Taking over a property from current property manager
Hello,
I'm taking over a 20 units apartment complex from a property manager that did not do his work. I want to know the best way to handle current tenants. I do have an onsite resident manager that helps with showing and collecting rent and maintenance request. I just signed up with Buildium to have everything in one place so it's easier for me to manage. A few questions as I am still learning best practices to manage from afar.
1. Do I re - sign the lease with current tenants? If yes, do I extend the lease end-date? Or keep the original lease date?
2. Do I create a company to manage the units? The apartment is already under an LLC. I do have other single families that I manage as well. Maybe the new company can manage all of my rentals...
3. Any tips/best practice for a successful take over and tips on creating a process to be most effective would be much appreciated.
4. If you are a current property manager and willing to help, please connect with me.
Kayla,
Please feel free to give me a call or text
1. Lease -- all terms should remain, with the exception of the new management (change over in management). You can send out a notification to the tenants on this.
2. LLC vs. management company -- You would most likely need a broker's license to create a property management company. But you can check your State's laws and consult a lawyer. Therefore, it may be best to keep it under the current LLC.
3. Most costly expense is a bad tenant - Don't let emotions get in the way.
4. Feel free to reach out to me if you need anything else.
