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SITE INSPECTIONS OF STABILIZED PROPERTIES
JONATHAN CAMPBELL, PRESIDENT
FLATROCK PARTNERS
BOULDER, CO
Intro to Flatrock
• Founded in 2006 in Boulder, Colorado
• Provides third-party services to Investors, Syndicators, Developers, and Management Companies
• Primary services include Property Site Inspections, Resident File Review, and Compliance Management
• Flatrock has completed several thousand Property Site Inspections in 40 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands
Outline• Property Site Inspection
• “Partners”
• Process Phases• Pre-Inspection• On-site Inspection• Post-Inspection
• On-site Inspection• Primary Components Defined• Areas of Focus and Key Metrics• Best Practices• Issues and Challenges• “Then and Now”
Inspection Phases
Pre-Inspection
On-site Inspection
Post-Inspection
Pre-Inspection
• BEFORE arriving on-site• Discuss property with Asset Manager• Review prior Asset Management
inspection reports• Review documentation• Review resident files
• Discuss property with Client/Asset Management Team
• Schedule inspection
• Engage with Management Agent• Introduce Flatrock and Client• Provide inspection overview• Request documentation• Request selection of resident files
Best Practices
Challenges• Scheduling conflicts
• Timely receipt of docs and resident files
• Explanation of Partners to on-site staff
Inspection Phases
Pre-Inspection
On-site Inspection
Post-Inspection
On-site Inspection – Overview
Examination of Building Exterior(s), Grounds, Common Areas, Building Systems, Units
Review a selection of Resident Files
Discuss property details including physical items, staffing, vacancy, turnover, delinquency, etc.
PHYSICAL
FILE REVIEW
MGMTQUESTIONS
On-site Inspection – Physical
• Request presence of Maintenance Person
• IDENTIFY CRITICAL AND WIDESPREAD ISSUES
• Inspect all vacant and off-line units
• Inspect items recently completed or scheduled
• Photos, photos, photos
Best Practices
&Areas of
Focus
Challenges• Importance of limiting non-compliance, 8823s
• Limited historical knowledge by on-site staff, due to high turnover
• Variety of ages and property types
PHYSICAL
FILE REVIEW
MGMTQUESTIONS
On-site Inspection – File Review
• Review resident files BEFORE arrival• Spot check random sample on-site
• File Review• Select most recent move-ins• Focus on key documentation• IDENTIFY CRITICAL AND/OR
WIDESPREAD NON-COMPLIANCE
• Discuss findings with compliance supervisor
Best Practices
&Areas of
Focus
Challenges• Importance of avoiding non-compliance, 8823s
• On-site staff compliance training and turnover
• Availability of compliance supervisor and/or specialist on-site
PHYSICAL
FILE REVIEW
MGMTQUESTIONS
On-site Inspection – Management Questions
• Focus• Items noted by Asset Manager• Outstanding 8823s – File and/or Physical• Items recently completed or scheduled
• Request presence of Regional Manager
Best Practices
&Areas of
Focus
Challenges • Limited knowledge of on-site staff, due to high turnover
PHYSICAL
FILE REVIEW
MGMTQUESTIONS
On-site Inspection – Then & Now
PHYSICAL
FILE REVIEW
MGMTQUESTIONS
PHYSICAL
FILE REVIEW
MGMTQUESTIONS
New technology and other shifts allow for more
time dedicated to Physical
Inspection Phases
Pre-Inspection
On-site Inspection
Post-Inspection
Post-Inspection
• Quick turnaround• Results to Client• Follow-up communication with GP and/or
Management Agent
• For critical items, follow-up immediately• Complete and submit “Report”• Static vs Dynamic
• Communicate results to Client
Best Practices
Challenges • Identifying vs Correcting Deficiencies• Investor/Syndicator vs GP/Management Agent
Contact InfoFlatrock PartnersBoulder, Coloradowww.flatrockpartners.com
Jonathan [email protected]