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About | Sales & Leasing | Commercial Management | HOA Management | Residential Management | Maintenance | Contact |
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Multifamily Property Management You Can Count On In 1987 Bluestone & Hockley Real Estate Services moved towards becoming a major player in regional Residential Property Management. We now manage over 2000 multifamily units and houses throughout the Portland metropolitan area. Bluestone & Hockley works primarily with small and medium-sized investors. We monitor building performance and maintain a custom-designed management plan to meet the investors' goals. Bluestone & Hockley has succeeded in improving asset value, increasing cash flow, and improving the investment to meet the future needs of our property owners. Bluestone & Hockley also works with properties that need special attention. We have been selected as a preferred vendor by agents of the US Government and have been the court appointed receiver by state and federal courts. Bluestone & Hockley has also managed properties for retirement funds and nonprofit organizations. We carefully manage all these properties as if they were our own. Managing the Property For You One of our first goals will be thorough inspection of the properties, including the roofs and the condition of the landscaping, pool, laundry facilities and the interior of the apartments. We will determine if any short-term action will be needed to prevent failure. Another immediate goal in managing this building, is developing a relationship with the tenants. This relationship begins with the notice that Bluestone & Hockley is your managing agents. We have found that early contact with your tenants, helps develop a strong relationship for you. At that time, we will find out what their needs are and determine how we can help them. Part of our long-term goals will be to develop a plan to either attract, or keep tenants who will stay longer. By developing a strategy to improve the building condition, and upgrade the individual units, we will then be able to attract tenants who can sign long term leases and improve the value of the property. We will review of leases on a regular basis so that tenants are informed of rent increases, and lease expirations. We will contract for annual services such as landscaping, cleaning the roof and down spouts, cleaning the carpet, weatherizing the building, and inspections of the fire extinguishers. Maintenance Bluestone & Hockley has a staff of experienced maintenance people that take care of many property repair needs. All of the members of this department are knowledgeable, (at least 5 years experience) conscientious and are supervised by a manager that has been with Bluestone & Hockley for over 10 years. This maintenance team picks up where the on-site manager leaves off. The key strengths of this department include:
Cost Controls We have cost controls in place that help keep the operating expenses in line and force review of major expenses. Our property managers sign off on all bills before they are presented to the bookkeeping staff. All work required over $300 is authorized by client prior to start of job, depending on the size of the property and the limitations set forth in the property management agreement. Day to day expenditure decisions are governed by the management agreement. Our maintenance supervisor has a list of properties we service as well as the expense limitations for each property. In addition he has a list of what has been spent year-to-date as well as in the current month. This gives us the opportunity to ask questions and keep track of expenditures. If a property is damaged in a major way, say for example by a fire or earthquake, we contact the insurance carrier immediately to review the loss. We take pictures, complete the repairs, assemble a file and then work with the insurance company to recover the owner's costs. Training of On-Site Managers The on-site manager is not only the eyes and ears of the complex but also the person who makes a first impression on prospective renters. It is important on-site managers be trained in basic landlord-tenant law with regards to day-to-day community duties. It is equally critical that managers are given specific training in creating a positive perception of the property to those who visit. We begin training with an award-winning Manager Handbook, compiled by our experienced professional staff. The handbook outlines our company procedures, policies, emergency situations as well as state and federal laws. Each on-site manager is required to attend one in-house training class in which the handbook is reviewed, changes in landlord-tenant law are discussed and open discussion allow for sharing of knowledge among our office staff and on-site personnel in addition to at least one outside training class per year. We feel regular education is a benefit to everyone involved in the rental community: tenants, on-site managers, property managers and owners. From an owner's aspect, the most important job duty an on-site manager has is renting units. Once the units are rented then the on-site manager must use his or her knowledge and personality to maintain a healthy tenant relationship and thereby create a higher percentage of tenant retention. Unfortunately, sometimes the most difficult step is getting the tenant in the door. This is where our marketing training comes into play. The Manager Handbook contains an extensive Marketing section, which includes ideas on phone selling, property answering machine messages, the importance of being prepared, active selling while at the property and closing suggestions. We are open to new and functional ideas to help attract tenants to the communities we manage and we encourage our on-site managers to discover new ways to rent units. Contests among on-site managers are often held through monthly newsletters. This same newsletter contains at least one marketing-related topic each month. Once the on-site manager is situated, familiar with our procedures and has brushed up on leasing skills we don't simply decide to ?wait and see? what happens as far as renting units. On-site managers are responsible for keeping a log of phone calls and visitors and reporting the same logs to our office on a weekly basis, using our Weekly Activity/Status Report. These logs allow us to review how our marketing strategy works in the current market. On-site managers are also responsible for completing surveys of other apartment communities in their vicinity. By surveying we are able to look at our communities through the eyes of a prospective tenant and allow the on-site manager to understand what their general competition is or is not providing in comparison to their own community. In addition to the regular training provided on-site managers we will hire secret shoppers to evaluate a manager's work. Finally, the on-site manager and our office often communicate property-specific goals to help increase interest in the property, both by prospective renters and current tenants. Special Capabilities We have the ability to organize hazardous waste removals, complete turn around projects, successfully appeal property taxes and supervise major construction and tenant improvement projects. Vacancies We strive to turn, i.e. clean, paint, carpet and drape clean within a week of move out. We have contract cleaning crews that are given a standard of cleaning we expect and have both the on-site property manager as well as the off-site manager inspect the vacant units after tenant move out as well during and after cleaning. Our experience has proven to us that if the unit is spotless, it will rent faster and will be in better condition when the tenant moves out. Our goal is to have the unit turned and rented as fast as possible. We advertise the property as soon as we have confirmation that the tenant has moved out, and we encourage the on-site managers to take reservations so that the units can be rented quickly. We have long term relationships with our vendors which gives us the opportunity to move fast to turn units. If there are maintenance problems that discovered upon move out, we coordinate with our maintenance department or with your vendors to have the repairs completed as soon as possible Opportunity for Client Input and Review We send out financial reports on a monthly basis. We review them twice and enclose copies of all bills before they are mailed out and find that we rarely make an error. We encourage the owners to review those reports. We encourage the owners of property to come visit with us and the property at least once a year. For those that are unable to visit, we send photos if requested. Understanding the Financial Performance Bluestone & Hockley Realty, Inc. deposits all client funds in a federally insured financial institution trust account. These are funds used to pay the expenses related to the property such as maintenance, utilities, mortgages, contract commitments, and management commissions. Bluestone & Hockley uses the Yardi Property Management Software. Yardi is specialized financial software designed specifically for use in property management. This program allows us to create categorized income and expense accounts specific to your needs. Gross revenue and expenses can be posted to these accounts to create a detailed, accurate financial statement that helps you track exactly what money was received and where it was spent. Yardi also tracks each tenants transaction history and provides a ledger, detailing tenant charges, payments, delinquencies & NSF checks. In addition, the exact terms of multiple-year leases can be input to update automatically as the terms change. Yardi also contains a Maintenance Module designed to track all maintenance expenses incurred for a location. This option allows lengthy descriptions of each maintenance activity to be input and then printed in a clear, concise report format. Reports You Will Receive We will send you a monthly detailed report on the tenth of the month. This report will show you rents received and expenses paid for the previous month. With it you will receive a transaction register so you will be able to further track income and expenses. The rent roll, helps you understand who has paid and who has not paid and what action we are taking to correct the matter. The attached copies of the invoices helps keep you further in touch with your properties. Collection of Rents Bluestone and Hockley Realty, Inc. collects all the rents from your tenants, deposits the funds into a trust account. On the eighth of the month, we review the delinquency status, and send out 72-hour notices to the tenant. On the 15th of the month, if the tenant has not paid their rent then we start the FED process. Keeping Your Tenants Happy Bluestone & Hockley responds to any maintenance or service needs a tenant may have. Calls are routinely be followed up within 24 hours, except in emergency or during a system failure when immediate response is necessary. The Property Manager also responds to any questions regarding leasing and rents. We also send notices informing tenants of special maintenance projects such as painting, lot paving and major roofing jobs. Bluestone & Hockley believes in forging strong partnerships between on-site managers and tenants. These relationships enable us to know what is going on at a particular site. We regularly visit with tenants to see what we can do for them. We find these informal meetings frequently identify problems at a property. They enable the tenant to voice concerns about the structure, management, other tenants, or neighborhood problems which adversely effect the tenants. Quality Assurance and Cost Controls Triple Check Invoice System Bluestone & Hockley Realty, Inc. triple checks every invoice to ensure that invoices paid are for services completed. The system also allows the property managers to thoroughly review invoices for any charges which may seem out of line, or unauthorized. When authorizing maintenance, the property manager reviews budgets to ensure that work stays within established parameters. Bid System Many services such as landscaping, janitorial and heating, as well as maintenance and construction projects such as roofing, paving, unit renovations and exterior paint jobs will be let on a bid system. Job specifications will be drawn up by the property manager and reviewed by the Owner. The specs are then sent to contractors to bid. If a tour or inspection is needed, the property manager will notify the tenants, if needed, and meet the contractor. The bid is then reviewed by the property manager and forwarded to the owner for approval. Supervision Once a year, Bluestone & Hockley conducts surveys of all tenants and owners. Responses are reviewed and plans are developed to improve items to which are of concern by the respondents. Bluestone & Hockley Realty, Inc. President, Cliff Hockley, inspects the property with the property manager, to ensure the property is being managed in accord with company guidelines. Owner Reporting System Reports to Owner At the end of the month, the accounting for each property is closed. Reports are mailed to the owners on the 10th of the following month. These reports include financial statements showing the following:
Bluestone & Hockley will collect all rents from tenants, deposit the funds into a real estate trust account and post the funds to the proper ledger account. Rents are generally deposited within 24 hours of receipt except for those received on Saturday, when no accounting staff is available. Purchases Before any check is issued, the invoice to be paid is reviewed three times. When received, an invoice is first sent to the accounting department for initial review. The invoice is then inputted into Yardi as a payable and then forwarded to the property manager for approval (the property manager must initial the invoice to approve it). If approved, accounting issues a check for the invoice. The check and the invoice are then reviewed by a third person who has signature authority before being signed and issued to the vendor. Account Reconciliation All funds are maintained in a Federally Insured Trust Account. This account is reconciled monthly and discrepancies are identified and corrected promptly. Marketing Your Property Renting units is what we do best. It is not an easy job, and requires a constant eye on the marketplace to track vacancies and the competition. The key to successfully renting units starts with a rent survey. We ask our on-site managers to review competing properties on a quarterly basis, to keep us in the loop. The off-site manager needs to know if there is a flood of units coming on to the market or if vacancy rates are very low. We coordinate closely with local appraisers as well as the electric company to improve our long-term feel for the pulse of the market. In addition our on-site managers keep logs of all of their visits and calls to track activity. We market our vacancies in For Rent Magazine, The Oregonian and on the Internet, with a national service (RentNet). We expect the on-site managers to be easily accessible, and readily available. The manager's apartment or office needs to be easily found, the manager well groomed and knowledgeable. The vacant units need to be clean. When possible we pre-rent the units as soon as we have notice of move out. Depending on the owner and the budget we have a floor-plan of the unit and a brochure available for potential tenants. Once the tenant moves in the on-site manager delivers a housewarming gift to the tenant and makes sure they feel welcome. We encourage the tenants to execute leases with us rather than month to month agreements to keep the vacancy rates lower. The on-site manager is the key to our success. We collect rents centrally, but the on-site is responsible to making sure the property and the units are spotless and inviting. The on-site manager solves the small on site problems and throws the small parties that make a community more cohesive. We spend a significant amount of time with on-site manager screening and training. Not only does the on-site have to pass a drug test, but they have to have their credit checked, their references called and we check to see if there is a criminal record. Tenant selection is the final ingredient to the successful operation of an apartment community. As you can see on the enclosed tenant application we gather extensive information regarding the tenants and then screen the tenants, credit, references and criminal records. We want tenants that can afford the rent as well as be good neighbors. To sum it all up Bluestone & Hockley focuses on keeping your properties full of happy long-term tenants, looking great and making money for you. For more information on residentialproperty management, please fill in the form below |
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