Replacing a Property Manager - HELP!

[Skyler Holloway]

My partners and I have owned a 20-unit apartment complex for 8 months now and the property manager has consistently underperformed; monthly reports are rarely complete/accurate, vacant units take weeks to be listed for rent after constant nagging, communication is non-existent, random fees pop up on statements (NOT agreed to in contract), etc. We've decided to move-on from this property manager and have 3 upcoming interviews for prospective replacements. 

What advice do you have for making the transition as smooth as possible? Based on my experience thus far I don't foresee the incumbent being helpful at all. I fear them withholding random fees mentioned above and in general failing to hand-off any leases/notices/payments to the incoming property manager. 

What are the key considerations I should be looking at? Do you have any disaster stories to share?

[Patrick Liska]

Make sure that all Tenant leases are given to the new property manager, security deposits are given to them and the records for the past 8 months. Unfortunately you may have to sit down with them and go through all the numbers so that it makes sense to them and they know where everything stands. I went through a switch of Property Managers start of January, still working out a couple of kinks with them and how i like things done, but these are things i expect and want because i like to be informed about my properties.