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.. | How
you can benefit from RST's management services Management structure Support system Open Houses Accounting Our welcome to you |
How
You Can Benefit from RST's Management Services
RST has developed a management system designed for efficiency and positive results. Client goals are the firm's priority. Expenses are carefully controlled, allowing income and cash flow to be maximized.
Important steps are taken to protect clients' interests against liabilities and claims. For instance, we require that all vendors and contractors maintain workers compensation and liability insurance.
The property supervisor's job includes serving both owners and tenants. Many property management companies work from day to day, going from one urgent problem to the next with no clear plan of operation and consequently inadequate time and attention to the needs of both owners and tenants. Our property supervisor's job is to monitor each building's maintenance spending according to the owner's philosophy. He constantly monitors vendors' standards of workmanship and pricing. He also verifies that each vendor has current workers compensation insurance and liability insurance.
RST & Associates feels that clear client/tenant communication is of the utmost importance. Consequently, as the following outline shows, we have designed a "ground up" management system that allows our property managers to make themselves available for communication with owners and tenants as much as necessary. Property managers also have time for training, problem solving, and initiating new procedures.
The resident manager is the person whose impact is the most direct on a property's performance. RST is very careful about interviewing and hiring new resident managers. Resident managers are trained and retrained. They are made aware of the big picture. They are given a management plan, procedures, and a manual on how to operate an apartment property on a day-to-day basis. They are taught RST rental practices along with the pertinent aspects of landlord-tenant law. Resident managers work under a contract that covers both state and federal laws.
RST resident managers attend quarterly seminars where management policies are reviewed. At these meetings guest speakers keep our resident managers and staff on the cutting edge of property management. Resident managers are also required to study the company "Apartment Management Procedure Manual." They also view videotapes produced by RST about policies and procedures. In addition, managers are invited to attend professional seminars beyond RST's in-house managers' educational programs.
The primary responsibility for serving a building and its residents lies with the resident manager. All rentals, maintenance problems, and tenant complaints start at the resident manager level.
Resident managers turn in building inspection reports every 15 days. These reports are regular evaluations of the property and include walkways, lights, stairs, doors, fire extinguishers, laundry room, pool, vending machines, landscaping, and so on.
In buildings that do not require a resident manager, a satellite manager may perform the resident manager's duties (see below).
Smaller buildings (under 16 units) usually don't have resident managers. These buildings are overseen by satellite managers. A satellite manager is usually a resident manager of a nearby building , commonly within walking distance. The satellite manager checks up on the building frequently, picking up paper or trash and looking for maintenance problems such as burned out light bulbs, etc. Like resident managers, satellite managers make regular written reports. Satellite managers perform the same job as resident managers, but usually watch more than three properties.
In smaller buildings tenants communicate through the satellite manager. Both resident managers and satellite managers are easily accessible to the tenants.
RST has a strong support system for resident managers.
The rental coordinator is a supervisor whose function is to control the overall renting, leasing, and advertising that are performed by the manager. The rental coordinator also provides periodic information to resident managers.
The rental coordinator conducts rent surveys through the resident managers and the property supervisors. Resident managers and satellite managers "shop" the neighborhood in a radius of a few blocks and learn the current asking rents and any concessions being offered. The managers are taught to understand that in changing market conditions it is very important to keep current with what new tenants are actually paying to rent an apartment. The rental coordinator also hires and trains a permanent part-time staff of open house sitters (see "Open Houses" below) and assigns them on an as-needed weekly basis.
Resident managers must get the approval of the property supervisor before work is scheduled. Larger maintenance jobs are presented to vendors for competitive bidding and for the owner's approval if required. Vendor solicitation of gifts or favors by managers is strictly prohibited. RST constantly strives to obtain the highest quality work at the most competitive price.
The various coordinators' functions overlap by intent and design. Every morning the coordinators meet with the RST property supervisors to update the status of current rentals, upcoming vacancies, maintenance, and administrative information. Each rental, maintenance, and resident situation is reviewed on a case-by-case basis. At these meetings new prospective vendors are invited to present their services. Once a week the entire staff meets to review the vacancy factor, evictions, and any other pertinent issues.
On Tuesday of each week a resident manager mailer is sent. This bulletin updates company policy and procedures, any changes in the law, and other changes such as upcoming events or maintenance items, legal issues, safety, etc. This mailer notifies resident managers of timely announcements.
When a resident gives a "move out" notice, it is relayed and tracked as follows:
- Notice is given first by the tenant to the resident manager or satellite manager, and then
- to the accounting office to activate the security deposit refund process;
- to the rental coordinator, who tracks the actual move out and any deductions from the security deposit, inserts the upcoming vacancy information in an RST Rent List, available both at the RST office and on the RST web site, and notifies the resident manager of asking rents and terms;
- to the maintenance coordinator for vacancy preparation; and
- to the property supervisor for overall review.
Vacancy preparation is given the highest priority. The property supervisor or/and resident manager has the unit inspected well prior to the move out to determine necessary work. The property supervisor authorizes vendor work orders for painting, repairs, cleaning of carpet/vinyl and blinds/drapes, door locks, and housecleaning. Lock boxes are placed on vacant units during vacancy preparation so that vendors can gain access and the flow of work can proceed without difficulty.
For rental purposes, vacancy signs have the resident manager's or satellite manager's phone number as well as the RST office phone number. RST also creates up-to-date Rent Lists, which are always posted at our office, and available for viewing at the RST web site. Resident managers and satellite managers show available units, talk with new prospective tenants, take rental applications and deposits, and communicate with the rental coordinator.
Open houses are held by the resident managers. They are advertised with our free Rent Lists and in local newspaper classified ads. Open houses are held from 12 pm to 4 pm Saturday and Sunday, as well as on scheduled weekday evenings. Open houses are also held in non-manager buildings by a staff of part-time aids hired and trained by the rental coordinator.
Communication with resident managers is done by means of forms, reports, phone calls, fax, email, and personal meetings at either the apartment building or the RST office. These forms have been developed by RST. Completed forms and reports allow supervisors and property managers the means of overseeing the activities of resident managers, and hence the performance of each building.
RST has an Accounting Division which provides very important support to the management system. The Division consists of three departments:
- Accounts Receivable is responsible for rents, late rents, and new move-ins. This department tracks 3-day notices for nonpayment of rent, as well as eviction notices.
- Accounts Payable pays preapproved bills, including mortgages, insurance, property taxes, business taxes, rent control fees, and vendor payments.
- The Payroll Department is responsible for RST employee and resident manager paychecks. At year end, this department issues W2 forms to all employees and 1099 forms to all independent contractors.
Property owners receive a multipage monthly statement, including an income statement, an expense statement, and a comprehensive monthly report. The monthly report shows all income and expenses for the month and also year-to-date. Figures are shown in both dollar amounts and percentages. As an additional benefit, owners receive copies of all original bills along with their statement, and of course, a check for the monthly cash flow.
Property owners are welcome to call RST & Associates at any time. Owners are welcome to meet with their RST property manager any time, with prior notice. Owners, and their agents or accountants, are also welcome to see the RST records of their account at any time, with prior notice. In addition, RST's Investment Counselor is available on request to assist you in budgeting, refinancing, sales, and purchasing of investment property.
Management fees paid to RST & Associates are negotiated, based on a percentage of the gross income collected monthly.
We are here to be of service to you. If you have any questions and/or comments, please feel free to contact us. Our office is located in West Los Angeles at 11866 Wilshire Blvd., Ste. #101, between Westgate and Armacost. Office hours are Monday through Friday, 9 am to 5 pm, and Saturdays from 10 am to 3 pm. Or you may call us at (310) 479-2565 or email us at information@rstrents.com.
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