Taking over a property from a Property Management company

[Dev Bethanasamy]

I'm taking over a property management from a management company to self-managed. Do I have to make any amendment to the lease. The lease did mention that the listing agency is doing this agreement on behalf of the owner and listed my name there. Please let me know, as I don't want to get into any legal issues later.

[Richard F.]

Aloha,

You should have the current management send a letter to every unit, stating that there will be a change of management effective a certain date, and that rents due on or after that date should be directed to your preferred address, payable to Dev B or whatever. In addition, all questions, concerns, and maintenance requests should be directed to ____________ at 555-1234.

Once the current management has confirmed that they sent the notice, you should follow up by sending your own letter, with additional contact info for maintenance requests, accounting questions, or general info; payment options (due date as stated on existing agreement), and advising the tenants that you will be contacting them (or asking them to contact you) to schedule a brief inspection and confirm the terms of their agreement within the next 7 days.

At this meeting, unless you got an estoppel letter, I also ASK what they are currently paying; how much deposit do they have; are there any unresolved maintenance issues; any problems with the neighbors; how many pets/animals do you have; which appliances are yours; and how many cars/vehicles do you have on the property and are they all currently licensed, insured, and operable?  Do NOT ask them to confirm whatever info you have, always ask them to provide info to you at this point. Then verify with whatever written agreements and info you received from outgoing management.

FYI, any current written rental agreement will remain in place and valid, until the term of that agreement has ended. I always advise inherited tenants (at our inspection meeting) that I will be terminating their current agreement at the end of the term, (no exceptions). In order to remain on the property, they will need to complete an application and provide documentation as any NEW prospective tenant would. I may, or may not, approve them for a new term at a rate and other terms to be determined after my inspection has been completed.