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Home > Taking over management of apartment

Taking over management of apartment

Review existing lease agreements and tenant files

Assess current financial statements and budgets

Familiarize yourself with property management software

Conduct a physical inspection of the property

Schedule a meeting with the outgoing management team

Discuss ongoing issues and unresolved tenant concerns

Request a list of current vendors and service contracts

Obtain keys, access codes, and any necessary documentation

Introduce yourself to tenants via email or a notice

Address any immediate tenant concerns or maintenance requests

Review tenant contact information for accuracy

Establish a communication plan for ongoing updates

Set up utility accounts in your name if necessary

Review and update maintenance procedures and protocols

Organize vendor contracts for services such as cleaning and landscaping

Create a schedule for regular property inspections

Verify and update rent collection processes

Establish a system for tracking expenses and income

Review the budget and make adjustments as needed

Prepare for upcoming financial obligations such as property taxes

Ensure all permits and licenses are up to date

Review local housing regulations and tenant rights

Conduct a risk assessment for insurance coverage

Prepare for any necessary tenant notifications or changes

Develop a plan for property improvements or renovations

Create a marketing strategy for future tenant recruitment

Set goals for tenant retention and satisfaction

Establish relationships with local community resources and businesses

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