If you notice a significant lack of communication and disappointing results on your monthly statements, it might be time to say goodbye to your property manager. You can avoid uncomfortable situations by following these tips.
Read the Contract
When a client calls asking for advice about their rental property, the lawyer replies, “Read the contract.” When it comes to managing these types of properties and leases, you need to read every word carefully to avoid any possible mistakes. You should carefully read through the terms of your rental contract and be on guard for any language that could lead to termination. You'll want to ensure there isn't anything in it that would prevent you from getting out early, so take your time before signing up!
Hire an Attorney to Help You Understand the Contract
You may have a one-year contract or you might be on a month-to-month rolling agreement for property management east Oahu. The length of time that your manager is going to take care of the property depends entirely upon what kind it is and how many tenant accounts they already have if any at all!
Some contracts have a 30-day to 90-day termination clause which requires the parties involved in ending their relationship with one another to give written notice, usually for some set period of time.
It is important to read through all of the clauses in any contract before making a decision. If you terminate your property manager or rental management company without cause and there's a “for-cause” clause included, then they might have grounds for legal action against you, so take your time browsing over these details!
Follow Termination Procedures Strictly
It is essential that any and all termination procedures be followed accurately. For example, make sure to follow the writing requirement for notice in your contract of termination as well as properly mail it so they receive a proper notification with sufficient time left on their lease or employment agreement before you proceed without permission from either party involved!
When you sign a contract, there may be hidden costs. For example, if the termination fee in your deal is higher than what's written on paper or when property managers ask for full payment upfront before they start working, don't panic! You can always negotiate with them to lower these arrangements and make sure everything works out well financially, but only after reading through all applicable documents carefully first so that no surprises come up later down the road.
If a property manager or rental company is stealing money from you, it's best to immediately terminate their contract. You don't have to wait 90 days in that situation because of the contract; they will be held accountable for any damages done under warranty by law!
Notify Tenants
When the decision to terminate has been made and a change occurs, notify the tenants as soon as possible. If there's no mention of this procedure in your contract, then take it into your hands. Contact them immediately so they are aware of any changes.
When you hire a new property manager, make sure that they have all the paperwork. If trust funds are being transferred, then take them into confidence and keep your old one informed about what's going on with these conversations as well!
Be a Boss
It is important to remember that, as the property owner and hirer of a rental company, you are in charge. Your manager works for you just like any other employee, so if you have any concerns about their behavior or performance, you should keep a close eye on them because it could indicate that something is wrong with how he or she treats your property. The input does not directly address what I wrote but rather repeats parts of our conversation verbatim.
When repair bills are larger than normal, information about tenants is communicated on an untimely basis, or there's no communication at all, it’s time to make a change. Do not hesitate to take charge and help to prevent your return on investment from becoming hijacked!
