We assess all areas of your property's performance and make recommendations for improvements.
Auditing your rental property looks differently depending on what area you want to focus on. Each area plays a significant role in the overall performance of the investment. To get a health grasp on your property you need to assess these main areas:
Financial Performance
Tenant Performance
Lease Up Assistance
Staffing Performance
Physical Performance
Financial Performance
Money talks and the financial pulse of your investment truly matters. We audit all areas of revenue opportunities to ensure the property is optimizing its income.
Additionally, we assess all the annual expenses and review contracts to identify areas of unnecessary spending.
This audit relates to the property’s overall value, debt service obligations and profit distributions to the ownership group.
Tenant Performance
Sometimes all the best efforts to screen for good tenants still results in a bad situation and Landlord Tenant Laws can be tricky on how you can lawfully handle tenant issues.
We can evaluate your tenant profiles, ledgers, complaints, make recommendations for improvements and even help with collection and eviction efforts.
It may be as simple as just adjusting your screening & communication practices.
Lease Performance
Lease Agreement details and contractual obligations drive your rental business and how you can manage the cash flow.
We evaluate the existing leases, identify potential issues, offer suggestions for improvements and offer assistance with sales and marketing efforts and training.
Additionally, we can provide you with a lease renewal strategy, resident retention program and pricing strategies.
Staffing Performance
Management performance at the site level or remote management can be hard to evaluate, but there are a few things that can be done to get a better feel for how well they are performing.
Our favorite, besides a full property performance audit, is to Secret Shop them! We evaluate their performance in relevance to your unique property situation, provide valuable feedback about the experience and make recommendations for improvements.
Physical Performance
When we look at a property, it’s easy to see the big stuff, but what about the little things?
What items are really important and being neglected unknowingly that truly make an impact on your bottom line?
We evaluate the visual condition of your property inside and out: the preventative maintenance program and the regular repair and maintenance turn processes to give you a full scope of how your property is physically performing, and make recommendations for improvements.
Sales Appraisal
Not sure if you want to keep your rental property, to make improvements and improve its performance, or just sell it? We can help.
We work with seasoned multifamily and rental investment Realtors® to help assess your property’s fair market value and can compare that to keeping it but making some changes to improve its performance.
We conduct a full property performance evaluation in all areas and provide you with a comparison with guesstimated cash flow to help you make your decision – to sell it or keep it.
Need an Assett Manager to help your Property Manager?
If you are self managing or need to be more actively in tune with the performance of your rental property (and the Property Manager you’ve hired), but don’t know how or have enough time, we can help.
Auditing and assessing your rental property is recommended to be done when you buy or sell a property, and annually depending on the type and condition of the property.
You can hire us à la carte and only as needed, specifically for one area or several rather you self manage or want to check up on your property manager’s performance.
Ongoing Asset Management Consulting
Property Owners and Property Management companies both can gain value by subscribing to our Asset Management Monthly Consulting service.
We offer professional consulting and offer support at the COO level and alongside your CFO or financial advisor to ensure your property is performing at its highest level.
Subscriptions are based on length of commitment and consulting hours required.
