1st Team Realty Property Management services begins with a property evaluation that prepares the groundwork for the essential capital improvement plan and budget.
This study also yields an annual operating budget for the property. Accounting packages are presented monthly. These professional, precise breakdowns are tailored to suit the property owner s specifications, including monthly activity reports of property operations, rent collections, and budget variances. These monthly uniform accounting packages and management reports will prove to be an essential element when the time comes to sell your property. The reports justify an asking price and confirm the property value in a straightforward, clearly understood and professional format.
Professional property management allows an owner to be actively involved with major property issues while avoiding the day to day details and challenges. Some advantages to professional property management are as follows:
Pre-existing relationships with numerous service providers allow us to better negotiate pricing and terms for building supplies and services.
Service providers and construction contractors are pre-screened for qualifications and insurance requirements.
Lease compliance reviews are performed to ensure that rents are collected in a timely manner and that scheduled rent increases, operating expense recovery and CPI increase clauses are tracked and invoiced promptly.
Regular property inspections are made to insure that the property is not neglected.
Through the aforementioned affirmative actions, we are ultimately able to improve tenant retention and maximize property value.
Week 1 - Week 2
Meet and evaluate existing staff. Initial property inspection. Visit tenants, introduce management team. Obtain keys and security access to ensure security of the property. Establish emergency contact list. Gather property records, leases, and other information required for management transition. Review leases and other documents. Review aged accounts receivable, if delinquent accounts exist, develop a plan of action for owner's review.
Week 3 - Week 4
Set up property accounting system and meet with insurance agent to review property insurance. Begin budget planning process.
Week 5 - Week 8
Forward report on management transition to ownership. Deliver initial accounting and management report. Deliver operating plan and budget.