Hello Kristin,
Whether you can replace your current property manager depends on the management agreement you signed. Review the agreement carefully for its term, termination requirements, fees, performance standards, and exit options. Because every agreement is different, I can’t say whether you can cancel yours unilaterally.
What I can share is the process we use to find and evaluate a replacement property manager.
The Short Version
Finding a good property manager requires a structured screening process:
Define what you need.
Build a list of candidates.
Eliminate obvious poor fits.
Hold a short initial interview.
Conduct a detailed second interview.
Review the management agreement before making a decision.
Don’t rely solely on search rankings, online reviews, or recommendations. Use them to identify candidates, then complete your own due diligence.
Why Careful Screening Matters
Over the past 17 years, we’ve worked with more than 170 clients who collectively own over 600 professionally managed properties. That experience has introduced me to many property managers.
Unfortunately, most have operated primarily as rent collectors. Of all the property managers I’ve encountered, only two are people I would trust to select tenants and manage my own properties.
Good property managers are difficult to find. A reliable process gives you a much better chance of choosing a good one.
1. Define What You Need
Before evaluating candidates, identify your requirements. Consider:
The type and number of properties you plan to own
The neighborhoods or areas where your properties are likely to be located
The services you expect the manager to provide
Your communication and reporting needs
Your expectations for tenant screening, maintenance, and rent collection
Clear requirements make it easier to identify companies that are—and are not—a good fit.
2. Build a Candidate List
Use several sources to identify possible property managers.
Search Engines
Search for “[city] property manager” to create an initial list. Don’t assume that the highest-ranking companies provide the best service. Search rankings often reflect marketing and search engine optimization—not necessarily management quality.
Review Sites
Read online reviews carefully. Many are written by tenants rather than property owners, so evaluate them from an investor’s perspective.
For example, I once saw a five-star review from a tenant praising a property manager for allowing them to stay an additional month without paying rent. The tenant was pleased, but the property owner probably wasn’t.
Investor Recommendations
Talk to investors who already own rental property in your target market. BiggerPockets, local real estate investment clubs, and investor meetups are good places to start.
Ask which property managers they use and why. Treat every recommendation as a starting point, not a substitute for your own research.
3. Eliminate Poor Fits
Review each candidate’s website before scheduling an interview. Eliminate companies that:
Don’t manage your type of property
Don’t operate in your target area
Don’t provide the services you need
This quick screening can save hours of unnecessary interviews. From the remaining candidates, choose approximately five strong prospects.
4. Conduct a Short Initial Interview
Keep the first conversation brief. The goal is to gather facts, not make a final decision.
Ask every candidate the same questions and record their answers so you can compare them objectively:
How many years have you worked exclusively in residential property management?
How many properties similar to mine do you currently manage?
Which parts of the city do you serve?
How many full-time employees do you have?
Avoid part-time property managers.
Also remember that bigger isn’t always better. A large company may not have the time or interest to serve a smaller investor well. I’ve often worked successfully with companies managing about 300 properties. At that size, they typically have useful systems and software without necessarily being too large to provide attentive service.
Most candidates won’t make it past this stage—and that is the point.
5. Hold a Detailed Second Interview
Invite the strongest candidates to a more thorough interview. This is where you examine their approach to:
Tenant screening
Rent collection and late payments
Property inspections
Maintenance and repairs
Owner communication
Financial reporting
Evictions and legal compliance
Vacancies and leasing
Emergency response
Contractor selection and oversight
I have an extensive list of second-interview questions. DM me if you’d like a copy.
6. Review the Management Agreement
Before hiring anyone, obtain and carefully review the proposed management agreement.
At a minimum, make sure you understand:
Your responsibilities
The property manager’s responsibilities
Contract length and renewal terms
Management and leasing fees
Additional charges
Performance expectations
Termination requirements
Early-exit fees and other restrictions
A promising interview does not guarantee a fair agreement. Read the contract carefully and make sure its terms protect your interests before signing.
The best property manager is not necessarily the company with the highest search ranking, the most properties, or the best tenant reviews. It is the company that fits your needs, demonstrates sound operating practices, and offers a clear and reasonable management agreement.
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