10-Step Guide to Switching Property Management Companies
Make the Transition Smooth, Efficient, and Profitable
Switching property managers isn’t just about firing one and hiring another—it’s about protecting your assets, minimizing tenant disruptions, and setting yourself up for better long-term success.
Here’s how to do it the right way in 10 steps:
1. Review Your Current Contract
Check for termination clauses, required notice periods, and any exit fees.
If they require a 30-day notice, plan your switch accordingly to avoid gaps.
2. Secure a New Property Manager First
Vet potential companies using these 15 essential questions before making a decision.
Ensure they have strong systems, proactive communication, and a tenant retention strategy.
3. Provide Official Notice to Your Current Manager
Follow the contract terms—provide written notice and request a detailed transition plan.
If necessary, consult a lawyer to ensure a clean and legal exit.
4. Get Copies of All Property Records
Secure leases, tenant ledgers, maintenance records, vendor contracts, security deposit accounting, and keys.
Do NOT assume your old manager will handle this smoothly—be proactive.
5. Notify Your Tenants About the Transition
Tenants don’t like uncertainty. Your new manager should send a clear, professional message explaining:
- The new management company’s contact info
- Any changes in how rent is paid
- Assurance that their lease remains the same
6. Change Over Bank Accounts and Payment Processing
If your old manager collected rent on your behalf, ensure that all payment accounts are switched immediately.
Your new manager should have a seamless rent collection system ready to go.
7. Conduct a Property Audit with Your New Manager
Walk the property together, check for deferred maintenance, and verify move-in/move-out conditions.
Ensure they understand any tenant concerns or outstanding issues.
8. Notify Vendors and Service Providers
If your old manager handled maintenance, get direct contact info for all vendors (landscaping, HVAC, pest control, etc.).
Decide if your new manager will keep the same vendors or bring in new ones.
9. Close Out Financials with the Old Manager
Ensure all security deposits, final rent payments, and outstanding invoices are properly accounted for.
Require a final financial report so there’s no confusion over missing funds.
10. Set New Expectations and Monitor Performance
The switch doesn’t end once the new company takes over—actively review their performance.
Have regular check-ins for the first 90 days to ensure they’re delivering on promises.
Final Thought
Switching property managers can be a game-changer for your cash flow and asset protection—but only if done strategically.
Be proactive, stay organized, and choose a management team that actually thinks like an investor.
Your properties and tenants deserve the best—make the switch count.