Changing property management companies can feel like a daunting task. Here are 4 simple tips to help you through the process.

1. Give Notice

Once you officially decide to discharge your current property management company, contact your property manager and let them know. Be sure to review your property management contract to determine the agreement term. If your agreement is coming to an end; or on a month-to-month basis, there should be no penalty for ending the agreement. Prepare for an extra cost if you are ending the agreement early.

It is helpful to tell your property manager why you are ending your service agreement., they may be able to make process or system improvements based on your feedback.

2. Notify the Residents

Effective management companies have a transition plan for when they onboard new properties. Make sure to confirm that your current manager will be informing the residents of the switch so that the hand-off goes as smoothly as possible.

3. Prepare for Costs

Keep in mind that your current manager may charge a cancellation fee once if you are breaking your management agreement early.

When you sign with a new property management company, look out for hidden fees including a “change in management fee.” Hidden fees add up quickly, and sometimes you may incur charges from overlapping management during the transition.

Be sure to read your agreements thoroughly to be sure you are not being overcharged.

4. Collect Documents

During the management transition, it is a good idea to get a fresh copy of the following items and documents to keep for yourself.

Keys to doors and/or mailbox, garage door openers
Property condition report, with photos
Lease agreement (as well as any renewals or addenda)
Tenant ledger, with tenant contact information and renters insurance (if applicable)
Any HOA forms

Turning the care and management of your building over to a property manager in Los Angeles is a big decision that deserves careful consideration. Having a property manager that you can trust and rely on is necessary for your peace of mind and for the success of your rental property. We invite you to take a moment to familiarize yourself with our services and recognize the benefits of having St. John Management professionally manage your Los Angeles property. Learn more about our property management services here.