When a property is no longer managed, follow these steps to prepare for deactivation:
For Rental Properties:
Operational tasks:
Determine the cutoff date for management activities
Terminate all active leases effective the end date. This prevents ongoing notifications and charges with agreements that are no longer active.
Accounting tasks:
Prepare a final income statement and balance sheet for the property owner
Write off outstanding Receivables and Payables for the property
Transfer the security deposit to the operating bank and pay the owner the security deposit to hold
Ensure the security deposit bank and operating bank are both at $0
Deactivate owners and tenants if they are not associated with other properties, units, or leases.
Once these steps are complete advise [email protected] that the property can be deactivated. This will help ensure a clean transition and accurate records when a property is no longer managed.