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.
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.