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Navigating Property Takeovers: Tips to Aid the Process

Updated: Jan 24, 2023

If you are in the property management business, then you know the pitfalls, headaches, and challenges of a property takeover. Here are some things to look out for during this process.

The first and most important and proper communication between all parties involved, especially between your team members. Make sure everyone knows who their point of contact is for their various positions and responsibilities at the old management company/old owner as well as your client.

Start early on anything that can be started on. Some things will have to wait until close/takeover day such as domain transfers, social media accounts, etc. However, you should set the groundwork these items to be able to be moved the day you takeover.

Going back to communication, you should have a central location (preferably cloud storage) of files that everyone on the takeover team can access easily to collaborate and organize all the items needed to be completed and responsibility checklists.

When being on the other side of the takeover, always try to be as accommodating as possible to the new management/owners. You never know when you might have to deal with that company again and its best to treat them as you would want to be treated when its going in the other direction.

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