Yes, doing your homework will make the day of acquisition a smooth process for all.
The below five steps will make you and your staff better prepared to know exactly what they face, what should have immediate attention and what can be handled later. The team can then set their priorities accordingly.
1.) Make several prior visits to the property. Besides evaluating the condition of the property, you will want to evaluate the current staff. A “secret shop” prior to the acquisition will provide you with valuable information. This will give the acquisition specialist information on additional staffing and additional training points.
2.) Ensure that you have all the information about the current operating software. Get copies of all reports. This includes rent roll, unit availability, company summary, maintenance reports, cccupancy, auction units, auto-pay tenants, property/tenant insurance. Be sure that you have all sign-on information for the system and evaluate for any updates it may need, along with the copier/scanner.
3.) Make sure to get copies of all current bills including utility, leased equipment (i.e. office printers), alarm contracts, any yearly or more contracts (i.e. landscaping, garbage, phone/Internet). Additionally, check the fire extinguishers for expiration dates and maintenance contracts.
4.) Confirm that you have all the information on the current gate system. Verify the contact information for maintenance and obtain the log in credentials for the gate as well as the necessary information for the camera system, DVR and passwords.
5.) Collect all important phone numbers and email contact information
This is a simple summary of the basic information needed to make the acquisition process less stressful on all. Now get that #2 pencil sharpened and begin your homework.