How do you handle the transition and integration of new properties into your portfolio?

3 Align policies and procedures

One of the main challenges of integrating new properties into your portfolio is to align the policies and procedures across the different assets. You need to review and compare the existing policies and procedures of the new properties with your own and identify any gaps, discrepancies, or conflicts. You then need to decide whether to adopt, adapt, or create new policies and procedures that are consistent, efficient, and compliant with the best practices and regulations of the industry.

4 Update systems and data

Another important aspect of integrating new properties into your portfolio is to update your systems and data to reflect the changes. You need to ensure that your accounting, reporting, leasing, maintenance, and marketing systems are compatible and integrated with the new properties. You also need to transfer, verify, and secure the data related to the new properties, such as tenant records, leases, contracts, invoices, and inventories.

5 Train and support staff

The transition and integration of new properties may also affect your staff, especially if you are hiring or transferring employees from the previous management. You need to train and support your staff to familiarize them with the new properties, policies, procedures, systems, and data. You need to provide them with the necessary tools, resources, and guidance to perform their tasks effectively and efficiently. You also need to monitor and evaluate their performance and provide feedback and recognition.

6 Evaluate and improve

The last step of handling the transition and integration of new properties is to evaluate and improve your management practices and outcomes. You need to measure and track the performance of the new properties against your goals and expectations. You need to identify and resolve any issues or problems that may arise during or after the transition. You also need to seek and implement feedback and suggestions from your stakeholders to improve your customer service, operational efficiency, and profitability.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?