Feeling frustrated with your Las Vegas rental property? Considering selling due to bad tenants or a bad property manager? Wondering if you can change property managers when a tenant is in a lease?
It’s important to remember that real estate is a valuable asset and one of the best hedges against inflation. When you have a bad property manager, selling your residential rental property in Las Vegas might seem like the easiest option, but it’s not necessarily the wisest.
Changing property managers mid-lease to a reliable and modern property manager is surprisingly easy.
Changing property managers mid-lease can seem overwhelming to an out-of-state property Owner; however, it’s a pretty simple process. Many Owners don’t realize you can have two property managers simultaneously. One can be onboarding your property and Tenant, while the other is transitioning away from day-to-day day management. It is best to have a precise date for the transition to avoid the Tenant’s confusion with rent payments and maintenance requests (i.e., which one is collecting next month’s rent).
There are a few key things you’ll want to consider when changing property managers mid-lease:
- Find a manager by selecting them on quality of services rather than price. An inexpensive property manager may cost you more in the long term. A bad property manager can cost you thousands of dollars in eviction and turnover costs. An inferior management operation may or may not show on an income statement within management’s first year or two. However, it will significantly impact the bottom line of a rental property in the long term.
- Review your current management agreement. How does it handle termination mid-tenancy? Many times, you’ll be required to pay the management fees for the remainder of the lease. If this is true, ask your new property manager to credit your management fees for the same months.
- Sign a property management agreement with your new property manager. Many Owners don’t realize they can have two property managers simultaneously.
- Ensure your current and new property managers communicate for all required Tenant information, such as lease transfer and security deposit transfer. The new property manager will need to honor all the lease terms of the former property manager. Upon lease renewal, the Tenant may be asked to sign a new lease using the new property management company’s forms.
- The former and new property managers should inform the current Tenant in writing about the changes. Most Tenant questions should be handled by your new property manager.
- The new property manager will work with the former property manager to ensure the Tenant’s security deposit funds are transferred between the Security Deposit Trust Accounts (required by the Nevada Real Estate division).
You should expect to receive a 1099-MISC from your former property manager and your new property manager the following January.
Although switching property managers seems like an overwhelming endeavor, it’s quite a simple process and one you should tackle if you’ve had many bad encounters with your current property manager.
Good Tenants do exist. Don’t sell your rental property. Instead, take the time to research, interview and hire a reliable property manager.
Considering a change?
…it’s easy to transfer management to us.
Considering a change in Las Vegas property managers? We've successfully helped many Owners smoothly transition from other management companies. We make the process easy and seamless for Owners and Tenants.
Consider using our free downloadable Sample Property Management Termination Letter template to simplify the process and save yourself valuable time and effort. This comprehensive template ensures a professional transition, addressing all necessary details and legal requirements. With this ready-to-use letter, you can quickly notify your current property manager of the change, outline the reasons for termination, and specify when the new management will take over.
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The key to a reliable property manager is not just finding tenants but also selecting the right tenants and maintaining a high standard of property upkeep.
At Rice Real Estate & Property Management, we pride ourselves on taking the stress out of property management for our clients. Our long-term owners enjoy a hands-off approach because we handle everything from start to finish. Our comprehensive services include:
- Screening Rental Applicants: We thoroughly vet each applicant to ensure they meet our strict criteria, reducing the risk of troublesome tenants.
- General Maintenance and Repairs: From routine maintenance to emergency repairs, we ensure your property is always in top condition, preserving its value and appeal.
- Accurate Accounting: We maintain meticulous financial records, providing you with transparent and detailed reports on your property’s performance.
- Consistent Owner Payouts: Our efficient financial management ensures timely and consistent payouts to owners, giving you peace of mind and financial stability.
Additionally, Rice Real Estate & Property Management stays updated with local market trends and regulations to ensure your property complies with NRS-645 legal requirements while remaining competitive in the market. We aim to maximize your investment returns while minimizing your involvement and stress.
Don’t let bad property management experiences push you to sell your Las Vegas investment home. Your rental property can become a profitable and hassle-free investment with a reliable and modern property manager.
Getting started with us is easy!
Let Us Help You Rent Your Home.
If you already have a property manager, did you know changing property managers mid-lease is surprisingly easy?
