To prevent surprises when taking over a new property, what should a property manager do first?

When taking over a new property, the first step a property manager should take is to read all the leases. Understanding the details outlined in each lease agreement is crucial for effective property management. Leases contain vital information such as rental amounts, payment terms, renewal options, tenant responsibilities, and any unique clauses that may affect tenancy. By familiarizing themselves with the leases, the property manager can ensure they are aware of the specific rights and obligations of both the landlord and tenants, reducing the likelihood of misunderstandings or disputes later on.

Knowledge of the leases aids in strategic decisions, such as how to handle renewals, avoid potential conflicts, and ensure compliance with contractual obligations. While meeting with tenants, conducting inspections, and reviewing financial statements are important steps in the management process, having a solid understanding of the leases lays the groundwork for all other actions the property manager will take.