Equity North Investments (ENI) will assign a Project Manager also described as the

Property Manager (PM), to oversee the property and act as the contact person between ENI and the Commission, as the property manager this person will be in charge of maximizing the net income from the property, the Property manager will oversee planning through budgeting and marketing analysis, advertising and space merchandising, screening tenants, negotiating leases, collecting rent, maintaining the interior and exterior of the premises, supervising security, obtaining insurance, paying taxes on the property, keeping accurate records and making periodic reports to the property owner, and attending meetings.


The Property managers must be aware of the changing nature of professional property management, the diverse types of properties. The manager must have sophisticated management skills and extensive technical skills. Continued professional training is, therefore, a must. In addition to the task involved in property management, the project manager will take an interest in professional, social and political organizations in their municipality, if needed. They should be active in community organizations that promote general welfare and local business opportunities and in professional trade groups. Their long-range goals will be more easily realized if property managers take on civic responsibilities and help to implement plans for the growth and improvement of their communities.




Once the contract between the owner (or owning body) and the management agent has been signed, the transfer of responsibilities for the property from the Commission or the current manager should be expedited. The owner should take the responsibility for providing the Project Manager with all data necessary for efficient operation of the property. A takeover checklist for residential property, including a list of information needed by the Project Manager.


The Project manager should know the owner’s (or owning body’s) name, address, telephone number, social security number or state employment number, as well as the name, address and telephone of the owner’s attorney, accountant, insurance broker and any other consultants for the property. If the property is new, the property manager should be given the name of the architect and the construction firm, as well as a complete set of "as built" building plans and specifications. Data concerning financing for the property, which must be supplied by the owner, should include the name and address of any mortgages, as well mortgagor under any assumed mortgages on the property and the amount and due date of loan payments. To calculate the expected income from the property, the manager must have a listing of all rental units, layout plans, the names of rental of the present tenant, all available financial data, copies of all lease, a schedule of rental rates for the space, the current dates to which rents have been paid, any present delinquencies and the sources and amounts of additional income.
Operating costs and general maintenance of the property cannot be properly regulated unless the manager is supplied with copies of current real estate tax bills, existing insurance policies and the accounts payable ledger. The owner ( or authorized reprehensive ) and the manager should study the accounts payable ledger when tha management agreement is executed and agree on each party’s specific liabilities for expenses. Unpaid bills should be tended to and the parties should set an exact date on which the manager will become responsible for the paying expenses from the managers allotted funds. The owner also should furnish copies of all contracts for service, employment record of all contracts for service, employment records and federal and state employment reports. The manager must obtain the names, addresses and telephone numbers of service contractors such as plumbers, electricians, suppliers and on site employees. Wages pay periods, social security numbers and fringe benefits for each employees should be listed in the records turned over to the manager by the owner.
A working capital fund for operating expenses is essential. In this instances it is furnished by the owner and a contribution is must be derived from current rental collection as the new manager takes over the building’s assets and liabilities; This can be accomplished by holding back the profits from the first few months’ operation for reserves; at a minimum, it should be an amount equal to one month’s uncontrollable expense, such as debt service and salaries. Tenant security deposit balances and accounting are essential part of any takeover.
After receiving the necessary information from the owner, the manager will set up accounting records and give notice of the takeover to all suppliers, service contractors, on-site employees and tenants. The manager will personally inspect every inch of the property as part of the take over procedure.






Having assumed responsibility for the property, the manager must then maintain a mutually satisfactory relationship with the owner. The owner (or authorized representative of the owning body) should get to know the person or persons who will actually manage the property. From this point on, only one member of the management firm should deal with the owner. This avoids the confusion and that can arise when several people take problems and conflicting opinions to the owner. The account executive, the person most responsible for the property, can build a smooth and profitable working relationship between the owner and the management firm by being fully apprised of the particulars of the promises.





The principal means of regular communication between the manager and the owner or owning corporation is the monthly earnings report. This report to the owner usually includes rental receipts, miscellaneous income, gross income, an itemized list of all disbursements and operating expenses, total expenses for the month, cash on hand at the beginning of the month, amount forwarded to the principal (owner) and cash balance on hand. The manager also submit a list of delinquent accounts and inform the owner of other events pertaining to the fiscal affairs of the property. This information can be noted either in the monthly report or in an accompanying letter.


In fact, the report should always be accompanied by a letter that demonstrates the manager’s continuing personal interest in the property. Above all, the monthly report will be honest and intelligent to assure the owner that the manager understands how all the variables interact to affect the revenue from the property.




Preventive maintenance has become a highly developed set of procedures. At its best, it involves carefully scheduled maintenance activities and prepared inspection forms that list the important characteristics of the property’s physical elements and systems. The purpose of preventive maintenance is two fold-to cut down on repair and replacement cost and to avoid interruptions in service to the tenants. Preventive maintenance programs should be implemented in both small and large properties and may range from the efforts of a part-time maintenance worker to a sophisticated computerized program headed by a full-time employee.


 


There are five basic steps in designing a preventive maintenance program to fit the needs of a particular building:

1. Take an inventory of equipment and building.

2. Determine necessary tasks.

3. Calculate the cost.

4. Schedule the tasks.

6. Keep records.

APPROACH TO PROVIDE REQUIRED SERVICES

DUTIES OF THE PROPERTY MANAGER

TAKE OVER PROCEEDURES

CONTINUING OWNER-MANAGER RELATIONS

MONTHLY REPORTS

PREVENTIVE MAINTENANCE AND MAINTENANCE INSPECTIONS

DESIGNING THE PROGRAM