What is the first step a property manager should take when managing a new property?

Conducting a thorough inspection of the property is the foundational step for a property manager managing a new property. This inspection allows the property manager to assess the overall condition of the property, identify any necessary repairs or renovations, and ensure compliance with safety and health regulations.

By performing this detailed evaluation early on, the property manager gains a clear understanding of the property's current state, which informs later decisions regarding rental pricing, necessary maintenance, and improvements that may enhance tenant satisfaction and attract potential renters. Whether it’s checking for structural issues, evaluating systems like plumbing and electrical, or noting cosmetic repairs, this step is crucial in setting up an effective management plan.

Additionally, understanding the state of the property helps in forecasting maintenance costs and budgeting accordingly, which is essential for managing a successful rental operation. Without this initial inspection, decisions made about the property might be based on incomplete or inaccurate information, potentially leading to issues down the line.