Transition of property management

[Siva T.]

Please let me know of your experiences in transitioning property management from a professional property manager to yourself (self-manage). I am considering this transition for my properties from small management companies. The properties are in Dallas metro. As it is a loss of income for the property manager, please let me know how you got them to agree and the problems you faced during the transition. Thanks.

[Account Closed]

Siva, I understand your concerns with removing your property management company but I am not sure that your alternative is self manage.

If you are removing your property management company for not performing, it is an easy discussion, you terminate. If you are removing them because you want to save the cost, then I assume that you are willing to invest your time and value into managing your properties. Be should that the cost benefit is worth your time.

As for a transition, it is your property and all records, books, documents, etc. are already yours so that the only real functional issue is do you have a team of vendors, and contractors, third parties lined up. Also, is your company using a software management system that you can economically get and upload your existing info or will you need to rebuild that part accounting.