When you take a commercial property to property management, the questions you are asking at this early stage are essential to the current management process. In many cases, you will not receive all the facts or detail on the property. Ask the right questions in the transfer of ownership is fundamental to start the right foot. Each property is different and at the basic level will generally be industrial, office or retail. That said you should have a procedure for transferring the property management for each type of property.
Do not make any mistake; The procedure for transferring property management is greatly assisted by a checklist. To a large extent, the checklist is relevant for your location and the type of property; However, this basic list will help you create your checklist if you do not already have a place.
Owner detail and contact details
Detail of the tenant and contact details
Detail of the contractor and contact information
Tenant alterations and fitted detail
List of tenants in the format of the rental schedule
Tenant mixing strategy and structure
Property business plan
Details of all balles and other occupations
Complete distribution of all paid income
Complete distribution of all paid expenses
Construction budget for the year
Report of arrears
Calendar of depreciation
List of capital items for tax purposes
Property plans, including rental areas
History of property expenses in recent years
Health and safety issues at work
Current Maintenance of Questions or Concerns
Insurance issues and everything involving risk exposure to the owner
All legal documents that affect the rental or occupation of the tenant
Details of any current incentive involving tenants
Legal operations for the property
Detail of the property assessment
The list continues and will be extended to the type of property and retail of the rental. A real estate leader is greatly assisted when they use a checklist to focus their transfer processes.
Some properties when you take them for the first time as a property management list, the property management lists are almost uncontrollable when you consider them an investment angle. Indeed, they could have been poorly owned or managed (or both). The poorest properties generally did not have direction or processes to keep them on the right track. The only way out of this problem is to have a great list of transfer control that helps you gather the right information; You then take this information and start modeling a business plan or an asset plan for the property. When a commercial property is so modeled, it can be shaped and improved. This is the brand of a great property manager.