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Updated about 7 years ago,
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.