JRK Property Holdings founder, chairman, and CEO Jim Lippman calls his company “a marriage of the analytical and the operational,” and you need not look further than the firm’s weekly “Green Book” asset reports to see the truth behind his words. Created every Friday and available on-site every Monday morning, the reports offer a weekly, monthly, and year-over-year macro and micro snapshot of a property’s P&L, cost centers, NOI, and rent fundamentals.
“It’s our matrix on comparing every property relative to itself and the portfolio and includes work orders, leasing traffic, and rents,” says JRK executive vice president John McKee. “It’s the plotted history of a community.”
The list of what’s included in every weekly report covers the gamut of available data: a topline P&L and line items on unit turnover; landscaping costs; occupancy; pre-lease activity; exposure to vacancies in light of notices and evictions; leads by marketing source per traffic and per week; gross and net leases; concessions; net effective rent; application cancellations and rejections; upcoming move-ins and move-outs; and week-over-week, monthly, and annual traffic, leasing, and conversion percentages.
Green Book data obviously assists on-site staff with managing rent fundamentals but also lets maintenance negotiate better pricing on materials and labor (relative to the JRK historical and national average costs) and streamlines executive, asset management, and property management analysis of any given property.
“Whenever we visit a property, we review the last month or so of Green Books so we understand the issues going in,” says Bobby Lee, president of the firm’s JRK Birchmont Advisors acquisitions fund. “For an owner/operator, one of the worst things about a site visit is wasting valuable time reviewing and redoing the work that we did during the last five visits.”
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