How to Switch Property Management Companies in North Dakota
You can switch property management companies whenever your management agreement allows, and your tenants do not have to move or sign a new lease when you do. These are the steps a North Dakota rental owner should expect, from giving notice to the first month with a new manager.
Step 1: Read your current management agreement
Find the termination clause. It states how much written notice you owe, whether there is a termination fee, and what the manager must hand over when the agreement ends.
Step 2: Choose the new manager before you give notice
Have the new company lined up first so there is no gap in rent collection or maintenance. Ask how they handle takeovers with tenants in place and how long onboarding takes.
Step 3: Give written notice
Send notice the way the agreement requires and name the date management ends. Ending on the last day of a month keeps the accounting clean.
Step 4: Transfer the records and money
The outgoing manager should hand over signed leases, tenant ledgers and contact information, security deposits with any interest owed, keys, move-in condition statements, vendor and warranty information, and a final owner statement. North Dakota requires security deposits to be held in a federally insured interest-bearing account, so confirm the full amount is accounted for (NDCC 47-16-07.1).
Step 5: Tell the tenants
Tenants should get written notice of who the new manager is, where to pay rent and starting when, and how to request maintenance. Their lease terms stay the same.
Common questions
Do tenants need a new lease when I change property managers?
No. The existing lease stays in force. Only the contact for rent and maintenance changes.
How long does it take to switch property managers?
It depends on the notice period in your management agreement, so check the termination clause first. The handoff itself goes fastest when the new manager is chosen before notice is given.
Can New Horizon take over in the middle of a lease?
Yes. We take over rentals with tenants in place and coordinate the handoff of leases, deposits, and records with your current manager.
Related: North Dakota Security Deposit Law | Contact Us | Owner Services
