The ultimate function of a property management company is to provide management services that assist the client in achieving value enhancement of the property or community. Value enhancement consists of both the maximization of the bottom line while protecting and improving the physical integrity of the property or community. To achieve these objectives, the management company needs to establish its "game plan" by providing to the client an outline of its responsibilities. 

 

Planning and Budgeting

• Assist preparation of a property operations plan. (Monthly/Quarterly/Annually)

• Assist preparation of a property operations budget. (Annually)

 

 Employment and Supervision

• Recruit, hire, train supervise and discharge employees. (Ongoing)

• Process payroll, disburse paychecks and pay payrolls taxes. (Each pay period)

• Administer benefits as approved by property owner. (Ongoing)

• Provide workers compensation insurance and administer claims. (Ongoing)

• Comply with applicable employment laws & resolve and employment related claims.

• Maintain a safety program to comply with OSHA and other safety regulations.

• Maintain employee records. (Ongoing)

• Encourage and support continued property management and maintenance education of employees. (Ongoing)

 

Marketing, Leasing and Sales

• Market the property by implementing an innovative marketing and leasing strategy unique to each property after identifying specific strengths and weaknesses. (Ongoing)

• Advertise rental vacancies. (Ongoing)

• Lease spaces (new and renewals). (Ongoing)

• Complete comparative market analysis and recommend rental rates, terms and conditions on an as needed basis depending upon market conditions (Weekly/Bimonthly/Monthly)

• Comply with all applicable tenancy laws and ordinances. (Ongoing)

• Online marketing plan includes web page for property along with representation on all pertinent social media sites. (Ongoing) 

• Regular management of Facebook, Twitter, and other social media accounts for each property. (Ongoing)

• Tenant referral program available to entice residents and tenants to community or property. (Ongoing)

 

Resident Relations

• Maintain resident records. (Ongoing)

• Respond to resident inquiries and service needs. (Ongoing)

• Live answering service for after hours and weekend to respond to time sensitive issues. (Ongoing)

• Ensure emergency response is provided. (Ongoing)

• Promote resident retention programs. (Ongoing)

• Attend and/or conduct resident meetings. (Monthly)

• Attend and/or conduct rent raise meetings. (Ongoing)

• Enforce community rules. (Ongoing)

• Process timely legal evictions. (Ongoing)

• Management property assignment of property manager and tech to serve as contact with answering service to assist onsites, and where no onsites are present to take action to protect people, property, or respond to calls. (Ongoing)

 

Accounting and Financial Management

• Collect and deposit rents, charges, fees and other income. (Daily)

• Collect and deposit rental security deposits. (Ongoing)

• Collect and deposit delinquent rents. (Ongoing)

• Disburse operating funds. 

• Mortgage payments and impounds. (Monthly)

• Property operating expenses and capital expenses. (Monthly)

• Property management fee. (Monthly)

• Owner disbursements. (Monthly)

• Other disbursements as directed. (Monthly)

• Maintain each clients own banking account. 

• Maintain and reconcile bank statements. 

• Property operations. (Ongoing)

• Security deposits. (Ongoing)

• Petty Cash. (Ongoing)

• Reserve Accounts. (Ongoing)

• Maintain computerized financial records. 

• Rent roll tied to G/L. (Ongoing)

• Accounts payable. (Ongoing)

• General ledger utilizing property owner chart of accounts. (Ongoing)

• Profit and loss statements. (Monthly)

• Balance sheet. (Monthly)

• Payroll. (Each pay period)

• Prepare monthly Owner reports. 

• Income and expense statement reconciled to a bank account. (Monthly)

• Delinquency and vacancy report. (Monthly)

• Balance Sheet. (Monthly)

• Cash flow statement. (Monthly)

• Accounts balances and reconciliations. (Monthly)

• Asset and liability reconciliation. (Monthly)

• Budget variance (12 month history). (Monthly) 

• Physical inventory. (Semi-annually)

• Provide access to accounting data for 3rd party audit of all financial records. (Semi-annually)

 

Operations, Repairs, Maintenance and Capital Improvements

• Maintain entire property to ensure maximum curb appeal per property owner standards and cost effectiveness. (Ongoing)

• Maintain common areas, facilities, infrastructure and equipment. 

• Roads and walkways. (Ongoing)

• Grounds and landscaping. (Ongoing)

• Office, recreational, and maintenance buildings. (Ongoing)

• Pools, spas and other recreational facilities. (Ongoing)

• Utility systems: plumbing, electrical, HVAC, waste, storm drains and lift stations. (Ongoing)

• Tools, maintenance equipment and office equipment. (Ongoing)

• Vehicles. (Ongoing)

• Maintain a purchase order system to comply with delegated purchasing authority. (Ongoing)

• Maintain equipment and supply inventory at the most cost effective level. (Ongoing)

• Complete major repair and capital improvement projects.

• Identify needs and incorporate in operations plan. (Ongoing)

• Solicit and qualify bids. (Ongoing)

• Establish contracts upon bid approval by property owner. (Ongoing)

• Supervise completion and report status to property owner. (Ongoing)

• Monitor tax assessments and recommend appeals. (Ongoing)

• Supervise contractors. (Ongoing)

 

Inspections, Quality Control and Profit Improvement

• Complete and document property inspections. (Semi-monthly)

• Monitor utility consumption and implement cost-saving measures. (Monthly)

• Ensure all required licenses and permits are obtained timely and maintained in force. (Ongoing)

• Propose any applicable expense reductions or income increases to property owner. (Ongoing)

• Notify property owner in the event of any potential legal action. (Ongoing)

 

Insurance and Bonds

• H&L has liability, professional liability, workers compensation for all H&L employees, employee dishonesty and wrongful termination policies. (Ongoing)

• Help clients find competitive premiums - Insurance policies with most extensive coverage (theft policy, workers comp, umbrellas and any special needs insurance.) 

• Maintain $1,000,000 of liability insurance coverage. (Ongoing)

• Process claims to insure that clients obtain not only prompt service from insurance company but that documentation is provided to identify lost and cost to replace.

• Monitor claim from initial call to the end. Once funds received we recommend contractor and then monitor contractor work and release funds as approved by us, client, and by city or county inspectors. 

• Post a fidelity bond equal to 1.5 times the monthly rental income. (Ongoing)

• Review insurance coverage for cost effectiveness and recommend improvements. (Ongoing)

• Notify the insurance agent and property owner of any event that adds, deletes or changes assets insured (property, vehicles, non-tangibles.)