Property Management


COLLECTION OF RENTS

Elstrong Management is responsible for collecting the rents on a month-to-month basis from the apartments managed.  The tenants pay the rent to the superintendent, who in turn deposits the rents into the bank.  A computer link from our office to the bank allows daily bank transaction confirmation.

Recently, Elstrong Management instituted a Pre-authorized Payment Plan, in which the rent is automatically taken out of the tenant’s account on the first day of the month.  This service is highly convenient for the tenant, superintendent, and Elstrong.

DELINQUENT RENTS

Elstrong Management provides its own rental collection service to save on legal and other professional fees.  We administer the eviction process from start to finish with no legal assistance.  The only cost absorbed by the owner is for disbursements for the sheriff and other court costs.

NOTICES OF RENT INCREASES

Elstrong Management prepares and distributes Notices of Rent Increase, as they are due.  We survey the rest of the market to determine competitive rent levels, desirability of timing for rent increases, and the amount of the rent increase.

APARTMENT RENTALS

Elstrong Management pays close attention to the rental market in the area, and attracts new tenants through incentives when necessary.  Advertising is adjusted to the vacancy and availability of apartments.  Advertising is absorbed by Elstrong.

In out-of-town properties, the superintendents show the available apartments to prospective tenants.  The applications are then faxed to our head office, where the screening process begins immediately.  We are also a member of Equifax (Credit Bureau) which gives us access to credit reports.

The superintendents are not authorized to approve new tenants.

TENANT RETENTION

Elstrong Management strives for tenant retention by having fair rents, ongoing building maintenance, and prompt and courteous service.

SUPERINTENDENTS

Elstrong Management arranges for and hires superintendents as required.  Their job emphasis is to keep the common areas clean, collect the rent, keep the buildings quiet, and clean the vacant units.  We also rely on the superintendents to advise us of needed repairs and maintenance.  Their job in the winter is to shovel the snow from the front walkways and any other small areas where larger snow removal equipment can not access.  In addition, they are required to keep the garbage collection areas clean.

Superintendent pay is based on occupancy rates and rental income per unit.  We also pay per rental of available units.  This program ensures that the superintendents will do their utmost to collect rents promptly, and fill any vacancies.  This cost is to the building owner.

CONTRACTING FOR REPAIRS

Elstrong Management negotiates the contracts for such things as snow removal, painting, et cetera.  We always contract professionals to achieve a professional job.

ACCOUNTING

Elstrong Management collects the rents and pays all of the bills on behalf of the owners on a monthly basis.  We provide an annual budget for each building to the owner at the first of the year, then we provide a statement each month which compares the actual to the budget for the month and for the year to date.  Other monthly information provided includes changes in balance sheets, income statements, details of each transaction and the account, and we can also include a tenant rent roll, summary of rents, or whatever additional information is required.  A sample of the annual budget and budget to actual statement is provided.  At year end we provide an annual statement to the accountant for his year end preparation.  We will provide as much detail as the accountant requires and then answer any questions that he may have to assist in providing the annual statement.

FINANCING

Elstrong Management assists with mortgage refinancing as necessary at no cost.  In addition, we will arrange bank lines of credit or any other financing for month to month cash requirements, renovations, or any other repairs that may be needed.

CAPITAL EXPENDITURES

Elstrong Management occasionally reviews capital expenditures required with the owners.  We will arrange quotes, supervise capital repairs, arrange financing as needed, et cetera.

MANAGEMENT FEES

Our management fee is five percent (5%) of gross rents and laundry income collected.  Please note that out of this five percent we feel that we perform services above and beyond those normally provided by property managers.  We treat each property managed as if it were out own, and thus provide all services required for the operation of the properties.