Due diligence....

I am 'cautiously optimistic' about a new position I interviewed for last week. Here is the situation:

I interviewed with this company that is assuming ownership/management of an existing property next week. The current staff in place is NOT staying after the transfer.

I have asked a friend to 'secret shop' this property for me before the transfer in exchange for a Starbucks as a favor.

Does anyone have a checklist of things that need to be accomplished quickly that I can look at to make sure nothing gets missed?

This sounds like a promising offer! Congratulations! I hope this works out for you. I am not sure what you mean specifically about a checklist. If you mean, what should your friend look for when he/she goes to the property, that is one thing. If you mean, what should you ask the company before you accept an offer, that is another.

If your friend shops the property for you, there may be a less than favorable report since the staff is not staying. (I would want to know why they were not staying!) Other than that, your friend will want to see the grounds, their condition, the cleanliness of the leasing office and any PUBLIC restrooms. The Clubhouse, if there is one and all the amenities should be seen, any communal laundry rooms, play area, fitness center and the condition of the unit shown. Personally, I would want to see these for myself, and I would be least concerned with the unit condition because if I take the job, all units will be brought up to my standard anyway. (LOL) I would also want to see the neighborhood.

In the other situation, I would ask the age of the community buildings, if there is any deferred maintenance issues, last time all units were inspected, and any existing collection problems. I would ask what the new company's goals were and what their expectations are of you - and a timeline for completion. I was once hired to get a property in shape, up to par, and the minute I walked in the first day, a piece of paper was shoved under my nose for me to sign. It was a formal Action Plan. Once signed, I would be held accountable for the achievement of all goals and risk termination if the goals were not met. It came as a surprise to me and I viewed it a bit disdainfully. Did they not think I was 100% committed to establishing all our goals? I would also ask what freedom I would have in getting the job done? Approval by RPM for everything? Contracts in place - but you know this because you have already experienced it in your last position (at least from what I remember of your other posts.)

I don't know if this helps you or not. But this company would not be sending you for drug testing if they were not seriously going to offer you the position!

Here is my thinking:

Current staff in place is not staying because it would mean a short term loss of benefits/possibly less benefits, PTO, and a definite loss of seniority. I THINK it is a change in ownership with a group that has it's primary market in another part of the state (as luck would have it, I HAVE worked with this group before I relocated 'as a temp' and somewhat know their standards). This group has 22000+ units across 145+ properties. The only reason I was not hired as an employee of theirs before is they choose not to do direct hire or temp-to-perm positions from agencies as it would involve significant and costly terms (usually either minimum period of time as a 'temporary' with a higher monthly invoice cost or a high contract to 'buy' the employee) without considering the fact that these are opportunities for live 'apprentice' type interviews that actually show the candidate's skills and knowledge. This also gives the opportunity to determine if the candidate has the personality to be a good fit for the position.

I have looked at the public records and have determined the initial lease up was in 1998. My last property was 1971! I have also scoured the net to see any posted comments, good and bad.

I have asked my friend (who happens to also be a former co-worker with my last company, although she was a property manager at a different property) to mystery shop the property because she helped me at my last property establish a standard.

As far as things I would inquire about:

1) The last time management entered all units for inspections? Preventive maintenance? Pest control?
2) The last time the property underwent a file audit (this is an affordable property with the same target demographic as my last) to determine if we need to do one to prepare for an official regulatory one. I would also ask if annual recertifications and notices are current.
3) Review of any open collection issues and address those immediately, either by collecting large balances, filing for eviction, or writing off small balances just to get them off the books (I would ask to write off small balances >$100 as a one time amnesty for all residents).
4) Review any unpaid bills and determine how to handle invoices prior to transfer.
5) Ask for a list of approved vendors and make contact.
6) Ask if I can use vendors NOT on list that I have experience with if they participate in the bidding process for services.
7) Ask to see a budget if it has been prepared as part of their process. If not, ask for a worksheet to prepare one.
Also ask to see a market survey if one has been prepared. Since this property is an affordable one with a target demographic; I am in the process of developing my own database of other properties in the county that serve that same demographic for marketing purposes.


I also need to ask to hold a resident event early on to introduce the new team to them and thank them for their patience. Since mobile food trucks have developed a huge following and are no longer 'roach coaches', I was thinking of having a couple of them come out for a few hours on a Saturday. Among I am sure what are many others, there is a page on Facebook called 'SactoMoFo' (Sacramento Mobile Food) that I would tap into for this.

Any other ideas?

I thought of more:

Paint- when was the last time each unit received new paint?
Carpet/flooring- when was the last time each unit received new? How long is the warranty on the materials?
Appliances- When were they installed new? Serial Numbers? Warranty?
As a sub question to appliances; since the property has w/d hookups, why is the property not providing these at no additional charge to the residents? Of the existing households, how many residents need these because they did not bring their own?

Did your friend "shop" the property yet?

Relax, Johnny, I think the offer is coming and you have a great list of items to work on that you can inquire about once you get the official offer. Other than that, I'd ask, "When do I start?" (And I don't mean that in the smart alecky way it sounds!) You have a great plan from which to start and if you ask all these questions before you are hired, they may not have all the answers yet themselves.

I went to submit my 'sample' for drug screening on Thursday (near the end of business for the collection center) and was told it would be 48 hours for a result, which means that results would not have been available until end of business on Saturday. I may not hear anything until tomorrow as today is a holiday and I am not sure if this company observes it as a paid day off. CA is one of the exceptions of not observing it as a state holiday, although it is a Federal holiday (state workers do not get the day off as a paid holiday).

I expect to start on the 11th because that is when the transfer takes place; but this needs to be confirmed.

Knowing this time from memory; I am sure they had their own independent due diligence done as part of their process; I hope I would get to see the reports early on.

Despite the problems (I had to complete 3 applications because the first 2 were on outdated forms and I had to go back to the clinic to complete a physical which they neglected in addition to taking a hair sample); I got the offer and start tomorrow.

That is great news! Congratulations and I know you will be an outstanding leader!