Terminating Property Management Agreement : ezLandlordForms

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Michael M

started a topic over 6 years ago

I will be terminating my current property management (PM) agreement and going it alone. My current tenant rental agreement through this property manager will be ending 12/1. I understand that it goes to month to month upon this agreement expiring. Is that correct? I expect to make the PM termination effective 1/1. Do I have to have a new rental agreement signed by current tenant 1/1 ? I also plan on a rent increase 1/1 on current tenant. How should I proceed? Thx

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Jacqueline O

said over 6 years ago

I actually dealt with the same issue earlier this year. I fired my management company, yet retained the tenants. It is a good practice to inform the tenants of the new management. They will need to know whom to call when an issue arises, where to pay rent, etc. I'd inform them in writing of the rent increase at least 30 days in advance, and make sure you don't have some sort of rent control in your city that limits you. Most leases do go month-to-month once the original term expires and a new term is not renewed. I went with a six-month lease with these tenants which will then go to month-to-month. As long as they stay in the rental, I will not agree to anything but month-to-month with these particular tenants.

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Wattsamatta E

said about 6 years ago

Been with this property management for over 2 years. Tenants of our home would like to stay another year, but we want to end it with the property managers. Their agent said we could give them 30 days notice and manage our home ourselves. So we did. NOW the broker claims we can't do that, but needed to give 30 days notice before the automatic renewal, which was January 1st. We have been told that most PM companies have a maximum of 2 years before the agreement has to be signed again. We never signed anything since over two years ago, and we also went with what the agent said about giving them 30 days notice and we could manage it ourselves. At the same time, the tenants signed a lease, beginning March 1st. They could have waited to sign, but did not know out intentions of getting rid of the property management company............................................................................................................................................................................................................................................. Questions: 1. Since March 1st is not here yet, can our tenants rescind on the lease that they just signed with the property managers? .......................................................................................................................................................................................................................... 2. Are we as landlords stuck with this property management company for another year, even though we gave them 30 days notice , and even though we want to take over control of our OWN house? Are we stuck with them if our tenants rescind on the lease.? Our tenants are afraid of getting evicted, but property managers cannot evict without the consent of the landlord, correct? My husband is a three time heart attack survivor and this is making him physically sick. Need some advice, please.