Live by the List

We maintain separate “lists” for each stage of the acquisition process that serve their own purpose.

These documents ensure we’re receiving all needed information (and that the information is accurate), highlight issues that may affect our business plan, and create processes to improve performance.

1.)  Due-Diligence: This is how we ensure we’re not buying a lemon. Checking everything from location/elevation, surrounding properties, existing leases, permit history, title reports (easements, liens), and all other inputs that we gather through our general/sewer inspections.

2.)  Post-Acquisition (depending on the project): Quick maintenance to set the tone for management and to show existing tenants we care. This encompasses upgrades to entryway fixtures, painting, landscaping, and a deep cleaning of all common areas. If we’re gutting the whole building, this list becomes less important.

3.)  Renovation: Construction and capital expenditures that add value such as new kitchens/bathrooms/flooring/roof/etc. These are organized by scope of work and have permits, estimates, and hard quotes corresponding to each stage.

4.)  Punch-Out: Last items before the property is tenant ready; cleaning, touch-ups, signage, security, and the closing of open permits associated with the project.

5.)  Preventative (On-Going): We maintain a list of maintenance items that we execute periodically, such as air filter replacements, MEP inspections, and landscaping. Getting in front of maintenance is generally a good way to save money in the future and tenants don’t always sound the bell early if something is wrong.

Each list is dynamic and seemingly grows after each project we execute.

There will always be surprises along the way but it’s best to have an itemized list of these “what ifs” to help mitigate any future issues and remind you of those you encountered in the past.