Property Management Task List
Property management requires a fair amount of planning and timely execution of various tasks. There are many important routine tasks, and it is prudent to keep a task list handy. Here are some important items that you should consider including in your task list.
Schedules for Inspections
It is very important to conduct inspection of the individual units as well as the common areas of the property at regular intervals. An inspection of signage also has to be performed at least once a year, to verify that the required signage is posted properly on the property. Inspection tasks are often forgotten because they are to be done once or twice in a year. Hence, prepare a schedule for the respective inspections and include them in your task lists for particular months.
Filing can be one of the most time consuming and challenging tasks if not handled properly. Keep a reminder for regular filing work that has to be done on a daily basis, but most important is to set the date for doing jobs such as archiving and disposal of unwanted files. For archiving, you will want to place files of the prior year in storage boxes or separate cabinets, so that they are not mixed up with the files of the current year. Older files that are dated past two years can be moved to long-term storage.
Property management involves lot of documentation and paper work and you need to form a policy about the retention of documents. You can update this policy depending on legal changes and things you might have learnt during the past year. However, review your documents at regular intervals and either archive or dispose files that are not needed. If you are disposing papers and files, make sure they are destroyed, instead of merely throwing them in the trashcan. If the required equipment for proper disposal is not available on the property, it is advisable to hire document disposal service, which will handle the job professionally.
Policies and Annual Forms
Distribution of various forms to staff members and tenants is an important task each year. These forms are needed for legal compliance of various issues, such as W-4 for taxation and so on. If new laws have come about, you will have to formulate new policies to accommodate these laws and inform the concerned parties. Acknowledging ongoing policies annually is also fantastic and prudent practice, as that will remind staff members and tenants what they need to follow.
If you are holding tenant or staff meetings then they have to be planned and the agenda and invitations should be sent much in advance. Although these tasks seem simple, they can pile up if you are not vigilant, and you might not have the time to complete them.
First, determine what type of continuing education is required for staff members and then plan for the whole year. For instance, you might need to hold legally required courses for meeting licensing requirements, or for fair housing, and so on.