Residential Property Management/property management

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Question
Hello
I'm a landlord and we have a management company managing the property.
But we now want to manage by ourselves.
Previously, management company gave us a discounted rate for the management fee and now we want to go by the contract which is $200 more every month.
Do we have to give notice out to the tenants about this change?
Thanks!

Answer
Lucy,

Thank you for your inquiry. Please be reminded I am not an attorney, offer no legal advice nor am I familiar with the real estate statutes of your specific jurisdiction. If you plan to change management company or manage the property yourself, your tenants should be advised of the change so they know where to pay rent, request service, send notices and meet any other lease obligations.

If you choose to manage the property yourself and have limited experience as a housing provider, I suggest you engage a good landlord-tenant attorney, become familiar with fair housing guidelines (federal, state and local) and develop relationships with suppliers and service providers to meet the needs of property repair and maintenance. You may also wish to consider joining the NAA Independent Rental Owners (http://www.naahq.org/join/independent-rental-owners).

Happy landlording!

Residential Property Management

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K. David Meit, CPM

Expertise

Real estate investment, operations, renovation, marketing, and administration. Specializing in urban multifamily, DC rent control, property repositioning, change management and building high performance operating teams. For more information, please visit www.oculusrealty.com

Experience

I have over twenty-five years experience managing all classes of multifamily property in New York City, Washington, DC and the Maryland and Virginia suburbs. I am President & CEO of Oculus Realty, LLC, a licensed real estate broker in Virginia, Maryland and the District of Columbia. Oculus is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM). I have earned the CPM and ARM accreditation through IREM and GRI designation though National Association of Realtors (NAR). My career includes successful management and executive positions at Bozzuto Management, Forest City Residential, DARO Realty and Vornado Realty Trust.

Organizations
Institute of Real Estate Management Ethics and Discipline hearing Committee, Chair Region 3 Education Committee, Chair West Central Maryland Chapter 92, President (2012) Apartment and Office Building Association Advisory Board Member National Apartment Association Property Management Associations President, 2004 National Association of REALTORS

Publications
http://www.bizjournals.com/washington/stories/2010/09/13/story24.html

Education/Credentials
Boston University, BA New York University, Schack Institute of Real Estate, Property Operations Institute of Real Estate Management, CPM designation

Awards and Honors
Institute of Real Estate Management AMO of the Year Award 2015 CPM of the Year Award 2012 Past President's Award 2012 Property Management Association PMA Presidentís Award, 2003, 2005 PMA Vision Award, 2004 Property Manager of the Year, 1998 Apartment & Office Building Association Outstanding Leadership Award, 2006, 2008, 2011 AACE Award Washington, DC Service Team, Sedgwick Gardens, 2004 AACE Award, Virginia Garden New Upscale, Regentís Park, 1998

Past/Present Clients
My clients include high net worth individuals and family offices looking for long term income and appreciation from investment real estate.

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