All Forum Posts by: Padam Neopane

Your Property Manager would be the one to answer this, since they hold the keys to the castle.

The PM will charge you a fee if you quit early. So don't. Tell the PM that you will pay them the remaining two months of management fees to "buy out" the remainder of your contract. They don't have to do any work, they still get paid, and you get the property back.

You could use the Property Management company to fill the unit, since you're paying them to do that. It doesn't sound like it would be worth it to cancel only a month or two early. Are you planning on re-renting, selling the unit or just moving in yourself? 

@Padam Neopane

The tenant exiting has no bearing on your arrangement with your PM.  You would simply give your PM a 30 day notice that is consistent with your contract with them to avoid their early termination fee.  You could either fill the unit yourself, or have your PM fill it again for you.  Even if you keep them under contract, you don't have to let them fill the unit if you advise them you don't want them to (I wouldn't think).  As long as they get paid what they are owed until you terminate them, they should be cool.  To that end, their fee is usually a % of the rent - so if you filled it, you would probably still owe them the fee for the tenant living there, whether they placed them or not.  It might get complicated if they normally get a big fee for placing a tenant though.  Ideally I would think that if you were the one placing the new tenant that they wouldn't' get their fee for that... but I would expect them to still get their monthly percentage.  At the end of the day the language in their contract probably controls the situation.

All the best!

Randy

Listen to your CPA and the advice from others above. Here's an article that explains it: https://www.freshbooks.com/blo...