Services
Our property management services include seven segments, which are detailed below.
PRODUCT PREPARATION
The preparation of a property for marketing is a critical function of a property manager – whether we are managing an apartment community or a community association. In a community association setting, individual owners enhance their ability to sell or lease their property at the best price possible if the property is properly presented. We base this segment of our service on a thorough understanding of why people rent or buy in the specific markets in which we operate. Our experience, research and understanding of our markets are critical. To fulfill the product preparation function, we will perform the following services: Exterior Inspection & Preparation – routine inspections of the exterior property are conducted by senior personnel. Suggested improvements are made in writing to the owner. We communicate regularly with the owner on liability issues. Interior Preparation – interior areas (mailboxes, common areas, courtyards, etc.) are routinely inspected and maintained. Architectural Control – we routinely inspect the property for adherence to Architectural Control standards. We enforce the rules established by the association to ensure the architectural integrity of the property. Safety – we continually inspect and analyze the property to eliminate any potential hazards or liabilities to the association. We monitor applicable state and local regulations to assure the property’s compliance.
ONGOING GENERAL MAINTENANCE
The job of continually maintaining the physical property is key to the economic success and life of a property. SNL does not engage in crisis maintenance – fixing only what’s broken. We will provide the following services related to the maintenance of the property:
Maintaining the Property – a program of planned maintenance is developed to lower overall maintenance costs. Routine and emergency maintenance procedures provide the highest level of service and the lowest possible cost to the association.
Preventive Maintenance – we inspect and service equipment and other property components on a rotating basis to protect the association from incurring expected expenses.
Personnel – we employ qualified maintenance technicians who are available on a 24-hour basis.
Contractors – we have an established network of vendors, contractors and suppliers. The volume generated by the extent of our practice allows us to pass on substantive cost-efficiencies to our third-party clients. We have detailed procedures that allow us to manage third-party contracts in the most effective manner possible. We verify insurance and bond coverages of all contractors prior to authorizing any work.
OWNER/RESIDENT RELATIONS
Our service-based philosophy of owner/ resident relations has generated superior results for our clients. Our efforts to encourage positive resident relations and high levels of resident retention include the following:
Resident Policies – each resident receives a booklet detailing our community policies and procedures. We design our policies, with the owner, to be informative, fair and clear. Each resident understands our policies relating to payment of rent, dues, renewals, guests, and so on.
Problem Solving – we train our staff to confront any resident-related problems – complaints, emergencies, resident abuses, etc. We resolve such situations promptly and efficiently to avoid future problems. Our approach is to consider complaints and problems as opportunities to provide service to our customers.
VALUE AND ECONOMICS
Owning property requires a great deal of capital and often a long-term commitment to ownership. Apartment communities are particularly in need of sound financial practices. As property managers, our responsibilities extend beyond operations to the business aspects of association management. Our staff will contribute to the viability of your association by focusing on the following areas:
Income – we continually evaluate income levels, particularly in view of capital requirements.
Expenses – we continually monitor budgets (see below) and track operating expenses to generate all available cost-efficiencies for owners.
INSURANCE
Given the environment for association liability, obtaining adequate insurance is a challenging task for most owners. Providing adequate insurance coverage is a particular challenge for community associations. North Texas has experienced major property casualty losses over the past few years, making insurance difficult to obtain and increasingly complex. We provide assistance in the following areas:
Obtaining Insurance – we review the insurance needs for each client, collect proposals and make recommendations as needed. We maintain ownership and mortgagee information to ensure that owners do not experience any difficulties.
Monitoring Claims – we process claims and follow-up on the completion of any casualty repairs and payments.
BUDGETS
Budgets are the most valuable management tool available. They demand planning, control and forethought. They also allow us to monitor our progress in meeting our clients’ goals. Our budgeting tasks include the following:
Preparing Budgets – we determine the appropriate type of budget and prepare a detailed budget each year. We base our budgets on prior experience, anticipated changes in expenses and rental rates/ HOA dues, capital needs assessment and market knowledge.
Monitoring – we monitor actual versus budget performance each month. We discuss variances with clients in detail.
ACCOUNTING
SNL uses sophisticated software designed specifically for property management firms to track and process receivables and payables. Our software allows us to be extremely flexible and detailed in our reporting. We have the ability to customize our accounting and reporting according to each client’s needs. We perform the following accounting and financial functions:
Receivables – we collect, process and track payments.
Payables – we receive, track and pay all bills related to the property. We communicate with vendors, mortgage companies, taxing authorities, etc., as needed.
Reporting – we provide owners with concise and timely reports detailing each property’s performance. At year-end we issue Form 1099’s as needed and work with client’s accountants to assist with tax return preparation.