Guide to Ending Management Services Before Securing a Tenant
When you decide to terminate your engagement with Nexus's property management services, it's essential to follow a comprehensive set of steps to ensure a seamless transition, minimize potential risks, and guarantee that all utilities and administrative details remain in order.
Transition to Another Property Management Company (PMC): Should you choose to transition to a different property management company, Nexus is more than willing to collaborate with your new PMC to guarantee a smooth handover. In this regard, please instruct your new property manager to reach out to Nick at Nick@nexus.realestate.
Duties of Property Owners:
Documentation and Records:
Access your Owner Portal.
Download all relevant documentation, including the lease, addenda, tenant ledger, and any other pertinent information. Notably, as there is no current tenant, there shouldn't be an extensive amount of data.
Utilities and Billing:
Reach out to the utility providers for water, garbage, and sewer. Ensure you update the mailing address with them.
Notify these utility companies that the property is no longer being rented and your intentions have shifted.
Retain the utilities under your name and adjust the mailing address to where you'd like future bills and correspondence sent. Importantly, Nexus should be removed from all accounts.
If relevant, liaise with the Homeowners Association(s). Remove Nexus as a recognized third-party entity. Update them with the address where you'd like to receive future bills, notices, and any potential violation alerts. It's noteworthy to mention that there can sometimes be more than one Homeowners Association associated with a property.
Insurance Matters:
Get in touch with your homeowner's insurance provider. It's crucial to remove Nexus as an additional insured party. (See Insurance Details and FAQs for more information).
Settlement of Services and Outstanding Balances:
If Nexus facilitated services on your behalf, such as property upgrades, restoration, cleaning, and similar tasks, all incurred debts need to be cleared before the termination of our management services.
Access your Owner Portal and initiate an Owner Contribution to settle any outstanding amounts. Be aware, any pending balances may attract attorney and collection fees.
Nexus's Obligations: Upon receiving your termination notice, Nexus commits to the following actions within a 30-day window:
Final Day Handovers:
On the conclusive day of our property management duties, Nexus will transfer all keys, remotes, files, and any related documents (if relevant) to you or your chosen PMC.
This comprehensive guide should provide you with all the necessary steps and information to transition seamlessly from our specialized property management services, either back to your direct management or to another property management entity.
For any additional inquiries or clarifications, don't hesitate to get in touch with us at Nick@Nexus.realestate.
