RESIDENTIAL MANAGEMENT SCOPE OF SERVICES

Without limiting the generality of the foregoing the services provided by the Agent under contract minimally include:

  • Systematic collection of rental and other revenue
  • Collection and recording of security deposits
  • Processing and payment of security deposit refunds
  • Payment of operating expenses
  • Payroll administration
  • Workers compensation assessment and claims administration
  • Maintenance and update of property records
  • Maintenance of tenant records
  • Processing rental increases
  • Provide regular inspection and supervision of the property
  • Hire, train and supervise the on-site personnel
  • Establish lease rates and adjust to market conditions
  • Prepare annual operating budgets
  • Implement preventative maintenance programs
  • Negotiate and arrange specialized maintenance programs
  • Implement preventative maintenance programs
  • Negotiate and arrange specialized maintenance contracts
  • Approve maintenance and other expenditures
  • Arrange purchase of supplies and equipment and determine type and quality of items to be purchased
  • Monitor energy conservation practices
  • Determine nature and amount of advertising required, media to be used, type and locations of signs
  • Supervise tenant profile and monitor screening procedures
  • Administer tenant complaints
  • Follow-up and take appropriate action on delinquent tenants
     

REPORTS TO OWNERS:

  • Monthly project operating statement
  • Owners cash position report
  • General Ledger report (detailed transactions list)
  • Other reports as necessary for the management of the project
     

*PROVIDE FORMS:

Rental application forms

Occupancy agreements

Condition and inspection report forms

Notice to vacate forms

Standard operating procedures manual for caretaker

Supervise and administer insured losses

Additional fee charged for this service

Fees to be agreed upon by both AGENT and OWNERS

 

CUSTOMER SATISFACTION:

Our Customers or "Clients" express appreciation for our Management Services in several areas; including:

  • Strong and effective communications with the Board of Directors
  • Financials: We supply accurate records on time monthly: Monthly Management Report (summary), Monthly Financial Statements, Monthly Variance Report, Monthly Arrears Statement and Collections Update
  • Well trained knowledgeable staff, with a strong support team and Senior Management available to resolve issues
     

CORPORATE GOVERNANCE:

At Ayre & Oxford Inc. as previously noted the Company is owned and operated by the Management Team ensuring hands on Management practices.

Budgets

·         Budgets are prepared by the Property Manager according to the specific needs of the property managed.

·         Once approved by the Client, the budget is reviewed by our accounting department and entered into the property management software system to assist with future reporting.

·         Monthly variance reports and cash flows are monitored by the accounting department and Senior Management.

·         Recommendations are made by Senior Management to the Property Manager as required.

·         Once approved by the Client, the budget is reviewed by our accounting department and entered into the property management software system to assist with future reporting.

·         Monthly variance reports and cash flows are monitored by the accounting department and Senior Management.

·         Recommendations are made by Senior Management to the Property Manager as required.

Budgets are indispensable guides to good Real Estate Management.vThe budget sets out operating limits, but more importantly, they set the goals for the specific property on an annual basis.vTo be effective, the budget must consist of a complete review and analysis of the property in the context of its environment, condition, and objectives of ownership. All significant details must be taken into account in the preparation of the budget. As part of the budgeting process, a draft of the budget is provided and discussed with the Owner, prior to going into operation. Through the budgeting process, we strive to maximize net cash flow to the Owner.

Audits

·         We recommend financial audits annually to be completed by a qualified external Auditor.

Accounting

·         Financial reports are prepared by our accounting department and then reviewed by the Property Manager prior to distribution.

·         Banking is handled directly by our accounting department. Cash is only accepted at our head office, with receipts provided on the spot. We have a no cash policy for onsite staff and Property Managers.

·         Our accounting department directly handle monthly arrears collection actions.

Payables Department

·         Invoices are reviewed for approval by the Property Manager

·         Invoices are entered into the Property Management software for tracking and accrual

·         Prior to check generation, the invoice amount is then approved by the Property Manager for release

·         Check signing authority is chosen by the Client at the time of our management service commencement
 

REPORTING SYSTEMS / TECHNOLOGY:

Ayre & Oxford Inc. uses Yardi Property Management software to manage owner information, record financial information, track ledgers and manage payables, thus allowing for accurate and timely reporting.

  • Our Company directive is to provide prior month financial statements by the 10th of each calendar month
  • Log in passwords are required
  • The system is backed up for restoration in the event of system error
  • Property Managers along with Administrative staff are trained and knowledgeable in navigating through the system to provide real time up to date information to tenants and our clients.