Getting started with property management is easier when you treat it as a documented handover, not just a signed agreement. This guide is for rental owners hiring a manager for the first time. It is not a guide to starting a property-management company or obtaining a professional license.
1. Define what you need the manager to handle
Start with the property type, address, occupancy and your immediate concern. A vacant condo needing a tenant has a different starting point from an occupied single-family home with unresolved repairs. Explain whether your priority is leasing, resident communication, maintenance coordination, clearer records or a full-service arrangement.
List the work you want to retain yourself, too. If you intend to select vendors or approve every non-emergency repair, make that clear before comparing proposals. A written scope prevents two people from assuming the other is responsible.
2. Compare the complete agreement and fee schedule
Do not compare managers on a monthly percentage alone. Ask about leasing, renewals, vacancy charges, inspections, maintenance markups, reserves and termination terms. Check what each charge covers and when it becomes payable.
Novel’s published management pricing starts at 5%, with $0 lease-renewal fees and no maintenance markups. Leasing is a separate service charge. Confirm the full scope and applicable pricing for your property in writing; the management agreement controls. Use our Miami property-management cost guide to compare a full year of fees.
3. Assemble the property and tenancy records
Gather what is available and identify missing items before the transfer. Useful starting records include:
- Ownership and authorized-contact information.
- The signed lease, amendments, renewal documents and tenant contact details, if occupied.
- The rent ledger, outstanding balances and an itemized record of deposits and other funds.
- Move-in condition records, photographs and any unresolved resident issues.
- Current insurance, relevant warranties, vendor contacts and service agreements.
- Keys, access devices, parking details, utility responsibilities and equipment information.
- Applicable condo or HOA leasing rules, application instructions and move arrangements.
Provide sensitive records through the agreed secure channel. Do not put tenant reports, identity documents or account credentials into a general website inquiry form. Your manager can explain what is needed and how to transfer it.
4. Agree on decisions, money and communication
Confirm who can approve work, the spending threshold, the emergency escalation process and how owner funds will be held and reconciled. Identify an alternate contact if you will be unavailable. Ask how you will receive statements and how to question an invoice or transaction.
For owners outside Florida, discuss time zones and local access. A written communication plan is more useful than assuming every question requires an immediate phone call. Review the owner accounting and reporting scope before the first statement arrives.
5. Choose the right starting workflow
If the property is vacant
Review its condition, access, utilities, presentation and rental positioning before marketing. Clarify which preparation work requires approval and which association steps may affect the move-in schedule. Then connect marketing and leasing with a consistent applicant-screening process. No screening process guarantees future payment or behavior.
If a tenant already lives there
Reconcile the lease, ledger, deposits and open maintenance issues before changing payment or service instructions. Agree on when and how the tenant will be notified. Do not issue conflicting instructions while the previous arrangement is still in effect.
If you already have a manager, use the separate switching-management checklist. Review the existing agreement’s notice and termination requirements with an appropriate adviser where needed.
6. Check the first reporting cycle
Compare the opening balances, recorded rent, invoices, reserves and owner payment against the records transferred. Confirm that outstanding work has an owner and a next step. Resolve discrepancies early instead of carrying uncertain balances forward.
A good start does not require every issue to disappear on day one. It requires clear responsibility, accurate records and a realistic plan. Contact Novel Management with the address, property type, occupancy and your main concern to discuss the appropriate next step.
