Plain explanation
Property management review examines how a property operates today and what an owner wants to improve. The starting point is a reliable picture of units, occupants, leases, income, expenses, maintenance, vendors, safety concerns, and communication responsibilities.
Why it matters
Without organized operating information, urgent issues can crowd out long-term planning. A current management file helps an owner identify missing records, prioritize maintenance, communicate expectations, and evaluate whether professional management support may fit.
What information to prepare
- Unit and occupancy list with current contact information
- Signed leases, amendments, deposits, and renewal dates
- Rent roll, payment history, recurring expenses, and budgets
- Open work orders, inspection records, warranties, and service contracts
- Vendor contacts, keys, access rules, and emergency procedures
- Owner goals, reporting expectations, and approval limits
Common mistakes to avoid
- Mixing personal and property records
- Relying on verbal lease changes or undocumented repairs
- Deferring safety and water-intrusion concerns
- Failing to define who can approve work and spending
- Comparing gross rent without reviewing operating expenses
Questions to ask yourself
- Are leases and occupancy records current?
- Which maintenance items are urgent, recurring, or preventive?
- What information should an owner receive each month?