It should not be difficult to switch property management companies from one to another in Oklahoma. This article explains the simple steps you should follow. At the end of the article, you will know how to switch property management companies without hustling. Note that I’m not a lawyer, and none of this is advice from the lawyer’s perspective. This is my genuine advice based on my own experience.
How to Change Property Management Companies: 4 Easy Steps to Follow
When I’m working with someone to transfer management of their rental properties, there is sometimes confusion as to what needs to be done. Most of the time, the other company is professional and cooperative. However, this is not always the case. Following are the steps you should follow if you have no idea about switching property managers.
Identify Challenges with your Current Property Management Company
Prepare a list that will help you clearly identify your concerns and prepare you for a conversation or sit-down.
Ask your property manager to schedule an improvement for you. List all of our issues that need to be fixed. Together reach an agreement and timeline to have them fixed.
Track your progress. Set deadlines to succeed in each of the tasks drawn up in the schedule of improvement.
If you have noticed any improvement that’s great! Make sure to observe the situation closely and let the managing broker know of any issues moving forward.
If the situation hasn’t improved, take action. Then it’s time to know what to do and what to look for in a new property management company.
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Keep the Request For Proposal (RFP) and Ask for a Site Visit
Create a proposal when looking for a new property manager for your community. This not only gives a potential property management company an idea of what your community is looking for, but it helps you and your Council to define and agree on what you require.
Include the Following Things in the Proposal:
- Age of the building
- Size of the building (number of units)
- Total number of meetings (how many council meetings and AGM)
- Type of strata (residential, commercial, mixed-use, sections)
- Any ongoing or anticipated projects
- When is a good time for a website visit?
Schedule a website visit and meet a property management company. Create a list of questions to ask the property management company you are approaching. This will help you understand whether they are a good fit for your property or not.
Make sure that the company adapts to the current trends and needs in service, communication, and technology.
Go through the Terms and Conditions
Ask for agency agreements and packages about financial tasks. Go through all the clauses on the agreement paper.
Get Property Management Agreement – Property Contract [ FREE PDF ]
Speak to your Current Management Company about the Termination
It’s tough to go through the termination process since your property management contract can be restrictive. OKC Home Realty Services have made this simple for you.
- Ask your previous management company to wave the 3/4 vote. If they refuse, your Strata Council has to call a Special General Meeting (SGM) or add to your AGM Annual General Meeting.
- Once you have the owners’ vote in favor of termination, give 60 days’ notice.
- Sign your new agreement and give the new property management company the authority to act. During the notice period, your new property management team can begin the transition process and can request all the important records from your outgoing manager.
At that time, we manage all aspects of a transition with our new customers to ensure that the transition process goes properly while keeping the council and residents up-to-date at all times.
Changing a property management company is not a tough task however you need plans and preparations for it to go further. As I said above you have to be clear on the requirements.
Contact a few property managers, and go through their profiles. Schedule a meeting and get to know about their working procedure, terms, and conditions.
Once you go for a new company, it is time to take action. Get your council lined up and approach your current property manager for termination; the new property management company should take care of the shifting process.
When Is It Time to Change Property Managers?
It is crucial to switch property managers because doing so will help you and your bottom line in the long run. The following are some signs that it’s time to find a new property manager:
Poor Communication: It is best to replace and hire a new property manager if your current one doesn’t communicate well with you or doesn’t keep you informed of the property’s state.
Lack of Responsiveness: You may experience difficulties if the property manager takes a long time to address maintenance concerns or tenant complaints. A professional property manager will be proactive and attentive to your demands.
High Costs: Remember that you should change property managers if you pay extra for their services. And increase your savings. High fees may subsequently put you in financial difficulty. The money you are spending on high costs can be invested.
Lack of Experience: If your property manager lacks the experience or knowledge necessary to manage your property, you could face serious financial difficulties. Therefore, it is preferable to replace the lacking person and be happy.
What to Look for in a Property Management Company?
A good property management company is crucial, and selecting the best one is a significant choice since you should always consider the advantages for your future. What to look for in a property management business includes the following:
Experience: The property management business must understand essential elements and experience managing properties. You’ll gain from using a seasoned property management business in the future.
Fees: You can invest the money you’ll spend on exorbitant fees later. To evaluate costs, you might ask for numerous estimates from different businesses.
Services: When searching for a property management firm, be sure to opt for one that will offer the support you require. Tenant selection, maintenance, and rent collecting are a few such services.
Communication: Communication is the key to living a better life in the future, so keep that in mind. Look for a property management firm that will communicate with you effectively.
How OKC Home Realty Services can help you to Switch Property Management Companies?
Property management OKC has been dealing with such issues for a long period of time. We provide rental management services to homeowners & tenants. Here are the simple procedures for changing a property management company.
Give a Letter to Switch Property Management Company to Your Property Manager
You should refer to your property management agreement as to the termination of service. Find out how much notice you need to give your property management company upon termination. Request these items in the letter:
- Ask them to transfer all physical items to either you, the owner or the new Oklahoma City rental property management company. Those items include keys, copies of leases and other paperwork, and any other items that go with the property.
- Ask them to give a complete accounting of all income and expenses to wind down the account. All security deposits and any funds due to the owner must be transferred.
- You must include a clear-cut date of transfer.
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Follow up this letter with a Phone Call
I would make the phone call on the same day that you sent the letter.
Then you can enter into a property management agreement with the new Oklahoma City rental property manager.
Hopefully, you got an idea about changing your property management company without hustling. It’s not that hard to change property management companies if you follow the guide that I have laid out here in the post.
Also Read: How Much Do Property Managers Charge?
Looking for the best property management service or trying to switch property managers, contact us. We are the best property management OKC with the awareness of the difficulties of changing property management companies in OKC.
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FAQs on Switching Property Management Companies
Can we change the Property Management Company?
There are plenty of options for you if you want to change your old property management company. If you are disappointed with the workflow of your current property management company, it's your right to take a proper decision.
How do I switch property management companies?
You need to follow some procedures before switching property management companies:
1. Identify challenges with your current property management company.
2. Keep the request for proposal (RFP) and ask for a site visit.
3. Go through the Terms and Conditions.
4. Speak to your current company about the termination.
5. Get your council lined up and approach your current company for termination; the new property management company should take care of the shifting process. Learn about the process of property management agreement termination.
How do I complain about a property management company?
Before that, please talk to your current property manager about your issues regarding the work process. Prepare a list that will help you clearly identify your concerns. If this doesn't work you can discuss your stress with your nearest local trading standards office. Be sure to provide valid proof.
Is It better to have an agent or a manager?
Whether you hire a management or an agent is up to you. While the manager offers greater support and career coaching, the agent is mostly in charge of obtaining employment for their customers. Everything from selecting the appropriate tasks to building your brand will be assisted by the manager.
How do I get a new managing agent?
You must provide your existing managing agent with at least 30 days' notice before changing agents. After that, you should begin looking for a new agent right away. Give your new agent as much information as you can if you can, and be ready for a learning curve. You'll benefit in the future by speaking with several companies.
