When you hire a property management company, you want it to take immediate action to formulate a plan to make your property as successful as possible. The property management company should immediately launch a series of steps to evaluate your property, come up with comprehensive joint plan that outlines your goals.
The first step the property management company should take is to complete a property evaluation. You want to make sure that the company takes the time to comprehend and define both your short-term and your long-term goals, so that you begin the business relationship with a mutual understanding. In order to further facilitate this trust, you and your property manager, should review all applicable management terms as well as any fee-based services, and build an agreement from there.
You should be able to dictate certain conditions such as your expense, deposit, billing, reporting, and building preferences. The property management company should supply you with a detailed list of relevant information such as records, documents as well as any actions you need to take. This may include changing your billing address, transferring funds to a new trust account, making copies of keys, obtaining a rent stabilization certificate, and taking care of existing leases and rent rolls. Should you request it, a reputable property management company may even orchestrate a transfer of services and funds from your previous property management company to your current one.
The property management company will then conduct a thorough audit of your property. Your existing plan will then be regularly analyzed; you should also be provided with quarterly market updates. Your net profit proceeds and financial, maintenance, and inspection reports will be deposited, transferred, or mailed on the 15th of every month. You will dictate when any other pertinent information is delivered to you.
At this point, your personalized marketing plan will be put into motion and the property management company will put the appropriate signage on your property. A respectable company will send out a notification to current tenants that informs them of the new property management company and all related information. Hopefully, the company will be able to provide your onsite manager and any other on-site personnel with a handbook that includes details on responsibilities, Fair Housing laws, OSHA regulations and safety issues, marketing of apartments, rent collection, tenant relations, maintenance identification, public relations, and other matters.
A good property management company will immediately begin working with you to optimize your investment, and will continue to bestow that same level of service.
TDI Properties Inc is a full service property management company currently servicing residential and commercial properties throughout the LA Metro. Services include REO management, rental property management, commercial property management, property asset management and more.