Existing Property Management

[Keaton Frieberg]

If I buy a property that already has tenants in place, as well as property management for the property must I keep the property management? Or after the sale of the property may I manage the property and get rid of the existing property manager? I guess the answer to this question might depend on the property management contract in place. 

[Nathan Gesner]

You should examine the current Landlords agreement with the Property Management company and then decide what to do. If you want the agreement to terminate, you need to make that a requirement of the purchase and force the Seller to terminate with management and pay whatever fees are necessary to ensure that happens. If they fail to terminate and you purchase, you may be obligated to the Property Manager because existing contracts generally transfer with the sale of the property.