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Property management operations

1. Property Acquisition and Onboarding

Conduct market research to identify potential properties.

Perform property inspections and assessments.

Review property documents and financials.

Negotiate acquisition terms and agreements.

Create a property management plan and budget.

Set up property management software and systems.

Develop marketing strategies for tenant acquisition.

2. Tenant Management

Screen potential tenants (background, credit, rental history).

Prepare and execute lease agreements.

Conduct tenant move-in inspections.

Provide tenants with property guidelines and contact information.

Establish a system for rent collection and tracking.

Handle tenant inquiries and maintenance requests.

Facilitate lease renewals and terminations.

3. Maintenance and Repairs

Develop a preventative maintenance schedule.

Establish relationships with reliable contractors and vendors.

Create a system for reporting and tracking maintenance requests.

Conduct regular property inspections for upkeep.

Document all repairs and maintenance performed.

Ensure compliance with safety and health regulations.

4. Financial Management

Create and manage property budgets.

Track income and expenses on a regular basis.

Prepare financial reports for property owners.

Monitor property performance metrics (occupancy rates, cash flow).

Ensure timely payment of property-related bills and expenses.

Conduct annual financial audits.

5. Compliance and Legal

Stay updated on local, state, and federal housing laws.

Prepare and maintain necessary legal documents and records.

Ensure compliance with fair housing regulations.

Handle eviction processes in accordance with legal requirements.

Review and update lease agreements as needed.

6. Marketing and Leasing

Create and maintain property listings on various platforms.

Utilize social media and digital marketing strategies.

Conduct open houses and property tours.

Develop promotional materials (flyers, brochures).

Monitor market trends to adjust pricing and marketing strategies.

7. Communication and Reporting

Establish regular communication with property owners.

Provide updates on property performance and tenant matters.

Schedule regular meetings with property staff and stakeholders.

Create a feedback system for tenants to share their experiences.

Prepare and distribute periodic newsletters or updates.

8. Staff Management and Training

Hire and train property management staff.

Establish clear roles and responsibilities.

Conduct regular performance evaluations and feedback sessions.

Provide ongoing training on property management best practices.

Foster a positive work environment and team culture.

9. Exit Strategy and Disposition

Assess property performance for potential sale or transfer.

Develop a strategy for property disposition.

Prepare necessary documentation for sale (financials, inspections).

Conduct a final property assessment and clean-up.

Communicate with stakeholders about the exit strategy.

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