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How to Switch Property Management Companies?


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It is a common misbelieve, that switching property management companies is tiresome, invain and almost impossible. Therefore, many landlords don’t even try to change, and suffer from an inevitable property management service – not mentioning the loss of incomes and profits due to this fiasco.
However, the solution is simple: find the right company who handles your property, and don’t be afraid to switch if the current one isn’t the right one.
It is definately true, that there are a bunch of things to handle while changing property management companies, but with a professionally prepared team the transitions will be smooth.
Let’s see how to carry the switch out.

What You Have to Do?

In a proper transaction two parties are connected legally in a lease agreement: the tenant and the landlord. If so, then the property management company is only a third party, usually an authorised representative. In that case, without violating the basic terms of the agreement between the landlord and the tenant, the third party can be recalled and switched anytime.

  • The 1st step, therefore, must be to sign a contract with a new company and authorise its representative.
  • The 2nd step is then to terminate the agreement with the current manager.

These steps could easily be done from abroad, there is no need to be in Budapest.

However, if the tenant is your property manager who sublet the apartment to another party, then you have to thoroughly check your lease agreement, whether there is a chance for switching.
Some companies are satisfied with a simple termination contract via email, other companies require the contract via postal services, using an official form of handling: the form of return receipt. The latter option stands usually if the relations between the landlord and the company gets severe.

What to Expect from Your New Property Manager?

A good property manager will look after your interests wholeheartedly. This means that he or she will take care of all the to-dos from the smallest tusks to the complicated ones. Lets see what are those:
• take over of the keys, documents, etc.
• checking the utility and common cost balances
• get in touch with the tenant, and establish the base of a good communication line
• giving you a detailed report about the status of your investment

Many landlords fearing from the difficulties and the misconceptions of switching property management company, carry a lot of headaches for years and loose money because of not making the right decision.
Though, the truth is that switching is not difficult. On the contrary: it’s easy.
And even if there are serious obstacles to overcome, a good company will easily take you over the whole process.

As an example, Tower-International took over many apartments from other agencies with sitting tenants without problems. They believe that all cases are unique, but with their experience and reliable employees, all cases can be handled with care and success. In case you have any questions, they are open to any, and through a free telephone consultation they will share their advices with you.

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