A Rent Roll Due Diligence has 4 great uses which most business owners are unaware of. This week we will focus on use number 1.
Preparing the Rent Roll for Sale.
This is the equivalent in real estate to our Sellers preparing their property for sale by correcting discrepancies and updating the property to ensure they achieve maximum sale price on the opening market. The Seller is minimising their potential for the property to fail a building and pest inspection or becoming a renovators delight, unless that is the intention.
Failing a building and pest inspection could result in a reduction in sale price or have the contract terminated. The same goes for business contract.
By not being prepared at settlement, we have witnessed Business Owners become overwhelmed by the task of providing the Buyer with all the documentation of each management only to find information missing and urgently having to find it or update it.
Business Owners are busy running their business, managing staff and/or selling real estate. Business Owners need to continue the financial flow of their business.
A Rent Roll Due Diligence is generally handed and added to property management staff workload who are already busy undertaking their normal duties.
I have completed over 1,400 reports in my career and each report has recorded discrepancies in paperwork management or completion/software input.
I apologies for being so forward…under these circumstances relying on persons of the business to complete rent roll due diligence is undertaking this important task with the same persons making the mistakes in the business.
The Opulence Consultancy rent roll due diligence has been designed to assist business owners prepare for sale, operate efficient and affluent businesses, find foundational flaws and assist in the buying process. Best practice, a deep level of understanding as to the value of a rent roll, operating and owning a real estate business and buying and selling of rent rolls are used to provide a thorough and informative report which highlights all discrepancies within the rent roll portfolio.
Opulence Consultancy is dedicated to assisting real estate industry business owners in operating and running affluent and efficient businesses.