Property managers, if they have integrity and take pride in their work – know when it makes sense to let go of a property owner.
I went into the property management business with a goal to provide good, honest, and fair services. I won’t take a property just to have a property in the company portfolio. The benefit of this philosophy is a thriving company.
Though not every property owner will be easy – most are flexible and when problems arise, trust the company they hire and refrain from making constant demands.
Then there are those that don’t. And for the “don’ts” – I have another philosophy – there is no amount of time, money or energy that’s worth weekly aggravation.
And that's when you have to decide wether to hold them - or fold them.
Tips for letting a property owner go:
- Give notice – enough notice for the owner to find another management company.
- If the home is rented, make sure leases are ready to be transferred and properly notify tenants of the upcoming change.
- Be prepared for the owner to fire you instead. No problem– just remind the owner of early termination fees.
- Be very professional with the next management company and facilitate a smooth transition.
- Follow all the rules your state has regarding termination of property management agreements.
- Above all, don’t talk negative about the property owner – not for their sake – but for yours.
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