I was wondering if any of you have switched management companies in the past, and if so, why? What were the reasons?
Pretty standard reasons:
Not doing their job by not inspecting properties regularly.
Not filling vacant units as quickly as other managers.
Not having a large enough team to handle all the properties they are managing.
Not reporting issues to us/owner.
We took 10 properties in one area and gave equal number to two managers. After one year, we moved all properties over to one of the two managers. They were the best.
I've only had to do this once with a rental I've had for a long time. It was for lack of communication (well actually none at all), lack of delivery of rent deposits, horrible bookkeeping, essentially they didn't hold up to what they said they could deliver.
The 1st PM, in place after a long time didn't want to be a PM any longer.
This 2nd was put in place after the reference checks and interview but they didn't last long. The process of vetting them went well and didn't show any signs of them not working out. The communication went by way of not being able to get in contact with them. The owner couldn't be found in some cases by his own people and I had to chase down the deposits. The person I dealt with on the deposits argued with me only to find out it was on their end that their bank didn't release the money to my bank. I put up with this for 3-4 months and finally decided to cut the cord. When I emailed my termination, low and behold here's the owner calling me wondering why. I met another owner who used them as a PM and was worse off because he wasn't getting his money at all and had to make a trip from Connecticut where he lived to Maryland where his rental was located. The 3rd is in place since after removing the 2nd and so far has worked out well.