Home > Property Management
Property Management Overview
|
Successful property management depends upon three factors.
- The unit must be in good physical condition
- The tenant must be aware of and willing to fulfill the obligations set forth in the lease.
- The owner must be willing to support the legitimate needs of the property.
The range of management services available at Burton Associates Real Estate are designed to support and ensure these goals.
|
|
Rent Collection Good tenants pay promptly and we take rent collection very seriously.
- Our leases require that payments be made on the first of the month.
- Any delinquency is followed up promptly with personal contact and formal, 5-day written demand notice.
- Late charges are imposed whenever appropriate.
|
|
Accounting Accurate record-keeping keeps you in control of your investment, and our computer system allows for a variety of disbursement methods.
- Rent income can be forwarded directly to you.
- It can be deposited into any account you specify worldwide.
- It can be disbursed on your behalf to mortgage holders and/or home owners’ associations when the property is operating with a positive cash flow.
Accounting is on a single-entry cash basis with a separate income and expense ledge maintained for each property.
- Our monthly statements provide you with an itemized accounting of all transactions affecting your property.
- Detailed annual statements are also provided, along with copies of the 1099 MISC form we are required to file by the IRS.
|
|
Vacancy Control Minimizing the costs of vacancies and turn-around times are important concerns at Burton Associates Real Estate.
- Lease expiration dates are monitored carefully by computer, and Renewal Notices are forwarded to tenants approximately 45 days prior to expiration. The Notices include any necessary revisions in price or terms, and the lead time helps eliminate month-to-month extensions.
- Vacating residents are required to give 30 days notice. This policy helps us prepare, advertise and re-lease the property with minimal losses in revenue.
|
|
Property Inspections Our primary objective is always to protect the value of your investment.
- We conduct routine, announced inspections of every property we manage. Residents are present and problems are corrected promptly.
- Our property manager also makes frequent, unannounced driving tours.
- When residents vacate, a thorough check-out inspection is conducted.
|
|
Repair and Maintenance Constant supervision, inspection and regularly scheduled maintenance combine to keep major repairs to a minimum. When maintenance or repairs are necessary, our goal is to provide prompt, quality service at a reasonable price.
- We contract for all repair and maintenance services with qualified, independent vendors and contractors. And since we manage a large volume of properties, Burton Associates Real Estate has the leverage to ensure quality performance. We know what repairs should cost and how long they take to complete.
- We monitor all contracted labor and accurately document all expenditures.
|
Property Management
Maintain complete accounting records for each property
Keep a complete financial picture for your properties and owners with full general ledger accounting. Track property income, expenses, liabilities and more on a cash or accrual basis. Run key financial reports including the Owner Statement, Income Statement, and Balance Sheet.
- Keep separate books for all properties
- Track income as you receive electronic payments
- Automatically track property expenses as you record checks
- Track bank accounts in one place
- Create budgets to forecast property income and expenses
- Run key financial reports on demand
Track tenants, charges and payments
Keep a history of all tenants, their charges and payments. Print current statements and run delinquency reports on demand. Automatically charge late fees.
- Maintain tenant contact information
- Track tenant payments, charges and balances
- View ledgers for current as well as past tenants.
- Provide notification 60 days before leases are about to expire
- Setup recurring charges for rent, association fees and more
- Generate rent roll reports, delinquency reports and others on demand
Give property owners and board members online access
Allow property owners and association board members to maintain their contact information online. Let them access financial reports on demand.
- Let owners and board members update contact information online
- Give owners online access to their data; let them run reports on demand
- Allow board members to access their association's financials online
- Make management agreements and other documents available online
Receive maintenance requests and generate work orders
Accept and respond to maintenance requests online. Generate and schedule work orders and then assign to maintenance staff.
- Receive and respond to maintenance requests online
- Get notified instantly when new requests arrive
- Generate work orders and assign to maintenance staff
- Keep residents informed with status updates
- Maintain property repair and maintenance records
- Generate maintenance reports for property owners and board members
Accept and issue electronic payments
Allow tenants and association owners to make payments online via your resident website, either by scheduling the payment or by initiating it each month. Pay bills online by issuing electronic payments.
- Accept electronic payments from residents safely and securely
- Send and receive payments
- Automatically update the correct ledgers when payments are received
- Pay bills online by issuing electronic payments to participating vendors
- Run activity reports to view pending, funded and rejected payments
Give residents online access
Let them access their accounts, make electronic payments, submit maintenance requests and more.
- Let residents review account balances online
- Accept electronic payments safely and securely
- Accept and track maintenance requests online
- Let residents download leases and other documents
- Post important notices and announcements electronically
- Create an online directory of important phone numbers
Give online access to your property management team
Add additional users to your property management website and then restrict access based on each user's role.
- Add an unlimited number of users to your management website
- Restrict access to specific properties and areas based on user role
- Upload and share important documents with your team
- Give leasing agents online access to rental applications and listings
- Let maintenance workers access work orders online
|
