All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowGeneral Landlording & Rental PropertiesArrowHow do you fire your property management company?
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

How do you fire your property management company?

5 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 13
  • Votes 2

Ken Klingler
Investor from Lincoln, CA

posted over 3 years ago

I am planning to take over property management of my rentals for a while, due to inadequate results from my existing property managers. What do I need to look out for when firing them and transitioning?

examples:

- to make sure you get keys, leases, and deposits back 

- how to tell tenants where to send money 

- how to make sure tenants know/believe you are the new owner

what else?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subject:
Rentals
  • Posts 1.2K
  • Votes 1.6K

Ryan Murdock (Moderator) -
Rental Property Investor from Maui, HI

replied over 3 years ago

@Ken Klingler

In addition to what you listed be sure to get an accurate financial accounting for all tenants so you know what each outstanding balance is (if any) and what it is comprised of. 

Deliver some type of transition notice to your tenants telling them "effective xxx date you will be managing their building..." Include where to send rent and a number for maintenance calls. Wording may vary depending on how you are structuring this. Are you hiding behind some type of mgmnt company LLC that you have created or will the tenants just be dealing with "Ken Klinger the landlord"?

I self manage but act as if I were any other management company with a dedicated company name, office, and phone number all separate from my personal stuff. It's much easier for me to operate that way and was not very expensive to set up. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 13
  • Votes 2

Ken Klingler
Investor from Lincoln, CA

replied over 3 years ago

@Ryan Murdock

In the process now of structuring the management company as an LLC which each rental property will utilize for rents, maintenance, and lawn service(another sub company).

Thanks for the additional notes, sounds like good advice.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 2.2K
  • Votes 915

Michele Fischer
Rental Property Investor from Seattle, WA

replied over 3 years ago

Do you have the original agreement that you signed with the PM.  It should address how to sever the relationship. You may need to flex in the transition rather than expect everything to go smoothly.  Hopefully the PM is professional enough to help make it a smooth transition.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Finding & Screening Tenants and Single Family
  • Posts 109
  • Votes 46

Robert E Bogino
Real Estate Agent from Alpharetta, GA

replied over 3 years ago

Also make sure you didn't agree to a certain time frame for the PM like a year, or 6 months.  That may cause an issue as well.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 210
  • Votes 112

Jim Murray
Investor from Lincoln, RI

replied over 3 years ago

@Michele Fischer brings up a great point. Circle back to review the original contract to make sure that there are not any cancellation fees. 

Also, make sure to receive an YTD financial statement for your Taxes. I think in your original post everything else is covered.

Rotate Log in or sign up to reply
  • 1
Related Resources General Landlording & Rental Properties
6 Tech Tools That Make a Landlord’s Life Easier
Turtle Soup in the Kitchen Sink — Or, Why You Shouldn’t Skip Yearly Rental Inspections
What Is Rent Control—And Is It Bad for Landlords? (Updated 2021)
How to Choose a Management Company for Multifamily Properties
Trouble Collecting Rent on Time? Try Flexible Rent Payments
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Joe Splitrock
Joe Splitrock
Sioux Falls, SD
2.84
Score
Bjorn Ahlblad
Bjorn Ahlblad
Shelton, WA
2.1
Score
Aj Parikh
Aj Parikh
Centreville, VA
1.58
Score
Carl Mathis
Carl Mathis
1.48
Score
JD Martin
JD Martin
Northeast, TN
1.41
Score

General Landlording & Rental Properties Trending Discussions

  • My tenant is suing me...🙄
    47 Replies
  • Squatter Shot and Killed by Police
    30 Replies
  • Zillow Rental Manager?
    9 Replies
  • Charging for Utilities
    6 Replies
  • Chicago tenat application
    6 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.