How do I fire my property manager?

When searching for a property manager for your investment property, there are a number of factors to consider. First and foremost, you'll want to ensure that you're getting value for money and a fair return on your investment. This means finding a property manager who can secure reliable tenants paying rent at or above market rate for your property.

Additionally, you'll want to consider whether the property manager is acting in your best interests, communicating all relevant information to you in a timely manner, and is responsive and proactive. It's also important that the property manager is knowledgeable about their legal obligations under the Residential Tenancies Act and meets those obligations.

If you're not satisfied with your current property manager, it may be time to explore other options. However, before terminating your contract, it's important to review the terms of the agreement to ensure that you're not in breach and liable for compensation.

If you are considering terminating your property manager, there are important factors to consider before taking action.

Taking action

First, review the terms of your management contract carefully to determine the allowable methods and circumstances for termination. If you breach the contract, you may be liable for compensation. Look for specific terms related to reasons for termination, breaches of the contract, notice periods, fees, and auto-renewal clauses. If termination is not immediately possible, consider negotiating with your property manager for an early termination and be prepared to pay a small fee if necessary.

When giving notice, ensure that you abide by the notice period specified in your contract and provide written notice as well. Be sure to set up a new property management arrangement in advance before terminating your current manager.

Remember to keep things cordial and professional during the termination process. Your new property manager must inform your tenants about the change in property management and ensure that they obtain all relevant documentation and information from your past property manager, including the tenancy agreement, rent receipts, records of repairs and maintenance, and other relevant paperwork.

Terminate the agreement in writing

It's important to send a written notice to terminate your agreement with the property manager, even if you have already notified them verbally or in person. This written record will serve as a reliable point of reference for both parties.

When drafting your notice, make sure to include the following essential information:

The date on which you are providing the notice.

The date on which the property manager's responsibility for the property ends and they are no longer your agent.

The final rent payment date that the property manager should collect on your behalf.

Any necessary details regarding the transfer of information or responsibilities to you or a new property manager.

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