How to Change Commercial Property Management Companies

Details: June 25, 2025

A property management business can influence all aspects of your commercial investment, including operations, rent collection and vacancies. That much responsibility makes it essential to have the right team to assist you in optimizing your property. Needs change, and if your current team can’t meet them, it may be time to start looking at other companies.

Signs It’s Time to Find New Commercial Property Management

Your property management team should provide you with the support and insight you need to enjoy a stress-free investment. Their role puts them front and center for monitoring and optimizing operations and tenant satisfaction. If you notice a shift in their ability to complete their obligations, it could be time to find a different company.

Here are some warning signs:

A lack of communication
Failure to collect rent on time
Frequent tenant complaints and turnover
Unresolved maintenance and repairs
Financial reporting issues
Lack of lease enforcement
Limited vendor oversight
Extended vacancies
Minimal marketing
Outdated management strategies

Changing Commercial Property Management Companies

Set Goals for the Transition

Knowing what you want from a property management company will guide your evaluation and decision processes. Clarify your investment objectives so you can find a partner that addresses your needs.

Here are some questions to help you define your goals:

How can you improve cash flow and long-term gains?
How involved do you want to be in the oversight process?
Do you need to reduce expenses?
Are you interested in diversifying your tenant mix?
What are your expectations for reporting and communication?

Review Your Current Contract

Reevaluate your current contractual obligations before you enter into an agreement with another company. Review clauses about termination, including how much notice is required and the manner it must be provided. If you plan to break your contract before it expires, weigh the costs of potential fees against the expense of your continued partnership. Legalities can be tricky, so it’s worth consulting an attorney during this time.

Find the Right Replacement Team

This step is often the longest part of the process. You don’t want to end up in the same situation you’re trying to get out of, so take your time when searching for a property management company.

Here are some tips to remember:

Review a company’s experience with different industries.
Read case studies and testimonials.
Evaluate their range of services and specialties.
Ask for references.
Inquire about management software and platforms.
Request a breakdown of pricing and fees.
Assess their staff stability and turnover rate.
Pay attention to their responsiveness.

Establish a Transition Timeline

Laying out a timeline for your transition can help you navigate potential obstacles. You’ll support the continuity of operations and prevent disruptions to your tenants’ daily activities. That reduces the risk of miscommunication and confusion and allows you to build trust. Setting up a timeline is also an effective way to hold all parties accountable and keep the process moving efficiently.

Transfer Documents and Property Information

Ensure the integrity of your reporting data, financial records and tenant information by requesting a direct transfer from your current property management team to your new partners. That boosts efficiency and keeps those documents secure.

Request the following:

A copy of tenant leases
Tenant contact information
Balance sheets
Budgets and forecast records
Bank account details
Tax records
Communication logs
Maintenance and repair receipts
Vendor and service contracts
Eviction history
Insurance policies
Licenses and permits

Communicate with Tenants and Stakeholders

Discovering a change of this magnitude through the grapevine could affect your credibility and trustworthiness. Once the transition has been finalized, notify each tenant individually to ensure they understand what it means for their business. Being upfront demonstrates your professionalism and respect for their partnership.

If you employ vendors for utility work, renovations, lawn care and other maintenance, provide your new team with their contact information. Doing so allows for continuity and helps prevent gaps in service.

Make the Most of Your New Partnership

Whether you’re an experienced or new investor, DRK and Company can help you navigate the world of commercial real estate in Columbus, Ohio. We’re committed to being your first and last property management team so you can enjoy the benefits of an enhanced real estate portfolio. Contact us to learn about our services and schedule a consultation.