Tips to Switch Property Management Companies in Colorado Springs
You, as the owner of rental real estate, may have decided to hire a property management company to handle the most strenuous aspects of your responsibilities. Being a landlord is made noticeably simpler by the presence of these companies, which take on many of the responsibilities that the owner would otherwise be responsible for personally. These responsibilities include advertising for and screening potential tenants, collecting rent, and handling property repairs and upkeep.
Nevertheless, if you have come to the conclusion that you are interested in using the services of a different property management firm, the following recommendations are offered:
Explore new options
Do not put the cart before the horse by cancelling the services of one company before finding another to replace them. This would be putting the cart before the horse. This could result in an additional month or two of service with your existing firm; however, this is preferable to the alternative of having no one manage the property at all. When it comes to property management in Colorado Springs, there are a number of local businesses, such as All County Colorado Springs, CMRC, and Evernest, that are capable of completing the task in an effective and efficient manner, sometimes at rates that are more affordable than those charged by larger organisations.
Do some research on the topic online or talk to other landlords to find out which management business they work with and whether or not they would suggest it. Another possibility is to discuss the matter with the real estate agent who represented you during the purchase of the property that is now being utilised as a rental. You might also take a drive around the neighbourhood where your property is located and check for sign boards that advertise property management companies that operate in the immediate region.
Get to the details
Before you start making any changes, it is a good idea to get the names of at least two other property management businesses to consider using as a backup plan. Make contact with them and ask to schedule a meeting with an agent who can answer questions about the services and prices offered by the firm. If a business does not respond to your request for a meeting, you should cross it off your list and explore for other opportunities. It is important for a rental property management company to be responsive, and missing an appointment is a bad example of how to behave in this situation.
After meeting with representatives of at least two other property management businesses, compare the services each one provides and the costs associated with doing so. Create a comparison chart for the two, keeping in mind that price should not be the only factor you take into account. It’s possible that lower costs will mean fewer services, which will increase the amount of work you have to do as a landlord.
Review the current agreement
Examine your existing rental property management firm and the services it provides before going ahead and making the switch. Find out what has gotten you to the point where you are considering moving your company somewhere else. Is there an issue that can be resolved, such as by being given a new agent, or has the connection been harmed beyond repair? Make use of this as a tool to ensure that you are acting in a manner that is beneficial to both yourself and your property.
In the event that you make the decision to terminate the agreement you are now bound to, review the terms of the contract in great detail to learn how the termination procedure is carried out. For instance, how much of a head’s up should you provide before you start incurring penalties? When does your agreement expire? If you are not in too much of a hurry, you can consider allowing the term of your existing contract to run its course before switching to a different firm in Colorado Springs.
Notify your old company
You need to put in writing that you will be terminating the arrangement that you have with the property management business that you are currently working with. You are welcome to do so by a phone call, but it is recommended that you follow it up with a letter in writing or an email.
Make sure that you have it confirmed that this correspondence was obtained so that there is no room for misunderstanding regarding the timeline. Sending the letter by certified mail with a request for a signature receipt is the most reliable and effective method for achieving this goal.
Get the legalities sorted out
Make sure that you have signed a contract with the new property management firm, and that the start date of the contract specifies exactly when the company will begin providing their services to you. Talk it over with a representative from the company or get in touch with an attorney if you have any questions regarding any of the provisions in this contract. Be sure to read the fine print so that you are not surprised by anything.
It is imperative that you let the relevant state and municipal authorities know about the switch to a new property management business. A property management firm in Colorado Springs will assist you with any paperwork that is necessary in order to ensure that the process proceeds well. Make sure to keep copies of anything you turn over to the authorities just in case something gets lost in the process.