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70 to refresh the property and get it ready for the next renter. Time is of the essence, and having a highly technology-driven platform to manage multiple bids from service providers is essential. e proper technology will include user- friendly ways of obtaining and implementing bids. Information should help investors make quick decisions and feel reassured that they've received a competitive and fair bid. A national pricing database that includes "before and after" photos can help investors make confident decisions and have certainty that their work is being completed on time and according to standard. Make sure that providers are using a repu- table third-party pricing database, and that they have the demonstrated expertise that only comes through experience. 4. IS THE COMPANY WORKING WHERE INVESTORS WANT TO BE? While national coverage is a highly sought term used by third-party providers, the truth is that investors generally only care about the markets where they have properties. In aggregate, there are only about 30 metro areas in the U.S. that matter to the institutional SFR investor, and it is important that the third-party provider can demonstrate scalable coverage in these markets. Ask providers for their coverage in different markets, including the number of contractors they use and how many homes they've serviced in those markets in the last year. Find out also how quickly they could grow to meet changing requirements. 5. WHAT WILL VENDORS DO FOR MY TENANT SATISFACTION? In this area, it's simple. It's all about service. Vendors affiliated with field-service providers need to be skilled in working with tenants and dealing with their complex needs. Investor needs do not fall into the typical field- service category. ese properties need a higher touch of service. Occupied properties have a dif- ferent set of requirements than a vacant property. Maintaining rentable condition and reducing the lag time between tenants is a high priority for investors. Having trained vendors who understand this model is a critical piece to the investor strategy. Ask providers how they differentiate between their normal vendors and those that are quali- fied to do work on investor-owned properties. What training is provided to ensure that tenant satisfaction is maintained? 6. WILL THEY PROVIDE WHAT'S NEEDED TOMORROW? Whether talking about owners of 2,000 properties or 20,000, dealing with fewer vendors makes life easier. It's possible to spend too much time researching too many different options and get more confused and unfocused along the way. It's better to go with a field-service provider that offers best-in-class options among bigger, better vendors. Simpler is smarter. Choose just a hand- ful of providers that can provide not only the services needed today, but that will also grow and adapt as needs and volumes evolve. Ask providers for their roadmap of services. Knowing not just where they are but where they are going is important, and a roadmap will demonstrate that they've been able to break their vision down into an actionable plan. 7. WHEN DID MOBILE TECHNOLOGY USE BEGIN? It's no surprise that mobile technology plays a critical role in making tasks like automated bid management possible. e ability to quickly gather the most current, accurate information on geographically dispersed properties leads to the most intelligent decisions. Here's one example: a known problem with children's outdoor play equipment has emerged, and an investor needs to quickly identify how many of their properties could be affected. In the past, they might have needed to email their database of property managers and field employ- ees asking for input. eir responses could be a mishmash of bad photos, wrong addresses, or incomplete data. With the latest mobile technologies, logi- cally constructed surveys allow field contacts to respond to information requests in a consistent and uniform manner. ese repeatable processes can even be scaled to very large numbers of properties without compromising integrity. e usefulness of mobile technology is immense in a crisis, such as hurricanes or earthquakes, when it's important to get on the ground and gather survey data quickly. Ask providers which mobile technologies they've deployed and how long they've been using them. 8. WHAT HOA MANAGEMENT COMPETENCIES ARE EMPLOYED? Industry sources estimate there are some 325,000 HOAs throughout the United States, with new associations created each week. Bylaws, management contacts, and geographic boundar- ies constantly change. For any given HOA, dues, covenants, restrictions, tenant misbehavior, or exterior appearance requirements can spiral into a significant and expensive headache to manage. Perhaps the most troubling trend is that some HOAs are putting a restriction on the number of rental properties allowed in their sub- division. is type of uncertainty could wreak havoc for any given investor's modeled returns. Field-service providers need to be able to help investors stay on top of and in front of this ceaselessly churning set of neighborhood require- ments. What proven experience do they have to help make managing easier? 9. HAVE PROPERTY REGISTRATION MANAGEMENT CAPABILITIES GROWN? e good news here is that there are just slightly more than 1,000 jurisdictions that have legislated some type of property registration. However, the bad news is that this is up from about 300 just a few years ago. ere are 30,000 jurisdictions that could begin generating cash from this method. ese entities have the right to impose fines, penalties, and fees at their discre- tion, and as more local governments benefit from the revenue associated with implementing reg- istration requirements, it seems obvious that the proliferation will continue. Additionally, these governments have become ever more complex in these registration requirements, including annual fees, deregistrations, re-registrations, registrations for delinquent properties, and investor-owned registrations. It seems that the boundary of reg- istration types is limited only by the jurisdiction that will benefit from the registration revenue. ird-party providers need to have demon- strated capabilities for keeping abreast of these changing requirements. What specific processes can they share to make investors comfortable that expensive liabilities are not being built? 10. HOW MUCH UTILITY CAN I GET FROM UTILITIES MANAGEMENT? Managing utilities can be a nightmare for property investors. Investors need to manage three to five utilities for each home. Each home carries its own requirements for key contacts, responsible parties, deposits, etc. During times of transition, the number of transactions increases exponentially, with the added complexity of knowing when to turn on, turn off, suspend, or reinstate utilities on vacant properties and perhaps the hassle of billing transfers and late payments. On a portfolio of thousands of homes, this can add up to a challenge of epic proportions. Utilities management is a labor-intensive process, and there is a lot of room for human error. An experienced field-service provider can take this hassle off an investor's hands. Ask providers how they manage utilities for clients today. In short, asking these 10 questions of current and prospective service providers is part of a com- prehensive due diligence checklist that can help institutional SFR rental investors significantly reduce their risk exposure, make stronger deci- sions, and improve profitability. Forming a strong relationship with a competent and experienced field-service provider should help single-family rental home investors succeed in this burgeoning market and generate improved returns.

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