Taking Over Management

[Juan Hernandez]

Hello BP Community and Property Managers,

I'm planning to take over as property manager on one of my rentals and I'm looking for input for a smooth transition. I currently have a property management company and I'm looking to take over in mid-July and notifying property manager in mid-June (giving about a month of transition period). I currently have a tenant in place who just renewed a 12 month lease. I've reviewed the property management contract and there's no details about terminating property management services. I have copies of signed lease, the copies of signed renewed leases (including the one recently signed), and all the Move-in photographs. I plan to use RentRedi to manage the rental. So here are a couple of questions I'm looking input on. And please let me know if theres anything else that comes to mind to help with the transition.

Do I need to have tenant sign another addendum acknowledging the change in management? Or is a simple email introducing myself suffice?

Is there any special consideration for taking the security deposit from current manager? Or can they simply transfer the funds to my account?

Any other input. 😊

[Drew Sygit]

@Juan Hernandez is your management contract month-to-month? If not, it may not be as easy as giving them a 30-day notice. 

Also, 30-day notices are typically legally required to cover the regular term of the corresponding contract. So, if your contract is based on a calendar month, you giving notice in mid-June would then legally be effective at the end of July.

Do you have tenant contact info? What about rent ledger?

It's always better to have a tenant sign some type of Transfer of Management Acknowledgement.