We recently were asked about changing your property manager in Sofia to take over the property management of an apartment in Sofia as flood damage had made the apartment unrentable, but the existing property management agents were doing nothing to fix the problem and get the apartment back on the market.
Best Time to Changing Your Property Manager
The ideal time to change managing agents is mid-lease cycle as this allows the new agent the time to view your investment and re-appraise in preparation for the renewal.
During the handover there will be no disruption to the existing tenant, they will just have a different agent to pay their rent to and communicate any issues. There will be no need for the tenants to sign a new lease.
But when a property has been vacant for more than a year then was certainly time to act and change property managers.
Why do landlords change property managers?
There are many reasons why landlords change property managers. These include:
- Inadequate communication
- Lack of market expertise
- High staff turnover rate
- Properties sitting on the rental market too long
- Infrequent or rushed routine inspections
How do you know when it is time to change property managers?
We recommend asking yourself these questions to determine if the relationship can be salvaged or should be abandoned altogether:
- Are repair costs reasonable when needed?
- Is payment requested and processed on time?
- Are you given regular performance reports?
- Does the manager fill vacancies with urgency?
- Are the fees they charge reasonable?
- Is the manager liked by your tenants?
- Are the costs affordable and practical for your business?
- Do they communicate with you regularly?
- Do tenants have to track you down because management isn’t helping them?
What should I know before transferring to a new agent?
When Changing Your Property Manager in Sofia you must choose an agent that fits your criteria.
It is important not to choose the least expensive agent as this is sometimes the costliest in the long run causing unexpected expenses.
The new property manager should follow a professional process including:
- Sign the new Management Agreement between the landlord and the property manager
- Communicating with the existing agent and following the required termination period
- Acquiring all the documentation from the previous agent which will include:
- All lease and bond documents
- Application information
- Entry report and images
- Tenant ledger
- All keys and remote controls
- Smoke & Water Compliance
Your existing property management agreement will:
- Include the length of the agreement (usually 12 or 24 months)
- The notice period you need to give if you are ending it early.
- Any termination fees you must pay.
Example “Changing property manager letter”
Dear [current property manager]
RE: [Property address]: Notice of Termination of Management Agreement
This [letter/email] serves as written notice that I/we will be terminating your management agreement after [date]. This accords with the [number of days] notice required by that agreement.
Management of the property will be taken over by [name of new property management company]. They will be in contact to arrange the handover of keys and any relevant information.
Thank you for your assistance in managing [property name]. I/We wish you all the best.
Kind regards,
Make sure you CC in your new property manager. They will manage the handover for you, including:
- The keys to your properties
- All current tenancy documents.
- Contacting your tenant to let them know of the change (if applicable)
Your agreement might include a fee for early termination. It’s almost certainly worth it to make the change.
How To Change Property Manager in Sofia?
Changing property manager in Sofia doesn’t need to be complicated. The main thing that you need to do is time things well. If you let your property manager go suddenly or you let them go right when rent is due, you will have some problems.
