10 questions · under five minutes

Test Your Property IQ!

Thinking about selling a property? Considering a new investment? Self-managing your current properties? You might have everything under control, but even experienced owners overlook hidden risks which lead to costly mistakes.

Take our 10-question quiz to check up on your “Property IQ.” In under five minutes, you could uncover ways to get more out of your property, spot opportunities hiding in plain sight, or catch issues before they catch you! Your results, and what each answer means, appear on screen as soon as you finish.

See a sample report

01/ 16

Have you considered the opportunity costs associated with self-managing your property?

AYesBNoCNot sure I understand the question

02/ 16

If RWPS could lower your property’s operating expenses by $100 per month, approximately how much would the value increase?

A$100B$1,200C$12,000D$20,000

03/ 16

How often do you review service and vendor contracts to guarantee the best terms and value?

AI check annuallyBFrom time to timeCI trust the vendors I have used for yearsDBefore renewing contracts, I review pricing, performance and terms, and regularly obtain competitive bids.

04/ 16

Who meets property inspectors, contractors and repairmen at your properties?

AI always handle it directly myself.BI often allow a familiar contractor or inspector to show up on their ownCAn employee, assistant or someone else I trust generally handles itDA property manager or other qualified person representing my interests handles it

05/ 16

How do you respond to tenant service requests?

AI generally respond myself as quickly as my schedule permitsBAn employee or administrator is usually the tenants’ first point of contact and handles or refers requests as neededCA property manager or other qualified person receives, prioritizes, tracks and follows through on tenant service requestsDI have a dedicated employee whose job is handling tenant service and property issues.

06/ 16

How do you verify that vendors and contractors are properly licensed, insured and, where appropriate, bonded before working at your property?

AI review their documentation periodically or annually.BI require current documentation before a new vendor or contractor arrives at my property.CI generally rely on vendors I know and have used beforeDI maintain and monitor current vendor documentation, including expiration dates, and obtain updated information before allowing work to proceed.

07/ 16

Which best describes how you manage DSCR and the other ongoing obligations in your loan agreement?

AI have no debt on my properties, so there are no loan covenants for me to monitorBI know the key requirements in my loan agreement and regularly monitor all deadlines and other ongoing obligationsCI only have a couple of vacancies, so I am not concernedDMy attorney and lender handled all of that when I closed the loan

08/ 16

How confident are you that your property complies with current municipal codes and permit requirements?

AI haven’t checked carefullyBI recently refinanced or had other due diligence done, so I assume any problems would have come up then.CI generally stay on top of permits and known issues, but I have not had a full compliance review recently.DI have my expediter periodically review the property, permits and outstanding municipal issues.

09/ 16

Which is likely to have the greater impact on your property’s value: saving $1,000 per month in expenses, or adding $12,000 per year in rent from a new tenant?

AThe $1,000 per month expense reductionBThe $12,000 per year in additional rentCIt depends on the quality and terms of the new tenancyDThey are equal

10/ 16

How often do you physically inspect your properties?

ARegularly, about once a weekBRegularly, about once a monthCA few times a year, unless there is a reason to go more oftenDMy tenants keep their eyes open and call when problems come up

11/ 16

How confident are you that you are collecting all of the CAM and other charges you are entitled to?

AMy assistant or administrator handles the billing for my propertyBI assume I am collecting everything I am owed. Why wouldn’t I be?CI’m fairly confident, but we haven’t done a detailed lease and billing review recentlyDOur leases are abstracted, and the charges are regularly reviewed and reconciled

12/ 16

How do you manage an aging water heater or similar building system?

AReplace it immediately upon failureBMonitor it carefully and replace it when it starts showing signs of troubleCCheck age, warranty and condition, and plan replacement before failure is likely

15/ 16

Do you know what competing properties are offering your tenants when they shop for new space?

AI regularly review my competition, their rental rates, amenities and other incentives as they relate to my propertyBI check LoopNet regularly and know what the competition is askingCI’ll check if my tenant tries to renegotiate their renewal. Raising the issue first is a sign of weakness.DI have strong relationships with my tenants. They will approach me if they’re unhappy or thinking about moving.

16/ 16

How clear are you on the options and rules of a 1031 Exchange for deferring capital gains taxes when selling your property?

AMy accountant is familiar with my financial circumstances and would know how to minimize the taxes on a sale.BI’m familiar with the 45-day and 180-day rules, which are the most important pointsCI have a specialized commercial team in place that handles my transactions: a broker, a tax expert and a real estate lawyer to structure the transaction before the saleDMy real estate attorney handles all my transactions and would make sure the exchange is structured properly.

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