|
|
|
|
|
|
-
Management Plan
-
You can view our management plan in full detail. There are five sections to the plan:
- Owner-Management Relationship
- Affirmative Marketing
- Tenant Eligibility
- Maintenance & Repair Program
- Rent Collection Policy & Procedures
| | | |
Rentals
- Sections 1-2
- 1. Owner-Management Relationship
a. The Owner and the Managing Company have outlined policies and directions for the Managing Agent in the Management Agreement. The owner has placed the complete operation of the units with the Managing Company, who in turn has assigned the responsibility to the Managing Agent. All operating decisions will be made by him except those specified in the Management Agreement. The Owners may revise or add policies from time to time as deemed appropriate. The Managing Agent will keep the Owners advised about the operation through monthly financial and progress reports. The Managing Agent may consult with the Owners at any time. Specifically, the Owner is to be consulted if the viability of the units is threatened. The Management Agreement specifies in detail those expenses to be paid from the rental account.
b. The Managing Agent is responsible for obtaining in the name of the Owner the following services:
- Electricity (as appropriate)
- Gas (as appropriate)
- Water (as appropriate)
- Sewage Disposal (as appropriate)
- Scavenger Services (as appropriate)
- Pest Control
- Other Services as Necessary
c. The Managing Agent is solely responsible for proper management operation and maintenance of the Owner's property. He will perform the following duties:
- Showing and leasing vacancies to prospective tenants as they become available.
- Executing tenant application forms. Completing credit checks and any additional follow-up checks as may be necessary will also be accomplished by the Managing Agent.
- Each tenant will be thoroughly briefed on the contents of the lease and any special instructions pertaining to the unit. A full discussion will be given covering the rent payment policy and procedures. They will be given an orientation in their unit covering all operation of appliances, heater, and air-conditioner. Further, a detailed briefing will be given covering management policies, services, maintenance request procedures, tenant responsibilities, and local area information, i.e., schools, transportation, churches, etc. Detailed instructions will be given covering proper care of the appliances and unit housekeeping in general.
- Security deposits will not exceed two months' basic rent. In all cases it will be the amount established in the lease. Market conditions may alter the amount of the initial security deposit collectible.
- Collection of prorata rents and Security Deposits. Tenants will be thoroughly briefed on the rent payment procedure and policies, including office hours, mailing address, and late rent procedures.
- Implementing rent changes when approved to offset increased expenses and to reflect changes in the marketplace.
- Follow-up calls on delinquent rental payments. Contact all delinquents regarding late payments and take whatever action is required to collect monies due.
- Insure immediate follow-up on all requests for maintenance and repair with prompt action by assignment of the work orders to the proper maintenance personnel consistent with the policies of the owner.
- Establish and maintain a file of maintenance and repair requests completed.
- Keep an inventory list of personal property and their value and condition, including refrigerators, stoves, etc.
- Coordinate the services of approved contractors, i.e., exterminators, scavenger services.
d. Excess owner's funds will be distributed on the fifteenth and twenty-eighth of each month. All monies received and cleared by that date less expenses to be charged to owner, will be disbursed at that time. Checks that have not had sufficient time to clear will be disbursed at the next date. Expenses, which are to be charged to a tenant and not yet received, will be paid from the owner's funds.
e. In the event that the owner's funds are insufficient to cover expenses or projected expenses, the owner will be advised by the Managing Agent to remit funds to the Agency. At no time will the Managing Agent commit the Agency funds without the approval of an Agency Officer.
2. Affirmative Marketing
a. Our advertising program clearly indicates our policy on non-discrimination because of race, color, creed, national origin, or sex and our strict compliance with the Equal Housing Opportunity Program. Adherence to both the letter and the spirit of those laws applicable to equal opportunity is mandatory, and any violations will subject the employee to immediate dismissal.
b. The advertising program will be geared to be responsible for the rate of applications required to maintain a low level of vacancies.
| | | |
Residential Rentals
- Sections 3-5
- 3. Tenant Eligibility
a. Tenant eligibility will be predicted based on the Equal Housing Opportunity policy. Final review and approval is made by the Managing Agents for all applicants. In the event of disapproval of a prospect, a file will be established stating the reasons for disapproval. Said file will be retained for a minimum of seven years. To forestall any charges of discrimination, our tenant selection criteria must be followed exactly in all cases without exception.
b. Income. You must be able to ascertain as to the prospect's ability to pay the rent. These are our income requirements; follow them, always.
- Rent must not exceed one-third income.
- Only one income can be considered on applicants that are not related.
- All related applicants whose income is considered must sign lease.
- Applicants whose rent will be paid by third parties, including trust accounts, must be approved by the broker.
c. Credit History. A current credit report must be completed on all applicants. The following circumstances require that the application must be approved or disapproved by the broker.
- Unpaid Judgments of record.
- More than one delinquent account placed for collection.
- Any pattern of three or more late payments.
- Any Judgment obtained by a landlord.
- Absence of any credit history.
d. Job Stability. It is important that the applicant possess a high degree of job stability. Applicants in the following categories will not be approved.
- Individuals that are not employed and have no source of income with which to pay the rent.
e. Applicants falling in the above guidelines must be submitted to the broker for decision. In addition, such items as the applicants ability to care for the property, control their children, etc., must be considered prior to entering into a lease. Any indication by the agent that these areas may become a problem must be referred to the broker for a final decision.
f. The initial application will be taken using the Application Form. Using this information, the initial work up will be accomplished.
g. The following is a schedule of recommended unit size.
| Number of Bedrooms |
Number of Persons Maximum |
| 1 |
2 |
| 2 |
4 |
| 3 |
6 |
| 4 |
8 |
4. Maintenance & Repair Program
a. The tenant orientation briefing will include detailed instructions on how to report all unit discrepancies to the office during normal hours and emergencies to the emergency number after hours. The briefing will also include a complete explanation of the tenant's duties and obligations under the terms of the lease.
b. A unit that has been vacated will be inspected thoroughly by the Property Manager. All maintenance required will be scheduled and completed prior to the occupancy by a new tenant. Painting of vacated units will be accomplished at this time if necessary.
- Periodic inspection of the exterior and interior will be performed by a representative of the Managing Agency.
- Move in and move out inspections will be required by the tenant and Property Manager. Work requirements will be prepared for the service of work requests.
5. Rent Collection Policy & Procedures
a. Policy
- The rent payment is due on the first of each month and delinquent if not paid within five days. Action on delinquency is to be prompt. These are special situations and each will be handled independently but with a view toward getting these cases on a prompt payment schedule.
- If possible, those families that are able will be encouraged to make prepayments.
- Tenants that develop chronic delinquency will be provided special counseling by the Property Manager to help alleviate their problems.
- If nonpayment persists after efforts by the Property Manager, legal action will be taken as needed for collection.
- Should legal action be necessary and payment not be received, voluntary action will be solicited rather than forceful eviction. The latter will be the last resort.
b. Procedures
- All tenants' payment records are compiled by computer and posted to each tenant's account. Payment is to be made by mail to the designated address. All payments will be by money order or check and no cash will be acceptable at the rental office. Payments will be recorded in both a manual posting system and by posting to the computer account. All rent payments will be deposited the day they are received.
- On the first working day after the fifth of the month, a delinquent listing will be reviewed in detail by the manager. After adjusting any errors, a delinquent letter will be mailed to all delinquent accounts requesting payment and indicating the late charge now due. The letter will also indicate forthcoming legal action if payment is not received within five (5) days.
- After the expiration of the five-day notice, the delinquent accounts will again be reviewed, and, where necessary, the account will be turned over to an attorney for action. Any account overdue more than one month will be turned over to the attorney and an “Unlawful Detainer” will be requested. The Manager will make every effort to help those tenants requiring assistance and, in the event forcible eviction becomes a certainty, will attempt to coordinate matters in such a way as to let the tenant leave in dignity.
|
|
|
