Property Management is a large field that encompasses a wide variety of services. The purpose of property management is to ensure that the building is running efficiently and generating as much revenue as possible for a structure of its type. Property Managers must focus on several essential elements that create a well-organized structured strategy that produces the most beneficial results to the owner. By making the property work more efficiently, the owner saves money in major repairs that eventually become crucial, substantially lower likelihood of tenant turnover, lower probability of vacancy due to the appeal of the building, and higher probability of rent being paid on time due to content tenants. We offer our expert analysis on an appropriate rate to charge for a lease so the property is able to be rented consistently without "dead time." Through our interview and pre-qualifying phase, we fill the vacancies with families, individuals, or companies who have a history of good credit or are likely candidates to pay on time. Precise Management also focuses on safety and health concerns thus will assess the current safety system that is in place and will offer expert advice on fitting the building with fire and life safety systems that will protect the building and the lives of those who dwell in it.
This service, which is best if used on a continual basis, ensures that the building is consistently running at its very best which, in turn, provides the owner with the highest level of profits. This increases the likelihood of consistent residency, avoids lawsuits regarding the state and condition of the building, and assists in creating an overall nicer environment and community. We also market the facility and provide asset management services.
This service is focused on assisting Real Estate Property Managers, Real Estate Developers, Construction Managers, and Real Estate Owner Representatives. Our company will visually inspect the property, if already erected, or participate in the construction of the property. The inspection is to reveal the extent of necessary work required. Our team is able to assess the complete structure and ensure quality and efficiency through the buildings design. This service's main objective is to ensure that the building itself is running at maximum efficiency through its construction i.e. ventilation is fully operational throughout the building, water pressure is maintained at a steady rate within the entire complex etc. The nature of the design is important for compliance regulations and profit maximization efforts. Creating the initial plans and creating detailed notes are important features of this phase.
Real Estate Owner Representative
This unique service provides you with a representative from our firm who is to act on your behalf. It would be difficult and time consuming for you to manage and take care of all the needs of your specific building especially if you own more than one property and/or work another job. Our professionals will act on your behalf regarding the day- to- day operations and even oversee any major or minor work that needs to be completed on the building. They assist in rehabilitation, continual maintenance, renovations, evaluation of completed enhancements, assessment of necessary enhancements, appraisal of the property and work that must be accomplished, and cost of upgrades.
Real Estate Management Services
This field focuses on Full Service Management, Back Office Duties, Marketing, and Tax Credit/Federal Subsidy Compliance. Full Service Management includes many services such as financial recording and compiling, administration, record keeping on maintenance services and fees, and tax credit compliance. It proves to be an important service for those who do not want the responsibility of dealing with record keeping or the day-to-day obligations that managing a building requires. Back Office Duties focus on financial management, which includes budgeting, handling of rent increases or decreases, and other accounting issues. The budget is certainly one of the most important features of managing a building. The owner and manager will agree upon a functional budget that includes repair allowances, fixed expenses (those costs that appear consistently every month or year i.e. insurance, gas, electric etc.), variable expenses (those costs that are not consistent i.e. repairs when needed, touch up painting, additions etc), cost of marketing the property, and any other potential use that the building incurs. Marketing is another key element in building management and is an important feature of what we do here at PMI. Advertising the rentals, interviewing the potential clients, rent-up, and a host of other duties that enhance the likelihood of larger profit margins for the owner. PMI will take care of rent collection, tenant requests/complaints, reporting, and other essential features that will be reviewed during the agreement. PMI takes care of all important reports including Income and Expense Report, Periodic Profit and Loss Statement, and Cash Flow Analysis. Lastly, this feature includes Tax Credit/Federal Subsidy Compliance. This assists in gaining the initial certification and is also responsible for annual recertification.
Profile Property Management is a detailed and intricate system that requires a great deal of time and devotion. The first step in the process is an interview with the building owner. It is at this phase where we identify the owner's particular needs. We provide several services but all with one common goal; to make the building operate at its optimum level of efficiency in order to generate the greatest revenue for the owner over the long term while cutting back risks such as lawsuit due to potentially hazardous conditions, obsolescence of the facility, and time consuming efforts that burden the building owner.
Property Management increases the life of the building by consistently maintaining it, provides a higher likelihood of tenants due to clean and safe living conditions, and ensures that the building is up-to-date with codes to prevent violations and other costly obstacles. Property Managers also create detailed plans on potential risks that should be addressed and provide efficient answers to these concerns. PMI also focuses on construction efforts that are time efficient in order to prevent down-time and limit the opportunity cost to the owner. Opportunity costs, a major issue for building owners, is simply revenues that were lost due to circumstances that were quite possibly avoidable; these revenues can never be regained once they are lost. We focus on limiting this through a solid strategy that is both quick and cost effective. Continual care for the property will increase the probability that it will last for a longer duration, capable of holding more tenants over a longer period, attract new tenants in order to fill empty apartments, maintain and increase the value of the property, and consistently be within code compliance.
Our range of services are designed to fill any of the number of needs that an owner may have regarding the building. Repair and maintenance, collection of rent, overseeing rehabilitation, aesthetic touch- ups, marketing in order to fill vacant apartments, and a plethora of other services all geared toward making the building a valuable asset to the owner. Here at PMI we also stress the importance of the building's contribution to the surrounding community. Creating a safer cleaner environment also works in favor of the owner by attracting more potential renters to the area.
Our professional staff will outline a plan or strategy in order to illustrate the best course of action. We work within the owner's budget and provide services that are sure to increase the efficiency of the building. A building is an asset and an asset is only valuable if its value increases over the long term. Here at PMI we ensure that it does just that.
Other Services Available
Precise Management Inc. takes pride in the fact that our personnel are experts in a wide range of diverse fields. We assist in many other services that do not perfectly fit under the categories listed above. In addition to those we also provide two premiere services that are Real Estate Management Services and Property Development Services. They are similar and work in conjunction with the other services however are unique unto themselves and require further explanation.