Property Management

Hiring a Property Manager is Easy

Hiring a property manager is easy

Thinking of hiring a property manager after years of managing yourself? Or perhaps you already have a property management company in place which you aren't quite thrilled with. Switching or hiring a management company may seem like a daunting task. In reality, it's actually quite simple. From contract to takeover, here are the 5 steps it takes to switch or hire a property manager.

hiring a property manager team
hiring a property manager - agreement
hiring a property manager - accounting
hiring a property manager - software
hiring a property manager - meeting

1. Meet Your Management Team

A face to face meeting with a dedicated property manager to assess the property's current operations and prepare an action plan for takeover.

Obtain the following documentation from the owner:

  • Entity formation documents
  • Latest mortgage statement
  • Rent roll
  • W-9, past utility bills
  • Current vendor list

2. Come to an Agreement

Discuss and finalize terms of the management agreement per the goals and objectives covered in the first meeting which includes:

  • Determining services provided
  • Setting management fee
  • Leasing fee, and more

3. Set-Up Accounting

Depending on the market, a dedicated property manager will set up an account with a trusted bank on behalf of the client transferring all utility information to MPS Management.

4. Integrate Property Management Software for the Property & Residents

A system to store all paperwork electronically, and create a digital portal for rent collection and reports.

This software will:

  • Create more convenience for the owner by organizing a hub for all property information
  • Add safety and security
  • Improve resident and landlord relations
  • Provide for a seamless digital record of all information

5. Resident Meet & Greet with MPS Management

On behalf of the owner, a welcome letter will be sent to all residents introducing the MPS Management team. A custom invite will follow, inviting all residents the chance to meet with a property manager on site to answer any questions or concerns.

Looking for a more simplified version of this information? Click here to view the infographic.