Tenant moving out question

7 Replies

Hello BP,

For one of our properties (it's a condo in NV), our tenant is moving out. She gave us 1 month notice on July 1st. Currently we are using management company, but we are not completely satisfied and even that it's out of state investment we will try to manage it our self's.

My question is when make more sense for us to gave 1 month notice to our management company ? Should we wait until they do all closing with the current tenant (cleaning, minor repairs, re-key) or should we notify them asap - by contract they are still obligated to do all the closing with our tenant 

What are your advises from past experience ?

Thanks,

Kyle

Well you should follow the Golden Rule ( treat others as you would like to be treated ) and give them a heads up now and still confirm with them they will do what they are under contract to do/perform.  

I would not expect a property manager who knew they were being fired to fulfill their duties completely or do so very well.  Turnover is tough enough, turnover and property management change simultaneously is something I, personally, would want to avoid.

The easiest way for all to win is to let the PM handle the turnover, find a new tenant, get them in place and then let the PM know you would like to try management on your own.

You can then end it on much better terms than when the property is in flux and you are most vulnerable to loss.  And as a former PM, this is also how the Golden Rule could be best apply in this situation.

If the property manager was great, I'd say advanced warning would be nice. In this case, I think that a subpar property manager doing a tenant checkout would not be thorough, would not photograph everything, and would not check everywhere they should for dust or things out of place that need to be adressed. They would be in mental check-out mode knowing they'd no longer have the unit. I recommend getting them to perform that inspection as thoroughly as possible with evidence, then thank them and move on. I've gone through a couple property managers to find one that I like. Sometimes people assume that a property manager knows what they're doing and is the end-all to their problems, but finding a good one here in my area is tough. I think that alot of their clients are military members (myself included) and these clients (not me in this case) bought a house for the sake of buying a house or poor planning on their part and when they move on to their next out of state assignment, they just pick any property manager and are happy as long as their mortgage is covered and don't care that much if their property isn't rented in 2 months, 4 months, etc and never planned for capital expenditures or home maintenance.

I have a contract with my PM company that gives the terms of separation.  I assume you have a written agreement.  Look for the terms and follow them.

Originally posted by @Curtis Bidwell:

I have a contract with my PM company that gives the terms of separation.  I assume you have a written agreement.  Look for the terms and follow them.

Yes, definitely a good point to stay in the guidlines of it as I believe mine said they'd still get a percentage of rent even if you fire them. I would think that a property manager should do the best job they can and expect that you'll retain them as long as they meet your needs. As I said though, in this area, alot of the people who buy and later rent their houses out just to cover their mortgage are content with anyone and don't scrutinize the property managers like they should.

Thank you all for your replies / suggestions,

We are defiantly not satisfied from this property management company. I guess my fear is ones we gave them a notice, they might postpone and delay the closing process, since they do not have an incentive to do their job fast and find a new tenant. And historically, this property management company  do the things slow...

Thank you again,

Kyle

Originally posted by @ Kyle Atans:

Thank you all for your replies / suggestions,

We are defiantly not satisfied from this property management company. I guess my fear is ones we gave them a notice, they might postpone and delay the closing process, since they do not have an incentive to do their job fast and find a new tenant. And historically, this property management company  do the things slow...

Thank you again,

Kyle

 Haha, I thought things just moved slower here, but looks like also in your area. Not someone I'd want to keep either. 

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