When taking over the management role of a commercial estate or property it’s often a challenging process and one which can bring up lots of issues. For this reason it’s really import to hit the ground running and one way to do this is with a hand over check-list. A handover checklist allows the incoming property management company like Rylands Associates to take full and professional control, whilst being made aware of any immediate problems or issues that need prioritising. Here’s what you will need to put on that checklist in order to make sure that the handover process goes as smoothly as possible.
Speaking with the Outgoing Management Company
Simply by speaking to the outgoing property manager and recording the conversation (with their permission of course) you will gain valuable information that you might want to use as you proceed to manage the property in the future.
Try to get an up to date copy of the tenancy schedules. Do remember though that it might not always be completely accurate and up to date, but at the very least, it should give you a starting point upon which you can start to double check that everything does tally up.
One of the most important aspects of property management is to obtain an accurate tenant contact list. One way to do this is to simply ask the outgoing management company if they have one. This way if there are any problems then at the very least, you know how to reach any tenant.
You really do need to have copies of rental invoices. This way, you will get to see who’s paying what and when. Also it’s an idea to cross reference the rental agreements with the leases to double check that they are paying the right rates. In addition when you have the invoices in your possession, it’s far easier to see, who is up to date with their rent and who is not.
Ask for an Expenditure Report
Finally you will need to get hold of the latest expenditure (outgoings) report. This gives you a good idea at a glance of exactly what is being spent on the property in question and exactly how costly it is to run. You can also see where you may be able to cut back in the future.
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They say that forearmed is most definitely forewarned and once you have all the above information, then you can feel safe in the knowledge that when the time actually comes to take over the day to day running of the property; you won’t get hit by any nasty and often costly surprises.