Our services cover all property management aspects

 

​ADMINISTRATION SERVICES

 

• Records Management – maintenance of records and files for effective data retrieval.
• Enforcement of Governing Regulations – Ongoing monitoring of all manners of application of regulations which govern owners as well as tenants. We interact on behalf of the sides to resolve possible disputes.
• Board & Member Meetings – Preparations of agendas, distribution of notices and all relevant documents and manage the actions needed to make sure meetings run smoothly and effectively.
• Structural Modifications – Processing applications and handling structural initiatives or modifications.
• Maintenance of Common Areas – Scheduling and executing periodic inspections and maintenance .
• Vendor Relations – Research and interactions with vendors, proposal submissions, handling negotiations and contracts and monitoring vendor performance.

 

​MAINTENANCE & JANITORIAL SERVICES

 

• Maintenance – Management and supervision of periodic tasks Such as Painting, Pressure cleaning,Gardening and Cleaning.
• Janitorial – Cleaning and maintenance of Lobbies, clubhouses, Common areas, Hallways, catwalks, laundry rooms, bathrooms all other common facilities.
• Vendor Supervision – Research, recommend, negotiate  and facilitate all insured vendor relationships.

 

​ACCOUNTING & FINANCES

 

• Financial Reports – Waterstone provides timely periodic reports including profit/loss statements as well as analysis of actual figures vs. planned budget. Cash disbursement as well as delinquent receivables.
• Budgeting Process –Preparation of preliminary and final approved budget and reserve schedules for the upcoming year. .
• Delinquency Assessment – Constant monitoring of delinquencies. When needed, we pursue delinquencies and achieve satisfactory resolutions.
• Annual Audit – Waterstone finds and recommends a CPA firm to prepare an annual audit, review and compilation of  finances.
• Payments – Providing appropriate and convenient payment methods, including mailing of checks, direct deposit, online payments, or automatic debits.
• Employees Payroll –   Unifying a single payroll system management.
• Bank Accounts & Expenses / Vendor Payments – Paper or Online Invoices approval of vendors and check signature processing. Integration of Accounts payable records with the financial reporting system and bank accounts for monthly reconciliation.

 

Following is a more detailed listing of our services. Not all are relevant in all cases.

 

1. Property Evaluation management

• Documentation of property – Environment, Exterior and Interior

• Recommend potential or necessary repairs or enhancements to maximize rent.

• Determine optimal rental rate based on area and typical and recent rents of similar size and type properties.

• Determine general property policies regarding use of common areas, pets, smoking etc.

• Installation of property facilities and a lock box

 

2. Property marketing

• Preparation for market submission

• Cleaning the property and optimize exterior and interior
• Enhance landscaping to improve visual appeal

 

• Create and manage a marketing advertising campaign :

• Submit to rental listing websites
• Print publications
• Signs
• Fliers

 

• Collaborations with other realty agencies – to maximize rental fitness

• Establishment of means for providing detailed information about properties to prospective tenants

• Arrange responsive solutions for field calls from prospects’ questions and viewing requests.

• Arrangement for meetings and property showings at appropriate times.

• Provision of rental applications.

• Collection of applications and application fees.

• Collection applications with application fee

 

Screening and Selection of tenants

• Background checks for identity verification, credit history, rental history, income etc.

• Classify tenant fitness based on pre-determined criteria

• Notification to tenants who were rejected

 

Move in of tenant

• Leasing agreement

• Confirmation with tenant of dates for move in.

• Confirmation of tenant understanding of the leasing terms such as payment and property maintenance

• Verification of the proper execution of the agreements

• Inspection of move-in with the tenant, and obtaining a signed report, which confirms the condition of the property before the move-in.

• Collection of initial months rent and security deposit

 

Collection of Rent

• Rental receipt

• Late payments hunt down

• Sending notices for pay or quit

• Late fees enforcement

 

Evictions

• Filing relevant documentation for initiation and completion of an unlawful detainer action

• Representation of owner in court

• Coordination with law enforcement for tenant and tenant’s possessions removal from unit

 

Legal management

• Providing advice when a legal dispute or litigation occurs

• Referring owner to an appropriate attorney as needed

 

Inspections

• Performance of periodic, pre-defined scheduled inspections (interior and exterior) to identify needed repairs, removal of safety hazards, fixing of code and lease violations, etc.

• Generate periodic reports concerning the condition of the property for the owner inspection

 

Financial

• Property management accounting services

• Arrange payments such as mortgage, insurance, etc. on behalf of owner

• Provision of detailed expenses documentation through invoices and receipts

• Maintenance of records: paid invoices, inspection reports, leases, warranties, etc.

• Submit annual reports, suited for tax purposes as well as tax documents including a 1099 form

• Provide relevant tax deductions information to owners related to their rental property

• Provision of monthly cash-flow statements including detailed listing of itemized expenses and income

 

Maintenance, Remodeling and Repairs

Manage in-house maintenance crew

• Establishment of a prevention-maintenance guidelines and policy to identify needed repairs

• Manage ongoing network of licensed, bonded and fully insured skilled professionals contractors who have been selected for value pricing and excellent up to code work.

• Appropriation of jobs assignments to in-house employees, handyman and/or professional contractors.

• Outdoor Maintenance

• Snow and leaf removal
• Maintenance of Landscaping
• Trash and Debris removal

• Establishment and monitoring of a 24 hour emergency repair hot-line

• Renovation / rehab initiatives

• Recommend project strategies / initiatives to maximize rental income.
• Preliminary cost estimates preparation
• Obtain multiple independent bids for projects
• Manage and oversee project execution

 

Move out

• Move out unit inspection – providing a property’s condition report upon move-out

• Interaction with moving-out tenant – Providing tenant with moving out report and estimated damages

• Refunding security deposit balance to the tenant, after resolving all damages issues

• Unit cleaning, repairing and /or upgrading

• Install new locks

• Submit property back on the market for rent