Due Diligence or Do Diligent?

In the world of property management, the process of due diligence can be equated to "a physical exam." with your doctor.  

Much like the process when your doctor must examine under your hood, kick your tire, and check your fluid levels...This is when the prospective buyer  of your community is allowed to examine the inner workings your property.  In the like,  the prospective buyer has been granted access to kick your tires, check your levels and look under your hood...so to speak, of course.  In layman's terms, it is the equivelent of being granted access to your files, your office, your maintenace shop and every apartment home you manage (whether it is occuppied by a resident or not.)  Every expense is questioned...every repair is scrutinized.  Anything and everything can be made open and accessible to your propsective buyer, because it is expected that every effort to make sure that this sale goes through smoothly, is made.

Much like the dreaded dog and pony show, it is expected that every effort will be made to put you best foot forward in the effort to show like a champion and win best in show.


It's Friday afternoon at 2:45pm and I just received an email that we are due to perform Monday morning at 10:am...Better do diligent for due diligence!!!  I've been given 65 hours to ensure things go well. 

Looks like we are all taking one for the team because its going to be an extremely long weekend.  At least my team will get to earn some overtime... those of us on salary aren't so luck, and are just expected to give up our weekend on a moments notice.  Guess I better make some phone calls... Looks like I've gotta pull a rabbit out of my hat.

Did I say this was a "thankless job?"

The Art of the Dog & Pony Show

Showing dogs is a great sport where the thrill of competition is combined with the joy of seeing beautiful dogs. These events, which draw over three million entries annually, include dog shows and tests of instinct and trainability, such as obedience trials, Canine Good Citizen tests, field trials, agility trials, lure coursing, rally, hunting tests, herding trials, tracking tests, coonhound and earthdog events.


In the same fashion, A Horse & Pony show is a judged exhibition of horses and ponies. Many different horse breeds and equestrian disciplines hold competitions worldwide, from local to the international levels. Most shows consist of a series of different performances, called classes, wherein a group of horses with similar training or characteristics compete against one another for awards and, often, prize money.

Similar shows occur within the world of property management.  Various classes of apartment communities complete against each other for the grand prize of new ownership, more investor or a new management company.  It's a thrilling competition of facts and figures.  The results of your previous years agility and performance tests (occupancy, revenue and expenses) are displayed in a marketing package in an effort to attract the eye of potential investors.   It's once the interest is peaked, the actual show begins.

Whether you are lead by leash or ridden by saddle, your trainer (current owners and brokers) briefs you the finest points of your ability and a develop a plan of action for your performance.  The goal... to show that your community has what it takes to win the title of "Best In Show, " and entice your investor to put their money where their mouth is.  Once prepped and the show begins, either by leash or saddle, you prance your way through the maze and over the hurdles of questions that will be thrown at you while you guide your potential investors through your community.  As you perform your tricks weekly, and often daily, your dexterity improves with grace and precision.

Is it enough to achieve the goal of "Best In Show? In the end, there can only be one clear winner.

Here's to Kickin" Some Ass... and may the "Best Investor Win!"

Home Improvement Miracles...I THINK NOT!

Have you ever watched shows on TV that show you how to put your best foot forward when putting your house on the market?

A salesperson equiped with an interior designer comes in to evaluate your home and tells you everything that is wrong with your home and how to make it right, so that your home magically becomes appealing to all who will view it.  A similar process happens in the world of property manangement, only the results don't happen magically...although to some, it may appear that way.

Imagine this... You've got about 8 acres of land with a huge compund that has approximately 22 edifices that contain approximately 300 fully equipped kitchens, 350 full bathrooms and 440 bedrooms that are 96%  fully occuppied. It's beautiful, but it's starting to show a bit of wear on the exterior.  It really needs a paint job and some of the wood is rotting in places and so a little bit of TLC is just what thae doctor ordered.  It's going to take a bit of time and money, but it's an investment in your property, so you do it.  The work needs to be completed in stages.  First, all edifices will need to be pressure washed to remove all dirt and loose peeling paint.  Then the tedious task of identifying rotten wood , removing them and replacing them with brand new pieces. 

The work begins in tandem.  As one team pressure washes a structure, another team can follow behind and begin removing the old rotten wood.  As expected the pressure washing proves to be a messy undertaking.  Large and small fragments of old paint fly everywhere.  Then, as part of the process, the wood replacement team comes behind them and begins the process of removing old, warped, rotted pieces.  It proves to be a ridiculously untidy affair, but it's got to be done, and this is all part of the process.

In the middle of your chaos, you are told that your compund is going to be put on the market for sale. Feelers and information packets will be sent out for potential investors.  If there is enough interest generated, then tours will begin in two weeks.

OMG!  REALLY?

Here We Go Again...

• For dedicating 60 hour work weeks. 
• For being able to balance the needs of your residents, with the wants of your owners. 
• For motivating your team members to do a superb job day in and day out, as they receive 3% raises year in and year out.  

"Kudos for a job well done!  Oh, and by the way...we're putting your property on the market!"


Its a thankless job... one that forces you to wear many hats...

• You are a therapist for roommates who cannot get along.
• You are a marriage counselor for those married and still can't get along.
• You are a financial advisor for those who cannot pay rent.
• You are a career counselor for those who lose their jobs.
• You are an attorney when you are forced to file evictions.
• You are a negotiator for all of the pricing paid for goods and services.
• You are an interior designer when your property undergoes renovations or puts together a new model.
• You are a marketing expert finding new ways to solicit new residents.

And all the while your collecting rents, repairing items for your residents paying bills, getting apartments ready for new move ins and making sure that your community runs smoothly, in general.

There are thousands of us who perform these duties seamlessly and masterfully...EVERY DAY!  We take work home, work week ends, sacrifice our lives for the greater good, in order to keep from falling behind.  Once you do, there's no catching up, and that's when the real trouble begins. We even take conference calls and answer emails while on vacation, because we all know that business never stops just because we need a break.

I must confess that I knew this property would eventually sell.  I was sent there to ensure that it would.  And despite the fact that I've been able to accomplish in 2.5 years what my predecessor had not been able to in 7... should speak volumes... but it's still a thankless job.

I now find myself empty...with nothing left to give. Working hard and dedicating yourself to doing a great job should never be thankless.
It looks like the time for change is near...

I refuse to be the "NICE GIRL" who does exactly what's expected of her.  I also refuse the believe that "NICE GIRLS FINISH LAST" or that "NICE GIRLS RARELY MAKE HISTORY." 

I believe that NICE GIRLS CAN KICK ASS TOO!  Once I can find the energy to give back to myself, I intend to figure out how I can take the same   I can't wait to get to that magical point where..."My cup runneth over!"  It will certainly be a long time in the making!