Monthly Asset Management Review Process

[Kim Hopkins]

Hello!

We have scaled to over 300k SF and 11 properties in 5 states, half of which are multi tenant. We use third party local property managers for all the multi-tenant, but otherwise it's just the two of us! I'm looking to outsource as much as possible that is routine. In particular, I'm looking at our monthly asset management review process. My question for starters is: What is your monthly asset management review process? 

Here's what's in mine: 

1. Bookkeeping and account reconciliation  (already in process of outsourcing on Fiverrr).
2. Check that rent roll provided by Property Manager is correct (term dates, rates, etc.)
3. Check that all tenants paid rent on time and in full. 
4. If answer to above is no, find out reason for late/partial rent and plan to rectify.
5. Review monthly expenses and compare to typical monthly expense / budget.
6. If any expenses are atypical or off from budget by more than 20%, explain expense and reason. 

That's it. Anything I'm missing that you do as part of your monthly review? 

Thanks!
Kim