Setting up rent collection - in case I switch property managers

[Dan G.]

Hello,

I am just getting started with buying out-of-state single family home investment properties (I still haven't done my first deal yet) and one thing I keep seeing over and over again is that a bad property manager can kill you, and that a good one can be hard to find.  So, if your property manager is bad, you need to switch as soon as possible.  My question is, is there a way that rents can be paid in such a way that in the unfortunate event I have to change property managers, I won't have to contact all of my tenants and make them change where they are mailing checks?  I was thinking about setting up a mailbox that forwards mail, but that would delay delivery.  And how does this work for switching over automatic direct debit/ACH out of the tenants' bank accounts?

Are there property managers that will allow me to receive the rent payments, and then allow me to pay my management fee to them each month?  If I receive the rent payments, then I don't have to worry about switching the tenants over when I change property managers.  I'm not sure if this is realistic.  If it's not, I welcome any suggestions.

Thanks!

Dan

[Dawn Brenengen]

@Dan G. I wouldn't worry too much about the rent payment confusion.  I have taken over management accounts numerous times, and I just send a letter to the tenant letting them know that I am the new manager and to please send payments to....  I also follow up with a phone call to introduce myself, and have had no issue with it.