How To Switch Property Management Companies

Switching property management companies can feel overwhelming for many landlords. After all, your property isn’t just an investment, it’s a source of steady income and a part of your long-term financial security. With over 20 years of experience in property management, I’ve seen how the right property management company can make a huge difference in rent collection, tenant satisfaction, and overall property maintenance.

Whether you’re dealing with slow communication, frequent tenant complaints, hidden fees, or simply want a company that aligns better with your property goals, knowing how to switch property management companies smoothly is essential.

In this blog, I will walk you step by step through the process of changing property management companies, what to expect during the transition, and how to make sure the change benefits both you and your tenants.

How to Switch Property Management Companies? Step by Step

Changing your property manager doesn’t have to be stressful if you follow a clear, organized process. Here’s a step-by-step guide on switching property management companies:

Step 1: Evaluate Your Current Property Management Company

Before making any changes, take a look at and evaluate your current company. Ask yourself:

• Are they responsive to my calls and emails?
• Are rent collections consistent and on time?
• Do they provide transparent financial reporting?
• Are maintenance requests handled promptly and professionally

If your answers are mostly “no”, it may be time to consider switching. Document these issues so you have a clear reason for making the change; this will help if any disputes arise later.

Step 2: Review Your Management Contract Carefully

Most property management contracts include a termination clause. Look for:

• Notice periods
• Early termination fees
• Required procedures for ending the contract

Understanding these details is crucial. If you break the contract without following the proper procedure, it could cost you legal penalties. If needed, consult a lawyer to ensure you understand your obligations.

Step 3: Research and Interview New Property Management Companies

Once you’re ready to switch, start looking for a new company that better fits your needs. Consider the following:

• Services offered (tenant screening, maintenance, accounting, and eviction handling)
• Fees and hidden costs
• Checking reputation through online reviews and references
• Licenses and insurance

Reach out to multiple companies. Ask about their experience with properties similar to yours, how they handle tenant complaints, and what tools they use for rent collection and reporting.

Step 4: Notify Your Current Company and Tenants

After selecting a new company, notify your current property management company in writing, following your contract’s terms. Be professional and clear to avoid conflict.

Next, inform your tenants. Let them know who will manage the property, helping them avoid confusion, missed payments, or maintenance delays.

Step 5: Transfer Records, Keys, and Accounts

To ensure a smooth transition, coordinate the transfer of:

• Tenant records (lease agreements, contact info, payment history)
• Security deposits and accounting records
• Maintenance schedules and service contracts
• Keys, garage codes, or access devices

Step 6: Monitor the first 90 days

Once the new company takes over, stay involved initially. Check:

• Rent collection timelines
• Maintenance response times
• Monthly financial reporting
• This period sets expectations and ensures the company is meeting your standards.

This step-by-step approach ensures you change property management companies efficiently, legally, and without affecting your rental income.

What Documents Need to Be Transferred to the New Management Company?

You should receive and transfer:

• Active lease agreement
• Tenant contact information
• Payment histories
• Maintenance records
• Inspection records
• Security deposit details

Accurate and complete records help the new company manage your property from day one.

What to Do After You Switch Property Management Companies?

Switching property management companies isn’t just about signing a new contract; it involves several important changes behind the scenes that landlords need to handle carefully.

1. Financial Transition

When a new company takes over, you need to ensure all money-related matters are properly transferred, such as:

• Security Deposits: the old company must hand over tenant security deposits to the new company or directly to you, depending on your lease agreements and local laws.
• Rent Collection: make sure the new company has clear instructions for collecting rent, including updated banking information. This prevents missed or late payments.
• Outstanding Invoices: check for pending maintenance bills, vendor payments, or refunds from the old company. Clear these to avoid double payments or disputes.

2. Documentation and Records

All tenant and property records should be moved accurately:

• Lease agreements, tenant contact information, and payment history
• Maintenance logs, repair requests, and contractor agreements
• Inspection reports and property condition records

Accurate record transfer helps you avoid legal issues and ensures the new company can manage your property effectively from day one.

3. Maintenance and Property Oversight

The transition may temporarily affect property maintenance if not managed carefully. As a landlord, you should:

• Confirm the new company has all active maintenance requests
• Ensure critical repairs are addressed immediately
• Introduce new contractors or maintenance teams to the new management company

This keeps tenants satisfied and prevents property damage.

4. Legal and Compliance Responsibilities

Even though the management company handles daily operations, as a landlord, you are still legally responsible for:

• Compliance with local landlord-tenant laws
• Ensuring proper lease enforcement
• Handling eviction process (if applicable)

Make sure the new company is aware of your property’s legal obligations, and never assume all responsibility automatically transfers.

5. Communication and Expectations

A clear communication plan is essential during the transition.

• Define what you expect from the new company regarding reporting, inspections, and tenant interactions
• Schedule regular check-ins for the first few months

This ensures you stay in control and maintain a smooth operation of your rental business.

When property management changes, the landlord must take an active role in overseeing the transfer of finances, records, maintenance responsibilities, and legal compliance. By staying organized and proactive, you can make the switch seamless and avoid disruptions to your rental income or property condition.

Can the New Management Company Change the Lease Agreement?

No, a new management company cannot change an active lease agreement on its own. But as a landlord, you do have some important rights and responsibilities to understand.

1. Existing Leases Stay Until They Expire

A lease is a legal contract between you and your tenant. A management company, old or new, is only acting on your behalf. So when property management changes:

• The rent amount stays the same
• Lease rules stay the same
• Lease dates stay the same
• Security deposit terms stay the same

Neither you nor the new company can change the lease until it expires, unless the tenant agrees.

2. What the New Management Company Can Change

A new property management company can update operational procedures, such as:

• How tenants pay rent
• Where tenants submit maintenance requests
• Office hours or emergency contact numbers
• Communication channels

These are not lease terms, so these changes are allowed. Still, tenants must be clearly informed in writing to avoid confusion or missed payments.

Final Thoughts on How to Change Property Management Company

Changing property managers may feel like a big task, but when you follow the right steps, the process becomes much smoother and more predictable. By reviewing your contract, choosing the right company, transferring records carefully, and setting clear expectations, you can make the transition easy for both you and your tenants.

The key is staying organized, being transparent, and working with a management company that truly understands your goals. Whether your priority is better communication, stronger maintenance support, or clearer financial reporting, switching management companies gives you the chance to find a partner who matches your standards.

If you’re looking for a team that makes the switch seamless, provides professional and stress-free service, OKC Home Realty Services is here to help you. Their local experience, responsive service make them a trusted choice for Oklahoma Landlords who want reliable management without headaches.

FAQs: Changing Property Management Company