We are available as a neutral third party for opinions on all facets
of residential rental property. We have expertise in HVAC,
construction, maintenance, leasing procedures, marketing,
operations, rehabilitation, project management, training, inspection
services, asset management, and property management.
To simplify understanding of this broad range of activities,
Our Property Management Program can be broken down
into 5 areas of responsibility:
Management
of the Physical Asset
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Management
of the physical asset involves administration of the maintenance
plan, hiring and monitoring of independent contractors, and capital
improvements.
Management of the
physical asset is a crucial part of the overall management process
for it can significantly affect the value of the property. The
appearance and condition of the building and grounds help determine
the type of residents attracted, the rent structure, resident
satisfaction, turnover, and rent collection. The prime reasons given
by residents who with-hold rent and/or other monies are poor
maintenance or inadequate response to service requests.
Marketing and leasing
includes market research, selling techniques, lease preparations,
and resident selection.
The amount of revenue
generated by a property is directly related to the success of that
property's marketing and leasing, management, and control functions.
For example, one manager may have all apartments leased with rents
20 percent below the market rate, while another may be skilled at
obtaining higher rents and attracting prospective residents, but
poor at filling vacancies. The professional property manager must be
capable of effectively balancing the marketing and leasing efforts.
Rent management,
includes resident relations, rent collections, and evictions.
Good resident relations
are essential to successful property management. Residents are the
source of virtually all of a property's revenue - a fact that should
never be forgotten. Good resident relations reduce collection costs
and turnover and increase stability and the amount of income earned.
Residents help determine the value of the property by the rental
rates they pay, and satisfied residents are an excellent source of
new resident referrals.
The rent management
system is the set of procedures by which rents and other income are
billed, recorded, collected, and deposited. It is one of the most
important aspects of the property management program, since the
funding of all other activities ultimately hinges upon the
successful collection of rents.
Financial
Reporting and Controls
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Financial reporting and
controls includes preparation of the operating budget, detailed
record keeping, and purchasing.
Good financial reporting
and strong controls are essential to successful preoperty
management. The reporting system is the primary means of
communication between the property manager, and the property owner,
This system should be as specific and accurate as possible and
should provide clear, reliable, relevant, and material information
for evaluating and controlling operations.
Administration includes
employee selection, training, and supervision, and operation of the
management office.
Employees are one of our
management company's most significant assets. At both the company
level and at the buildings managed, the provide resources essential
for developing, implementing, and achieving established goals and
objectives. Our strong personnel management program reflects the
knowledge that the personnel function has an impact on every aspect
of the management process and, accordingly, it emphasizes the
importance of effectively managing employee time and talent.
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