Not every property manager in Covina is the same, which is probably why you’re considering switching property management companies.
As a landlord focused on creating a profitable and long-lasting investment, working with the right property management company is crucial to your success. However, you may find yourself in a situation where you’re working with a company that isn’t aligned with your goals.
Fortunately, you aren’t locked into a contract with your current property manager forever. There are ways to smoothly switch to a new property management company without causing much fuss or stress.
Your current Covina property management company may have seemed like the perfect fit when they promised you their dedication and service. Now, you’re not so sure they’re right for you and your real estate investments anymore.
Some common reasons landlords leave their current property managers include:
If you find yourself in one or more of these situations, then it may be time to consider switching to a new property management company.
It’s actually pretty simple to switch to a new property management company once you have found the one right for you. The longest part of the process is picking out the perfect property manager in a sea of companies.
The most difficult part of switching property management companies is finding the right one to switch to. Now that you have some experience working with a company, you know exactly what you do and don’t want in a property manager. So, this can help you narrow down your choices.
When you find a property management company near you with excellent reviews and the services you need, sit down and interview them. Let them tell you why they are a good fit to manage your property.
Before jumping ahead and signing a contract with a new property management company, review your current contract.
Read the section about terminating your contract. You’ll want to look for information such as how much notice you must give the company, how to provide the notice, and if there are any termination fees.
Hopefully, your current property management company isn’t too strict with canceling contracts and allows you to retain control of your rental property.
If you have questions, you can ask a lawyer or your new property management company to help you get out of your current contract.
Once you understand the rules about canceling your contract, it’s time to notify your current property manager of your intentions accordingly.
You’ll want to provide a written notice, either in the form of an email or letter. It should contain the following information:
A professionally operating property manager won’t take this as an offense. Remember, business is doing what is best for your wallet or investment!
Once you have successfully terminated your old contract, it’s time to onboard your new property management company. They will often have a smooth procedure asking for specific documents and information about your property, goals, and financials.
In some cases, your old property manager will hand over the information and communicate directly with the new property manager (if they don’t, even more reason to switch) for a clean and simple transition.
In California, landlords are legally required to inform tenants when there is a change in management within 15 days of a contract being signed.
You must provide the following information to your tenants:
If there is any other information you think is necessary for your tenants to know, you should also include it.
In some instances, if the tenant’s current lease was signed with the old property management company, you must have them sign a new lease with your new one.
Simply switching to a new property management company in Covina won’t necessarily solve all of your problems. You must ensure you’re switching to the right one for your investment goals.
When searching for a new property management company, you’ll want to look for the following services and benefits:
Of course, you’ll also desire specific services based on your goals and needs as well. Before signing with a new property management company, ensure they are right for you through interviews, reading reviews, and going through a trial period.
Finding your next property manager for your rental houses in Covina, California just became easier.
Lotus Property Services offers all of the above services and benefits to rental property owners… and more!
Our team of expert and multilingual real estate professionals creates clear communication avenues and opens your property to a larger renter pool.
Your Covina real estate investment is in excellent hands with Lotus Property Services. With routine property inspections and prompt maintenance and repairs, your property’s value is protected and maintained.
Try out our services absolutely free for your first month. Plus, you’ll always stay in control of your rental with a month-to-month no-commitment contract. And we do all the work to make it easy to switch from your current property management company.
See how you can optimize your rental income with Lotus Property Services today!
Thinking about turning your current California home into a rental property? You're not alone. Owning…
Maximizing the profit of your rental property in Glendale, CA, is not just beneficial—it's essential…
Glendale, California, has long been a desirable location for both residents and real estate investors.…
Investing in rental properties can offer a steady stream of income and significant tax benefits,…
Are you looking to invest in real estate but worried about the upfront costs? Did…
Los Angeles is the city of dreams for more than entertainers but for real estate…