Things to consider before Firing Property Manager

[Srikanth Raj]

Hi Everyone ,

I have an out of state rental property that’s not being managed as per standards and so I want to fire the property manager. The property currently has a tenant. My question for this group is what are some of things I should be considering before firing them ? Specifically more interested in knowing that do I need to have the tenant re- sign any lease papers as they originally signed the lease with the property management company? What happens to that paperwork? Does it still hold effective even though they will no longer manage the property?

Thanks

[Davartay Miller]

@Srikanth Raj Sorry to hear about your experience. Even if the current resident signed a lease with your current manager it does necessarily mean you are stuck. In fact, if you request a transfer your current property manager should be professional and transfer everything that is needed to the new property manager. Transfer of the following items: Lease, contact info, rental ledger, and security deposit. With that being said, from our experience, the new property manager will keep the original lease and move forward with it. However, the new manager should hopefully try and get the renewal for you immediately after taking over. If the current manager renews it – it's not the end of the world. You can still transfer but you must check the contractual agreement between you and your current property manager. 

Best Regards,