Onboarding a New Property
Whether you’re a self-managing investor growing your portfolio or a professional property manager, onboarding a new property can be both exciting and challenging. At Unbundled we’ve worked tirelessly to streamline all processes of property management in CT. Onboarding new properties is one of the least predictable areas of the business, which means you better be organized and pay attention to specific details. For this blog we will focus only on the property portion of the onboarding of a new property. Of course, there are residents that come with a new property but that’s a separate procedure that we’ll discuss in a future post.
Grab this PCR File below
Click the links in the paragraph below to download and access these files that we prepared for you!
To help limit the unknown, when onboarding a new property at Unbundled the first thing we do is have the owner fill out a simple questionnaire (Make sure to download this one!). Soon after reviewing the questionnaire we schedule an on-site visit to fill out what we call a property condition report (You can download this one, too!). The current condition of the property will be described in detail in this report. The property condition report (PCR) will include the following:
Items or repairs in need of immediate attention
A general understanding of wear and tear items
Specific photos of areas and items in and around the property
Details of the exterior of the property
The inclusions in each and every room in the property like appliances available
Features of the property like mailbox, garage, fireplace, etc.
If the property is a newly purchased property we always request a copy of the inspection report. This helps us get familiar with the property in advance and gives an idea of the items that may be in need of immediate repair or replacement.
One of the biggest mistakes we see self-managing investors make is not having enough information on hand about their properties. Having a detailed report and well organized photos of your properties will help reduce your need to travel back and forth to your properties. For example, having photos of your appliances, HVAC equipment, hot water heater and electrical panel can help you communicate with your vendors when in need of service or replacement of items without having to travel to the property. Sending your vendors photos of the existing equipment will undoubtedly reduce the number of questions, in turn saving you time.
The property condition report will also help us schedule out the annual maintenance required for the specific property. All properties are unique, and some will require more attention and maintenance than others. For example, when on-boarding a short term or Air B&B rental on the Connecticut shoreline in areas like Westport, Fairfield, Madison, Guilford, Branford there may be additional items and amenities to account for. The short-term shoreline rentals typically come with additional annual maintenance because of the frequency of turnover and amenities the property may offer. Having a plan for annual maintenance in advance helps with overall organization.
The PCR will also identify preventative maintenance suggestions. This requires going into a new property with the intention of identifying these items. As a property manager we separate the excitement and focus on the challenges. We notice when onboarding new properties with clients, they tend to look for improvements, rather than seek ways to prevent future maintenance.
We are always seeking ways to limit the risk of future expenses for clients and the first time walking through a property is the best time to assess these options. Of course, we are open to improvements and make these suggestions as well but we prioritize health and safety suggestions over any cosmetic upgrades.
For property managers and self-managing investors, onboarding a new property can be an exciting process. There are many things to consider before the house can be put on the market and it is important to have a strategy in place that takes into account both the special qualities of the property and the requirements and preferences of potential residents. This calls for stepping back from the thrill and concentrating on the problems at hand. Property managers and self-managing investors might find fresh approaches to enhance the property and increase its appeal to potential tenants by doing this. A warm and comfortable living environment that caters to renters' requirements while boosting returns on investment for property owners is the goal. Happy Investing!
