Closeout Of Accounts
Advise client of contractual obligations if contract is not up for renewal and if client wishes to proceed with the closeout, follow the procedures below:
- Immediately retain $5000 on Ledger Minimum to freeze all funds in M1 Software
- Change PROPERTY STATUS
- Pull Management Agreement and make a copy if not already scanned in M1 file cabinet
- Log on Close Out Ledger
- Take copy of Agreement and letter of cancellation and attach to the completed Property Off Market form and give to management for approval
- Start proceeding with Close Out Procedure Checklist
- Complete items 1-9 as appropriate
- Be certain to use tickler file for follow up on items necessary
- Although the rest of the Close Out Procedure can be “tickled” for the effective date, you can begin process sooner if able
- Once effective, compute items on Property Off Market form (worksheet)
- Continue to follow the Close Out Procedure Checklist until fully completed
- Send request for Yelp and Google Plus Review
Click here to download a Word.docx version.
Close Out Ledger
From the Tree View:
- Expand Property
- Select Close Out Ledger
Close Out - Reputation Management
During a closeout, get a review story from the owner to write a review for $25 Starbucks card for yelp and another $25 for google plus. Have them write a story of their experience with Management One.
- Ask for a Yelp Review and Google Plus Review
- Offer a $25 Starbucks Gift Card for each review
- Ask them to write about an experience
Management Review of Closeouts
- Run Report #79 (Close Out) and select dates from 01/01/ YYYY to 12/31/YYYY. This will give you a snapshot of all closeouts completed, in progress, and to come.
- To look at properties that are currently in progress to finalize, you can check on the steps by going to Closeout Ledger. You will automatically see properties under closeout status or in progress. Make sure all dates are updated and file is on schedule to be completed.