Property Management Agreement Termination Letter

There may come a time when you are working with a property management company that is not doing a great job. Or maybe you`ve decided to manage your rental property on your own. One way or another, you have to conclude your management contract. Depending on the contract, you or the current property manager must inform the tenants that you have separated from the current management company. It is also the best way to do it in writing. Give tenants information about who will manage them in the future and let them know where their security deposits are kept. Even if you provide a correct notification, some termination clauses have a fee for early termination of the contract. It can be as little as a few hundred dollars or as much as the administration fee for the rest of the contract. There are a few documents and items you want to make sure before you cut relations with your property management company. Some property management contracts are strict and charge a juicy fee for early cancellation.

Some allow them to leave whenever you feel like it and let it go much easier. Today we go beyond the steps you need to take if you want to leave your property management company. Whether the management company has not kept your promises or you just want to manage the house yourself, you should inform the company of your exit door. You`ll feel better by let them know what problems, if any, you`ve had, and they`ll appreciate your feedback. Whatever the reason for terminating your property management contract, if you need this document, you can also find these forms useful: Make sure you receive copies of all leases, deposit statements and a list of all income and expenses immediately after the end of the contract. There is no reason to delay more than three or four days. If you wish to terminate your contract with them, please provide this notification of contract termination to your property manager or property management company. This communication formally removes all property management obligations and includes an obligation to transfer keys, rents and deposits. Who: This document must be used by the owner and given to a property manager, a property management company or all those who have assumed the role and responsibility of the management of the landlord`s real estate or rental property.