Owner wants to switch property manager mid lease.

[Nadir M.]

Hello BP,

An owner of multiple units reached out to me and was interested in my property management company. One of his questions was the transition of the properties from his current PMC to mine. From everyone’s experience, how would that process ideally take place for multiple units? What was the most efficient way to dealing with the transition? What about the current lease in place? 

Any help is greatly appreciated 

thank you 

[Adam Bartomeo]

We have taken on lots of owners from other property managers. There are several steps that we take when in this transition.

1. The owner communicates the transition to the current PM and then you contact them after. The owner may have to 60+ days notice.

2. Get all of the necessary info - leases, contact info, tenant ledgers, inspections, amounts of security deposits and advanced rents.

3. Enter all of the info into your software ASAP so you are ready.

4. Physically collect all of the security deposits, advanced rents, keys, and any other items.

5. We always start clean at the beginning of the month unless there is a real need to start mid-month.

You will have to use the leases that are in place and can transition the tenants to your leases as each lease expires.