The basic types of services we would provide might vary, depending upon your needs and desires, but certainly would include the following:
Accounting and Financial Management
- Collect rents promptly
- Supervise and monitor receipts, journal entries, records of accounts, bank deposits, and collection of unpaid or slow-paying accounts
- Maintain a property trust account at a federally insured bank
- Make and record deposits upon receipt
- Substantiate all disbursements by invoice, paid only after authorized approval by the on-site staff and property manager
- Maintain cash balance in account daily
- Establish necessary bookkeeping accounts with our fully computerized system
- Provide monthly, easily understood financial statements to property owners
- Prepare and monitor the annual budget
- Maintain payroll and related records
Selection and Training of On-Site Staff
- Determine an adequate staff size to properly operate and maintain the apartment community
- Properly train staff to deal with administration, maintenance, and resident relations
- Hire and train an imaginative and creative leasing staff
- Encourage and provide on-going training and educational opportunities to keep current with industry trends and standards
- Supervise all on-site employees
- Qualify and approve resident applications by checking references and reviewing background checks consisting of civil, credit and criminal history
- Maintain good resident relations, increasing the probability of renewal leases
- Conduct market surveys to insure competitive rental rates, increasing rents as the market allows
- Negotiate and review all maintenance agreements and service contracts
- Monitor maintenance response time (along with the on-site manager) to insure that maintenance requests are handled promptly (within 24 hours)
- Inspect the property periodically to insure that it is being well-maintained
- Create a preventative maintenance plan for equipment and systems
- Oversee landscape management and contract supervision including snow removal
- Knowledge of human resource procedures (hiring, training, supervision, benefits and dismissal of employees)
- Knowledge of codes, laws, and ordinances relevant to apartment management including worker’s compensation, tax, and local ordinances
- Knowledge of the insurance coverages available and appropriate for apartment communities
- Request and negotiate bids, and approve contracts for services
- Conduct weekly on-site inspections
- Deal with complaints objectively and consistently with due process
Homeowners Association (HOA) Services
Hudson Real Estate is a brokerage/management firm licensed by the state of Colorado. It is subject to audit by the state and all of the Rules and Regulations of the Real Estate Commission. Accordingly, we have developed many internal controls and safeguards that are not available to you from many companies that are not licensed to manage rental property in the state of Colorado. The basic types of services we would provide might vary, depending upon the desires of the Board of Directors, but certainly would include the following:
Physical Property Services
- Walk each HOA property on a weekly basis.
- Monitor each property to ensure that homeowners comply with the Declarations and Rules & Regulations.
- Deal with homeowner problems as they relate to the physical operation of the property.
- Purchase all supplies necessary for the physical operation of the property, passing on the direct invoice cost to the Association.
- Request bids for all work that is to be “contracted out” and make recommendations to the Board regarding the qualifications of each bidder including the type of service to be expected.
- Receive mail and correspondence concerning the physical maintenance and operation of the property for the Association and discuss all of these items at the Board meetings.
- Supervise and direct all work done by sub-contractors to assure that the Association gets fair value for monies spent and the job is completed satisfactorily. This would include all necessary correspondence with the sub-contractors.
- Supervise on-site staff including hiring and firing. The maintenance employee is paid through our Hudson Real Estate payroll account and the payroll bookkeeping is part of our service.
- Meet with the Board of Directors as scheduled.
- Maintain unit/owner records including name and address, owner remittances, late fees, and account balances.
- Handle unit/owner requests for information regarding their accounts.
- Prepare monthly delinquency lists with information indicating actions taken.
- Contact unit owners by mail informing them of delinquencies and send notices of “Intent to File a Lien” according to schedules as provided by the Board.
- Provide support and make recommendations to the Board or its budget committee in the preparation of annual budgets.
- Submit monthly statements to the Board including current balance sheets, statement of operations for the completed current month and the year-to-date operation, general journals, cash disbursements journal, and trial balance. Statements will be prepared on an accrual basis of accounting.
- Receive and deposit all monies to the Association’s interest-earning checking account. The preparation of check and bill payment is regulated by our secure and effective internal financial controls. Further, we maintain a fidelity bond, insuring all of the Association’s funds against loss through our operation.
- Receive and reconcile the Association’s bank statements with the Association’s records monthly.
- Schedule annual audits and reviews of accounting reports and records with an outside accounting firm.
- Establish and maintain a web site for each association that provides several levels of features:
- Public Features—including community and amenity information, homes for sale or lease, garage sales, and realtor access to homeowner certifications and governing documents through condocerts.com.
- Private Features—including owner account information, on-line and ACH payment options, access to governing documents, message board, etc.
- Board-Only Features—including message board and documents.
- Mail all items for the Association. The Association bears the cost of the postage.
- Transfer records of unit ownership on Association records, maintain a complete current mailing list of unit homeowners and renters. We also provide new owner orientation and familiarization with the Association’s Rules and Regulations.
- Prepare and monitor insurance claims.