How to Prepare for a Property Management Review

You can start before every detail is settled

An initial management inquiry starts a conversation about the property. It is not a management agreement. Purple Man's Hat works with property owners across the United States who are considering short-term stays, monthly rental arrangements, or ongoing residential leasing.

Begin with the property's full street address, property type, current rental situation, and the kind of help you are seeking. Choose Help me decide if the rental strategy is still open. Explain whether you own the property, are authorized to act for the owner, or are evaluating a purchase so the conversation has the right context.

Describe the property and your goal

A useful property review connects the physical property with what you want to accomplish. Describe its current condition and whether it is ready for occupants, needs preparation, or has work in progress. For several properties, identify the mix of rental strategies and the priorities for the first conversation.

Be specific about the responsibility you want to hand over. For example, you may want to discuss listing preparation, communication arrangements, cleaning needs, or maintenance coordination. These are topics for the proposed scope; an inquiry does not establish which services will be included.

• Note the property's location, type, and whether it is occupied or vacant.
• Write down intended owner-use dates and your preferred start timing.
• Identify known preparation needs and the decisions where you want help.

Prepare current commitments for a later discussion

Existing tenants, guest reservations, vendor arrangements, or a current manager all affect a handoff. Make a private list of these commitments and any open issues so they can be discussed before an operating plan is finalized.

If you are changing managers, review your current agreement and its handoff requirements. Identify which account access, records, keys, calendars, and property information will need to be addressed. The initial website form does not need tenant names, guest details, account passwords, banking information, or copies of agreements. Ask the PMH team how any necessary documents should be shared later.

• Identify existing occupancy and reservations without placing occupant details in the inquiry.
• Note unresolved repairs, planned work, and upcoming property commitments.
• Keep a list of records and access arrangements that need a coordinated handoff.

Gather expenses so the comparison has context

The rental comparison should account for the property's expenses alongside relevant comparables. Prepare the costs that apply to your property, such as financing, insurance, taxes, utilities, association charges, routine upkeep, cleaning, or furnishing needs. Use actual figures where available and label estimates and missing information clearly.

For an operating rental, a summary of past income and expenses can help frame the discussion. Keep existing results separate from a proposed strategy's assumptions. A comparable-property review and profitability spreadsheet support a decision; they do not guarantee income, occupancy, or a future result.

Sources: IRS Publication 527: Residential Rental Property

Ask what the management fee includes

PMH's published management rates are 20% for short-term rentals, 15% for mid-term rentals, and 7% for long-term rentals. The percentage is one part of the proposed plan.

Ask for the fee's calculation basis, included responsibilities, separately billed costs, and owner obligations in the written agreement. Discuss repair approvals and spending arrangements where relevant. Do not assume that a management percentage covers every property expense or that all rental strategies have the same scope or terms.

• What revenue is used to calculate this management fee?
• Which tasks are included, and which expenses are separate?
• How will questions, approvals, and property issues reach me?
• What must be ready before management and listing work begin?

Sources: NARPM: How to Hire a Property Manager

Understand the sequence after your inquiry

PMH starts with an address and property-information review, then uses relevant rental comparables and property expenses to develop a profitability review. A property visit helps clarify condition, access, and preparation needs. Review the management agreement before appropriate rental listings are prepared.

Use the inquiry to explain your property and priorities. You can make a later decision after reviewing the proposed plan, responsibilities, and agreement. Requesting a management plan does not create an account requirement, enroll the property, or authorize a charge.