Residential Property Management Services
STATEMENT OF RESIDENTIAL SERVICES
We at Wayne Realty, Inc., strive to provide owners, home owners, cooperative owners, and condominium owners with personal, efficient and attentive service to meet their management needs. Our objectives are to maximize your investment in real estate and ensure a lucrative return on such investment. The following is a comprehensive list of specific services that we offer:
- Personnel- We hire and supervise all persons required to be employed in order to properly maintain and operate the property, including superintendents, handymen, maintenance men, porters, security guards and concierge. If desired, the owner retains the right to make the final decisions as to the number and type of employees, and as to which persons should be hired and discharged.Employees will be provided with a specific list and schedule of daily and weekly work requirements. Such employees are required to maintain a log of their daily activities so that their work can be properly monitored.
- Maintenance- Responsibility will be taken for ensuring that the common areas of the property are well maintained, including the public halls, lobby, lawns, parking lots and driveways. Responsibility will also be taken for hiring contractors to repair and maintain the electrical, plumbing, heating and air conditioning systems, elevators, roof and facade of the building.If work is requested to be performed inside a cooperative apartment, a “Work Request Form” is completed so that the maintenance request and work actually performed are closely monitored.In addition, contractors will be hired to provide services such as exterminating, refuse removal, landscaping and snow removal. Contracts will also be arranged for the supply of electricity, gas and fuel oil. All necessary supplies to properly maintain and operate the building will be purchased.
- Quality Control- All properties will be inspected regularly including the supervision of work being performed by employees and contractors.
- Availability- 24 hour per day coverage will be provided in the event of emergencies occurring before or after normal working hours.
- Litigation- If directed by the Board of Directors or Board of Managers, attorneys will be retained to institute legal action to collect maintenance, common charges and additional charges from home owners, cooperative owners, and condominium owners and to enforce the terms and conditions of the proprietary leases and By-Laws. At the option of the owner, Samuel W. Miller, Esq. is available to institute legal action at an agreed upon fee for legal services rendered.
- Tax Certiorari- When directed by the Board of Directors or Board of Managers, attorneys will be retained to protest the tax assessment levied on the property by the taxing authorities and to institute tax certiorari proceedings. Similarly, at the option of the owner, Samuel W. Miller, Esq. is available to institute such proceedings at an agreed upon fee for legal services rendered.
- Insurance- Insurance will be obtained to cover all of the owner’s needs, including fire, property, rent, plate glass, boiler, water damage, liability, workers’ compensation, employer’s liability, disability, fidelity bond, and such other insurance as is expressly directed by the owner.
- Bookkeeping- Accurate and complete accounting records will be maintained, including the checkbook and money market account records. All files containing rent records, insurance policies, leases and subleases, correspondence, bills, payroll records and all other documents relating to the property will be maintained in an orderly manner.
- Payables- All bills rendered for material, labor and services performed in maintaining and operating the property will be reviewed and paid. Payment will also be made for mortgage interest and amortization, water charges, sewer rent, real estate taxes, corporate, franchise and payroll taxes, electricity, fuel and gas.
- Billing/Receivables- Home owners, cooperative owners, and condominium owners will be billed for maintenance, assessments, common charges and any other charges. Full efforts will be made to collect such charges, including sending letters to home owners, cooperative owners, and condominium owners informing them of their delinquency in paying such charges.
- Financial Reporting– Monthly statements will be rendered no later than the fifteenth day of each month for all receipts and disbursements. Such statements are fully computerized, including columns showing expenditures and income for the current month, year-to-date, monthly and annual budgetary figures, and variations between the actual and budgetary figures. General categories of income and expenses are initially stated to provide a broad overview of the financial condition of the property. The receipts itemization sets forth in detail all maintenance, assessments, common charges and any other charges, the amount paid and the outstanding balance for each home owner, cooperative owner, and condominium owner. The disbursements itemization sets forth in detail each check written, the payee, the general category of expense, the specific description and the amount paid.
- Accounting Services- Arrangements will be made for an annual audit of the property’s accounting records by a certified public accountant which culminates in an annual financial report. We will engage an accountant to prepare and file the necessary forms for unemployment and disability insurance, social security taxes, withholding taxes, and all other taxes and forms relating to the property’s employees. Cooperation will be given to the accountant in regard to the preparation and filing of all federal, state and city tax returns.
- Budget- Each year we will prepare and submit annually to the Board of Directors or Board of Managers an operating budget setting forth the anticipated income and expenses for the ensuing year, a comparison to the income and expenses for the preceding and current years, and the budget for the current year.
Board of Directors/ Managers/ Home Owners/ Management Relations
- Meetings- We will attend Board of Directors, Board of Managers and Annual Home Owners, Condominium Owners and Shareholders Meetings and record the minutes of such meetings to discuss the management of the property and any requests for action to be taken. We are accountable to the home owners, cooperative owners, and condominium owners for the services we provide and are receptive to any reasonable suggestions for changes.
- Owner Services- Within reason, we will consider and attend to the complaints of owners.
- Relocation- The coordination of moving activities by owners and subtenants will be controlled to minimize inconvenience to other owners and prevent damage to the property.
- Correspondence- Letters and notices to owners, vendors and contractors will be prepared and sent as required to properly manage the property.
- RESALES/SUBLEASES- We will provide applications to purchase and/ or sublease apartments. Arrangements will be made to screen all suitable buyers. Financial, credit, personal and business information from prospective buyers will be obtained and forwarded to the Board members for their review and consideration prior to an interview.We will also facilitate the transfers of shares of cooperative stock and proprietary leases when apartments are sold.
- Sales/Leasing- As an additional service, if desired by individual home owners, cooperative owners, and condominium owners, Wayne Realty, Inc. can be retained as the their brokerage agent for a commission mutually agreed upon to handle all real estate activities as mentioned above, including negotiating the terms and conditions of sales and leases subject to the owners’ approval. Appointments will be set up for the owner and prospective purchasers and tenants to meet and finalize an agreement on the terms of each sale or lease.The diversity of functions performed by a real estate management company can be extensive and complex. However, each client is unique and all services will be custom-tailored to meet its specific requirements and needs.