The Best Ways to Create a Property Management Checklist

photodune-6520543-real-estate-xsUsing a property management checklist will keep your residents, staff and management company happy.

Whether you’re a new property manager or you’ve been around the block for a while, it’s easy to get overwhelmed with all your responsibilities. Everyone is pulling you in different directions – the residents are requesting use of the common areas, the maintenance staff is complaining about an increase in work orders, the condo board association is waiting for your reports, and the management company is breathing down your neck for the analytics you promised them months ago.

So what do you do? Create a property management checklist to keep you on task.

But where should you begin?

Simple – schedule some uninterrupted time in your workday and list everything you do on a one-time, daily, weekly, monthly, quarterly, even yearly basis. Once you’ve created a long, exhaustive list of your job responsibilities, organize them into sections. Depending on your personal preference, sections could be chosen based on time, such as daily or monthly responsibilities. Sections can also be created based on the types of tasks that need to be addressed, such as resident issues or staff supervision.

The items on a property management checklist will vary from one property manager to another, so individualize your list to meet your needs. If you’re unsure where to begin, use this list as a starting point. Your list should be much more comprehensive and detailed, and remember to update it every time you find yourself performing tasks that aren’t listed.

Administrative Tasks

  • Create a template of letters that regularly get sent out to save time in the future.
  • Maintain all records for the condo association board members.
  • Implement an annual calendar to organize your yearly maintenance, meetings, goals, and expenses. Each month should be addressed with specific priorities.
  • File all contracts with vendors and keep accurate records of any transactions.

Residents

  • Ensure that new owners have received a copy of the master deed and condominium bylaws.
  • Create a file on each resident with all important signed documents.
  • Respond to all resident calls or emails within a specific time frame.
  • Document all communication with condo owners to keep in their individual files.

Maintenance

  • Create a work order every time a resident raises an issue. Track all work orders to ensure they are being addressed promptly.
  • Schedule quarterly maintenance walk throughs quarterly. View the property each season alongside maintenance staff and a member of the condo board.
  • Inspect all fire safety equipment quarterly. Schedule routine fire alarm maintenance as required.
  • Create a preferred vendor list for the condo association board.

Marketing

  • Advertise for resident events via posted signs, email, or postal mail.
  • Create a calendar for community rentals and a form for requesting the space.
  • Send notices of annual meetings.
  • Schedule resident appreciation days or community gatherings throughout the year.

Finances

  • Collect monthly, quarterly and yearly bank statements and financial reports. Scan or store financial information for easy access.
  • Create a proposed budget for the condominium association board.
  • Provide the board with a summary of income and expenses they can share with residents the end of every year.
  • Enforce condo fees that have yet to be collected.
  • Pay vendors for their services on time.
  • Ensure all taxes are paid on time and tax forms completed.
  • Research insurance coverage and oversee claims.

Staff

  • Interview, hire, and supervise all office and regular maintenance employees.
  • Create and update employee records.
  • Complete annual performance evaluations, while documenting any violations or commendations throughout the year.

If you’re exhausted by the idea of creating a comprehensive property manager checklist, we can make things much simpler for you. The Evercondo app has everything you need to make you the best condo property manager around. We can help you increase your bottom line, while keeping your staff and residents happy. Contact us or request a demo right now to learn how our app can streamline your responsibilities and simplify your job.

What else would you add to our property management checklist? Let us know in the comment section!