The NRP Group’s Phillip Boatwright talks with host Denile Doyle about how operators create and protect value before a sale.
Phillip Boatwright, executive vice president of property management at The NRP Group, was my first guest on Management Diaries. Now, he returns to discuss how property management teams create and protect value long before a property is positioned for sale.
With more than 20 years in multifamily and having worked on many dispositions from the management side, he knows what buyers look for and what can show up as operational risk.
By the time buyers start the due diligence process, most of what they’re going to scrutinize has been building up for years, and a great deal of that traces back to the management team.
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Good curb appeal can help a property make a strong first impression, but Boatwright says buyers are looking for something more substantial. “Buyers don’t buy paint. They buy predictable performance,” he says.
He also discusses the red flags buyers will notice and why it’s important to keep your team engaged throughout the process. He describes how neglecting just one area or one practice can lead to a domino effect that hurts your property.
Boatwright’s approach to dispositions has changed over the years. He believes the goal should always be to protect a property’s value in big and small ways. That, he says, is what will help it withstand buyer scrutiny whenever the market presents an opportunity.
Here are some highlights from our conversation:
- (1:48) What buyers are really looking for
- (3:56) How to spot performance that may not last
- (5:34) The risks hidden outside the financial reports
- (8:57) Why keeping the property team informed matters during a sale
- (13:24) What teams should be tracking before a buyer asks
- (19:25) How his approach to readiness has changed over the years
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