You hired a property manager to help you with your rental property. Things haven’t been going well so should you fire your property management company? Should you wait or do it now?
You’ve been unhappy with your property manager. Maybe you aren’t getting the level of communication that you requested, or maybe your monthly statements are suddenly showing odd charges. What if your tenants are complaining that they need things fixed and the management company isn’t responding. Whatever the reason, it has become obvious to you that there is a problem that needs solving. So should you jump in and immediately fire them?
That may depend on what has happened to make you question their service. Minor issues like communication problems or odd charges may just be a misunderstanding that requires a meeting of the minds. Show up at their office if they are non-responsive and ask for answers. However, if it is a true breach of the contract you have with them, then how you react will depend on that contract.
Big things, like lack of response to tenants or requests for large sums of money to “fix” things that you find out didn’t need fixing, mean you have a serious problem. If you took the time to check out your current company and found no red flags, then this may be another time to ask for an explanation. If you can’t get one, fire them. Find another company to replace them and just fire them.
One caution, always look to any contract or agreement that you have with your current management company. You may need to give them time to remediate any issues. In the absence of that, you will need to give careful consideration to the termination clause of the agreement. You may need to give 30 days written notice.
Don’t stay in a bad relationship! If your property management company isn’t living up to their end of your agreement, let them go!