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How to Fire Your Property Manager

How to Fire Your Property Manager

Motivational speaker and bestselling author, Larry Winget, once said, “Firing is not something you do to someone: firing is something you do for someone.” If you’re a property owner and your property manager isn’t keeping up his/her end of the deal, then that someone you need to do something for is you.

So, once you’ve determined the need to give your property manager the boot, use these tips to help ensure your bases are covered.

  1. Provide enough warning time. Property managers typically have a time restriction worked into their contracts that mandate at least 30-days’ notice. You must read your contract carefully, however, because it may be as many as 90 days.
  2. Put it in writing. It does not matter what kind of relationship or trust you have with your property manager. Every business agreement—and especially the termination of a contract—must be in writing. It should be dated, include the date of termination, and any additional instructions, such as how final payment will be handled.
  3. Give notice to tenants. No one likes change. Even if the decision to let a property manager go is because he is neglectful, tenants may react badly. So it’s best to give as much notice as possible (as soon as written notice is given to the property manager is ideal). Communicate it in a number of ways to ensure everyone gets the message (e.g., newsletter, email, notes on doors), and ensure tenants know who they can reach out to at any time, 24/7, should they have a need. The key is to ward off any feelings of neglect or instability.
  4. Have a replacement in-hand. It is wise to already have your new property manager on stand-by when you formally give notice to the current property manager. This will help ease the transition across the board and give tenants more peace.
  5. Document everything. Putting your notice in writing is one thing, but you need to ensure absolutely everything is documented; and this is when you will reap the greatest reward for having kept a close eye on your investment and how its been handled. Now is the time to take (more) notes, photograph everything, step back in on the financial management aspect, etc.

The key to firing is the same as with hiring: do your homework and be prepared.

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