Our management objective is the same for all clients: achieve maximum income under constantly changing economic conditions, while increasing property value. In view of this objective, we can offer the flexibility to tailor a management program to fit the individual needs and design of each property. We perform the following services:
1. Conduct an in-depth Neighborhood Analysis and Rental Survey to ensure current rental rates that accurately reflect values in market areas.
2. Perform a detailed inspection of the property, noting outstanding functional obsolescence and deferred maintenance: prepare a recommended plan for correcting the noted deficiencies with firm cost estimates and anticipated rental increases as a result of these improvements.
3. Prepare a comprehensive management plan for the property and incorporate this management plan into an annual operation budget to be approved by the owner.
4. Recruit, train and install resident managers if required. Resident apartment managers will be employed by the owner and work directly under the supervision of Cornell & Associates, Inc.
5. Provide full accounting services for the operation of the building, including collection of rents and disbursements for goods, services, taxes and debt service. Cornell & Associates, Inc. will provide a monthly operating statement detailing actual income and expenditures and contrasting these actual figures to the budget. Through our state of the art computerized management information and accounting system, we are able to create numerous other useful reports upon request. Examples of the reports we normally include in our monthly financial reporting are available for review.
6. Advertise, promote and market the rental space to ensure maximum rental income and reduce tenant turnover. Rental rates are determined through market survey and are incorporated in the management play and approved by the owner.
7. Represent the owner in all landlord-tenant relations. Ensure that the building operates within all landlord-tenant laws, fair housing laws and other rules, regulations and ordinances.
8. Inspect the building on a regular and frequent basis noting repairs in progress, repairs required and overall condition of the property.
