Some people just aren’t cut out to manage rentals. They get tired of chasing late rent, tenants that complain about everything, or the knee-high lawn. Maybe they’ve changed jobs and are unavailable to handle maintenance or track down a rent payment. Other times, a Landlord hires a Property Manager that’s not doing the job well.

Whether your are transferring from yourself or another Property Manager, the transition will go smoothly if you are prepared.

How To Transfer Property Management

I recommend creating a checklist ensure nothing is missed. The steps listed below are a good start but it is not all-inclusive. Be sure to tailor it to your unique situation before you start.

  1. Notify the Tenants in writing that you are transferring management to another party. I prefer to do this first so it gives everyone time to hash out details. Let the tenant know when the transfer will take place, who the new manager will be, how to contact the new manager, and that their security deposit will be held by the new manager.
  2. Review the Tenant lease with the new manager. Explain anything that differs from the written agreement. For example, did you tell the Tenants you would replace the dead shrubs this spring? Let the new manager know so he’s not caught off-guard!
  3. Collect all the paperwork to transfer to the new manager. This includes the original application to rent, the lease agreement and any addendums, payment ledger, copies of emails or text messages pertaining to the rental, Lead-Based Paint Disclosure, or anything else applying to the tenancy.
  4. Ensure the Property Manager has a copy of the HOA covenants and rules, if applicable.
  5. Fill out the IRS Form W-9. The Property Manager is required to report all rental income to the IRS.
  6. Provide a copy of your insurance declaration page as proof the home is insured.
  7. Share any documentation of the rental’s condition prior to Tenant occupancy. This can be pictures, video, or a written list. If you don’t have anything, at least try to provide a written list from memory so the Property Manager knows what he is working with.
  8. Provide at least one full set of keys for the manager. Include codes to the security system, garage door openers, etc.
  9. Give instructions on how you want to receive payment and your monthly statement.

Finishing Up

On the day of transfer, sit down with the new Property Manager to review the paperwork. The final step should be a written notice from the new Property Manager to the Tenants explaining where to pay rent (and the forms of payment accepted), the official take-over date, instructions for reporting maintenance, and other applicable issues. I also recommend the new manager schedule a walk-through of the unit so they can familiarize themselves with the property and meet the tenants personally to answer any questions.

Once the transfer is complete, all you have to do is sit back and enjoy some leisure time!

If you are in need of a professional Property Manager in Cody Wyoming, don’t hesitate to give us a call at (307) 587-9608 or email us at office@rentcody.com.