Page 177 - Trump University Commercial Real Estate 101

Take Onl y Intelligent Risks

you to be dropping by frequently. You ’ ll then have to discover how to
manage a good management company.
Once you get the hang of it, you ’ ll never go back! You ’ ll be set free
from your local market, and will be able to invest wherever the best
opportunities are.
Back to your management company: You must channel your
hands - on attitude toward the thorough review of certain key pieces of
information that you should get every week. Here ’ s what your Monday
Morning Report should tell you:

• Current occupancy
• The past week ’ s occupancy
• Projected 30 - day occupancy
• Projected 60 - day occupancy
• Number of move - ins projected
• Number of make - readies completed in the past week
• Number of make - readies projected for this week
• Number of work orders requested
• Number of work orders completed
• Number of potential tenants who inquired about leasing
• Number of new applicants
• Number of new leases
• Amount collected for the month
• Amount delinquent for the month

This report gives you a snapshot of where the property is right
now, and where it ’ s likely to be 30 to 60 days from now.
Because you are looking ahead a couple of months, but doing
so every week, you should catch issues quickly and have time to rem-
edy them.
Another point about management companies: Make sure that your
management contract can be terminated with no longer than 60 days’
notice. Do not sign yearly contracts, or your leverage over a bad
management company will diminish.

157

10/14/08 10:56:20 AM
c07.indd 157
c07.indd 157 10/14/08 10:56:20 AM