When you are to enter into a new property management agreement with a client, there are a good number of things to think about and consider. The fact of the matter is that most properties have unique things to merge into the property management service.
The client, the location, the tenant mix, and the lease documentation are some of the ‘day to day’ issues to work through.
The message is for you to understand the client and the property before you determine a fee and an agreement. Think about these questions:
- What are the challenges of the property over time?
- What are the things that you will have to fix?
- What are the expectations of the client with reporting and management?
- Do you have the right property manager for the job?
- What is your staged take up process in getting the property into your system of management?