Our Property Management Program
        

 


 

 

 


 

  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

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

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

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

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

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.


Carew Properties, Inc. | 9100 West Bloomington Freeway | Bloomington, MN 55431
Phone (952) 881-3623  |  Fax (952) 881-6143