Getting rid of my property management company

[Jaren Woeppel]

I am going to get rid of my property management company because they are not doing the best job. I only have one single family house under management so I believe I will be able to handle it myself, because I have been dealing with the issues all along. The only thing they have been useful for was collecting rent. My question is how do I go about letting them go? What happens to the contract the tenant signed, because it was the property management company's rental contract? What about the deposit my tenant put down, will they have to transfer that over to me? Also, does anyone have a free and easy way I can collect rent from an out of town tenant? Thanks everyone! Jaren

[JD Martin]

Your contract with the PM company should spell out the divorce terms. If not, you'll have to wing it to some extent. If they are a professional management company with other clients, getting the deposit shouldn't be that difficult. The lease the tenant signed with them is the legal lease, so whatever that lease is (you do have a copy, right?) is what you'll follow until it's up. As for collecting from the tenant, it depends on what your lease says and how the PM was collecting. My leases require tenants either deposit directly into my account or use one of two different electronic services. If your tenant can pay by check, have them mail payment to your business address. If they pay cash, set up a bank account with a bank that is local to them and have them deposit it directly into that account.