For more information, please also view our article, "Easiest way to change property management".
Best Practices
How should I send my cancellation?
Typically, email is a great way to communicate, especially if the receiver responds and confirms receipt. If you don't receive a response within 48 hours, you may want to follow-up by sending a certified letter.
On average, how many days in advance should you give notice?
Most property managers have contracts that require 30 days notice for termination and/or have a termination fee. We've found a termination fee is common, especially if it's the first year, as many property managers require an annual contract.
Should I request any documents for my records?
We suggest requesting copies of all documents related to your property for your records. Below is a list of common documents:
- Copies of the tenant’s application and lease (including any renewals)
- Maintenance records for the property
- Proof of tenant’s renters’ insurance coverage
- Financial ledgers and reports
Email Template
example:
Below is a template which you can copy and paste into an email:
|
[Landlord’s Name] [Landlord’s Address] [Property Management Company Name] [Company’s Address] [Date] Hello [prior manager or company name],
Please accept this advanced written notice of my intention to terminate our agreement for property management service for the property located at [rental address]. Please return all keys, rents, and deposits due to me on or before [date of transition], when I plan to make this transition.
As of [date of transition], I will be moving responsibilities and obligations over to [new property manager or yourself].
Thank you very much for your management services, and I look forward to a smooth transition.
Sincerely, [Landlord's name] |
Checklist to change management
The first step in the transition is to receive as much as you can about the history of the property and tenants. The prior management may not be as organized as you, and therefore it is your responsibility to request and confirm receipt of the most important documents.
Here are the major items you should expect to receive:
- Lease documents
- Tenants' names, emails, and phone numbers
- Original applications submitted by current tenants
- Security deposits
- Move in and annual inspections for current tenants
- Payment history and balance due for tenants
- Open maintenance requests, including their current status
- Past maintenance request history
- Inventory list for appliances owned by the property’s owners
- Important communications with residents
- State of current vacancies (any applicants in the pipeline, etc.)
- Pro-rated rent based on the property close date
Some past managers will provide high level spreadsheets with this information, to make your life easier as well. If you do not receive any of these items listed above, then have a plan on how to update your records on the item. For example, if there is not a move-in inspection for one of the rental units, then you should plan to perform a mid tenancy inspection.
Please refer to this article on the Rental Inspection Guides, as well as Privacy Concerns and Rights for rental properties.
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