Whether or not you’ve made the decision to transition away from one rental property management company to another, you can be sure that it’s something done regularly. It can be a sticky situation if you don’t plan ahead for the transition.
The relationship between owner and manager can evolve over time as property needs change. That potential for strain is why it’s important to plan every step of the transition to make sure no stone is left unturned.
Plan a Smooth Rental Property Management Transition
Here are 7 tips to help you plan a smooth transition that establishes a great start for your new rental property management company and your staff and tenants:
- Have a plan. You need a strategy. You need to know what you’re looking for, why you’re leaving the current company, and how the new company is going to get you to your desired goal. You then need to write it down and get your staff on board with the change. This includes letting them in on the timeline and the selection process, as appropriate.
- Onboard the incoming team. Your timeline must include adequate time to onboard the incoming rental property management company. They need to be aware of your business and marketing plan, your brand strategy, and your communications plan. Essentially, you need time to get them up to speed on how to accurately manage and represent your brand.
- Inform the outgoing staff. This is the hard part. Yet, it’s only business, and they’re aware of the possibilities (especially so if there have been ripples in the water). Be upfront with all information and make sure to go about the process as outlined in the contract with that firm.
- Encourage collaboration. Introduce the incoming and outgoing teams and foster a collaborative relationship so the two can transition all back- and front-end office processes as seamlessly as possible.
- Communicate with tenants, clearly and often. As soon as the details have been nailed down, begin communicating the change with tenants. Use multiple channels, be clear, and be consistent in delivery. Have a process to answer questions and address concerns and be ready for backlash. No one likes change and some tenants may fight it. Have a strategy to address this challenge and follow through.
- Meet and greet. As soon as the new rental property management team is ready to begin, plan an event where they can meet the tenants. It doesn’t have to be fancy. Even drinks and cookies during a 2-hour window in the leasing office will suffice. An allotted time for face-to-face contact is important, however you decide to host it.
- Monitor performance. All that’s left is to stay on top of things with regular surveying of the new management, as well as tenants. Ask for regular reporting and analytics, and make sure to stay involved with back office operations so you’re alerted early of any potential issues.
Choose the Right Management Team from Day One
Ready to make the transition to Class A’s rental property management professionals? We’ll help ensure your tenants and staff experience a smooth and easy transition, then provide top-notch customer service and communication.
See what a difference it can make to work with our team of trained and certified property managers from the beginning. Call us at 817-295-5959, or send an email to info@classamgmt.com.