due diligence multifamily

Multifamily Owner Audit: Questions Adherence to Policies and Procedures

If you have ever worked for a multifamily community that was going through an owner audit, then you know that being audited is an intense process.

Owners dig in to the details. Yes, they want to know about occupancy and leasing, but their questions could amount to an investigation of almost every policy, procedure or process. How can you ensure you come through an owner audit with flying colors??

Have Detailed Documentation of Policies and Procedures

Think about it, if the asset manager representing ownership informed you today that they would be coming to audit your community, would YOU be prepared?

Is your maintenance team ahead of the ballgame, not only on their work orders, but preventative maintenance also?

Are your multifamily teams following policies and procedures throughout their daily tasks?

Having detailed documentation of your multifamily community’s policies and procedures in place and readily accessible will save you valuable time during an owner audit…and maybe even earn you plaudits from higher management.

Owner Audits Seek to Confirm Adherence to Policies and Procedures

It is a daunting thought. The process of an owner audit can be particularly scary at the community level, especially for the employees.

Everyone onstaff wants to do their very best to impress the owners and hopefully secure their jobs.

Owners will be scrutinizing the implementation of policies and procedures because they want to know that said policies and procedures are being followed.

During the process of an owner audit, every person involved from administration to property managers to maintenance team members become hyper-aware of even the most minute details related to policies and procedures.

Being able to reference thorough, accurate records and show backup for  your checks and procedures is highly valued. Now imagine, opening up all records, to ownership and feeling 100% confident that you and your team have performed at or above expectations. Leonardo247 can give you that confidence.

Daily Procedures for Apartment Due DiligenceAre 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 an owner audit, all parties will be looking to see not only that the tasks were being completed but that policies and procedures were followed in the process.

Teams that adhere to policies and procedures are generally better equipped to handle questions and are often more in tune with their community.

Streamline 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.

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 owner audits roll around.

Performance Management Software Provides Policies and Procedural Proofs

Imagine your maintenance team walking through each and every unit with inspectors and 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 questions about all of your units?  

With performance management software, having access to answer for these kinds of questions is easy. Simple reports and records are at your fingertips. We are sure your investors and clients will be impressed with the ease of access and available details.

Any owner audit 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.

 

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