Once you have found the right property manager, you cannot just forget about your property and expect monthly earnings. It is of course necessary that you take part in some aspects; after all, it is your property.
During the commencement of your business, you may have hired a lawyer to assist you in the creation of certain forms, documents and contracts. Make sure that you property manager uses them appropriately and accordingly. When there is a new tenant, make sure you also get a copy of the contract, or that you are present in the signing of contracts, if you can.
Money is an important matter. That is why you should expect a regular financial report from your property manager. This is usually submitted every month, together with proof of purchase, proof of salary (for staff), and other invoice. If you have an accountant, you can have him check it. If you don't, you have to check the report yourself.
A responsible property manager should also submit a monthly update of any developments or improvements made in your property. Your property manager can make such developments upon your approval only. Usually, some changes are made for the benefit of the company or the landlord's property, but it is still necessary that you know about them.
Although you don't have to watch your property manager's every move, you can request that your manager submit a report about the daily happenings in your property. You don't want to be surprised one time when someone tells you something happened; especially if there are accidents, because as a landlord, you are still liable for such things.
Your property manager should also submit a report about each tenant; their payments, their activities within the property and if there are any violations. He must also inform you about the safety and security of the tenants. He must also submit an incident report if any untoward incident happened within your building or facility.
If there are any litigation procedures and eviction orders to be pursued, your property manager should promptly inform you. These are court matters that need your attention.
Whenever new regulations are implemented regarding specific properties which include yours, he is also responsible in telling you about it. No point in breaking a rule because you didn't know about it. Even new regulations enacted in your property must be told to you, or must seek your approval.
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