#1. Understand your occupancy!
- If you are getting agency debt you need 90% for 90 days! Get a report if it is not on the rent roll.
- As an owner, do your reviews to make sure your PM is operating efficiently and your turnover is low.
#2. Market Rents
- What are the true market rents? Do your own due diligence to prove out the comps provided.
- As an owner, keep track of the rents in your market to know when you need to raise them. You NOI relies on it!
#3. Actual Rent Charged
- Know how long it should take to get to market rents… hint… it isn’t overnight!
- Your loss to lease is the difference between your rents and the market. Know where you are and are you executing your business plan?
#4. Lease to and Lease From
- See where the value add is when people have been there for a long time!
- How close are all the leases? If they are all in the same month, that could be a mass exodus of your property.
#5, Understand the balances
- As for your 30-60-90 day delinquency reports to understand where the property is.
- As an owner, who is paying and who is not? Add a narrative as to why someone is past due for understanding the story and potential eviction support.
Pro tip: Know your rent roll, understand your takeover plan, and make sure you are capitalized!
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