Availability Dates / Rehab Process Algorithm
Availability Dates and the Rehab Process is determined by using a very specific Algorithm and denoted by the "Leasing Management Status" (LMS) which is used in marketing a property by estimating the date a property can be available for a resident to take possession .
To work this Algorithm, one must count down or count backwards, meaning on day one (i.e., the property is Vacant and the Property Inspector can perform his initial "First Walk Through" (FWT), the schedule affords 17 days until the property is available for move-in.
-All Properties must correlate their position on the Keyboard with their Occupancy Status and reflect their availability dependent on their (LMS) Leasing Maintenance Status as indicated in the (ILR) Internal Leasing Report and (RML) Resident Move In Ledger.
- Keyboard
- (ILR) Internal Leasing Report
- (RML) Resident Move-in Ledger
Calculating the LMS Algorithm
The Rehab process conforms to a 17-day schedule in order to properly calculate the Availability Dates for New Resident Move-ins; essentially this is calculated backwards. For example; if the property is ready for inspection on the 1st of the month then the home will be marketed as available and ready to be occupied by the 17th of the month.
(Day 17-OCC) This first phase being denoted as “Occupied” until inspected, the property inspector is given 2 days to schedule and inspect the property
(Day 15-FWT) By the 15th day away from availability, the property inspector should have completed his “First Walk Through” by inspecting the home and drawn up the estimate to give to a vendor; the vendor has one day to inspect and get it back to the Property inspector; confirming scope of work and prices (based on Mgt1’s set price list).
(Day 12-WF) By the 12th day away from availability, the property inspector will send the estimate to the owner for their review and they will discuss the rehab and Mgt1 is considering we are “Waiting for Funds”; essentially we are awaiting the decision of the owner to either send in Funds for the repairs or electing to complete the repairs on their own; if the owner elects to do the repairs themselves, they will sign a Rehab Agreement to commit to the same time frame of estimated completion; This way we all stay on schedule to make the home available on the same day that Leasing is marketing it for.
(Day 8- WBD) By 8 days away from completion, the funds should have been received which would allow for the work orders to have been issued and the Work should be in progress (“Work Being Done”). In this phase the M1 Contractor normally would have the work completed within 4-6 days; leaving enough time for the Property inspector to schedule and perform his Final Inspection, if all the work is complete, then he can video record the property; if there are a few minor items thenthere may be a day or two to complete them before moving a tenant in.
These dates should be checked daily by all staff in the following areas:
1. The (ILR) Internal Leasing Report
2. The (RML) Resident Move-in Ledger
3. The Key Board
M1 Rehab Algorithm "For Rent" Inventory Tool
As the schedule progresses each status acts as a milestone with a certain number of days afforded for that phase in the process. It will be very apparent if there is an issue in meeting the deadline to make this property available by the calculated date, if the property status does not correlate with the calculated days in the process.
For example, if today's date is the 11th, and the property is committed to a New Resident to be ready on the 17th, then the status needs to be "Work Being Done" (WBD) in order to be on schedule. If the Status is still "Waiting Funds" (WF) from the owner, then the number of days available for the contractors to complete the work, and the time needed for the Property Inspector to perform his Final Walk Through, is now greatly restricted and chances are the Resident Move-in Date will have to be pushed out. This can cause a number of issues on all parties including expenses and scheduling.
Corresponding Tools & Reports
-All Properties must correlate their position on the key board with their Occupancy Status and reflect their availability dependent on their (LMS) Leasing Maintenance Status as indicated in the (ILR) Internal Leasing Report and (RML) Resident Move In Ledger.