As one of the largest property management companies in Southern California, the agents at Property Advantage are often approached by property owners and investors who want to change their property management company in San Diego. Unfortunately, we notice that many people are concerned about the difficulty in transitioning between property management companies.
Everyone has a friend of a friend who has a horror story of missed payments, unsent notices, or other problems when they tried to transition property management companies. However, making the change to a new property management company in San Diego does not have to be chaotic. With these six tips, it can go smoothly:
6 Tips to Change Property Management Companies
Clarify Your Plan
Make sure you confer with the prospective property management company to ensure that they understand your long-term goals. For example, are there any plans for renovations, do you have an exit strategy, and if so, what are the parameters? Moreover, give the property management company a breakdown of all the rules that define your property (i.e. pet policy, deposits, amenities, repair policy, and other concerns).
Once you begin explaining your goals with the property management company, they will be able to fill in the blanks or ask you to clarify. You may also ask them their vision for the property. Some companies conduct market analyses of prospective properties to advise you of their strategy.
Go Over Changes With the On-Site Team
Do you employ a permanent handyman or other on-site personnel? If so, inform them of the change as quickly as possible. It is critical that you get everyone on board before the transition to ensure that nothing is lost in translation. The sooner your on-site team knows, the sooner they can begin preparing the personnel from your new management company.
Furthermore, you want to give the on-site team as much time to get ready in case they are laid off or unable to secure employment at another property. Usually the outgoing management company will secure on-site personnel new employment.
Introduce the Property Management Companies
You want to hit the ground running as you transition companies, so it is important that you facilitate open communication between your current property management company and the one that will replace it. Make sure that representatives at each company know their point of contact and have an easy way to reach out to them.
Place particular emphasis on personnel that handles leasing. You want the new management company to work with any prospective residents.
Another common point of friction is the technology used by property management companies. Often, data is hard to transition to a new company because of compatibility issues. Make sure you advise the incoming management company of the technology utilized so they can prepare for the data transfers.
Get it in Writing
Everything connected to the property should be in writing. Yes, that means everything: all physical assets connected to the property, social media accounts, pictures, promotional videos, and other digital assets. If these assets are not put down in writing, it is common for management companies to forget or overlook them. Once you create a legal incentive for them to remember, it is a safe bet they will.
Also consider double checking all of your warranties. If your original management company put off regular maintenance, make sure you mention it to the new company. Wrinkles like that should be addressed early to reduce any confusion during the transition.
Communicate With Your Residents
If the transition proceeds smoothly, your residents should not notice a thing. However, once the new company takes over they should immediately reach out to all of the residents and inform them of the change.
Some property management companies host a meet and greet or social to get the residents accustomed to the new on-site team and management personnel.
Be Prepared for Anything
The process will never be perfect, so vigilance is critical to ensure nothing falls through the cracks. Stay involved throughout the transition period until the new company is prepared to competently administer your properties.
Generally, you want to remain in contact with the outgoing management company for 30 to 60 days after the transition. During that period, lease payments and bills may still be processing. You want to ensure that it is going smoothly and all the information is transferring to the new company.
Property Advantage is a property management company in San Diego that specializes in assisting property owners with leasing residential properties throughout San Diego County and Southern California. If you would like to learn more tips about managing your properties, or are in need of a property management company in San Diego or the surrounding areas, feel free to explore our blog. We are continually updating it with new guides and tips for everyday property owners.