Property Management....  A Brief List of Items Necessary to Insure Success....See other pages of our web site for particular topics dealing with the management process. Experience, street smarts, conviction in face of adversity and proven management ability are necessary in this business.

Remember: Few people are proven managers in any business endeavor. This is particularly true in property management. There are few property managers with the ability to make money for their clients beyond the normal appreciation coming from the annual inflation rate in our economy.                          

1. Prepare a budget of income and expenses for the property. Tell the owner the truth about the financial and physical needs of his investment to enhance value.

2. Do a rental survey of competing properties. Note competitive strengths and weaknesses. What needs to be down to the property to raise rents higher than the rate of inflation.

3. Develop one, three, five year budgets of long term capital expenses.  Find funds to accomplish.

4. Set up accounting system, fax, internet and credit reporting systems, local vendors, handymen, gardeners, legal representation, emergency procedures and phone lists.

5. Evaluate current maintenance and marketing systems. Upgrade as needed.....

6. Set up preventative maintenance system by season.

7. Review current leases, building records, eviction history, problem tenancies, rules and regulations. Interview all current staff for input into the management plan.

8. Do short term economic analysis of neighborhood, city and region for trends for marketing research purposes.

9. Develop management plan with property owner for short and long run. Review financial results in last three years. Forecast next year results. Owner and manager commit to the management plan.

10. Establish tenant relations program, new rules and regulations for the property. Cull out problem tenancies not paying rent.  

11. Train resident manager and other current staff.

12. Develop weekly and monthly reporting and control procedures dealing with ongoing operations.

13. Develop signs and graphics for property.

14. Develop rental incentive programs as needed depending on market conditions.

15. Set up tenant screening procedures including fair housing procedures.

16. Pay bills by computer. Deposit income into local bank. Set up standardized collection procedures including serving of notices, eviction processing, etc. Set up cash disbursements to property owner and reporting needs. Coordinate with owner's accountant on tax matters associated with the property.

17. Periodic property inspections and meetings with ownership.

18. Set up environmental and safety systems required by government, OSHA etc. Emergency response procedures are needed for each building managed.

19. Process necessary HUD, local government, state and federal government paperwork needs.

20. Train and motivate property management company staff.

21. Increase rents to improve property value. Investment property is INCOME property.

22. Serve proper legal notices on tenants for nonpayment of rent, notices to perform covenants, 30 and 60 day notices. Coordinate with attorneys on legal actions . Appear in court as witness for the plaintiff.

23. Consult with owners on a variety of maintenance and construction matters, landlord/tenant relations, environmental concerns such as lead, mold and asbestos as well as air quality indoors. 

24. Stalkers, domestic violence, drugs, alcohol, terrorism, chemical inhalant and prescription drug abuse, gang activity, graffiti, discrimination issues can come to the table at some point in property ownership. Property managers must have the experience to deal with such matters. These subjects are not for the faint of heart.

25. Counsel with owners on ways to improve property value, sale of property or exchange of property.

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