Rental property management companies have contracts that specify all the details that go into what their level of service will be and will have every single, specific pointer on what they will and will not do for you as the owners of the property. The company will even have how much the fee is and how they will deal with the tenants. Sometimes, you may want to move out of the contract and cancel it for various reasons- you may have found a better deal with another rental property management firm, or the company that you are with may not have performed as to your liking. It may be just about any reason or you may just want to cut costs. Here are a few things that you should know before terminating your contract.
- The contract that you have signed is a legal and binding one, so that means you can’t just decide to fire your property management company and get a new one. Doing so will result in a breach of contract and attract trouble from the law.
- You will first have to inform the rental property management company that you wish to leave their services, either over phone or e mail. Almost every company requires some notice period and it can be anything from 30 to 90 days.
- Cause for termination of contract is important, but only if the original contract that you signed requires it.
- There will be costs involved. Calculate them and make sure you are not being overcharged.
- Inform the tenants of the change in management.
The above points are just a few of the things that you will to keep in mind before you opt for a termination, so make sure it is worth the time and more importantly the costs that you will have to face before going in for a better deal with a different rental property management firm.