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property takeover

Pre-Takeover Planning

Review current lease agreements

Inspect property for any necessary repairs or maintenance

Obtain copies of all relevant documents (financial records, insurance policies, etc.)

Coordinate with current property management team for a smooth transition

Administrative Tasks

Update contact information for tenants and vendors

Update property management software with new information

Set up new bank accounts for rent collection and expenses

Notify tenants of the change in property management

Financial Tasks

Conduct a thorough financial audit of the property

Set up a budget for the upcoming year

Review and adjust rent rates as needed

Establish a system for tracking expenses and income

Operational Tasks

Develop a maintenance schedule for the property

Create emergency procedures for tenants

Review and update any policies or procedures

Schedule regular property inspections

Communication

Communicate with tenants about any changes or updates

Notify vendors and contractors of the change in management

Establish a system for handling tenant requests and complaints

Provide regular updates to property owners on the status of the property

Legal Compliance

Review all local, state, and federal regulations related to property management

Ensure all necessary permits and licenses are up to date

Review and update any insurance policies

Develop a plan for handling any legal issues that may arise

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