Dumb question # 5324.
This is really a continuation of an old thread from 5/7/04….
Hypertheticaly [cigar]
If you must give 30+ days notice to a non-performing PM. Is there anything that would stop you from employing your new PM at the time you give notice? That is have 2x PM for a short time, thus creating an overlap. [thumbsdownanim [specool]
Alternately, what would stop you from simply paying out the PM for the notice period and telling them they are out of there? (a bit like dismissing an employee that has to go)[jerry]‘Loyalty’ is when you have made a decision and you stay true to that original vision.
I dont see a problem. You could get the new PM to handle the paperwork with the old PM, so effectively the new PM is working for you as soon as you agree to their terms. They can serve 30 day term.
In some areas swapping PM’s is common so they may even ignore the 30 days notice.
Thx Yack
Breaking management contracts can result in additional fees. Make sure you check your management agreement.[cap]
There should be a clause in the management agreement regarding terminating the agreement.
Usually, there is a cost payable, but you also have right to dismiss if the PM is in breach of the agreement for eg…non performance, not collecting rent, etc.
It should be detailed in yr agreement, check there first…
KPThx Yorker & KP
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