If you have ever worked for a multifamily community that was going through a purchase, then you know that due diligence is an intense process.
During the sales process, due diligence will include audits of almost every policy, procedures and process, so how can we make this process as smooth as possible?
Have Detailed Documentation of Policies and Procedures
Think about it, if the parent company to your multifamily community, informed you today, that they were selling, would YOU be prepared for due diligence?
Is your maintenance team ahead of the ballgame, not only on their restorative, but preventative maintenance also?
Are your multifamily teams following policies and procedures throughout their day?
Having detailed documentation of your multifamily community’s policies and procedures, in place, and readily accessible will save you valuable time…and maybe even get you a better price for the property.
Due Diligence Tests Your Policies and Procedures
It is a daunting thought. The process of due diligence can be particularly scary at the community level, especially for current employees.
All staff want to do their very best to impress the new potential owners and hopefully secure their jobs.
New potential owners want to know that policies and procedures are being followed.
During the process of due diligence every person involved – from administration to property managers to maintenance team members – becomes hyper aware of even the most minute details related to policies and procedures.
Being able to reference accurate records and show solid proofs in your procedures is highly valued.
Are Policies and Procedures Integrated Daily?
Work orders, make readies, upgrades, maintenance projects, grounds upkeep, all of these things will be scrutinized. Are you ready to be questioned about each and every item on the “to-do” and “done” lists?
During due diligence, all parties will be looking to see, not only, that the tasks were completed but that policies and procedures were followed in daily routines.
Teams that adhere to policies and procedures are generally better equipped to handle questions and are often more in tune with their community.
Automate Policies and Procedures
We all know there are days when no matter how hard you work, that you feel as if you can’t make progress. Resident calls flood in, lists pile up, post it notes lose their “sticky”ness and the day ends with little headway made.
Those days lead to scary times in regard to policies and procedures, and due diligence time is when all of these items are aired.
Now imagine, opening up all records, to ownership and potential new ownership and feeling 100% confident. Leondaro247 can give you that confidence.
Multifamily performance management software such as Leonardo247 not only helps you in your day-to-day time management but allows you to keep accurate records of many items that will come into play when due diligence rolls around.
It’s never too early to plan for the future of your portfolio!
Performance Management Software Provides Policies and Procedural Proofs
Imagine your maintenance team standing in each and every unit, with inspectors, being asked a litany of questions.
When were the filters last changed? When was the balcony railing inspected? Has there been any water penetration from the roof?
Can you imagine trying to remember such specific answers about all of your units? We literally can’t!
But with performance management software, having access to answers for these kinds of questions is easy. With simple reports and records at their fingertips, we are sure your inspectors will be impressed with the ease of access and available details.
Due diligence can be simplified with accurate record keeping. Accurate record keeping is best done digitally. In the digital age of multifamily, no one does it better than Leonardo247.