Management Services Overview
The following narrative outlines the services provided under our standard management agreement. Our standard agreement can be customized to meet the particular needs of the Board of Directors.
- Collection of the Monthly Association Assessments. Monthly assessments will be deposited into the association operating account and posted to individual unit owner accounts on a daily basis. A late notice is generated and mailed if the monthly assessment is not received by the designated date, in accordance with the documents.
- Pursuit of Delinquent Unit Owner Accounts. In accordance with the Documents and Rules and Regulations of the Association, Property Management, Inc. notifies unit owners of delinquent balances. A filing is made at the District Justice’s office for judgment on the any outstanding account with arrears in excess of ninety (90) days. Property Management, Inc. also works with the Association’s legal counsel on accounts requiring additional action.
- Payment of Invoices. All invoices will be approved and paid on a weekly basis. We will work within a set of payment parameters established by the Board of Directors. All contracted work is inspected for accuracy and fulfillment prior to payment.
- Monthly Deposits into Reserve Accounts. As budgeted, the monthly reserve funding will be deposited into a segregated reserve account.
- Monthly Financial Reports. Each month our professional accounting department will prepare a packet of financial reports that meets the need of the individual Association.
- Preparation of the Annual Budget. We will work closely with the Board of Directors in the preparation of an annual budget which meets the objectives of not only the current year goals but also the long term goals of the association. Property Management, Inc. will analyze the specific needs of the association including major projects, recurring expenses, contracts and assessment amounts while preparing a preliminary budget for board review. The Board reviews the budget, makes necessary changes, and then the final budget is prepared and distributed to the unit owners.
- Rules and Regulations Enforcement. As specifically directed by the Board, Property Management, Inc. will enforce and notify unit owners and/or residents who are in violation of the communities rules and regulations.
- Correspondence with Unit Owners and Board of Directors. Property Management, Inc. has a dedicated Property Manager who responsibilities include addressing Board and Unit Owners phone calls, emails and mail. Owners with maintenance problems or questions, account balance questions or other concerns contact us daily. Our qualified staff will answer any questions promptly.
- Unit Sale Information. Property Management, Inc. will provide information and work closely with realtors to facilitate sales or refinance transactions. Information provided includes resale certificates, copies of insurance coverage for the community, statements of assessment accounts, and various individual mortgage lender questionnaires.
- Contract Negotiation and Performance. Property Management, Inc. has been in business for over forty years and has developed hundreds of working relationships with local and national vendors. We have strong name recognition and a financially strong reputation which allows us to quickly obtain bids and negotiate advantageous contracts from a pool of the best subcontractors available. All contractors are required to have liability and workmen’s compensation insurance. We create a scope of work which is approved by the Board of Directors and distributed to at least three contractors for bids. The results are summarized and presented to the Board for approval prior to awarding the contract. The contact is awarded and monitored to ensure the work is completed timely and as prescribed.
- Regular Visits and Walk-Through of the Community. Property Management, Inc. will perform regular inspections of the community.
- Annual Meeting. A Property Management, Inc. representative attends the annual meeting.
- Professional Advice to Counsel. Upon the request of the Board, provide management advice regarding procedures, formulation of rules and regulations, feasibility of various projects or any other questions associated with Homeowner and Condominium Associations.
Property Management, Inc. uses Yardi Systems, a fully integrated web based information processing system. All management, work orders, preventative maintenance, leasing, administration, budgeting, accounts payable and general accounting is captured within the system. Our entire company including maintenance, administrative, management and accounting personnel share real time data. Yardi operates in a true web environment allowing us or our clients to access the system from any computer with internet access. All the information is contained within one database which allows us to prepare extremely flexible reports specific to an owner or our entire portfolio.
In addition to the Yardi system, we use Microsoft Office, Outlook, AutoCAD (space design), Exact (payroll and human resources), Best (depreciation software) and a variety of publishing products.
The entire system is contained on over 20 servers. We have a documented backup strategy to ensure data integrity.
Accounting Services and Reporting
Using the Yardi system, we perform the entire accounting cycle; in addition we provide the following services:
- Complete, concise and timely financial reports delivered via mail or E-mail.
- Preparation of annual and capital operating budgets.
- Cash flow analysis.
- Special accounting projects as needed by owner.
- Preparation of year end financial statements including complete cooperation with any board assigned audit organization.
We can simultaneously provide reports in cash and accrual accounting methods.
Our management team has access to financial data to ensure a proactive approach to identifying potential issues.
Our accounting department has been designed to provide for the segregation of duties. This internal control insures that no one person handles all aspects of a transaction. The financial statements of Property Management, Inc. are audited by an independent accounting organization annually.
An integral part of internal controls is achieved through client review. We will work closely with your Board of Directors to insure that accounting details are understood and that past, present and future financial positions are clearly communicated.