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1. Master or take command of the property. Be ready for an emergency on the evening of day one, around 5pm!
2. Be very determined and relentless.
3. Run the property like a Navy ship and visualize it!
4. Do not accept 2nd best, only the best.
5. Let everyone know what you expect.
6. Follow up and through.
7. Create meaningful logs or lists. (think back to no computers to achieve this)
8. Gather and inventory every single thing and count it all. (think back to no computers to achieve this)
9. Do everything with baby steps but, do, do, do and do not stop.
10. Stop being reactive and let everyone know that Rome was not built in a day or good things take time.
11. I am the biggest geek around and would want everything in a database, online and backed up. However, I have to take command first and sink my teeth into the systems first, meet the tenants and staff and plan and organize before I do anything with the information.
12. Have the engineers draw you tons of pictures so you can visualize all of it and have legends and keys to all key valves and other critial issues as part of the understanding.
13. Go meet the tenants and staff. If need be, walk with the staff or take turns walking and knocking on doors.
14. Contact all contract service providers to be there day two. Again, walk and talk with them as well. Keep knocking on doors if there are any tenants left to meet.
15. Open all drawers and read leases and files, if that is appropriate. All properties are different, but the concept is to find the bombs and defuse them ASAP. Do not wait for them to explode.
That should get anyone off to a running start for a property takeover or transition! For an indepth checklist, check all of the cool forms at IREM or BOMI or IFMA. All of these organizations offer books, forms, procedures and checklists when you are faced with a new property assignment. If you need to obtain an example of a form I have used and adapted over the years, click here to visit my box.net account!
What words of wisdom do you have for folks facing a new property takeover or transition? Tell us about it so we can all learn together!