Switching Management Companies
Switching to a new Los Angeles property management company is actually easier than you think. Of course, there are always stresses and worries when going through a significant change, and when it comes to your business, you want to ensure you’re switching to the best company possible. While the steps are relatively simple, you’ll want to follow this guide to change companies smoothly efficiently while ensuring you go with the company that’s right for you.
Changing Property Management Companies
It’s worth asking yourself why you want to switch companies before making a move. Look at the pros and cons of your current company, and think about what you would like with the next one. Brainstorm all of the ways this new company can simplify your life and enhance your business, and make sure you ask this new company whether they’re able to accommodate you. While this may seem like an obvious step, it’s essential to take a moment to think before rushing into a new contract.
It’s also important when switching to a new Los Angeles property management company to ensure they can handle your property from day one. You want a trusted company with reputable reviews and references, and you want to know that they can accommodate your property’s size and usage.
For example, if you own a large apartment complex, you want to see that your new company also has experience with larger complexes and not only smaller ones. While smaller companies may be able to handle a sudden increase in responsibilities, it’s better to go with a company that has proven experience with more significant properties in this situation.
Canceling Your Contract
Your current contract may have specific cancellation terms to watch out for; however, most contracts have a termination clause that allows you to cancel as long as you provide notice. The average cancellation clause requires a 30-day notice (although times may vary,) and this gives both you and your current company time to settle finances and transfer any documents.
You can send a written notice to your current management company along with a quick phone call to give notice. In your letter, make sure to write that you are giving notice within the required timeframe. This will ensure there are no disputes around the contract termination. You can also mention that the new company will contact them to provide a smooth transition. Once this is sent and they receive notice, your new management company will do most of the work regarding the transition.
Once your previous contract is terminated, and your new one is signed, both management companies will work behind the scenes to transfer all relative information and documents. While you may be somewhat involved in the process, you shouldn’t have to worry about providing much as the transfer occurs mainly between the companies themselves.
Some documents transferred include files on appliance ownership, renovations, tax forms, rent collection, tenant information, and other necessities. While this is one of the most critical steps during the change, it’s also one of the easiest on your side. You can also check in with either company at any time to ensure the transfer is going smoothly.
Letting Your Tenants Know
You and your new company should let your tenants know about the management change. This ensures that everyone has the correct contact information and can continue paying bills or answering questions without pause. This is a simple step and a significant one to ensure a seamless transition. This step is usually done automatically, but feel free to ask your new company to send out a notice so they can provide tenants with everything they need to know.
King George Property Management Solutions
Since 1993, King George Property Management Solutions has provided Los Angeles with the highest quality management services. We have vast experience with many property types, including:
- Apartment Complexes
- Single Family Homes
- HOA Management
- Commercial Properties
- Short and Long Term Rentals
- And much more
We offer transparent pricing, so you know exactly what to expect, and we’ll take the stress out of ownership by providing you with world-class services, including:
- Marketing your property
- Tenant screening
- Rent collection
- The filing and safekeeping of documents
- Ensuring local regulations
- A simple contract with two-way cancellation
- Plus more!
Whether you’re transferring from a previous company or just entering the industry, King George has the tools to take your property to the next level. If you’re changing property management companies, we’ll help you every step of the way so you can relax while knowing you’re in good hands. Contact us today to see how we can enhance your business and make ownership more accessible than ever before!