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What Does a Great Market Survey Experience Look Like?

What Does a Great Market Survey Experience Look Like?
Introduction The other day, there was a comment posted on Multifamily Insiders asking why people hated market surveys so much. This is a real issue that many property managers and agents face on a weekly basis...keep reading if you're interested in a solution! If you're familiar with property management, then you probably know what a market survey is. You also know how tedious, time-consuming, and stressful they can be. This is where Market Survey Tools (MSTs) come in. What are Market Survey Tools? MSTs help in the weekly compiling of property information such as: Move-Ins Move-Outs # of Tours # of Cancels These tools simplify and streamline the process, allowing agents to enter their weekly data and then share that data with their comps through a couple of clicks. What Makes a Good Marketing Survey Tool? Not all MSTs are made the same; a good MST: Is made for agents (and regionals) Automates for you Makes reporting easy Makes sharing easy Stores your data   5 Reasons You Need a Market Survey Tool 1. Market Survey Tools are Made for Agents (& Regionals) Whether you're an agent or regional, MSTs can make your life easier. With the right MST you can: Complete surveys View previous surveys View competitors' data Review your property's data Send reports 2. Market Survey Tools Automate for You With so much going on these days, it's tough to keep your schedule straight. A good MST sends notifications, reminders, and updates right to your inbox. Here's what a......
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Forensic Due Diligence Approach

Forensic Due Diligence Approach

There is an aggressive demand for inventory among investment property buyers due in part to current market conditions. Unfortunately this high demand over the last few decades has caused an increase in less than optimal standards in construction in an attempt to supply the market. Conducting thorough Due Diligence inspections is the only way to avoid unnecessary maintenance costs associated with potentially unsound construction.

Apartments are a combination of both residential and commercial projects. Therefore it is necessary to know where and how the reoccurring construction problems tend to arise with this specific combination. Buyers must be prepared to conduct investigations on an almost forensic level.Common issues such as water penetration may remain concealed behind finish materials such as concrete. A potential investment should be reviewed even down to its architectural structure to identify the potential for corrosive manifestation.

This sort of mindset for a completely thorough Due Diligence inspection process will help the buyer to successfully negotiate sales based on existing standards; ultimately saving thousands to millions in capital expense. The success of such an inspection process requires in depth documentation to substantiate any specific claims; as well clear communication among team members and between buyers and sellers. As it goes with the the proper completion of any task, utilizing the correct tools is an essential component in achieving success.

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