Property Management Insider's Tim Blackwell offers up a handy checklist of six items that all property managers should consider when taking over a new community.
Despite the obvious cosmetic enhancements, such as beefing-up curb appeal and landscaping, there are quite a few latent efforts that need to happen if you expect to make the process run smoothly.
As expected in a robust apartment industry, asset ownership changes last year were brisk. About 5,800 properties and 1.5 million units changed hands at a record cost of $150 billion, says Kevin George, President and COO of InfoTycoon, a provider of asset management lifecycle software that includes new acquisition management.
Blackwell's bullet points, culled from some of the industry's top property management experts, include exposition on each of the following action items:
- Establish a checklist to institutionalize best practices
- Communicate and respond to residents quickly
- Do your research prior to the transition
- Build excitement and focus on the positives
- Customize your approach based upon the community
- Plan ahead and be prepared for the unexpected to occur
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