Taking over a portfolio from another manager

The handoff list for when an owner moves to you from another management company, or you acquire a book of doors.

Plan a takeover around the records. Look for deposits nobody can account for, leases that were never countersigned and open work orders the last company dropped. Get every record before the cutover date, in writing.

Rules to check in your state: Security deposit interest and holding rules by state · Required landlord disclosures by state
Related guides: Property Manager Trust Accounting Rules: What Regulators Audit

Before cutover

Send the outgoing manager a written records request with a deadline (owner authorizes it)Owner rel.
Request: leases, tenant ledgers, deposit ledger and bank proof, keys and codes, vendor list, open work orders, inspection reports, HOA contactsOwner rel.
Agree on a cutover date for rent collectionAccounting

Cutover week

Send every tenant an introduction with the new payment method, portal invite and maintenance lineOwner rel.
Receive security deposits into your trust account and reconcile to the deposit ledgerAccounting
Re-key or reset codes if the key log is incompleteMaint.

First 30 days

Inspect every unit with photosMaint.
Fix lease gaps: unsigned addenda, missing disclosuresLeasing
Report to the owner: what was missing, what you fixed, what still needs a decisionOwner rel.

Want this to run without a spreadsheet?

Workflow software can create the tasks in a checklist like this, assign them and set due dates from the lease. Walk through what that would look like for your company with Julian.

Book a 20-minute call

With Julian Calvo, who works with property management companies at LeadSimple.