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Wallace brings up a great point about professional etiquette in the real estate business. she also mentioned the number one key to being successful in the real estate industry: PROSPECTING! Gary Keller stated in his MREA book that we ALL are in the lead generation business!
Having started TWO property management firms from SCRATCH * it is difficult to see property management clients and properties "leave" me; however, it is a part of the business and this is one of the reasons that CONSTANT PROSPECTING is CRITICAL to my success.
Most of my new business is from departing HomeOwners who can not sell their local home and want to lease it out OR investor owners who have been getting my quarterly direct-mail offerings and whose current resident is leaving the area so they want a local manager.
On the INfrequent occasions that would-be clients have a current, local property manager and want to change, they are SURPRISED that there is a protocol for this to happen seamlessly.
As the NEW property manager, I'd like copies of the property owner's financial cash flow reports for the last 6 to 8 months. THESE reports (1) give me an idea of the maintenance and repair history for the property; (2) the current residents' names, lease rent, and most likely the amount of their security deposit and lease term; (3) owner bank account information if it is mailed directly to them, their bank or sent ACH. This information helps me input the new property into my PROMAS computer software.
As the NEW property manager, I'll contact the current residents and provide my INTRODUCTION letter dovetailing with the termination/transfer document from their CURRENT manager and giving them my contact information.
As the TRANSFERRING/Former property manager, I need the signed transfer and release document signed by the property owner. The same document is signed by current renters' authorizing me to provide their security deposit to the new property manager AND authorizing me to provide copies of their tenant application and lease paperwork to the NEW property manager. Property owners often think that this is their call with the account transfer and it is NOT.
After all of these have been completed, I then organize these items with a Property Transfer TRANSMITTAL Memo and the property keys for the NEW property manager to pickup.
This Transfer Memo tells the NEW property manager about any on-going issues with the property, the HVAC service provider and any vendors who may have outstanding keys.
As the NEW property manager, I will go to the OLD property manger's office and pick up these items. I'll leave my card and pick up the card of the FORMER property manager and ask for their cel # in case I have questions. I also get the name of the firm's property accountant in case I have questions.
I have been mentoring a local real estate office who are doing more property managenent and leasing activities. I'll be transferring a property account to them today and when I called them yesterday, I realized they had not contacted the property residents with their "introduction" letter.
While I am awaiting the executed transfer authorization from the property residents, I'll organize a copy of MY property/resident introduction letter to send to their NEW property manager.
I ALWAYS want these transfers to be handled SMOOTHLY!
IMHO * For every problem property that exits, TWO GREAT clients and properties are e-mailing me about my property management services.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.