PROPERTY
MANAGEMENT
We are prepared to accept full management responsibilities or tailor our services to meet each client's specific needs. Following is a brief summary of the services we offer.
Budget Preparation & Monthly Billings
We prepare annual budgets that will be used for billings for common operating costs and recoveries. We generate all billings for monthly fees to tenants and summarize expenditures for monthly and annual reporting.
We enter information into our accounting system and generate and distribute invoices; summarize projected revenues and expenditures and prepare an annual budget and cash flow projection for submission to the landlord for approval.
The annual budget will be broken down into anticipated monthly expenditures and all costs incurred and committed for are tracked and compared to the approved budget and included as a part of the monthly reporting package.
Rent Collection
We can set up trust accounts and maintain full accounting records for each property. We deposit funds into trust accounts on the owner's behalf and pay all invoices that we approve (subject to an agreed authorization procedure).
The trust accounts are reconciled on a monthly basis with a copy of the bank statement and transaction registers provided to the landlord as part of the regular monthly reporting package.
Maintenance
The purpose of preventive maintenance is to pre-schedule regular inspection tasks on equipment to identify any potential problems and rectify them before they become a major problem or cost or fail prematurely causing disruption to tenants or services. After approving an annual budget, we arrange for any and all required repairs and implement a proven maintenance program that includes the replacement of consumable components to ensure equipment is operating at peak efficiency.
We contract for services and supervise all sub-contractors and maintenance staff and give them direction and instructions. We are responsible for all preventative maintenance and ongoing maintenance functions including janitorial, snow removal, landscaping, garbage collection and HVAC maintenance.
Invoice Payment
All suppliers are instructed to send invoices to our office. We receive the invoices and compare them to purchase orders issued. Invoices are approved for payment and coded using an established and approved code of accounts. After approval, they are processed for payment.
After Hours Emergency Service
We attend to any after hour's emergency calls. We utilize a 24 hour answering service and all staff carry pagers. We have an established system to ensure that a staff member is available at all times to attend to any emergency.
Liaison
All tenants and suppliers will be instructed to direct their enquiries to our office. We attend to any queries about fees and billings, services provided or proposed, required repairs or other matters.
Financial Reporting
Colliers International utilizes a state of the art computerized accounting system developed and maintained by Newstar Technologies, a Canadian software provider, specifically for real estate managers. Perry Freeman, a Chartered Accountant, supervises all accounting functions.
Responsibilities include all general accounting and reporting functions, including operating cost recovery and GST remittance. Rent rolls are prepared and updated on an ongoing basis. A complete financial reporting package is be provided to the Landlord each month including:
- rent roll
- balance sheet
- operating statement
- aged accounts receivable trial balance
- aged accounts payable trial balance
A narrative outlining actions that should be brought to the landlord's attention is provided each month.
|
