Taking over a property: the first thirty days decide the next three years

Taking over management of an occupied property is a transfer of records, funds and relationships, and each of the three has a way of going wrong. Records first. The signed lease and every addendum, the application and screening file, the move-in condition report, keys, remotes and access codes, the association's rules and approval requirements, appliance ages and warranties, and the vendor list with any open work orders. A lease that cannot be produced is a lease that cannot be enforced. Funds second. The security deposit has to actually move, and the new manager needs to know where it was held, how much it is, and whether the statutory disclosure was made to the tenant. A deposit that stayed with the previous manager or the owner is a liability sitting in the wrong place. Prorated rent and any prepaid amounts transfer with it. Relationships third, and this is the one that gets skipped. The tenant should hear from the new manager before the first rent is due: who they are, where rent goes now, how to submit a maintenance request, and who to call in an emergency. A tenant whose first contact with a new manager is a late notice starts the relationship badly and often correctly resents it. Then inspect the property. An interior inspection within the first month establishes a baseline under the new manager's watch, catches deferred maintenance early, and gives the owner something concrete in month one. Write it as a checklist and run it every time. The step that gets forgotten is always the deposit disclosure. This article is general information, not legal, tax or financial advice. Rules change and every deal is different — check your own case with a licensed professional. Alberto Zaltzberg — Adonait · adonait.com