When the new property management company* takes over, there is a great deal of concern and apprehension on the part of the existing
residents. Residents are concerned about whether the changes made by the new management will jeopardize their homes. It is always important to remember that a successful management program is one that is basically fair but firm.
Prior to takeover, the property should be analyzed by management in order to make everyone aware of any particular problems inherent to the subject property. This should develop the beginning framework of a management plan. The management plan should attempt to achieve the owner's goals and objectives. Thus, it is important to review the owner's desires and specific requirements.
In some cases, the management agent will be
taking over a situation of utter chaos. It is imperative in these
instances that a set of rules and regulations be quickly established
for the particular property. In other cases, only simple modification
of the existing rules and regulations will be required. Once established,
the new rules and regulations must be distributed to each individual
resident. It is important to note that when the rules and regulations
are being drafted for the subject property, the specific needs
of that property and the locale of the area should be taken into
consideration. Once the revised rules and regulations have been
distributed to the residents, the property manager must be prepared
to take steps to insure that these rules and regulations are followed.
Sometimes, this may require filing for eviction after appropriate
notice to the resident. The control of the property under the
guidelines of the management plan is extremely important if the
real estate investment is to be successful.