficult is it to change companies? When you purchase a turnkey, do you typically sign a contract that requires you to keep that property management company for a certain amount of time?

[Ali Boone]

Absolutely not...you aren't stuck. When you buy a turnkey, you are the boss of it afterwards. I've changed PMs on all of my turnkeys and it's totally fine. Turnkey is only a method of buying, not of owning. The only hitch with it is if they offered you scope-of-work guarantees or rental guarantees, and those will be void if you change PMs before the allotted amount of time of the guarantee. But otherwise, you can do whatever you want. You don't even have to use the turnkey PM at all if you don't want you.